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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">ADMA Biologics, Inc. (“ADMA” or the “Company”)
is a vertically integrated commercial biopharmaceutical and specialty immunoglobulin company that manufactures, markets and develops
specialty plasma-derived biologics for the treatment of immune deficiencies and the prevention and treatment of certain infectious
diseases. The Company’s targeted patient populations include immune-compromised individuals who suffer from an underlying
immune deficiency disorder or who may be immune-suppressed for medical reasons. ADMA operates through its wholly-owned subsidiaries
ADMA BioManufacturing, LLC (“ADMA BioManufacturing”) and ADMA Bio Centers Georgia Inc. (“ADMA 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, previously
referred to as “RI-002.” ADMA Bio Centers is the Company’s source plasma collection business with a plasma collection
facility located in Kennesaw, GA 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 defined below, the Company transferred its FDA-approved Norcross,
GA and Marietta, GA plasma collection facilities to BPC (see Note 11).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">On June 6, 2017, ADMA completed the acquisition of certain
assets (the “Biotest Assets”) of BTBU, which included two FDA-licensed products, Nabi-HB (Hepatitis B Immune Globulin,
Human) and BIVIGAM (Immune Globulin Intravenous, Human), and a plasma fractionation manufacturing facility located in Boca Raton,
FL (the “Boca Facility”) (the “Biotest Transaction”). In addition to Nabi-HB and BIVIGAM, the Company provides
contract manufacturing services for certain clients and expects to generate revenues from the sale of intermediate by-products
which result from the immunoglobulin production process. The Boca Facility is FDA-licensed and certified by the German Health Authority.
Immediately following the closing of the Biotest Transaction, the Biotest Assets were contributed into ADMA BioManufacturing.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">On April 1, 2019, the FDA approved ASCENIV (Immune Globulin
Intravenous, Human – slra 10% Liquid), formerly referred to as RI-002. ASCENIV is an Intravenous Immune Globulin (“IVIG”)
drug product for the treatment of Primary Humoral Immunodeficiency Disease (“PIDD” or “PI”) in adults and
adolescents (12 to 17 years of age). The Company anticipates having the product available for commercial launch during the second
half of 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Prior to the acquisition of BTBU and the FDA approval
for ASCENIV, in July 2016 the FDA issued a Complete Response Letter (“CRL”) to the Company for the Company’s
Biologics License Application (“BLA”) for RI-002. The RI-002 CRL reaffirmed the issues set forth in the November 2014
warning letter (the “Warning Letter”) that had been issued by the FDA to Biotest related to certain compliance issues
identified at the Boca Facility, but did not cite any concerns with the clinical safety or efficacy data for RI-002, nor did the
FDA request any additional clinical studies be completed prior to FDA approval of RI-002. The FDA identified in the RI-002 CRL,
among other things, certain outstanding inspection issues and deficiencies related to chemistry, manufacturing and controls and
Good Manufacturing Practices at the Boca Facility and certain of the Company’s third-party vendors, and requested documentation
of corrections for a number of these issues. The FDA had indicated in the RI-002 CRL that it could not grant final approval of
the RI-002 BLA until, among other things, these deficiencies were resolved. Upon the completion of the Biotest Transaction,
ADMA gained control over the regulatory, quality, general operations and drug substance manufacturing process at the Boca Facility.
In April 2018, the FDA inspected the Boca Facility and in July 2018 the Company’s FDA status with respect to the Boca Facility
improved from Official Action Indicated to Voluntary Action Indicated, and the Company determined that this inspection of the Boca
Facility was successfully closed out.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Nabi-HB is a hyperimmune globulin that is rich in antibodies
to the Hepatitis B virus. Nabi-HB is indicated for the treatment of acute exposure to blood containing hepatitis B surface antigen
(“HBsAg”), prenatal exposure to infants born to HBsAg-positive mothers, sexual exposure to HBsAg-positive persons and
household exposure to persons with acute Hepatitis B virus infection. FDA approval for Nabi-HB was received on March 24, 1999.
Under ADMA’s ownership, production of Nabi-HB resumed during the third quarter of 2017, resulting in ongoing commercial revenues.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">BIVIGAM is an intravenous immune globulin indicated for
the treatment of primary humoral immunodeficiency. BIVIGAM is currently under FDA review for the Prior Approval Supplement (the
“PAS”) that the Company submitted to the FDA in June 2018 to amend BIVIGAM’s FDA-approved BLA which, once approved,
would enable the Company to relaunch and commercialize this product in the U.S. In December 2018, the Company received a CRL from
the FDA in response to the PAS (the “BIVIGAM CRL”), and the Company has since received several information requests
from the FDA, each containing a limited number of questions. The Company believes that all requests contained in the various information
requests were addressable, and has responded to all of them. The Company to date has not received a formal BIVIGAM CRL resubmission
acknowledgement and has not received clarity on the FDA’s intended classification or review timing. Although the Company
believes that the FDA is actively reviewing the PAS submission and subsequent information request responses, the Company cannot
provide any assurance or predict with certainty the schedule for when the Company will, if at all, receive authorization from the
FDA with respect to the PAS. In addition, the anticipated relaunch of BIVIGAM is dependent upon the timing of certain FDA decisions,
production slots available with the Company’s contract fill/finish provider, approvals that may need to be obtained for product
labeling as well as other commercial requirements and regulatory factors. Biotest had originally received FDA approval for BIVIGAM
on December 19, 2012, prior to the acquisition of BTBU, and product sales commenced in the first quarter of 2013. In December 2016,
Biotest temporarily suspended the commercial production of BIVIGAM in order to focus on the completion of planned improvements
to the manufacturing process. ADMA resumed production of BIVIGAM during the fourth quarter of 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">As of March 31, 2019, the Company had working capital
of $30.0 million, including $16.5 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 additional $40.0 million it is able to access under its senior credit
facility, $12.5 million of which is contingent upon FDA approval of the PAS, will be sufficient to fund ADMA’s operations,
as currently conducted, into the fourth quarter of 2019. In order to have sufficient cash to fund its operations thereafter and
to continue as a going concern, the Company will need to raise capital by the fourth quarter of 2019. These estimates may change
based upon how quickly the Company is able to obtain FDA approval for BIVIGAM, commercial manufacturing ramp-up activities and
the various financing options being explored. The Company currently has no firm commitments for additional financing, and there
can be no assurances that the Company will be able to secure additional financing on terms that are acceptable to the Company,
or at all. Furthermore, if the Company’s assumptions underlying its estimated expenses and revenues are incorrect, it
may have to raise additional capital sooner than currently anticipated.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Due to numerous risks and uncertainties associated with
FDA approval of the Company’s products, ongoing remediation and capacity expansion efforts at the Company’s Boca Facility
and potential future commercialization of the Company’s products and product candidates, the Company is unable to estimate
with certainty the amounts of increased capital outlays and operating expenditures required to fund its development activities.
