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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">ADMA Biologics, Inc. (“ADMA”
or the “Company”) is an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing
specialty plasma-derived biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain
infectious diseases. The Company’s targeted patient populations include immune-compromised individuals who suffer from an
underlying immune deficiency disorder or who may be immune-suppressed for medical reasons.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">ADMA operates through its wholly-owned
subsidiaries ADMA BioManufacturing, LLC (“ADMA BioManufacturing”) and ADMA Bio Centers Georgia Inc. (“ADMA Bio
Centers”). ADMA BioManufacturing was formed in January 2017 to facilitate the acquisition of the Biotest Therapy Business
Unit (“BTBU”) from Biotest Pharmaceuticals Corporation (“BPC” and, together with Biotest AG, “Biotest”)
as more fully described below. BTBU had been the Company’s third-party manufacturer for its then-lead pipeline product candidate,
ASCENIV, previously referred to as “RI-002.” ADMA Bio Centers is the Company’s source plasma collection business
with a plasma collection facility located in the U.S., which holds an approved license with the U.S. Food and Drug Administration
(the “FDA”). Effective January 1, 2019, in connection with the Biotest Transaction (as defined below), the Company
transferred two of its FDA-approved plasma collection facilities to BPC.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has three FDA-approved products,
all of which are currently marketed and commercially available: (i) BIVIGAM (Immune Globulin Intravenous, Human), an Intravenous
Immune Globulin (“IVIG”) product indicated for the treatment of Primary Humoral Immunodeficiency (“PI”),
also known as Primary Immunodeficiency Disease (“PIDD”), and for which we received FDA approval on May 9, 2019 for
the commercial re-launch of the product and commenced the commercial re-launch in August 2019; (ii) ASCENIV (Immune Globulin Intravenous,
Human – slra 10% Liquid), previously referred to as RI-002, an IVIG product indicated for the treatment of PI, for which
we received FDA approval on April 1, 2019 and commenced first commercial sales in October 2019; and (iii) Nabi-HB (Hepatitis B
Immune Globulin, Human), which is indicated for the treatment of acute exposure to blood containing Hepatitis B surface antigen
(“HBsAg”) and other listed exposures to Hepatitis B. The Company seeks to develop a pipeline of plasma-derived therapeutics,
and its products and product candidates are intended to be used by physician specialists focused on caring for immune-compromised
patients with or at risk for certain infectious diseases.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On June 6, 2017, ADMA completed the acquisition
of certain assets (the “Biotest Assets”) of BTBU, which included the FDA-licensed BIVIGAM and Nabi-HB immunoglobulin
products, and an FDA-licensed plasma fractionation manufacturing facility located in Boca Raton, FL (the “Boca Facility”)
(the “Biotest Transaction”). In addition to its commercially available immunoglobulin products, the Company provides
contract manufacturing services for certain clients and generates revenues from the sale of intermediate by-products that result
from the immunoglobulin production process. Immediately following the closing of the Biotest Transaction, the Biotest Assets were
contributed into ADMA BioManufacturing.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of December 31 2019, the Company had
working capital of $71.8 million, including $26.8 million of cash and cash equivalents. Based upon the Company’s current
projected revenue and expenditures, including capital expenditures and continued implementation of the Company’s commercialization
and expansion activities, as well as certain other assumptions, the Company’s management currently believes that its cash,
cash equivalents, projected revenue and accounts receivable, along with the net proceeds received from the February 2020 public
offering of the Company’s common stock (see Note 17) and the additional $12.5 million it is able to access under its senior
credit facility, will be sufficient to fund ADMA’s operations, as currently conducted, into the second quarter of 2021. In
order to have sufficient cash to fund its operations thereafter, the Company expects it will need to raise additional capital before
the end of the second quarter of 2021. These estimates may change based upon the success of the Company’s commercial manufacturing
ramp-up activities, the acceptability of BIVIGAM and ASCENIV by physicians, patients or payers and the various financing options
that may be available to the Company. Other than the $12.5 million commitment currently available under its senior credit facility
(see Note 7), the Company currently has no firm commitments for additional financing, and there can be no assurance that the Company
will be able to secure additional financing on terms that are acceptable to the Company, or at all. Furthermore, if the Company’s
assumptions underlying its estimated expenses and revenues are incorrect, it may have to raise additional capital sooner than currently
anticipated.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company may decide to raise capital
through public or private equity offerings or debt financings, or obtain a bank credit facility or enter into corporate collaboration
and licensing arrangements. The sale of additional equity or debt securities, if convertible, could result in dilution to the Company’s
existing stockholders and, in such event, the market value of its common stock may decline. The incurrence of additional indebtedness
would result in increased fixed obligations and could also result in covenants that would restrict the Company’s operations
or other financing alternatives. In addition, the Company is exploring additional contract manufacturing arrangements and other
business development opportunities, which may provide additional liquidity to the Company.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There can be no assurance that the Company’s
approved products will be commercially viable, or that research and development, plant capacity expansion, plasma center build-outs
or other capital improvements will be successfully completed or that any product developed in the future will be approved. The
Company is subject to risks common to companies in the biotechnology and pharmaceutical manufacturing industries including, but
not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations,
dependence on key personnel, protection of proprietary technology, and compliance with FDA and other governmental regulations and
approval requirements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Principles of Consolidation and Basis of presentation</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The accompanying consolidated financial statements
include the accounts of ADMA and its wholly-owned subsidiaries, and have been prepared in conformity with accounting principles
generally accepted in the United States of America (“U.S. GAAP”) and in accordance with Article 8 of Regulation S-X
of the Securities and Exchange Commission (the “SEC”). All intercompany balances have been eliminated in consolidation.
Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification
(“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (the “FASB”).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the years ended December 31, 2019 and
2018, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying consolidated
statements of operations.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Use of estimates</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The preparation of financial statements requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates. Significant estimates include the realizable value of accounts receivable,
valuation of inventory, assumptions used in the fair value of awards granted under the Company’s equity incentive plans and
warrants issued in connection with the issuance of notes payable and the valuation allowance for the Company’s deferred tax
assets.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Cash and cash equivalents</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Company considers all highly-liquid
instruments purchased with a maturity of three months or less to be cash equivalents.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company regularly maintains cash and
cash equivalents at third-party financial institutions in excess of the Federal Deposit Insurance Corporation insurance limit.
Although the Company monitors the daily cash balances in the operating accounts and adjusts the balances as appropriate, these
balances could be impacted, and there could be a material adverse effect on the Company’s business, if one or more of the
financial institutions with which the Company has deposits fails or is subject to other adverse conditions in the financial or
credit markets. To date, the Company has not experienced a loss or lack of access to its deposited cash or cash equivalents; however,
the Company cannot provide assurance that access to its cash and cash equivalents will not be impacted by adverse conditions in
the financial and credit markets in the future.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Restricted cash</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Restricted cash at December 31, 2018 consists
of cash held in a reserve account as required by the terms of the Company’s then-senior lending agreement (see Note 7).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Accounts receivable</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Accounts receivable are reported at realizable
value, net of allowances for contractual credits and doubtful accounts, which are recognized in the period the related revenue
is recorded. </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Inventories</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Inventories, including plasma intended
for resale and plasma intended for internal use in the Company’s manufacturing, commercialization or research and development
activities, are carried at the lower of cost or net realizable value determined by the first-in, first-out method.  Due
to previous uncertainties surrounding certain prior submissions made to the FDA, all costs related to the production of BIVIGAM
and ASCENIV prior to their FDA approval dates of May 9, 2019 and April 1, 2019, respectively, have been charged to cost of product
revenue in the accompanying consolidated statements of operations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Property and equipment</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Assets comprising property and equipment
(see Note 5) are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the
asset’s estimated useful life. Land is not depreciated. The buildings have been assigned a useful life of 30 years. Property
and equipment other than land and buildings have useful lives ranging from 3 to 15 years. Leasehold improvements are amortized
over the lesser of the lease term or their estimated useful lives.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Goodwill</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Goodwill represents the excess of purchase
price over the fair value of net assets acquired by the Company. Goodwill at December 31, 2019 and 2018 was $3.5 million, all of
which is attributable to the Company’s ADMA BioManufacturing business segment. There were no changes to the carrying amount
of goodwill during the years ended December 31, 2019 and 2018.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Goodwill is not amortized, but is assessed
for impairment on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative
assessment of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its
carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform
a goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded
to the extent the reporting unit’s carrying value exceeds its fair value. The impairment loss recognized would not exceed
the total amount of goodwill allocated to that reporting unit. The Company’s impairment analyses as of October 1, 2019 and
2018 did not result in any impairment charges related to goodwill for the years ended December 31, 2019 and 2018.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Impairment of long-lived assets</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company assesses the recoverability
of its long-lived assets, which include property and equipment and finite-lived intangible assets, whenever significant events
or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted
cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s carrying value
is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair
value and a charge to operating results. For the years ended December 31, 2019 and 2018, the Company determined that there was
no impairment of its long-lived assets.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Revenue recognition</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Revenues for the years ended December
31, 2019 and 2018 are comprised of (i) revenues from the sale of the Company’s immunoglobulin products, ASCENIV, BIVIGAM
and Nabi-HB, (ii) product revenues from the sale of human plasma collected from the Company’s Plasma Collection Centers business
segment, (iii) contract manufacturing revenue, (iv) revenues from the sale of intermediate by-products; and (v) license and other
revenues primarily attributable to the out-licensing of ASCENIV to Biotest in 2012 to market and sell this product in Europe and
selected countries in North Africa and the Middle East. Biotest has provided the Company with certain services and financial
payments in accordance with the related Biotest license agreement and is obligated to pay the Company certain amounts in the future
if certain milestones are achieved. Deferred revenue is recognized over the term of the Biotest license. Deferred revenue
is amortized into income for a period of approximately 22 years, the term of the Biotest license agreement.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Product revenue is recognized when the
customer is deemed to have control over the product. Control is determined based on when the product is shipped or delivered and
title passes to the customer. Revenue is recorded in an amount that reflects the consideration the Company expects to receive in
exchange. Revenue from the sale of the Company’s immunoglobulin products is recognized when the product reaches the customer’s
destination, and is recorded net of estimated rebates, price protection arrangements and customer incentives, including prompt
pay discounts, wholesaler chargebacks and other wholesaler fees. These estimates are based on historical experience and certain
other assumptions, and the Company believes that such estimates are reasonable. For revenues associated with contract manufacturing
and the sale of intermediates, control transfers to the customer and the performance obligation is satisfied when the customer
takes possession of the product from the Boca Facility or from a third-party warehouse that is utilized by the Company.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Cost of product revenue</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cost of product revenue includes expenses
related to process development as well as scientific and technical operations when these operations are attributable to marketed
products. When the activities of these operations are attributable to new products in development, the expenses are classified
as research and development expenses. Expenses associated with remediating the issues at the Boca Facility that were identified
by the FDA prior to the closing of the Biotest Transaction of approximately $0.2 million and $1.5 million for the years ended December
31, 2019 and 2018, respectively, are expensed as incurred and were reflected in cost of product revenue in the accompanying consolidated
statements of operations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Research and development expenses</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Research and development expenses consist
of clinical research organization costs, costs related to clinical trials, post-marketing commitment studies for BIVIGAM, wages,
benefits and stock-based compensation for employees directly related to research and development activities and, prior to April
1, 2019, assay development and testing, storage and transportation costs for high-titer plasma used in the manufacture of ASCENIV.