The Company’s current estimates may be subject to change as circumstances regarding its business requirements evolve. The
Company may decide to raise capital through public or private equity offerings or debt financings, or obtain a bank credit facility
or corporate collaboration and licensing arrangements. The sale of additional equity or debt securities, if convertible, could
result in dilution to the Company’s stockholders and, in such event, the value and potential future market price of its common
stock may decline. The incurrence of additional indebtedness would result in increased fixed obligations and could also result
in covenants that would restrict the Company’s operations or other financing alternatives. Failure to secure any necessary
financing in a timely manner and on commercially reasonable terms could have a material adverse effect on the Company’s business
plan and financial performance and it could be forced to delay or discontinue its product development, clinical trial or commercialization
activities, delay or discontinue the approval efforts for any of the Company’s potential products or potentially cease operations.
The Company has reported cumulative losses since inception in June 2004 through March 31, 2019 of $229.5 million. Management believes
that the Company will continue to incur net losses and negative net cash flows from operating activities to fund its operations
and meet its obligations on a timely basis through the foreseeable future. As such, these factors raise substantial doubt about
the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any
adjustments related to the recoverability and classification of asset carrying amounts and the classification of liabilities that
might be necessary from the outcome of this uncertainty.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-indent: 0.5in; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">In February 2019, the Company refinanced its senior debt
(see Note 6) whereby the Company received net proceeds of approximately $4.2 million, and an additional $4.0 million, which was
reflected as restricted cash in the accompanying consolidated balance sheet at December 31, 2018, was released by the Company’s
then-senior creditor to the Company. On May x, 2019, the Company received the additional $27.5 million that was available to the
Company under its senior credit facility and amended the facility to increase the total amount available under the facility by
an additional $12.5 million (see Note 14).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">There can be no assurance that the Company’s research
and development will be successfully completed or that any product will be approved or commercially viable. The Company is subject
to risks common to companies in the biotechnology industry including, but not limited to, dependence on collaborative arrangements,
development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary
technology, and compliance with FDA and other governmental regulations and approval requirements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"><i><u>Basis of
presentation</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The accompanying unaudited condensed consolidated financial
statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) for interim financial information. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP
as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the
Financial Accounting Standards Board (the “FASB”).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The accompanying unaudited condensed consolidated financial
statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto as of and
for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities
and Exchange Commission (the “SEC”) on March 13, 2019. The accompanying consolidated balance sheet as of December 31,
2018 was derived from the audited financial statements for the year ended December 31, 2018. These condensed consolidated interim
financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X, and therefore
omit or condense certain footnotes and other information normally included in consolidated interim financial statements prepared
in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation. In the opinion
of management, the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments
(which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present
fairly the Company’s financial position as of March 31, 2019 and its results of operations for the three months ended March
31, 2019 and 2018 and cash flows for the three months ended March 31, 2019 and 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">During the three months ended March 31, 2019 and 2018,
comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying condensed consolidated
statements of operations. In addition, certain prior year balances have been reclassified to conform to the current presentation.
Specifically, for the three months ended March 31, 2018, approximately $0.3 million was reclassified from research and development
expenses to selling, general and administrative expenses in the accompanying consolidated statements of operations. Operating results
for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"><i><u>Use of estimates</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The preparation of financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates. <font style="color: black">Significant estimates include the fair value
of assets acquired and liabilities assumed in a business combination, realizable value of accounts receivable, valuation of inventory,
assumptions used in the fair value of awa</font>rds 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 Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"><i><u>Fair value
of financial instruments</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The carrying amounts of certain of the Company’s
financial instruments, including cash and cash equivalents and accounts payable, are shown at cost which approximates fair value
due to the short-term nature of these instruments. The debt outstanding under the Company’s senior secured term loan (see
Note 6) approximates fair value due to the variable interest rate on this debt. With respect to the related party note payable
in the amount of $15.0 million as of March 31, 2019 and December 31, 2018, which is held by a principal stockholder of the Company
and was issued concurrent with an acquisition transaction with an affiliate of such stockholder (see Note 6), the Company has concluded
that an estimation of fair value for this note is not practicable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-indent: 0.25in; text-align: justify"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt -20pt; text-indent: 20pt; text-align: justify"><i><u>Accounts receivable</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Accounts receivable are reported at realizable value,
net of allowances for contractual credits and doubtful accounts, which are recognized in the period the related revenue is recorded. At
March 31, 2019, four customers accounted for an aggregate of 96% of the Company’s total accounts receivable, and at December
31, 2018, three customers accounted for approximately 95% of the Company’s total accounts receivable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt -40pt; text-indent: 40pt; text-align: justify"><i><u>Inventories</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Inventories, including plasma intended for resale and
plasma intended for internal use in the Company’s research and development and future anticipated commercialization activities,
are carried at the lower of cost or net realizable value determined by the first-in, first-out method.  Although the
Company expects that BIVIGAM and ASCENIV inventory manufactured prior to March 31, 2019 will ultimately be available for commercial
sale, due to uncertainties surrounding the Warning Letter, the PAS and, as of March 31, 2019, the RI-002 BLA, resolution of which
are dependent upon action by the FDA prior to this inventory being available for commercial sale, all costs related to the production
of BIVIGAM and ASCENIV during the three months ended March 31, 2019 and 2018 in the amount of $0.6 million and $3.7 million, respectively,
have been charged to cost of product revenue in the accompanying consolidated statements of operations.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt -40pt; text-indent: 40pt; text-align: justify"><i><u>Goodwill</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Goodwill represents the excess of purchase price over
the fair value of net assets acquired by the Company. Goodwill at March 31, 2019 and December 31, 2018 was $3.5 million. All of
the Company’s goodwill is attributable to its ADMA BioManufacturing business segment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Goodwill is not amortized, but is assessed for impairment
on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative assessment
of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying
amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform a
goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded
to the extent the reporting unit’s carrying value exceeds its fair value, not to exceed the total amount of goodwill allocated
to that reporting unit. The Company performs its annual goodwill impairment test as of October 1 of each year, and the Company
did not record any impairment charges related to goodwill for the three months ended March 31, 2019 and 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt -40pt; text-indent: 40pt; text-align: justify"><i><u>Impairment of long-lived assets</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The Company assesses the recoverability of its long-lived
assets, which include property and equipment and definite-lived intangible assets, whenever significant events or changes in circumstances
indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with
the asset are compared to its carrying amount to determine whether the asset’s carrying value is recoverable. Any resulting
impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating
results. For the three months ended March 31, 2019 and 2018, the Company determined that there was no impairment of its long-lived
assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt -40pt; text-indent: 40pt; text-align: justify"><i><u>Revenue recognition</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Revenues for the three months ended March 31, 2019 and
2018 are comprised of (i) revenues from the sale of Nabi-HB, (ii) product revenues from the sale of human plasma collected from
the Company’s Plasma Collection Centers business segment; and (iii) license and other revenues primarily attributable to
the out-licensing of ASCENIV to Biotest to market and sell this product in Europe and selected countries in North Africa and the
Middle East. Biotest has provided the Company with certain services and financial payments in accordance with the related
Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred
revenue is recognized over the term of the Biotest license. Deferred revenue is amortized into income for a period of approximately
22 years, the term of the Biotest license agreement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-indent: 0.5in; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">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 Nabi-HB 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 the Company believes that such estimates are reasonable.
For revenues associated with contract manufacturing, control transfers to the customer and the performance obligation is satisfied
when the customer takes possession of the product from the Boca Facility.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">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 Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">For the three months ended March 31, 2019, two customers
represented an aggregate of 81% of the Company’s consolidated revenues. For the three months ended March 31, 2018, sales
to BPC represented 58% of the Company’s consolidated revenues, and two other customers represented 32% of the Company’s
consolidated revenues.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"><i> </i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"><i><u>Cost of
product revenue</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt">Cost of product
revenue includes expenses related to process development as well as scientific and technical operations when these operations are
attributable to marketed products. When the activities of these operations are attributable to new products in development, the
expenses are classified as research and development expenses. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt">Expenses associated
with remediating the issues identified in the Warning Letter for the three months ended March 31, 2019 and 2018 were approximately
$0.1 million and $0.7 million, respectively, and are reflected in cost of product revenue in the accompanying consolidated statements
of operations. I</font>n addition, for the three months ended March 31, 2019, all operating expenses associated with the Boca Facility,
other than the Nabi-HB production and contract manufacturing production that was capitalized into inventory, have been expensed
as incurred.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><i><u>Loss per common share</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Basic loss per common share is computed by dividing net
loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.
Diluted loss per common share is calculated by dividing net loss attributable to common stockholders, as adjusted for the effect
of dilutive securities, if any, by the weighted average number of shares of common stock and dilutive common stock outstanding
during the period. Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding
stock options and warrants, using the treasury stock method. Potentially dilutive common stock is excluded from the diluted loss
per common share computation to the extent that it would be anti-dilutive. As a result, no potentially dilutive securities are
included in the computation of any of the accompanying diluted loss per share amounts as the Company reported a net loss for all
periods presented. For the three months ended March 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 Times New Roman, Times, Serif; margin: 0 0 0 0pt"> </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 Three Months Ended March 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">5,599,435</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">4,127,950</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">1,888,160</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">7,487,595</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">4,656,110</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt 0pt; text-align: justify"><i><u>Stock-based compensation</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The Company follows recognized accounting guidance which
requires all equity-based payments, including grants of stock options, to be recognized in the statements of operations as compensation
expense based on their fair values at the date of grant. The Company uses the Black-Scholes option pricing model to determine the
fair value of options granted. Compensation expense related to awards to employees and directors with service-based vesting conditions
is recognized on a straight-line basis based on the grant date fair value over the associated vesting period of the award, which
is generally four years (see Note 7). Stock options granted under the Company’s equity incentive plans generally have a term
of 10 years.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><i><u>Income Taxes</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The Company recognizes deferred tax assets and liabilities
for the expected future tax consequences of events that have been included in the consolidated financial statements or its tax
returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the tax bases
of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the years in which
the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax assets if it is
more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets. The Company
is subject to income tax examinations by major taxing authorities for all tax years since 2015 and for previous periods as it relates
to the Company’s net operating loss carryforwards.  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">In accordance with U.S. GAAP, the Company is required
to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing
authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position.