All research and development costs are expensed as incurred. </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Advertising and marketing expenses</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Advertising and marketing expense includes
cost for promotional materials and trade show expenses for the marketing of the Company’s products and services and are expensed
as incurred.  Advertising and marketing expenses were $1.0 million and $0.8 million for the years ended December 31,
2019 and 2018, respectively.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Stock-based compensation</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company follows recognized accounting
guidance which requires all equity-based payments, including grants of stock options, to be recognized in the statement of operations
as compensation expense based on their fair values at the date of grant. Compensation expense related to awards to employees and
directors with service-based vesting conditions is recognized on a straight-line over the associated vesting period of the award
based on the grant date fair value of the award. Stock options granted under the Company’s equity incentive plans generally
have a four-year vesting period and a term of 10 years. Pursuant to ASU No. 2016-09, <i>Improvements to Employee Share-Based Payment
Accounting (Topic 718)</i>, the Company has elected not to establish a forfeiture rate, as stock-based compensation expense related
to forfeitures of unvested stock options is fully reversed at the time of forfeiture.</p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Income taxes</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company recognizes deferred tax assets
and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements
or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between
the tax bases of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the
years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax
assets if it is more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets
(see Note 11). The Company is subject to income tax examinations by major taxing authorities for all tax years since 2015 and for
previous periods as it relates to the Company’s net operating loss carryforwards.  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Earnings (Loss) Per Share</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Basic net loss per share is computed by
dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during
the period. For purposes of computing basic and diluted loss per share, the non-voting class of common stock (see Note 8) was included
in the common stock outstanding prior to its retirement in May 2018 as the characteristics of the non-voting class are substantially
the same as the voting class of common stock.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Diluted net loss per share is calculated
by dividing net loss attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted
average number of shares of common stock, including the non-voting class of common stock, and dilutive common stock outstanding
during the period. Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding
stock options and warrants (using the treasury stock method). Potentially dilutive common stock in the diluted net loss per share
computation is excluded to the extent that it would be anti-dilutive. No potentially dilutive securities are included in the computation
of any diluted per share amounts as the Company reported a net loss for all periods presented. For the years ended December 31,
2019 and 2018, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive
effects:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Years Ended December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Stock options</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">5,630,351</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">4,342,231</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Warrants</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,138,160</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">528,160</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,768,511</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,870,391</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Fair value of financial instruments</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The carrying amounts of certain of the
Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable are shown
at cost, which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the Company’s
senior notes payable (see Note 7) approximates fair value due to the variable interest rate on this debt. With respect to the subordinated
note payable in the amount of $15.0 million as of December 31, 2019 and 2018 (see Note 7), that was issued to a then-principal
stockholder of the Company and was issued concurrent with an acquisition transaction with such stockholder, the Company has concluded
that an estimation of fair value for this note is not practicable.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Recent Accounting Pronouncements</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2017, the Financial Accounting Standards
Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2017-11, <i>Earnings Per Share (Topic
260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815)</i>” (“ASU 2017-11”).
ASU 2017-11 changed the classification analysis of certain equity-linked financial instruments (or embedded features within such
instruments) with down round features. When determining whether certain financial instruments should be classified as liabilities
or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is
indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments.
As a result, a freestanding equity-linked financial instrument (or embedded conversion option) would no longer be accounted for
as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity classified
financial instruments, the amendments require entities that present earnings per share (“EPS”) in accordance with ASC
260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction
of income available to common shareholders in basic EPS. In addition, convertible instruments with embedded conversion options
that have down round features are now subject to the specialized guidance for contingent beneficial conversion features in ASC
470-20, “<i>Debt—Debt with Conversion and Other Options.</i>” ASU 2017-11 became effective for the Company on
January 1, 2019, and this update did not have a significant impact on the Company’s consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In February 2016, the FASB issued ASU No. 2016-02,
Leases (Topic 842) (“ASU 2016-02”), which requires lessees to recognize assets and liabilities for the rights and obligations
created by most leases on their balance sheet. The guidance became effective for fiscal years beginning after December 15, 2018,
including interim periods within those fiscal years. ASU 2016-02 requires modified retrospective adoption for all leases existing
at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company adopted
ASU 2016-02 on January 1, 2019 using the option to recognize the cumulative-effect adjustment, if any, as of the date of application,
which was also January 1, 2019. The Company recognized right-to-use assets of $1.4 million and corresponding lease liabilities
of approximately $1.6 million at the date of adoption (see Note 12). The Company also elected the “package of practical expedients,”
which permits the Company to not reassess under the new standard its prior conclusions about lease identification, lease classification
and initial direct costs. In addition, the Company elected the short-term lease recognition exemption for all leases that qualify,
including the agreement under which the Company occupies certain office space as discussed in Note 9.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In May 2014, the FASB issued new guidance related
to revenue recognition, ASU 2014-09, <i>Revenue from Contracts with Customers</i> (“ASC 606”), which outlines a comprehensive
revenue recognition model and supersedes most current revenue recognition guidance. The new guidance requires a company to recognize
revenue upon transfer of goods or services to a customer at an amount that reflects the expected consideration to be received in
exchange for those goods or services. ASC 606 defines a five-step approach for recognizing revenue, which may require a company
to use more judgment and make more estimates than under the current guidance. The new guidance became effective in calendar year
2018. Two methods of adoption are permitted: (a) full retrospective adoption, meaning the standard is applied to all periods presented;
or (b) modified retrospective adoption, meaning the cumulative effect of applying the new guidance is recognized at the date of
initial application as an adjustment to the opening retained earnings balance.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In March 2016, April 2016 and December 2016,
the FASB issued ASU No. 2016-08, <i>Revenue From Contracts with Customers</i> (ASC 606): <i>Principal Versus Agent Considerations</i>,
ASU No. 2016-10, <i>Revenue From Contracts with Customers</i> (ASC 606): Identifying Performance Obligations and Licensing, and
ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue From Contracts with Customers, respectively, which
further clarify the implementation guidance on principal versus agent considerations contained in ASU No. 2014-09. In May 2016,
the FASB issued ASU 2016-12, Revenue from Contracts with Customers, narrow-scope improvements and practical expedients which provides
clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for non-cash consideration
and completed contracts at transition. These standards became effective for the Company beginning in the first quarter of 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">ADMA adopted the new revenue recognition standard and related
updates effective January 1, 2018, using the modified retrospective method of adoption. Adoption of the new revenue recognition
guidance did not have a material impact on the Company’s consolidated financial statements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As part of the purchase price for the Biotest
Transaction (see Note 1), the Company transferred its Marietta, GA and Norcross, GA plasma collection centers to BPC effective
January 1, 2019. The Company had estimated the combined fair value of the two facilities to be $12.6 million, and the Company recorded
an obligation for this amount as of the date of the Biotest Transaction, which is reflected in non-current liabilities in the accompanying
consolidated balance sheet as of December 31, 2018. On January 1, 2019, upon the transfer of the two plasma collection facilities
to BPC, the Company recorded a gain in the amount of $11.5 million, which reflects the derecognition of the obligation to transfer
ownership of the two facilities net of the carrying value of the assets associated with these facilities, primarily property and
equipment and inventory, in the amount of $1.1 million.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table provides the components of
inventories:</p>
<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Raw materials</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">33,381,806</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">14,019,668</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Work-in-process</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,455,665</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Finished goods</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,227,263</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,596,501</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total inventories</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">53,064,734</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,616,169</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Inventories are stated at the lower of
cost or net realizable value with cost being determined on the first-in, first-out method. Raw materials includes plasma and other
materials used in the production of goods expected to be available for sale or which otherwise have alternative uses which provide
a probable future benefit. All other activities and materials associated with the production of inventories used in research and
development activities are expensed as incurred.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Work-in-process inventory primarily consists
of bulk drug substance and unlabeled filled vials of the Company’s immunoglobulin products. Finished goods inventory is comprised
of immunoglobulin product inventory and related intermediates that are available for commercial sale, as well as plasma collected
at the Company’s plasma collection center which is expected to be sold to third-party customers.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Property and equipment at December 31,
2019 and 2018 is summarized as follows:</p>
<p style="font: 9pt/normal Sans-Serif; margin: 0; text-indent: 0.5in; color: Red"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left; padding-left: 12px">Manufacturing and laboratory equipment</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,831,817</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,233,203</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Office equipment and computer software</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,690,248</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,608,994</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Furniture and fixtures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">582,088</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,163,552</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Construction in process</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,285,915</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">845,538</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Leasehold improvements</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,673,084</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,660,709</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Land</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,339,441</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,339,441</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Buildings and building improvements</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16,063,680</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,685,325</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">37,466,273</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33,536,762</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Less: Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,724,956</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,421,032</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12px">Total property, plant and equipment, net</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,741,317</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,115,730</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 9pt/normal Sans-Serif; margin: 0; text-indent: 0.5in; color: Red"></p>
<p style="font: 9pt/normal Sans-Serif; margin: 0; text-indent: 0.5in; color: Red"> </p>
<p style="font: 9pt/normal Sans-Serif; margin: 0; text-indent: 0.5in; color: Red"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company recorded depreciation expense on property and
equipment of $2.4 million and $2.6 million for the years ended December 31, 2019 and 2018, respectively, which includes $0.3 million
of depreciation expense on the plasma assets to be transferred (see Note 3) for the year ended December 31, 2018.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Intangible assets at December 31, 2019 and
2018 consist of the following:</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold">Accumulated</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold">Accumulated</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid">Amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid">Amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: left">Trademark and other intangible rights related to Nabi-HB</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">4,100,046</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,513,112</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">2,586,934</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">4,100,046</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">927,391</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">3,172,655</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Rights to intermediates</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">907,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">334,881</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">572,540</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">907,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">205,250</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">702,171</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Customer contract</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,076,557</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,076,557</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,076,557</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">946,971</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">129,586</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,084,024</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,924,550</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,159,474</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,084,024</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,079,612</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,004,412</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt"></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">Under the
previous contract manufacturing agreement between ADMA and BPC, intermediate by-products derived from the manufacture of ASCENIV
were property of Biotest. As a result of the Biotest Transaction, ADMA obtained the right to these intermediate products, which
are being amortized over a period of seven years. The intangible rights to Nabi-HB is also being amortized over a period of seven
years. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">The customer
contract pertains to a contract manufacturing agreement with a third-party customer that the Company assumed upon the consummation
of the Biotest Transaction. On December 22, 2017, Company and the customer entered into an amendment to this contract which reduced
the number of batches the Company was committed to supply to the customer. The remaining required production volume was 13 batches
over 2018 and 2019. The Company has fulfilled this obligation to the customer in its entirety as of December 31, 2019, the date
of expiration of the contract, as amended. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">Amortization
expense related to the Company’s intangible assets for the years ended December 31, 2019 and 2018 was $0.8 million. Estimated
aggregate future aggregate amortization expense for the next five years is expected to be as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 43%; text-align: left; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 10%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 43%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">2023</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">2024</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">298,064</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Senior Notes Payable</u></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">A summary of
outstanding senior notes payable is as follows:</font></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 9pt/107% Sans-Serif; margin: 0; color: Red"><b> </b></p>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Notes payable</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">72,500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">30,000,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Debt discount</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,208,837</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,559,170</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Senior notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">68,291,163</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,440,830</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 9pt/107% Sans-Serif; margin: 0; color: Red"><b></b></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">On February
11, 2019 (the “Perceptive Closing Date”), the Company and all of its subsidiaries entered into a Credit Agreement and
Guaranty (the “Perceptive Credit Agreement”) with Perceptive Credit Holdings II, LP, as the lender and administrative
agent (“Perceptive”). The Perceptive Credit Agreement, as amended, provides for a senior secured term loan facility
in a principal amount of up to $85.0 million (the “Perceptive Credit Facility”), comprised of (i) a term loan made
on the Perceptive Closing Date in the principal amount of $45.0 million, as evidenced by the Company’s issuance of a promissory
note (the “Perceptive Tranche I Note”) in favor of Perceptive on the Perceptive Closing Date (the “Perceptive
Tranche I Loan”), (ii) a term loan in the principal amount of up to $27.5 million (the “Perceptive Tranche II Loan”)
evidenced by the Company’s issuance of a promissory note (the “Perceptive Tranche II Note”) in favor of Perceptive
on May 3, 2019; and (iii) a term loan in the principal amount of up to $12.5 million (the “Perceptive Tranche III Loan,”
and together with the Perceptive Tranche I Loan and the Perceptive Tranche II Loan, the “Perceptive Loans”) to be drawn-down
at the Company’s sole option no later than March 31, 2020. The Perceptive Tranche III Loan is the result of an amendment
to the Perceptive Credit Agreement (the “Perceptive Amendment”) that the Company and Perceptive entered into on May
3, 2019, and the Perceptive Tranche III Loan became available to the Company upon the approval of BIVIGAM on May 9, 2019. The Perceptive
Credit Facility has a maturity date of March 1, 2022 (the “Maturity Date”), subject to acceleration pursuant to the
Perceptive Credit Agreement, including upon an Event of Default (as defined in the Perceptive Credit Agreement).</font></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">On the
Perceptive Closing Date, the Company used $30.0 million of the Perceptive Tranche I Loan to terminate and pay in full all of the
outstanding obligations under its previously existing credit agreement with Marathon Healthcare Finance Fund, L.P. (“Marathon”)
(the “Marathon Credit Facility”). The Company also used proceeds from the Perceptive Tranche I Loan to: (i) pay a deferred
facility fee to Marathon in the amount of $2.8 million, (ii) pay a prepayment penalty to Marathon in the amount of $6.5 million,
(iii) pay outstanding accrued interest to Marathon in the amount of $0.7 million, and (iv) pay certain fees and expenses incurred
in connection with the Perceptive Credit Facility of approximately $1.5 million. In addition, Marathon released $4.0 million of
cash to the Company that was held in a debt service reserve account per the terms of the Marathon Credit Facility, which was reflected
as restricted cash in the accompanying consolidated balance sheet as of December 31, 2018. In connection with the Perceptive Amendment,
the Company paid an additional facility fee to Perceptive in the amount of $0.1 million on May 3, 2019.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">As a result
of the Company’s entering into the Perceptive Credit Agreement and terminating the Marathon Credit Facility, the Company
recognized a loss on the extinguishment of debt in the amount of approximately $10.0 million, comprised of the $6.5 million prepayment
penalty and the write-off of unamortized debt discount related to the Marathon Credit Facility in the amount of $3.5 million.</font></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">Borrowings
under the Perceptive Credit Agreement bear interest at a rate per annum equal to 7.5% plus the greater of (i) one-month LIBOR and
(ii) 3.5%; provided, however, that upon, and during the continuance of, an Event of Default, the interest rate will automatically
increase by an additional 400 basis points. Accrued interest is payable to Perceptive on the last day of each month during the
term of the Perceptive Credit Facility. The rate of interest in effect as of the Perceptive Closing Date and at December 31, 2019
was 11.0%. </font></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">On the
Maturity Date, the Company will pay Perceptive the entire outstanding principal amount underlying the Perceptive Loans and any
accrued and unpaid interest thereon. Prior to the Maturity Date, there are no scheduled principal payments on the Perceptive Loans.
The Company may prepay outstanding principal on the Perceptive Loans at any time and from time to time upon three business days’
prior written notice, subject to the payment to Perceptive of, (A) any accrued but unpaid interest on the prepaid principal amount
plus (B) a redemption premium amount equal to (i) 5.0% of the prepaid principal amount, if prepaid on or prior to the first anniversary
of the Perceptive Closing Date, (ii) 4.0% of the prepaid principal amount, if prepaid after the first anniversary of the Perceptive
Closing Date and on or prior to the second anniversary of the Perceptive Closing Date, or (iii) 3.0% of the prepaid principal amount,
if prepaid after the second anniversary of the Perceptive Closing Date and on or prior to the third anniversary of the Perceptive
Closing Date.</font></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">All of
the Company’s obligations under the Perceptive Credit Agreement are secured by a first-priority lien and security interest
in substantially all of the Company’s tangible and intangible assets, including intellectual property and all of the equity
interests in the Company’s subsidiaries. The Perceptive Credit Agreement contains certain representations and warranties,
affirmative covenants, negative covenants and conditions that are customarily required for similar financings. The negative covenants
restrict or limit the ability of the Company and its subsidiaries to, among other things and subject to certain exceptions contained
in the Perceptive Credit Agreement, incur new indebtedness; create liens on assets; engage in certain fundamental corporate changes,
such as mergers or acquisitions, or changes to the Company’s or subsidiaries’ business activities; make certain Investments
or Restricted Payments (each as defined in the Perceptive Credit Agreement); change its fiscal year; pay dividends; repay other
certain indebtedness; engage in certain affiliate transactions; or enter into, amend or terminate any other agreements that have
the impact of restricting the Company’s ability to make loan repayments under the Perceptive Credit Agreement. In addition,
the Company must (i) at all times prior to the Maturity Date maintain a minimum cash balance of $3.0 million; and (ii) as of the
last day of each fiscal quarter commencing with the fiscal quarter ending June 30, 2019, report revenues for the trailing 12-month
period that exceed the amounts set forth in the Perceptive Credit Agreement, which range from $7.0 million for the fiscal quarter
ending June 30, 2019 to $55.0 million for the fiscal quarter ending December 31, 2021. At December 31, 2019, the Company was in
compliance with all of the covenants contained in the Perceptive Credit Agreement. </font></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">As consideration
for the Perceptive Credit Agreement, the Company issued to Perceptive a warrant to purchase 1,360,000 shares of the Company’s
common stock (the “Perceptive Warrant”) on the Perceptive Closing Date. The Perceptive Warrant has an exercise price
equal to $3.28 per share, which was equal to the trailing 10-day volume weighted average price (“VWAP”) of the Company’s
common stock on the business day immediately prior to the Perceptive Closing Date multiplied by 1.15. The Company valued the Perceptive
Warrant at $2.7 million as of the Perceptive Closing Date and it has an expiration date of February 11, 2029. In connection with
the Perceptive Amendment, the Company issued an additional warrant (the “Perceptive Tranche III Warrant” and, together
with the Perceptive Warrant, the “Perceptive Warrants”) to purchase 250,000 shares of the Company’s common stock
to Perceptive with an exercise price equal to $4.64 per share, which represents the trailing 10-day VWAP of the Company’s
common stock as of May 2, 2019. The Perceptive Tranche III Warrant was valued by the Company at $0.9 million and has an expiration
date of May 3, 2029. Perceptive has represented to the Company, among other things, that it is an “accredited investor”
(as such term is defined in Rule 501(a) of Regulation D under the Securities Act) and the Company issued the Perceptive Warrants
in reliance upon an exemption from registration contained in Section 4(2) under the Securities Act. The Perceptive Warrants and
the shares of common stock issuable thereunder may not be offered, sold, pledged or otherwise transferred in the U.S. absent registration
or an applicable exemption from the registration requirements under the Securities Act.</font></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">As a result
of the fees paid to Perceptive and the value of the Perceptive Warrants, the Company recognized an aggregate discount on the Perceptive
Tranche I Note and Perceptive Tranche II Note in the amount of $5.3 million.  The Company records debt discount as a reduction
to the face amount of the debt, and the debt discount is amortized as interest expense over the life of the debt using the interest
method. Based on the fair value of the Perceptive Warrants and the aggregate amount of fees and expenses associated with obtaining
the Perceptive Credit Facility, the effective interest rate on the Perceptive Loans as of May 3, 2019 was approximately 14.1%.