The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being
realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording a
tax liability that would reduce net assets. Based on its analysis, the Company has determined that it has not incurred any liability
for unrecognized tax benefits as of March 31, 2019 and December 31, 2018, and during the three months ended March 31, 2019 and
2018, the Company recognized no adjustments for uncertain tax positions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><i><u>Recent Accounting Pronouncements </u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">In February 2016, the FASB issued ASU No. 2016-02, <i>Leases
(Topic 842)</i> (“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 is 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. As a result, there will be no restatement of comparative periods. The Company recognized right-to-use
assets and corresponding lease liabilities of approximately $1.4 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 8.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">In July 2017, the FASB issued 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, “Debt—Debt with Conversion and Other Options.” 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 0 0 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -20pt">The following
table provides the components of inventories: </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -20pt"> </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">March 31,<br /> 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,<br /> 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">13,799,170</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">14,019,668</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Work-in-progress</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">870,264</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Finished goods</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,770,478</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,596,501</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total inventories</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,439,912</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: 8pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -20pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -20pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt">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 expected to be used in the production of ASCENIV and BIVIGAM, as there are alternative uses for these materials
which provide a probable future benefit or will be consumed in the production of goods expected to be available for sale. 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 Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 60pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt">Finished goods inventory at March
31, 2019 is comprised of $2.1 million of Nabi-HB, $1.5 million of product manufactured under a contract manufacturing agreement
and $0.2 million of plasma collected at the Company’s plasma collection center. Finished goods inventory at December 31,
2018 is comprised of $2.3 million of Nabi-HB, $1.2 million of product manufactured under a contract manufacturing agreement and
$1.1 million of plasma collected at the Company’s plasma collection centers.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -20pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify">Intangible assets at March 31, 2019
and December 31, 2018 consist of the following:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 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">$</td><td style="width: 6%; text-align: right">1,073,821</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">3,026,225</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">237,659</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">669,762</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">979,367</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">97,190</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,290,847</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,793,177</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="margin-top: 0; margin-bottom: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0pt 0pt; text-align: justify">All of the Company’s intangible
assets were acquired in the Biotest Transaction. Amortization expense related to these intangible assets for the three months
ended March 31, 2019 and 2018 was $0.2 million. Estimated aggregate future aggregate amortization expense for the next five years
is expected to be as follows: </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0pt 0pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; text-align: left"> </td><td style="width: 43%; text-align: left">Remainder of 2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 10%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 43%; text-align: right">633,704</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left">2021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left">2022</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left">2023</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify">Property and equipment and related
accumulated depreciation are summarized as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 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">$</td><td style="width: 12%; text-align: right">8,366,402</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</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">1,571,178</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">1,212,045</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">911,744</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">15,700,092</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">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">33,773,986</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">(4,079,222</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 and equipment, net</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,694,764</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</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: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0pt 0pt; text-align: justify">Fixed assets are stated at cost less
accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life.
Land is not depreciated. The buildings were assigned a useful life of 30 years. Property and equipment other than land and buildings
have useful lives ranging from 3 to 10 years. Leasehold improvements are amortized over the lesser of the lease term or their
estimated useful lives.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0pt 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0pt 0pt; text-align: justify">The Company recorded depreciation expense on property and equipment for the three months ended March 31,
2019 and 2018 of $0.6 million. Depreciation expense for the three months ended March 31, 2018 includes $0.1 million on the plasma
assets that were transferred to Biotest on January 1, 2019 (see Notes 1 and 11).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0pt 0pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt -20pt; text-align: justify; text-indent: 0.25in"><font style="letter-spacing: -0.15pt"><i><u>Senior
Notes Payable</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">A summary of outstanding senior notes
payable is as follows: </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Notes payable:</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">45,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">30,000,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Debt discount</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,114,897</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,559,170</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Senior notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">40,885,103</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: 8pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">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 provides for a senior secured term loan facility in a principal amount of up to $72.5 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”), and (ii) an additional term
loan in the principal amount of up to $27.5 million, but no less than $10.0 million (the “Perceptive Tranche II Loan”
and, together with the Perceptive Tranche I Loan, the “Initial Perceptive Loans”), which Perceptive Tranche II Loan
was made on in full on May 3, 2019 (see Note 14). 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).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">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 (i) used $2.8 million of the Perceptive Tranche I Loan to pay a deferred facility fee
to Marathon, (ii) used $6.5 million of the Perceptive Tranche I Loan to pay a prepayment penalty to Marathon, (iii) used $0.7 million
of the Perceptive Tranche I Loan to pay outstanding accrued interest to Marathon, and (iv) used proceeds of the Perceptive Tranche
I Loan to 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 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,
to the Company.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">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. On the last day of each month during the term of the Perceptive Credit Facility, the Company will pay accrued interest
to Perceptive. The rate of interest in effect as of the Perceptive Closing Date and at March 31, 2019 was 11.0%.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">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 will be 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">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 has 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, receive revenue for the trailing 12-month period in 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">As consideration for the Perceptive
Credit Agreement, the Company issued to Perceptive, on the Perceptive Closing Date, a warrant to purchase 1,360,000 shares of the
Company’s common stock (the “Perceptive Warrant”). The Perceptive Warrant has an exercise price equal to $3.28
per share, which is equal to the trailing 10-day VWAP of the Company’s common stock on the business day immediately prior
to the Perceptive Closing Date multiplied by 1.15. The Perceptive Warrant was valued by the Company at $2.7 million as of the Perceptive
Closing Date and has an expiration date of February 11, 2029. Perceptive represented to the Company, among other things, that it
was 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 Warrant in reliance upon an exemption from registration contained in Section 4(2) under the Securities
Act. The Perceptive Warrant 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">As a result of the fees paid to Perceptive
and the value of the Perceptive Warrant, the Company recognized a discount on the Perceptive Initial Note in the amount of $4.3
million. <font style="letter-spacing: -0.15pt"> The Company records debt discount as a reduction to the face amount of the
debt, and the debt discount is amortized as interest expense over the life of the debt using the interest method. Based on the
fair value of the Perceptive Warrant and the aggregate amount of fees and expenses associated with obtaining the Perceptive Credit
Facility, the effective interest rate on the Perceptive Initial Note as of the Perceptive Closing Date was approximately 14.7%.