</font></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">The following
table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying consolidated balance
sheets and statements of cash flows:</font></p>
<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Cash and cash equivalents</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">26,752,135</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">22,754,852</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Restricted cash included in long-term assets</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,000,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,752,135</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,754,852</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Subordinated Note Payable</u></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in">A summary of the outstanding subordinated note payable
is as follows:</p>
<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Subordinated note payable to Biotest</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">15,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">15,000,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Debt discount</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(91,947</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(125,816</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Subordinated note payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,908,053</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,874,184</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the acquisition of
the Biotest Assets (see Note 1), ADMA BioManufacturing issued a subordinated note payable to BPC and in connection therewith received
cash proceeds of $15.0 million. The note bears interest at a rate of 6.0% per annum and matures on June 6, 2022. The Company is
obligated to make semi-annual interest payments, with all principal and unpaid interest due at maturity. The note is subordinate
to all amounts outstanding under the Perceptive Credit Agreement. In the event of default, all principal and unpaid interest is
due on demand. The subordinated note also contains several non-financial covenants with which the Company was in compliance as
of December 31, 2019.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On July 20, 2018, in connection with the
U.S. Government required divestiture of all of BPC’s U.S. assets in connection with the sale of Biotest AG to CREAT Group
Corporation, Biotest AG, BPC, ADMA BioManufacturing and the Company entered into an Assignment and Assumption Agreement whereby
BPC transferred to Biotest AG all of its obligations, rights, title and interest in the subordinated note and the related loan
agreements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Preferred Stock</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company is currently authorized to
issue up to 10 million shares of preferred stock, $0.0001, par value per share. There were no shares of preferred stock outstanding
at December 31, 2019 and 2018.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Common Stock</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of December 31, 2019 and 2018, the
Company was authorized to issue 150,000,000 and 75,000,000 shares, respectively, of its common stock, $0.0001 par value per share,
and 59,318,355 and 46,353,068 shares of common stock were outstanding as of December 31, 2019 and 2018, respectively. On August
23, 2019, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation
to increase the number of shares of common stock that the Company is authorized to issue from 75,000,000 to 150,000,000. After
giving effect to shares reserved for the issuance of warrants and stock options, 82,913,134 shares of common stock were available
for issuance as of December 31, 2019.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On May 21, 2019, the Company issued 12,937,500
shares of its common stock in an underwritten public offering for gross proceeds of approximately $51.8 million. After deducting
underwriters’ commissions and other expenses associated with the offering, the Company received net proceeds of $48.4 million.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the year ended December 31, 2019,
the Company issued 27,787 shares of common stock in connection with the exercise of stock options that had been granted to employees.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In June 2018, the Company completed an
underwritten public offering of 9,623,430 shares of common stock for gross proceeds of $46.0 million. The Company received net
proceeds from this offering, after underwriters’ commissions and other offering expenses, of $42.9 million.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On May 14, 2018, the Company, ADMA BioManufacturing
and ADMA Bio Centers entered into a Share Transfer, Amendment and Release Agreement with BPC, Biotest AG, Biotest US Corporation
and The Biotest Divestiture Trust (the “Biotest Trust”) (the “Biotest Transfer Agreement”) whereby BPC
transferred to the Company, for no cash consideration, 8,591,160 shares of the Company’s then-issued and outstanding non-voting
common stock, $0.0001 par value per share (the “NV Biotest Shares”) that had been issued to Biotest as part of the
purchase price for the Biotest Assets. Immediately upon transfer of the NV Biotest Shares to the Company, the shares were retired
and are no longer available for issuance. The retired NV Biotest Shares comprised approximately 19% of the total outstanding common
stock of the Company as of May 14, 2018, and approximately 67% of the total shares issued to BPC in the Biotest Transaction. In
exchange for the transfer and retirement of the NV Biotest Shares, the Company (i) granted Biotest and its successors and assigns
a release from all potential past, present and future indemnity claims arising under the Master Purchase and Sale Agreement, dated
as of January 21, 2017, which governs the Biotest Transaction, and (ii) relinquished its rights to, under certain circumstances,
repurchase the two FDA-approved plasma collection centers which were transferred to BPC on January 1, 2019. In addition, pursuant
to the Biotest Transfer Agreement, BPC waived and terminated its rights to name a director and an observer to the Company’s
Board of Directors (the “Board”).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Warrants</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On the Perceptive Closing Date, the Company
issued the Perceptive Warrant, whereby Perceptive may purchase an aggregate of 1,360,000 shares of common stock at an exercise
price of $3.28 per share. The Perceptive Warrant became exercisable on the Perceptive Closing Date, and was valued at $2.7 million.
The Perceptive Warrant was valued using the Black-Scholes option-pricing model assuming an expected term of 10 years, a volatility
of 61.2%, a dividend yield of 0% and a risk-free interest rate of 2.65%.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On May 3, 2019, the Company issued the
Perceptive Tranche III Warrant, whereby Perceptive may purchase an aggregate of 250,000 shares of common stock at an exercise price
of $4.64 per share. The Perceptive Tranche III was exercisable on the date of issuance and was valued at $0.9 million. The Perceptive
Tranche III Warrant was valued using the Black-Scholes option-pricing model assuming an expected term of 10 years, a volatility
of 62.3%, a dividend yield of 0% and a risk-free interest rate of 2.54%. At December 31, 2019, the Company had outstanding warrants
to purchase an aggregate of 2,138,160 shares of common stock, with a weighted average exercise price of $3.81 per share and expiration
dates ranging between June 2022 and May 2029.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No warrants were issued during the year
ended December 31, 2018. At December 31, 2018, the Company had outstanding warrants to purchase an aggregate of 528,160 shares
of common stock, with a weighted average exercise price of $4.76 per share and with expiration dates ranging between June 2022
and October 2024.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Stock Options</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">From time to time the Company grants stock
options or other equity-based awards under the Company’s 2007 Employee Stock Option Plan (the “2007 Plan”) and
the Amended and Restated 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”).  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The 2014 Plan, as amended, was approved
by the Board on March 15, 2017 and by the Company’s stockholders on May 25, 2017. Currently, the maximum number of shares
reserved for grant under the 2014 Plan is: (a) 2,334,940 shares, less any shares available as of such date for issuance under the
2007 Plan; plus (b) an annual increase as of the first day of the Company’s fiscal year, beginning in 2018 and occurring
each year thereafter through 2022, equal to 4% of the outstanding shares of common stock as of the end of the Company’s immediately
preceding fiscal year, or any lesser number of shares determined by the Board; provided, however, that no more than an aggregate
of 10 million shares of common stock may be issued pursuant to incentive stock options intended to qualify under Section 422 of
the Internal Revenue Code. As of December 31, 2019, an aggregate of 1,931,709 shares were available for issuance under the 2007
Plan and the 2014 Plan. In accordance with the foregoing, on January 1, 2020 the aggregate number of shares available for issuance
increased to 4,304,443.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the years ended December 31, 2019
and 2018, the Company recorded stock-based compensation expense to employees of $2.7 million and $2.2 million, respectively. The
fair value of employee options granted was determined on the date of grant using the Black-Scholes model. The Black-Scholes option
valuation model was developed for use in estimating the fair value of publicly traded options, which have no vesting restrictions
and are fully transferable. The Company’s employee stock options have characteristics significantly different from those
of traded options, and changes in the underlying Black-Scholes assumptions can materially affect the fair value estimate. To determine
the risk-free interest rate, the Company utilized the U.S. Treasury yield curve in effect at the time of the grant with a term
consistent with the expected term of the Company’s awards. The expected term of the options granted is in accordance with
Staff Accounting Bulletins 107 and 110, which is based on the average between vesting terms and contractual terms. The expected
dividend yield reflects the Company’s current and expected future policy for dividends on the Company’s common stock.
For the years ended December 31, 2019 and 2018, the expected stock price volatility for the Company’s stock options was calculated
by examining the historical volatility of the Company’s common stock since the stock became publicly traded in the fourth
quarter of 2013.     </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The grant date fair values of stock options
awarded during the years ended December 31, 2019 and 2018 were determined using the Black-Scholes option-pricing model with the
following assumptions:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="7" style="text-align: center; line-height: 107%; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Years Ended </b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="text-align: center; line-height: 107%; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="text-align: center; line-height: 107%; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Expected term</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5.8-6.3 years</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5.8-6.3 years</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Volatility</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">54-63%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">54-57</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 63%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Dividend yield</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 15%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 15%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td style="width: 2%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Risk-free interest rate</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.36-2.92%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.40-3.11%</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The 2007 Plan and 2014 Plan provide for
the Board or a Committee of the Board (the “Committee”) to grant awards to optionees and to determine the exercise
price, vesting term, expiration date and all other terms and conditions of the awards, including acceleration of the vesting of
an award at any time. All options granted under the 2007 Plan and 2014 Plan are intended to be incentive stock options (“ISOs”),
unless specified by the Committee to be non-qualified options (“NQOs”) as defined by the Internal Revenue Code. ISOs
and NQOs may be granted to employees, consultants or Board members at an option price not less than the fair market value of the
common stock subject to the stock option agreement. The following table summarizes information about stock options outstanding
as of December 31, 2019 and 2018: </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Options outstanding, vested and expected to vest at December 31, 2017</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3,276,043</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5.52</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Forfeited</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(60,854</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.09</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Expired</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(34,489</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.38</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Granted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,167,044</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.15</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt">Exercised</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,513</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3.31</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Options outstanding, vested and expected to vest at December 31, 2018</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,342,231</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5.16</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Forfeited</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(169,993</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.97</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Expired</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,983</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.60</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Granted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,508,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.49</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Exercised</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(29,904</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2.84</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Options outstanding, vested and expected to vest at December 31, 2019</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,630,351</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4.76</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Options exercisable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,250,593</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5.57</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The weighted average remaining contractual
term of stock options outstanding and expected to vest at December 31, 2019 is 7.1 years. The weighted average remaining contractual
term of stock options exercisable at December 31, 2019 is 6.1 years. The following table summarizes additional information regarding
outstanding and exercisable options under the stock option plans at December 31, 2019:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 9pt/normal Sans-Serif; margin: 0; color: Red"><b></b></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 9.5pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="7" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Stock Options Outstanding</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="7" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Stock Options Exercisable</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; width: 18%"><font style="font: 8pt Times New Roman, Times, Serif">Range of<br />
Exercise Prices</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif">Options<br />
Outstanding</font></td>
<td style="text-align: center; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif">Weighted<br />
Average<br />
Remaining<br />
Contractual<br />
Life (Years)</font></td>
<td style="text-align: center; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif">Weighted<br />
Average<br />
Exercise<br />
Price</font></td>
<td style="text-align: center; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif">Aggregate<br />
Intrinsic<br />
Value</font></td>
<td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif">Options<br />
Outstanding</font></td>
<td style="text-align: center; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">Weighted<br />
Average<br />
Remaining<br />
Contractual<br />
Life (Years)</font></td>
<td style="text-align: center; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif">Weighted<br />
Average<br />
Exercise<br />
Price</font></td>
<td style="text-align: center; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif">Aggregate<br />
Intrinsic<br />
Value</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td><font style="font: 8pt Times New Roman, Times, Serif">$1.34 - $2.06</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             5,168</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.1</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       1.41</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       13,387</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             4,928</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                0.8</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       1.40</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $    12,921</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="font: 8pt Times New Roman, Times, Serif">$2.62 - $3.98</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      3,827,577</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8.2</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       3.58</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">     1,603,478</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      1,678,942</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                7.7</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       3.68</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">     540,127</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td><font style="font: 8pt Times New Roman, Times, Serif">$4.03 - $6.26</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         564,503</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7.8</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       5.09</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  —   </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         360,048</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                7.3</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       5.19</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              —   </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="font: 8pt Times New Roman, Times, Serif">$6.28 - $10.80</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      1,233,103</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3.6</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       8.28</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  —   </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      1,206,675</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                3.5</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       8.32</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              —   </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">      5,630,351</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7.1</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       4.76</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $  1,616,865</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">      3,250,593</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                6.1</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       5.57</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $  553,048</font></td></tr>
</table>
<p style="font: 9pt/normal Sans-Serif; margin: 0; color: Red"><b></b></p>
<p style="margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Stock-based compensation expense for the years ended December
31, 2019 and 2018 was as follows:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Research and development</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">360,569</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">292,736</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Plasma center operating expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">51,340</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,797</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Selling, general and administrative</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,047,025</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,739,037</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Cost of product revenue</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">191,843</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">156,718</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12px">Total stock-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,650,777</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,223,288</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of December 31, 2019, the total unrecognized
compensation expense related to unvested options was $4.4 million, which is expected to be recognized over a weighted-average period
of 2.4 years. The Company’s outstanding and exercisable options had an aggregate intrinsic value of approximately $0.6
million as of December 31, 2019.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company leases an office building
and equipment from Areth, LLC (“Areth”) pursuant to an agreement for services effective as of January 1, 2016, as amended
from time to time. Effective October 1, 2017, monthly rent on this facility was reduced to $10,000. On September 27, 2018, the
agreement was amended to extend the term of the agreement through September 30, 2019. On November 7, 2019, an additional amendment
was entered into between Areth and the Company to extend the term of this agreement through September 30, 2020, and to provide
for automatic one-year renewals unless ADMA gives written notice of termination to Areth 60 days prior to the end of the term.
Rent expense for the years ended December 31, 2019 and 2018 amounted to $120,000. Areth is a company controlled by Dr. Jerrold
B. Grossman, the Vice Chairman of the Company’s Board of Directors, and Adam S. Grossman, the Company’s President and
Chief Executive Officer. The Company also reimburses Areth for office and building related (common area) expenses, equipment and
certain other operational expenses, which were not material to the consolidated financial statements for the years ended December
31, 2019 and 2018. </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">See Note 7 for a discussion of the Company’s
credit facility and related transactions with Perceptive, a holder of more than 10% of the Company’s common stock.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>General Legal Matters</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">From time to time the Company is or may
become subject to certain legal proceedings and claims arising in connection with the normal course of its business. Management
does not expect that the outcome of any such claims or actions will have a material effect on the Company’s liquidity, results
of operations or financial condition. </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; color: red"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Vendor and Licensor Commitments</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the terms of a plasma purchase
agreement with BPC dated as of November 17, 2011 (the “2011 Plasma Purchase Agreement”), the Company agreed to purchase
from BPC an annual minimum volume of source plasma containing antibodies to RSV to be used in the manufacture of ASCENIV. The
Company must purchase a to-be-determined and agreed upon annual minimum volume from BPC, but may also collect high-titer RSV plasma
from up to five wholly-owned ADMA plasma collection facilities.  During 2015, the Company and BPC amended the 2011 Plasma
Purchase Agreement to allow the Company the ability to collect its raw material RSV high-titer plasma from other third-party collection
organizations, thus allowing the Company to expand its reach for raw material supply as it executes its commercialization plans
for ASCENIV. Unless terminated earlier, the 2011 Plasma Purchase Agreement expires in June 2027, after which it may be renewed
for two additional five-year periods if agreed to by the parties. As part of the closing of the Biotest Transaction, the parties
amended the 2011 Plasma Purchase Agreement to extend the initial term through the ten year anniversary of the closing date of the
Biotest Transaction. On December 10, 2018, BPC assigned its rights and obligations under the 2011 Plasma Purchase Agreement to
Grifols Worldwide Operations Limited (“Grifols”) as its successor-in-interest, effective January 1, 2019. On January
1, 2019, Grifols and the Company entered into an additional amendment to the 2011 Plasma Purchase Agreement for the purchase of
source plasma containing antibodies to RSV from Grifols. Pursuant to this amendment, until January 1, 2022, the Company may purchase
RSV plasma from Grifols from the two plasma collection centers that were transferred to BPC on January 1, 2019 (see Note 3) at
a price equal to cost plus five percent (5%) (without any additional increase due to inflation).</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On June 6, 2017, the Company and BPC entered
into a Plasma Supply Agreement pursuant to which BPC supplies, on an exclusive basis subject to certain exceptions, to ADMA BioManufacturing
an annual minimum volume of hyperimmune plasma that contain antibodies to the hepatitis B virus for the manufacture of Nabi-HB.
The Plasma Supply Agreement has a 10-year term. On July 19, 2018, the Company and BPC entered into an amendment to the Plasma Supply
Agreement to provide, among other things, that in the event BPC elects not to supply in excess of ADMA BioManufacturing’s
specified amount of Hepatitis B plasma and ADMA BioManufacturing is unable to secure Hepatitis B plasma from a third party at a
price that is within a low double digit percentage of the price that ADMA BioManufacturing pays to BPC, then BPC shall reimburse
ADMA BioManufacturing for the difference in price ADMA BioManufacturing incurs. On December 10, 2018, BPC assigned its rights and
obligations under the Plasma Supply Agreement to Grifols, effective January 1, 2019.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On June 6, 2017, the Company and
BPC entered into a Plasma Purchase Agreement (the “2017 Plasma Purchase Agreement”), pursuant to which ADMA
BioManufacturing purchases normal source plasma from BPC at agreed upon annual quantities and prices. The 2017 Plasma
Purchase Agreement has an initial term of five years after which the 2017 Plasma Purchase Agreement may be renewed for
additional two terms of two years each upon the mutual written consent of the parties. On July 19, 2018, the Company and BPC
entered into an amendment to the 2017 Plasma Purchase Agreement to, among other things, provide agreed upon amounts of normal
source plasma to be supplied by BPC to ADMA BioManufacturing in calendar year 2019 at a specified price per liter, provided
that ADMA BioManufacturing delivers a valid purchase order to BPC. Additionally, pursuant to the amendment to the 2017 Plasma
Purchase Agreement, BPC agrees that, for calendar years 2020 and 2021, it shall supply no less than a high double digit
percentage of ADMA BioManufacturing’s requested NSP amounts, provided that such requested normal source plasma amounts
are within an agreed range, at a price per liter to be mutually determined. Furthermore, pursuant to the amendment to the
2017 Plasma Purchase Agreement, in the event BPC fails to supply ADMA BioManufacturing with at least a high double digit
percentage of ADMA BioManufacturing’s requested normal source plasma amounts, BPC shall promptly reimburse ADMA
BioManufacturing the difference in price ADMA BioManufacturing incurs due to BPC’s election not to supply NSP to ADMA
BioManufacturing in such amounts as requested. On December 10, 2018, BPC assigned its rights and obligations under the Plasma
Purchase Agreement to Grifols, effective January 1, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Post-marketing commitments</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the approval of the
BLA for BIVIGAM, on December 19, 2012 Biotest committed to perform two additional post-marketing studies, a pediatric study to
evaluate the efficacy and safety of BIVIGAM in children and adolescents, and a post-authorization safety study to further assess
the potential risk of hypotension and hepatic and renal impairment in BIVIGAM-treated patients with primary humoral immunodeficiency.
These studies are still pending completion, as such ADMA has assumed the remaining obligations, and the costs of the studies will
be expensed as incurred as research and development expenses. The Company currently expects both studies to be completed by the
end of 2021. However, the timing of the completion of these studies is dependent upon the availability of BIVIGAM and the completion
of the planned manufacturing process improvements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the FDA’s approval
of ASCENIV on April 1, 2019, the Company is required to perform a pediatric study to evaluate the safety and efficacy of ASCENIV
in children and adolescents. This study is required to be completed by June of 2023.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Employment contracts </u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has entered into employment
agreements with its executive management team consisting of its President and Chief Executive Officer, its Executive Vice President,
Chief Medical Officer and Chief Scientific Officer and its Executive Vice President and Chief Financial Officer.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Other commitments</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the normal course of business, the
Company enters into contracts that contain a variety of indemnifications with its employees, licensors, suppliers and service providers.
Further, the Company indemnifies its directors and officers who are, or were, serving at the Company’s request in such capacities.