</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><i><u>Related Party Note Payable</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">A summary of the outstanding related
party note payable is as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Related party note payable to Biotest</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</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">$</td><td style="width: 12%; text-align: right">15,000,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Debt discount</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(117,663</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(125,816</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Note payable - related party</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,882,337</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: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">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. This note has since been assigned from BPC to Biotest AG. 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 March 31, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><i><u>Preferred Stock</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The Company is currently authorized
to issue up to 10 million shares of preferred stock, $0.0001, par value per share. There were no shares of preferred stock outstanding
at March 31, 2019 and December 31, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><i><u>Common Stock</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">As of March 31, 2019 and December
31, 2018, the Company was authorized to issue 75,000,000 shares of its common stock, $0.0001 par value per share, and 46,353,068
shares of common stock were outstanding. After giving effect to shares reserved for the issuance of warrants and stock options,
as of March 31, 2019, 21,159,337 shares of common stock were available for issuance.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><font style="background-color: white"><i><u>Warrants</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="background-color: white">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 were 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%. At March 31,
2019, the Company had outstanding warrants to purchase an aggregate of 1,888,160 shares of common stock, with a weighted average
exercise price of $3.69 per share and expiration dates ranging between June 2022 and February 2029.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><font style="background-color: white"><i><u>Equity
Incentive Plans</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The fair value of stock options granted
under the Company’s 2007 Employee Stock Option Plan (the “2007 Plan”) and the ADMA Biologics, Inc. 2014 Omnibus
Incentive Compensation Plan, as amended and restated (the “2014 Plan”), was determined on the date of grant using
the Black-Scholes option valuation model. The Black-Scholes model was developed for use in estimating the fair value of publicly
traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the
input of certain subjective assumptions including the expected stock price volatility. The stock options granted to employees
and directors have characteristics significantly different from those of traded options, and changes in the subjective input assumptions
can materially affect the fair value estimate. The following assumptions were used to determine the fair value of options granted
during the three months ended March 31, 2019 and 2018: </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 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; text-align: center"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Expected term</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.8 - 6.3 years</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.3 years</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 56%">Volatility</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">61</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">57</td><td style="width: 1%; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Dividend yield</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Risk-free interest rate</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2.25-2.63%</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2.59</td><td style="text-align: left">%</td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">During the three months ended March
31, 2019 and 2018, the Company granted options to purchase an aggregate of 1,330,850 and 848,700 shares of common stock, respectively,
to its directors and employees. Also during the three months ended March 31, 2019 and 2018, the Company granted options to purchase
5,000 and 20,000 shares of common stock, respectively, to third party service providers.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0in">The weighted average
remaining contractual life of stock options outstanding and expected to vest at March 31, 2019 is 7.8 years. The weighted average
remaining contractual life of stock options exercisable at March 31, 2019 is 6.3 years.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0in">A summary of the
Company’s option activity under the 2007 Plan and 2014 Plan and related information is as follows: </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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%">Balance at December 31, 2018</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><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5.16</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">(74,906</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.61</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Expired</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,740</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.75</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">1,335,850</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.42</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt">Exercised</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">—  </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">Balance at March 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">5,599,435</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.75</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Options exercisable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,588,091</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">5.93</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0in">Stock-based compensation
expense for the three ended March 31, 2019 and 2018 is as follows: </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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">
<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">Research and development</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">86,523</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">78,305</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Plasma centers</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,540</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,086</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">498,471</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">394,858</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Cost of product revenue</td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">40,729</td><td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">34,535</td><td style="text-align: left; padding-bottom: 1pt"> </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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">637,263</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">514,784</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0in">As of March 31,
2019, the Company had $6.2 million of unrecognized compensation expense related to options granted under the Company’s equity
incentive plans, which is expected to be recognized over a weighted-average period of 2.8 years.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">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. Rent expense amounted to $30,000 for the
three months ended March 31, 2019 and 2018, and includes fees for the use of such office space and for other information technology,
general warehousing and administrative services. Areth is a company controlled by Dr. Jerrold B. Grossman, the Company’s
Vice Chairman, 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 three months ended March 31, 2019 and 2018. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">As part of the Biotest Transaction,
the Company issued a $15.0 million subordinated note payable to Biotest (see Note 6), and recognized interest expense on this note
for the three months ended March 31, 2019 and 2018 in the amount of $0.2.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">For the three months ended March
31, 2019 and 2018, the Company recognized revenues under its out-licensing agreements with Biotest of approximately $36,000. Deferred
revenue of $2.5 million as of March 31, 2019 and 2018 is related to these agreements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Biotest was historically the Company’s
largest customer for the sale of normal source plasma. Plasma sales to Biotest for the three months ended March 31, 2018 were
$2.3 million. The agreement under which the Company supplied normal source plasma to Biotest expired by its terms on December
31, 2018 and was not renewed. Accounts receivable includes $0 and $1.0 million due from Biotest as of March 31, 2019 and December
31, 2018, respectively. Additionally, Biotest is a supplier of plasma to ADMA. For the three months ended March 31, 2019 and 2018,
the Company purchased $0.2 million of plasma from Biotest. Included in accounts payable is $0.3 million and $2.0 million due to
Biotest as of March 31, 2019 and December 31, 2018, respectively. The following table summarizes the related party balances with
Biotest: </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Sale and purchase of plasma</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 56%; text-align: left; padding-left: 12px">Product revenue</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">—  </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">2,328,291</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Purchases</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">160,489</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">195,018</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">License revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,708</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,708</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Interest expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">225,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">225,000</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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">Accounts receivable</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">—  </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">961,145</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Accounts payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">296,362</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,010,774</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accrued expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,049</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,659</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Note payable, net of discount</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,882,337</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,874,184</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accrued interest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">290,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65,000</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Deferred revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,511,491</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,547,199</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">In connection with the acquisition
of the Biotest Assets, the Company entered into a Transition Services Agreement with BPC pursuant to which each of the Company
and BPC agreed to provide transition services to the other party, including services related to finance, human resources, information
technologies, leasing of equipment and clinical and regulatory services for a period of up to 24 months after the June 6, 2017
closing date, as well as agreements to lease certain laboratory space within the Boca Facility to BPC for a period of up to 24
months after the closing date of the acquisition transaction. As of March 31, 2019 and December 31, 2018, approximately $24,000
and $11,000, respectively, was payable by the Company to BPC for services rendered and expenses incurred on behalf of the Company
related to these agreements. This amount is reflected in accrued expenses in the accompanying consolidated balance sheets. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Under the terms of the acquisition
of the Biotest Assets, the Company transferred ownership of two plasma collection centers to BPC on January 1, 2019 (see Note 11).