The Company’s maximum exposure under these arrangements is unknown as of December 31, 2019. The Company does not anticipate
recognizing any significant losses relating to these arrangements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">A reconciliation of income taxes at the U.S. Federal statutory
rate to the benefit for income taxes is as follows:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Benefit at U.S. federal statutory rate</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(10,138,657</td><td style="width: 1%; text-align: left">)</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(13,806,124</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">State taxes - deferred</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,010,517</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,443,538</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Increase in valuation allowance</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,790,031</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,015,582</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Research and development credits</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(115,086</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(223,735</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Decrease in federal net operating loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,090,203</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Decrease in federal research and development credits</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,294,344</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">474,229</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">104,432</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Benefit for income taxes</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">A summary of the Company’s deferred tax assets is as
follows:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 9pt/normal Sans-Serif; margin: 0; color: Red"><b></b></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Federal and state net operating loss carryforwards</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">42,496,374</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">26,080,351</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Federal and state research credits</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">630,516</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">525,248</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest expense limitation carryforwards</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,159,422</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Transaction costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,174,733</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,147,581</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Deferred revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">603,535</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">624,610</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Accrued expenses and other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,433,142</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,011,057</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Total gross deferred tax assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47,338,300</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,548,269</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Less: valuation allowance for deferred tax assets</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(47,338,300</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(35,548,269</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 9pt/normal Sans-Serif; margin: 0; color: Red"><b></b></p>
<p style="margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of December 31, 2019, the Company had
federal and state (post-apportioned basis) net operating losses (“NOLs”) of $175.1 million and $116.2 million, respectively,
as well as federal research and development tax credit carryforwards of approximately $0.6 million. Approximately $115.8 million
and $71.8 million of the foregoing federal and state NOLs, respectively, will expire at various dates from 2027 through 2037, if
not limited by triggering events prior to such time. Under the provisions of the Internal Revenue Code, changes in ownership of
the Company, in certain circumstances, would limit the amount of federal NOLs that can be utilized annually in the future to offset
taxable income. In particular, Section 382 of the Internal Revenue Code imposes limitations on an entity’s ability to use
NOLs upon certain changes in ownership. If the Company is limited in its ability to use its NOLs in future years in which it has
taxable income, then the Company will pay more taxes than if it were otherwise able to fully utilize its NOLs. The Company may
experience ownership changes in the future as a result of subsequent shifts in ownership of the Company’s capital stock that
the Company cannot predict or control that could result in further limitations being placed on the Company’s ability to utilize
its federal NOLs. As of December 31, 2019, the Company performed a preliminary analysis of limitations imposed by Section 382 of
the Internal Revenue Code and as a result has written off $57.6 million of federal NOLs, $4.3 million of federal research and development
tax credits, and $10.9 million of state NOLs that are limited by historical ownership changes. As a result, there was a $16.9 million
reduction to the Company’s deferred tax assets. However, as discussed below, the Company maintains a full valuation allowance
against its deferred tax assets. Therefore, the $16.9 million reduction to the Company’s deferred tax assets is offset by
a corresponding $16.9 million reduction to the Company’s valuation allowance for its net deferred tax assets, resulting in
no net impact to the Company’s tax provision.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A valuation allowance, if needed, reduces
deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more
likely than not to be realized, the Company assesses all available positive and negative evidence. This evidence includes, but
is not limited to, prior earnings history, expected future earnings, carry-back and carry-forward periods and the feasibility of
ongoing tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset. The weight given
to the positive and negative evidence is commensurate with the extent the evidence may be objectively verified. As such, it is
generally difficult for positive evidence regarding projected future taxable income, exclusive of reversing taxable temporary differences,
to outweigh objective negative evidence of recent financial reporting losses. Based on these criteria and the relative weighting
of both the positive and negative evidence available, management continues to maintain a full valuation allowance against its net
deferred tax assets.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In accordance with U.S. GAAP, the Company
is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the
applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits
of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent
likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company
recording a tax liability that would reduce net assets. The amount of the liability for which an exposure exists is measured as
the largest amount of benefit determined on a cumulative probability basis that the Company believes is more likely than not to
be realized upon ultimate settlement of the position. Components of the liability are classified as either a current or a long-term
liability in the accompanying consolidated balance sheets based on when the Company expects each of the items to be settled. The
Company does not have any unrecognized tax benefits as of December 31, 2019 and 2018, and does not anticipate a significant change
in unrecognized tax benefits during the next 12 months. </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company leases certain properties
and equipment for its ADMA Bio Centers subsidiary and certain equipment for its ADMA BioManufacturing subsidiary, which leases
provide the right to use the underlying assets and require lease payments through the respective lease terms which expire at various
dates through 2026. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive
covenants.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company determines if an arrangement
is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All
other leases are recorded on the balance sheet with assets representing the right to use the underlying asset for the lease term
and lease liabilities representing the obligation to make lease payments arising from the lease. Right-to-use assets and lease
liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term and
include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of the lease
payments is determined using the Company’s incremental borrowing rate as of the date of application of ASU 2016-02, or the
lease commencement date. For the lease liabilities recognized upon the application of ASU 2016-02, the Company used a discount
rate of 13% to determine the present value of its lease obligations. The Company’s operating lease expense is recognized
on a straight-line basis over the lease term and is reflected in Plasma center operating expenses and Selling, general and administrative
expenses. Aggregate rent expense and cash paid for the Company’s operating leases for the years ended December 31, 2019 and
2018 was $0.6 million and $1.1 million, respectively.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the adoption of ASU
2016-02 on January 1, 2019 (see Note 2), the Company recognized right to use assets of $1.4 million and lease liabilities of approximately
$1.6 million. The right-to-use assets are reflected in Deposits and other assets in the accompanying consolidated balance sheet
as of December 31, 2019. Including a finance lease the Company entered into in June 2018, the Company has aggregate lease liabilities
of $1.4 million as of December 31, 2019, which are comprised primarily of the lease for the Company’s plasma collection center
in Kennesaw, GA and an administrative office lease in Roswell, GA related to the Company’s ADMA Bio Centers subsidiary. The
Company’s operating leases have a weighted average remaining term of 5.9 years. Scheduled payments under the Company’s
lease obligations are as follows:</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 9pt/107% Sans-Serif; margin: 0 0 0 0.25in; color: Red"><font style="letter-spacing: -0.15pt"><b></b></font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; text-align: left"><b> </b></td><td style="width: 43%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Year ended December 31, 2020</font></td><td style="width: 1%; text-align: left"> </td><td style="width: 33%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">407,792</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><b> </b></td><td style="text-align: right">2021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">385,887</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><b> </b></td><td style="text-align: right">2022</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">382,287</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><b> </b></td><td style="text-align: right">2023</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">360,197</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><b> </b></td><td style="text-align: right">2024</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">313,015</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><b> </b></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Thereafter</font></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">293,897</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><b> </b></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Total payments</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,143,075</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><b> </b></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Less: imputed interest</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(611,641</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><b> </b></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Current portion</font></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(229,073</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><b> </b></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Balance at December 31, 2019</font></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,302,361</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 9pt/107% Sans-Serif; margin: 0 0 0 0.25in; color: Red"><font style="letter-spacing: -0.15pt"><b></b></font></p>
<p style="margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the year ended December 31, 2019,
the Company entered into two new property leases where the Company intends to construct new plasma collection facilities. As of
December 31, 2019, the Company had not taken possession of the leased property pertaining to either lease. The lease commencement
date is February 1, 2020 for the first lease and the lease commencement date has not been determined for the second lease. With
the exception of an advance deposit and an initial months’ rent for each lease totaling approximately $41,000, no payments
were made under these leases during the year ended December 31, 2019. The initial term of the first lease is for 130 months, with
monthly rental payments varying between approximately $9,000 and $11,000, including common area maintenance charges. The initial
term of the second lease is for 128 months with monthly rental payments varying between $11,000 and $14,000, including common area
maintenance charges.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company is engaged in the manufacture,
marketing and development of specialty plasma-derived biologics. The Company’s ADMA BioManufacturing segment reflects the
Company’s immune globulin manufacturing and development operations in Florida, acquired on June 6, 2017. The Plasma Collection
Centers segment consists of one FDA-licensed source plasma collection facility for the year ended December 31, 2019, and three
FDA-licensed source plasma collection facilities for the year ended December 31, 2018 (see Note 3). The Corporate segment includes
general and administrative overhead expenses. The Company defines its segments as those business units whose operating results
are regularly reviewed by the chief operating decision maker (“CODM”) to analyze performance and allocate resources.
The Company’s CODM is its President and Chief Executive Officer. Summarized financial information concerning reportable segments
is shown in the following tables:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31, 2019</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA<br />
BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma<br />
Collection<br />
Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">22,176,699</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,029,550</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">142,834</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">29,349,083</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33,306,858</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,197,380</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,504,238</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(29,360,522</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,337,459</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,726,346</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(41,424,327</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,091,993</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,521</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,341,444</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,419,916</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gain on transfer of plasma center assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,527,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,527,421</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss on extinguishment of debt</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,962,495</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,962,495</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net (loss) income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(30,452,515</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,203,483</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(28,030,285</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(48,279,317</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Capital expenditures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,772,742</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,096</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,811,838</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,789,498</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">455,412</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,238</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,258,148</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">100,461,050</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,967,860</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,661,815</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">127,090,725</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 9pt 0 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31, 2018</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA<br />
BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma<br />
Collection<br />
Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,797,548</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,044,908</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">142,834</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">16,985,290</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,485,273</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,709,362</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,194,635</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(45,633,715</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,470,073</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,185,156</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(60,288,944</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,077,624</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(967</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,375,910</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,454,501</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(46,711,339</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,471,040</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,561,066</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(65,743,445</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Capital expenditures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,580,684</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">514,916</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,095,600</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,608,776</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">814,768</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,854</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,446,398</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,818,051</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,443,032</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,615,438</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">88,876,521</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 9pt 0 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company sponsors a 401(k) savings
plan. Under the plan, employees may make contributions which are eligible for a Company discretionary percentage contribution as
defined in the plan and determined by the Board of Directors. The Company recognized $0.7 million of related compensation expense
for the years ended December 31, 2019 and 2018.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Supplemental cash flow information for
the years ended December 31, 2019 and 2018 is as follows:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">SUPPLEMENTAL CASH FLOW INFORMATION:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 56%; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Cash paid for interest</td><td style="width: 8%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">8,112,231</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">4,399,972</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Noncash Financing and Investing Activities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired reflected in accounts payable and accrued liabilities</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">514,904</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">238,790</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired through capital lease</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">165,644</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Warrants issued in connection with notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,579,115</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Financial instruments that potentially
subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. At December
31, 2019, two customers accounted for 89% of the Company’s total accounts receivable. At December 31, 2018, three customers
accounted for approximately 95% of the Company’s consolidated accounts receivable.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the year ended December 31, 2019,
three customers totaled 70% of the Company’s consolidated revenues. For the year ended December 31, 2018, BPC represented
56% of the Company’s consolidated revenues, and two other customers totaled 31% of the Company’s consolidated revenues.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company purchases substantially all
of its raw material plasma from Grifols. For the year ended December 31, 2019, plasma purchases from Grifols totaled approximately
$28.6 million, representing approximately 82% of the Company’s total inventory purchases. For the year ended December 31,
2018, plasma purchases from BPC totaled $7.8 million, or approximately 71% of the Company’s total inventory purchases.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Issuance of Common Stock </u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On February 11, 2020, the Company completed
an underwritten public offering of 23,500,000 shares of its common stock for gross proceeds of $82.3 million. On February 21, 2020,
the Company sold an additional 3,525,000 shares pursuant to the underwriters’ exercise of their option to purchase additional
shares of the Company’s common stock for additional gross proceeds of $12.3 million. The Company received net proceeds, after
underwriting discounts and other expenses associated with the offering, of approximately $88.5 million.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Basic net loss per share is computed by
dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during
the period. For purposes of computing basic and diluted loss per share, the non-voting class of common stock (see Note 8) was included
in the common stock outstanding prior to its retirement in May 2018 as the characteristics of the non-voting class are substantially
the same as the voting class of common stock.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Diluted net loss per share is calculated
by dividing net loss attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted
average number of shares of common stock, including the non-voting class of common stock, and dilutive common stock outstanding
during the period. Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding
stock options and warrants (using the treasury stock method). Potentially dilutive common stock in the diluted net loss per share
computation is excluded to the extent that it would be anti-dilutive. No potentially dilutive securities are included in the computation
of any diluted per share amounts as the Company reported a net loss for all periods presented. For the years ended December 31,
2019 and 2018, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive
effects:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Years Ended December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Stock options</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">5,630,351</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">4,342,231</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Warrants</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,138,160</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">528,160</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,768,511</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,870,391</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The accompanying consolidated financial statements
include the accounts of ADMA and its wholly-owned subsidiaries, and have been prepared in conformity with accounting principles
generally accepted in the United States of America (“U.S. GAAP”) and in accordance with Article 8 of Regulation S-X
of the Securities and Exchange Commission (the “SEC”). All intercompany balances have been eliminated in consolidation.
Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification
(“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (the “FASB”).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the years ended December 31, 2019 and
2018, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying consolidated
statements of operations.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The preparation of financial statements requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates. Significant estimates include the realizable value of accounts receivable,
valuation of inventory, assumptions used in the fair value of awards granted under the Company’s equity incentive plans and
warrants issued in connection with the issuance of notes payable and the valuation allowance for the Company’s deferred tax
assets.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Company considers all highly-liquid
instruments purchased with a maturity of three months or less to be cash equivalents.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company regularly maintains cash and
cash equivalents at third-party financial institutions in excess of the Federal Deposit Insurance Corporation insurance limit.
Although the Company monitors the daily cash balances in the operating accounts and adjusts the balances as appropriate, these
balances could be impacted, and there could be a material adverse effect on the Company’s business, if one or more of the
financial institutions with which the Company has deposits fails or is subject to other adverse conditions in the financial or
credit markets. To date, the Company has not experienced a loss or lack of access to its deposited cash or cash equivalents; however,
the Company cannot provide assurance that access to its cash and cash equivalents will not be impacted by adverse conditions in
the financial and credit markets in the future.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Restricted cash at December 31, 2018 consists
of cash held in a reserve account as required by the terms of the Company’s then-senior lending agreement (see Note 7).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Accounts receivable are reported at realizable
value, net of allowances for contractual credits and doubtful accounts, which are recognized in the period the related revenue
is recorded. </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Inventories, including plasma intended
for resale and plasma intended for internal use in the Company’s manufacturing, commercialization or research and development
activities, are carried at the lower of cost or net realizable value determined by the first-in, first-out method.  Due
to previous uncertainties surrounding certain prior submissions made to the FDA, all costs related to the production of BIVIGAM
and ASCENIV prior to their FDA approval dates of May 9, 2019 and April 1, 2019, respectively, have been charged to cost of product
revenue in the accompanying consolidated statements of operations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Assets comprising property and equipment
(see Note 5) are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the
asset’s estimated useful life. Land is not depreciated. The buildings have been assigned a useful life of 30 years. Property
and equipment other than land and buildings have useful lives ranging from 3 to 15 years. Leasehold improvements are amortized
over the lesser of the lease term or their estimated useful lives.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Goodwill represents the excess of purchase
price over the fair value of net assets acquired by the Company. Goodwill at December 31, 2019 and 2018 was $3.5 million, all of
which is attributable to the Company’s ADMA BioManufacturing business segment. There were no changes to the carrying amount
of goodwill during the years ended December 31, 2019 and 2018.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Goodwill is not amortized, but is assessed
for impairment on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative
assessment of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its
carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform
a goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded
to the extent the reporting unit’s carrying value exceeds its fair value. The impairment loss recognized would not exceed
the total amount of goodwill allocated to that reporting unit. The Company’s impairment analyses as of October 1, 2019 and
2018 did not result in any impairment charges related to goodwill for the years ended December 31, 2019 and 2018.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company assesses the recoverability
of its long-lived assets, which include property and equipment and finite-lived intangible assets, whenever significant events
or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted
cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s carrying value
is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair
value and a charge to operating results. For the years ended December 31, 2019 and 2018, the Company determined that there was
no impairment of its long-lived assets.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Revenues for the years ended December
31, 2019 and 2018 are comprised of (i) revenues from the sale of the Company’s immunoglobulin products, ASCENIV, BIVIGAM
and Nabi-HB, (ii) product revenues from the sale of human plasma collected from the Company’s Plasma Collection Centers business
segment, (iii) contract manufacturing revenue, (iv) revenues from the sale of intermediate by-products; and (v) license and other
revenues primarily attributable to the out-licensing of ASCENIV to Biotest in 2012 to market and sell this product in Europe and
selected countries in North Africa and the Middle East. Biotest has provided the Company with certain services and financial
payments in accordance with the related Biotest license agreement and is obligated to pay the Company certain amounts in the future
if certain milestones are achieved. Deferred revenue is recognized over the term of the Biotest license. Deferred revenue
is amortized into income for a period of approximately 22 years, the term of the Biotest license agreement.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Product revenue is recognized when the
customer is deemed to have control over the product. Control is determined based on when the product is shipped or delivered and
title passes to the customer. Revenue is recorded in an amount that reflects the consideration the Company expects to receive in
exchange. Revenue from the sale of the Company’s immunoglobulin products is recognized when the product reaches the customer’s
destination, and is recorded net of estimated rebates, price protection arrangements and customer incentives, including prompt
pay discounts, wholesaler chargebacks and other wholesaler fees. These estimates are based on historical experience and certain
other assumptions, and the Company believes that such estimates are reasonable. For revenues associated with contract manufacturing
and the sale of intermediates, control transfers to the customer and the performance obligation is satisfied when the customer
takes possession of the product from the Boca Facility or from a third-party warehouse that is utilized by the Company.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cost of product revenue includes expenses
related to process development as well as scientific and technical operations when these operations are attributable to marketed
products. When the activities of these operations are attributable to new products in development, the expenses are classified
as research and development expenses. Expenses associated with remediating the issues at the Boca Facility that were identified
by the FDA prior to the closing of the Biotest Transaction of approximately $0.2 million and $1.5 million for the years ended December
31, 2019 and 2018, respectively, are expensed as incurred and were reflected in cost of product revenue in the accompanying consolidated
statements of operations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Research and development expenses consist
of clinical research organization costs, costs related to clinical trials, post-marketing commitment studies for BIVIGAM, wages,
benefits and stock-based compensation for employees directly related to research and development activities and, prior to April
1, 2019, assay development and testing, storage and transportation costs for high-titer plasma used in the manufacture of ASCENIV.
All research and development costs are expensed as incurred. </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Advertising and marketing expense includes
cost for promotional materials and trade show expenses for the marketing of the Company’s products and services and are expensed
as incurred.  Advertising and marketing expenses were $1.0 million and $0.8 million for the years ended December 31,
2019 and 2018, respectively.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company follows recognized accounting
guidance which requires all equity-based payments, including grants of stock options, to be recognized in the statement of operations
as compensation expense based on their fair values at the date of grant. Compensation expense related to awards to employees and
directors with service-based vesting conditions is recognized on a straight-line over the associated vesting period of the award
based on the grant date fair value of the award. Stock options granted under the Company’s equity incentive plans generally
have a four-year vesting period and a term of 10 years. Pursuant to ASU No. 2016-09, <i>Improvements to Employee Share-Based Payment
Accounting (Topic 718)</i>, the Company has elected not to establish a forfeiture rate, as stock-based compensation expense related
to forfeitures of unvested stock options is fully reversed at the time of forfeiture.</p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company recognizes deferred tax assets
and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements
or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between
the tax bases of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the
years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax
assets if it is more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets
(see Note 11). The Company is subject to income tax examinations by major taxing authorities for all tax years since 2015 and for
previous periods as it relates to the Company’s net operating loss carryforwards.  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The carrying amounts of certain of the
Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable are shown
at cost, which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the Company’s
senior notes payable (see Note 7) approximates fair value due to the variable interest rate on this debt. With respect to the subordinated
note payable in the amount of $15.0 million as of December 31, 2019 and 2018 (see Note 7), that was issued to a then-principal
stockholder of the Company and was issued concurrent with an acquisition transaction with such stockholder, the Company has concluded
that an estimation of fair value for this note is not practicable.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2017, the Financial Accounting Standards
Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2017-11, <i>Earnings Per Share (Topic
260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815)</i>” (“ASU 2017-11”).
ASU 2017-11 changed the classification analysis of certain equity-linked financial instruments (or embedded features within such
instruments) with down round features. When determining whether certain financial instruments should be classified as liabilities
or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is
indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments.
As a result, a freestanding equity-linked financial instrument (or embedded conversion option) would no longer be accounted for
as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity classified
financial instruments, the amendments require entities that present earnings per share (“EPS”) in accordance with ASC
260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction
of income available to common shareholders in basic EPS. In addition, convertible instruments with embedded conversion options
that have down round features are now subject to the specialized guidance for contingent beneficial conversion features in ASC
470-20, “<i>Debt—Debt with Conversion and Other Options.</i>” ASU 2017-11 became effective for the Company on
January 1, 2019, and this update did not have a significant impact on the Company’s consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In February 2016, the FASB issued ASU No. 2016-02,
Leases (Topic 842) (“ASU 2016-02”), which requires lessees to recognize assets and liabilities for the rights and obligations
created by most leases on their balance sheet. The guidance became effective for fiscal years beginning after December 15, 2018,
including interim periods within those fiscal years. ASU 2016-02 requires modified retrospective adoption for all leases existing
at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company adopted
ASU 2016-02 on January 1, 2019 using the option to recognize the cumulative-effect adjustment, if any, as of the date of application,
which was also January 1, 2019. The Company recognized right-to-use assets of $1.4 million and corresponding lease liabilities
of approximately $1.6 million at the date of adoption (see Note 12). The Company also elected the “package of practical expedients,”
which permits the Company to not reassess under the new standard its prior conclusions about lease identification, lease classification
and initial direct costs. In addition, the Company elected the short-term lease recognition exemption for all leases that qualify,
including the agreement under which the Company occupies certain office space as discussed in Note 9.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In May 2014, the FASB issued new guidance related
to revenue recognition, ASU 2014-09, <i>Revenue from Contracts with Customers</i> (“ASC 606”), which outlines a comprehensive
revenue recognition model and supersedes most current revenue recognition guidance. The new guidance requires a company to recognize
revenue upon transfer of goods or services to a customer at an amount that reflects the expected consideration to be received in
exchange for those goods or services. ASC 606 defines a five-step approach for recognizing revenue, which may require a company
to use more judgment and make more estimates than under the current guidance. The new guidance became effective in calendar year
2018. Two methods of adoption are permitted: (a) full retrospective adoption, meaning the standard is applied to all periods presented;
or (b) modified retrospective adoption, meaning the cumulative effect of applying the new guidance is recognized at the date of
initial application as an adjustment to the opening retained earnings balance.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In March 2016, April 2016 and December 2016,
the FASB issued ASU No. 2016-08, <i>Revenue From Contracts with Customers</i> (ASC 606): <i>Principal Versus Agent Considerations</i>,
ASU No. 2016-10, <i>Revenue From Contracts with Customers</i> (ASC 606): Identifying Performance Obligations and Licensing, and
ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue From Contracts with Customers, respectively, which
further clarify the implementation guidance on principal versus agent considerations contained in ASU No. 2014-09. In May 2016,
the FASB issued ASU 2016-12, Revenue from Contracts with Customers, narrow-scope improvements and practical expedients which provides
clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for non-cash consideration
and completed contracts at transition. These standards became effective for the Company beginning in the first quarter of 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">ADMA adopted the new revenue recognition standard and related
updates effective January 1, 2018, using the modified retrospective method of adoption. Adoption of the new revenue recognition
guidance did not have a material impact on the Company’s consolidated financial statements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b> </b></p>
200000
1500000
12600000
715352
715352
715352
715352
298064
3250593
4928
1678942
360048
1206675
5.57
1.40
3.68
5.19
8.32
P7Y1M6D
P1Y1M6D
P8Y2M12D
P7Y9M18D
P3Y7M6D
1616865
13387
1603478
0
0
P6Y1M6D
P9M18D
P7Y8M12D
P7Y3M18D
P3Y6M
553048
12921
540127
0
0
4400000
P2Y4M24D
175100000
116200000
600000
0
-57600000
10900000
407792
385887
382287
360197
313015
293897
2143075
-611641
1302361
229073
0.89
0.95
0.70
0.56
0.31
0.82
0.71
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Years Ended December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Stock options</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">5,630,351</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">4,342,231</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Warrants</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,138,160</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">528,160</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,768,511</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,870,391</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Raw materials</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">33,381,806</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">14,019,668</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Work-in-process</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,455,665</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Finished goods</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,227,263</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,596,501</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total inventories</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">53,064,734</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,616,169</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left; padding-left: 12px">Manufacturing and laboratory equipment</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,831,817</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,233,203</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Office equipment and computer software</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,690,248</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,608,994</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Furniture and fixtures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">582,088</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,163,552</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Construction in process</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,285,915</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">845,538</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Leasehold improvements</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,673,084</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,660,709</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Land</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,339,441</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,339,441</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Buildings and building improvements</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16,063,680</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,685,325</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">37,466,273</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33,536,762</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Less: Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,724,956</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,421,032</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12px">Total property, plant and equipment, net</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,741,317</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,115,730</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold">Accumulated</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold">Accumulated</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid">Amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid">Amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: left">Trademark and other intangible rights related to Nabi-HB</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">4,100,046</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,513,112</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">2,586,934</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">4,100,046</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">927,391</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">3,172,655</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Rights to intermediates</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">907,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">334,881</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">572,540</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">907,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">205,250</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">702,171</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Customer contract</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,076,557</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,076,557</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,076,557</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">946,971</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">129,586</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,084,024</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,924,550</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,159,474</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,084,024</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,079,612</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,004,412</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 43%; text-align: left; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 10%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 43%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">2023</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">2024</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">298,064</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Notes payable</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">72,500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">30,000,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Debt discount</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,208,837</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,559,170</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Senior notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">68,291,163</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,440,830</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Cash and cash equivalents</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">26,752,135</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">22,754,852</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Restricted cash included in long-term assets</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,000,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,752,135</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,754,852</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Subordinated note payable to Biotest</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">15,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">15,000,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Debt discount</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(91,947</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(125,816</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Subordinated note payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,908,053</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,874,184</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="7" style="text-align: center; line-height: 107%; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Years Ended </b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="text-align: center; line-height: 107%; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="text-align: center; line-height: 107%; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Expected term</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5.8-6.3 years</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5.8-6.3 years</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Volatility</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">54-63%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">54-57</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 63%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Dividend yield</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 15%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 15%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td style="width: 2%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Risk-free interest rate</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.36-2.92%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.40-3.11%</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Options outstanding, vested and expected to vest at December 31, 2017</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3,276,043</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5.52</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Forfeited</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(60,854</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.09</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Expired</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(34,489</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.38</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Granted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,167,044</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.15</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt">Exercised</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,513</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3.31</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Options outstanding, vested and expected to vest at December 31, 2018</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,342,231</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5.16</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Forfeited</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(169,993</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.97</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Expired</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,983</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.60</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Granted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,508,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.49</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Exercised</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(29,904</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2.84</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Options outstanding, vested and expected to vest at December 31, 2019</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,630,351</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4.76</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Options exercisable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,250,593</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5.57</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Research and development</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">360,569</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">292,736</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Plasma center operating expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">51,340</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,797</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Selling, general and administrative</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,047,025</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,739,037</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Cost of product revenue</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">191,843</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">156,718</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12px">Total stock-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,650,777</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,223,288</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Benefit at U.S. federal statutory rate</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(10,138,657</td><td style="width: 1%; text-align: left">)</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(13,806,124</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">State taxes - deferred</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,010,517</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,443,538</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Increase in valuation allowance</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,790,031</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,015,582</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Research and development credits</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(115,086</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(223,735</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Decrease in federal net operating loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,090,203</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Decrease in federal research and development credits</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,294,344</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">474,229</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">104,432</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Benefit for income taxes</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Federal and state net operating loss carryforwards</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">42,496,374</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">26,080,351</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Federal and state research credits</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">630,516</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">525,248</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest expense limitation carryforwards</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,159,422</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Transaction costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,174,733</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,147,581</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Deferred revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">603,535</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">624,610</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Accrued expenses and other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,433,142</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,011,057</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Total gross deferred tax assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47,338,300</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,548,269</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Less: valuation allowance for deferred tax assets</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(47,338,300</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(35,548,269</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31, 2019</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA<br />
BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma<br />
Collection<br />
Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">22,176,699</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,029,550</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">142,834</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">29,349,083</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33,306,858</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,197,380</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,504,238</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(29,360,522</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,337,459</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,726,346</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(41,424,327</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,091,993</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,521</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,341,444</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,419,916</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gain on transfer of plasma center assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,527,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,527,421</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss on extinguishment of debt</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,962,495</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,962,495</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net (loss) income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(30,452,515</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,203,483</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(28,030,285</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(48,279,317</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Capital expenditures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,772,742</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,096</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,811,838</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,789,498</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">455,412</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,238</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,258,148</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">100,461,050</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,967,860</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,661,815</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">127,090,725</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 9pt 0 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31, 2018</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA<br />
BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma<br />
Collection<br />
Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,797,548</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,044,908</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">142,834</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">16,985,290</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,485,273</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,709,362</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,194,635</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(45,633,715</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,470,073</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,185,156</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(60,288,944</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,077,624</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(967</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,375,910</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,454,501</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(46,711,339</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,471,040</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,561,066</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(65,743,445</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Capital expenditures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,580,684</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">514,916</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,095,600</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,608,776</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">814,768</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,854</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,446,398</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,818,051</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,443,032</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,615,438</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">88,876,521</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 9pt 0 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">SUPPLEMENTAL CASH FLOW INFORMATION:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 56%; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Cash paid for interest</td><td style="width: 8%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">8,112,231</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">4,399,972</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Noncash Financing and Investing Activities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired reflected in accounts payable and accrued liabilities</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">514,904</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">238,790</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired through capital lease</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">165,644</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Warrants issued in connection with notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,579,115</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 9.5pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="7" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Stock Options Outstanding</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="7" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Stock Options Exercisable</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; width: 18%"><font style="font: 8pt Times New Roman, Times, Serif">Range of<br />
Exercise Prices</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif">Options<br />
Outstanding</font></td>
<td style="text-align: center; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif">Weighted<br />
Average<br />
Remaining<br />
Contractual<br />
Life (Years)</font></td>
<td style="text-align: center; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif">Weighted<br />
Average<br />
Exercise<br />
Price</font></td>
<td style="text-align: center; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif">Aggregate<br />
Intrinsic<br />
Value</font></td>
<td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif">Options<br />
Outstanding</font></td>
<td style="text-align: center; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">Weighted<br />
Average<br />
Remaining<br />
Contractual<br />
Life (Years)</font></td>
<td style="text-align: center; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif">Weighted<br />
Average<br />
Exercise<br />
Price</font></td>
<td style="text-align: center; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif">Aggregate<br />
Intrinsic<br />
Value</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td><font style="font: 8pt Times New Roman, Times, Serif">$1.34 - $2.06</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             5,168</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.1</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       1.41</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       13,387</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             4,928</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                0.8</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       1.40</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $    12,921</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="font: 8pt Times New Roman, Times, Serif">$2.62 - $3.98</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      3,827,577</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8.2</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       3.58</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">     1,603,478</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      1,678,942</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                7.7</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       3.68</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">     540,127</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td><font style="font: 8pt Times New Roman, Times, Serif">$4.03 - $6.26</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         564,503</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7.8</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       5.09</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  —   </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         360,048</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                7.3</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       5.19</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              —   </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="font: 8pt Times New Roman, Times, Serif">$6.28 - $10.80</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      1,233,103</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3.6</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       8.28</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  —   </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      1,206,675</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                3.5</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       8.32</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              —   </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">      5,630,351</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7.1</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       4.76</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $  1,616,865</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">      3,250,593</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                6.1</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       5.57</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $  553,048</font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; text-align: left"><b> </b></td><td style="width: 43%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Year ended December 31, 2020</font></td><td style="width: 1%; text-align: left"> </td><td style="width: 33%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">407,792</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><b> </b></td><td style="text-align: right">2021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">385,887</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><b> </b></td><td style="text-align: right">2022</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">382,287</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><b> </b></td><td style="text-align: right">2023</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">360,197</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><b> </b></td><td style="text-align: right">2024</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">313,015</td><td style="text-align: left"> </td></tr>
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<td style="text-align: left"><b> </b></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Thereafter</font></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">293,897</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><b> </b></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Total payments</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,143,075</td><td style="text-align: left"> </td></tr>
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<td style="text-align: left"><b> </b></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Less: imputed interest</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(611,641</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><b> </b></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Current portion</font></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(229,073</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
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<td style="text-align: left"><b> </b></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Balance at December 31, 2019</font></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,302,361</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
Yes
DE
001-36728