The Company and BPC entered into an additional transition services agreement effective as of January 1, 2019 under which the Company
agreed to provide certain transition services to BPC related to the plasma collection centers that were transferred. Amounts billed
to BPC by the Company under this agreement for the three months ended March 31, 2019 were not material to the consolidated financial
statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">See Notes 6 and 14 for a discussion
of the Company’s credit facility and related transactions with Perceptive, a holder of greater than 10% of the Company’s
common stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"><i><u>General
Legal Matters </u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">From time to time the Company is or
may become subject to certain legal proceedings and claims arising in connection with the normal course of its business. Management
does not expect that the outcome of any such claims or actions will have a material effect on the Company’s liquidity, results
of operations or financial condition. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"><i> </i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"><i><u>Contract
manufacturing agreement</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0pt">In connection with
the acquisition of the Biotest Assets, the Company acquired all of the rights and assumed all of the obligations under an existing
agreement with a third party related to the fractionation of plasma provided by the third party. This contract, as amended from
time to time, maintains minimum production requirements as well as a payment due to the counterparty to the contract of $1.5 million
per year if the minimum volume is not manufactured in that year and no other breach or default under the contract has occurred.<font style="letter-spacing: -0.15pt"><i> </i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0pt"><font style="letter-spacing: -0.15pt"><i><u>Post-marketing
commitments</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt">In
connection with the approval of the BLA for BIVIGAM, on December 19, 2012 Biotest committed to perform two additional post-marketing
studies, a pediatric study to evaluate the efficacy and safety of BIVIGAM in children and adolescents, and a post-authorization
safety study to further assess the potential risk of hypotension and hepatic and renal impairment in BIVIGAM-treated patients with
primary humoral immunodeficiency. These studies are still pending completion, ADMA has assumed the remaining obligations, and the
costs of the studies will be expensed as incurred as research and development expenses. The Company currently expects both studies
to be completed by the end of 2021. However, the timing of the completion of these studies is dependent upon the availability of
BIVIGAM and the completion of the planned manufacturing process improvements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"><i><u>Other
commitments</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt">In
the normal course of business, the Company enters into contracts that contain a variety of indemnifications with its employees,
licensors, suppliers and service providers. Further, the Company indemnifies its directors and officers who are, or were, serving
at the Company’s request in such capacities. The Company’s maximum exposure under these arrangements is unknown as
of March 31, 2019. The Company does not anticipate recognizing any significant losses relating to these arrangements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt">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 Boca Raton,
FL, acquired on June 6, 2017 (see Note 1). The Plasma Collection Centers segment consists of one and three FDA-licensed source
plasma collection facility located in Georgia for the three months ended March 31, 2019 and 2018, respectively. The Corporate
segment includes general and administrative overhead expenses. The Company defines its segments as those business units whose
operating results are regularly reviewed by the chief operating decision maker (“CODM”) to analyze performance and
allocate resources. The Company’s CODM is its President and Chief Executive Officer. </font>Summarized financial information
concerning reportable segments is shown in the following tables: </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 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 BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,343,983</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,148,898</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">35,708</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,528,589</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,940,346</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,464,833</td><td style="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">9,405,179</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) income from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,620,807</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,579</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,617,188</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,208,416</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) income, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(169,613</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,620</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,268,472</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,424,465</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">(10,790,420</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,570,620</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,848,155</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,067,955</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">110,453</td><td style="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">110,453</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">687,393</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">114,241</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,696</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">805,330</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,529,070</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,038,367</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,552,533</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">78,119,970</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 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 BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,666,243</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,340,055</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">35,708</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,042,006</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">10,697,642</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,545,106</td><td style="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">12,242,748</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">(12,724,718</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,038,824</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,768,961</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(16,532,503</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">(240,054</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(435</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,049,150</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,289,639</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">(12,964,772</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,039,259</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,818,111</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,822,142</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47,481,781</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">27,532,613</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,123,231</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">91,137,625</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">631,832</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">188,914</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,795</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">829,541</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">105,199</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">444,047</td><td style="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">549,246</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt">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 </font>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 Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt">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. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt">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 was $0.1 million for
the three months ended March 31, 2019. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt">In
connection with the adoption of ASU 2016-02 on January 1, 2019 (see Note 2), the Company recognized right to use assets and lease
liabilities of approximately $1.4 million. </font>The right-to-use assets are reflected in Deposits and other assets in the accompanying
consolidated balance sheet as of March 31, 2019. <font style="letter-spacing: -0.15pt">Including a finance lease the Company entered
into in June 2018, the Company has aggregate lease liabilities of $1.7 million as of March 31, 2019, which are comprised primarily
of the lease for the Company’s plasma collection center in Kennesaw, GA and an administrative office lease in Roswell, GA
related to the Company’s ADMA Bio Centers subsidiary. The Company’s operating leases have a weighted average remaining
term of 6.6 years. Scheduled payments under the Company’s lease obligations are as follows: </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; text-align: left"> </td><td style="width: 30%; text-align: right">Remainder of 2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 40%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right">303,686</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: right">Year ended December 31, 2020</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">400,837</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: right">2021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">378,932</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: right">2022</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">379,969</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: 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: White">
<td style="text-align: left"> </td><td style="text-align: right">Thereafter</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">606,913</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"> </td><td style="text-align: right">Total payments</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,430,534</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: right">Less: imputed interest</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">(759,576</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"> </td><td style="text-align: right">Balance at March 31, 2019</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,670,958</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt">Supplemental
cash flow information for the three months ended March 31, 2019 and 2018 is as follows: </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">SUPPLEMENTAL CASH FLOW INFORMATION:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 56%; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Cash paid for interest</td><td style="width: 8%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">1,369,939</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">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">825,513</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Noncash Financing and Investing Activities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired reflected in accounts payable and accrued liabilities</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">35,823</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">116,766</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Warrants issued in connection with notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,699,208</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: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><font style="letter-spacing: -0.15pt"></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><u>BLA Approval</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">On April 1, 2019, the FDA approved
ASCENIV, Immune Globulin Intravenous, Human – slra 10% Liquid, formerly referred to as RI-002. ASCENIV is an IVIG drug product
for the treatment of PI in adults and adolescents (12 to 17 years of age). The Company anticipates having the product available
for commercial launch during the second half of 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0pt; text-align: justify"><u>Credit Facility </u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">On May 3, 2019, in connection with
the FDA’s approval of ASCENIV, the Company accessed the additional $27.5 million available under the Perceptive Credit Facility
through the issuance of a promissory note evidencing the Perceptive Tranche II Loan (see Note 6). The Company intends to use the
proceeds from the Perceptive Tranche II Loan (i) to support the commercial launch of ASCENIV anticipated during the second half
of 2019, (ii) to expand the Company’s plasma collection facility network; and (iii) for working capital and general corporate
purposes, including the procurement of raw material inventory.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Also on May 3, 2019, the Company
and Perceptive entered into an amendment to the Perceptive Credit Agreement (the “Perceptive Amendment”) whereby Perceptive
agreed to an additional commitment under the Perceptive Credit Facility in the principal amount of up to $12.5 million (the “Perceptive
Tranche III Loan”) to be drawn-down at the Company’s sole option. The Perceptive Tranche III Loan is subject to the
satisfaction of certain conditions, including, but not limited to, FDA approval of the BIVIGAM PAS and no Material Adverse Changes
(as defined in the Perceptive Credit Agreement) having occurred since December 31, 2018; provided that the Perceptive Tranche III
Loan would not be made later than March 31, 2020. The Perceptive Tranche III Loan will have terms that are substantially identical
to those of the Initial Perceptive Loans. The Perceptive Tranche III Loan required the Company to pay a facility fee to Perceptive
in the amount equal to 1% of the maximum amount of the Perceptive Tranche III Loan on May 3, 2019. In addition, the Company issued
a warrant (the “Perceptive Tranche III Warrant”) 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 volume weighted average price
of the Company’s common stock as of May 2, 2019.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed
consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United
States of America (“U.S. GAAP”) for interim financial information. Any reference in these notes to applicable guidance
is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates
(“ASU”) of the Financial Accounting Standards Board (the “FASB”).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed
consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes
thereto as of and for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the
U.S. Securities and Exchange Commission (the “SEC”) on March 13, 2019. The accompanying consolidated balance sheet
as of December 31, 2018 was derived from the audited financial statements for the year ended December 31, 2018. These condensed
consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of
Regulation S-X, and therefore omit or condense certain footnotes and other information normally included in consolidated interim
financial statements prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated in
consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all
normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements)
considered necessary to present fairly the Company’s financial position as of March 31, 2019 and its results of operations
for the three months ended March 31, 2019 and 2018 and cash flows for the three months ended March 31, 2019 and 2018.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended March 31,
2019 and 2018, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying condensed
consolidated statements of operations. In addition, certain prior year balances have been reclassified to conform to the current
presentation. Specifically, for the three months ended March 31, 2018, approximately $0.3 million was reclassified from research
and development expenses to selling, general and administrative expenses in the accompanying consolidated statements of operations.
Operating results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates. Significant estimates include the fair value of
assets acquired and liabilities assumed in a business combination, 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; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amounts of certain of the
Company’s financial instruments, including cash and cash equivalents and accounts payable, are shown at cost which approximates
fair value due to the short-term nature of these instruments. The debt outstanding under the Company’s senior secured term
loan (see Note 6) approximates fair value due to the variable interest rate on this debt. With respect to the related party note
payable in the amount of $15.0 million as of March 31, 2019 and December 31, 2018, which is held by a principal stockholder of
the Company and was issued concurrent with an acquisition transaction with an affiliate of such stockholder (see Note 6), 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-align: justify; text-indent: 0.25in"><i> </i></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts receivable are reported at realizable
value, net of allowances for contractual credits and doubtful accounts, which are recognized in the period the related revenue
is recorded. At March 31, 2019, four customers accounted for an aggregate of 96% of the Company’s total accounts receivable,
and at December 31, 2018, three customers accounted for approximately 95% of the Company’s total accounts receivable.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories, including plasma intended
for resale and plasma intended for internal use in the Company’s research and development and future anticipated commercialization
activities, are carried at the lower of cost or net realizable value determined by the first-in, first-out method.  Although
the Company expects that BIVIGAM and ASCENIV inventory manufactured prior to March 31, 2019 will ultimately be available for commercial
sale, due to uncertainties surrounding the Warning Letter, the PAS and, as of March 31, 2019, the RI-002 BLA, resolution of which
are dependent upon action by the FDA prior to this inventory being available for commercial sale, all costs related to the production
of BIVIGAM and ASCENIV during the three months ended March 31, 2019 and 2018 in the amount of $0.6 million and $3.7 million, 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; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Goodwill represents the excess of purchase
price over the fair value of net assets acquired by the Company. Goodwill at March 31, 2019 and December 31, 2018 was $3.5 million.
All of the Company’s goodwill is attributable to its ADMA BioManufacturing business segment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Goodwill is not amortized, but is assessed
for impairment on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative
assessment of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its
carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform
a goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded
to the extent the reporting unit’s carrying value exceeds its fair value, not to exceed the total amount of goodwill allocated
to that reporting unit. The Company performs its annual goodwill impairment test as of October 1 of each year, and the Company
did not record any impairment charges related to goodwill for the three months ended March 31, 2019 and 2018.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assesses the recoverability
of its long-lived assets, which include property and equipment and definite-lived intangible assets, whenever significant events
or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted
cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s carrying value
is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair
value and a charge to operating results. For the three months ended March 31, 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; text-align: justify"><i> </i></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues for the three months ended March
31, 2019 and 2018 are comprised of (i) revenues from the sale of Nabi-HB, (ii) product revenues from the sale of human plasma collected
from the Company’s Plasma Collection Centers business segment; and (iii) license and other revenues primarily attributable
to the out-licensing of ASCENIV to Biotest to market and sell this product in Europe and selected countries in North Africa and
the Middle East. Biotest has provided the Company with certain services and financial payments in accordance with the related
Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred
revenue is recognized over the term of the Biotest license. Deferred revenue is amortized into income for a period of approximately
22 years, the term of the Biotest license agreement.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Nabi-HB 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 the Company believes that such estimates are
reasonable. For revenues associated with contract manufacturing, control transfers to the customer and the performance obligation
is satisfied when the customer takes possession of the product from the Boca Facility.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three months ended March 31,
2019, two customers represented an aggregate of 81% of the Company’s consolidated revenues. For the three months ended March
31, 2018, sales to BPC represented 58% of the Company’s consolidated revenues, and two other customers represented 32% of
the Company’s consolidated revenues.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.15pt"><i> </i></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.15pt">Cost
of product revenue includes expenses related to process development as well as scientific and technical operations when these operations
are attributable to marketed products. When the activities of these operations are attributable to new products in development,
the expenses are classified as research and development expenses. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.15pt">Expenses
associated with remediating the issues identified in the Warning Letter for the three months ended March 31, 2019 and 2018 were
approximately $0.1 million and $0.7 million, respectively, and are reflected in cost of product revenue in the accompanying consolidated
statements of operations. I</font>n addition, for the three months ended March 31, 2019, all operating expenses associated with
the Boca Facility, other than the Nabi-HB production and contract manufacturing production that was capitalized into inventory,
have been expensed as incurred.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic loss per common share is computed
by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during
the period. Diluted loss per common share is calculated by dividing net loss attributable to common stockholders, as adjusted for
the effect of dilutive securities, if any, by the weighted average number of shares of common stock and dilutive common stock outstanding
during the period. Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding
stock options and warrants, using the treasury stock method. Potentially dilutive common stock is excluded from the diluted loss
per common share computation to the extent that it would be anti-dilutive. As a result, no potentially dilutive securities are
included in the computation of any of the accompanying diluted loss per share amounts as the Company reported a net loss for all
periods presented. For the three months ended March 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"> </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="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>For the Three Months Ended March 31,</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="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 58%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Stock options</font></td>
<td style="width: 8%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 11%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5,599,435</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 8%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 11%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4,127,950</font></td>
<td style="width: 1%; 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">Warrants</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,888,160</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">528,160</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">7,487,595</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4,656,110</font></td>
<td style="line-height: 107%"> </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; text-align: justify">The Company follows recognized accounting
guidance which requires all equity-based payments, including grants of stock options, to be recognized in the statements of operations
as compensation expense based on their fair values at the date of grant. The Company uses the Black-Scholes option pricing model
to determine the fair value of options granted. Compensation expense related to awards to employees and directors with service-based
vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated vesting period
of the award, which is generally four years (see Note 7). Stock options granted under the Company’s equity incentive plans
generally have a term of 10 years.</p>
<p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes deferred tax assets
and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements
or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between
the tax bases of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the
years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax
assets if it is more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets.
The Company is subject to income tax examinations by major taxing authorities for all tax years since 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-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with U.S. GAAP, the Company
is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the
applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits
of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent
likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company
recording a tax liability that would reduce net assets. Based on its analysis, the Company has determined that it has not incurred
any liability for unrecognized tax benefits as of March 31, 2019 and December 31, 2018, and during the three months ended March
31, 2019 and 2018, the Company recognized no adjustments for uncertain tax positions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU
No. 2016-02, <i>Leases (Topic 842)</i> (“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 is 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. As a result, there will be no restatement of comparative periods. The
Company recognized right-to-use assets and corresponding lease liabilities of approximately $1.4 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 8.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2017, the FASB issued 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, “Debt—Debt with Conversion and Other Options.” 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>
<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="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>For the Three Months Ended March 31,</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="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 58%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Stock options</font></td>
<td style="width: 8%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 11%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5,599,435</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 8%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 11%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4,127,950</font></td>
<td style="width: 1%; 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">Warrants</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,888,160</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">528,160</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">7,487,595</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4,656,110</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">March 31,<br /> 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,<br /> 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">13,799,170</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">14,019,668</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Work-in-progress</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">870,264</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Finished goods</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,770,478</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,596,501</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total inventories</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,439,912</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="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 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">$</td><td style="width: 6%; text-align: right">1,073,821</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">3,026,225</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">237,659</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">669,762</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">979,367</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">97,190</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,290,847</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,793,177</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,004,412</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; text-align: left"> </td><td style="width: 43%; text-align: left">Remainder of 2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 10%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 43%; text-align: right">633,704</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left">2021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left">2022</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left">2023</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 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">$</td><td style="width: 12%; text-align: right">8,366,402</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</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">1,571,178</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">1,212,045</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">911,744</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">15,700,092</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">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">33,773,986</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">(4,079,222</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 and equipment, net</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,694,764</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</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="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 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">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Notes payable:</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">45,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">30,000,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Debt discount</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,114,897</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">40,885,103</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</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">March 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">Related party 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">(117,663</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">Note payable - related party</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,882,337</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</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 cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 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; text-align: center"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Expected term</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.8 - 6.3 years</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.3 years</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 56%">Volatility</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">61</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">57</td><td style="width: 1%; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Dividend yield</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Risk-free interest rate</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2.25-2.63%</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2.59</td><td style="text-align: left">%</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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%">Balance at December 31, 2018</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><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5.16</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Forfeited</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(74,906</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.61</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">(3,740</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.75</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Granted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,335,850</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.42</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">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">Balance at March 31, 2019</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,599,435</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.75</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Options exercisable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,588,091</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">5.93</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="margin: 0pt"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Research and development</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">86,523</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">78,305</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Plasma centers</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,540</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,086</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Selling, general and administrative</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">498,471</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">394,858</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Cost of product revenue</td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">40,729</td><td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">34,535</td><td style="text-align: left; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12px">Total stock-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">637,263</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">514,784</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="margin: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31, 2019</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,343,983</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,148,898</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">35,708</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,528,589</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,940,346</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,464,833</td><td style="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">9,405,179</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) income from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,620,807</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,579</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,617,188</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,208,416</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) income, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(169,613</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,620</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,268,472</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,424,465</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">(10,790,420</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,570,620</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,848,155</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,067,955</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">110,453</td><td style="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">110,453</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">687,393</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">114,241</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,696</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">805,330</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,529,070</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,038,367</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,552,533</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">78,119,970</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 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 BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,666,243</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,340,055</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">35,708</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,042,006</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">10,697,642</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,545,106</td><td style="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">12,242,748</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">(12,724,718</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,038,824</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,768,961</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(16,532,503</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">(240,054</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(435</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,049,150</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,289,639</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">(12,964,772</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,039,259</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,818,111</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,822,142</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47,481,781</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">27,532,613</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,123,231</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">91,137,625</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">631,832</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">188,914</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,795</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">829,541</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">105,199</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">444,047</td><td style="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">549,246</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="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">1,369,939</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">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">825,513</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Noncash Financing and Investing Activities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired reflected in accounts payable and accrued liabilities</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">35,823</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">116,766</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Warrants issued in connection with notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,699,208</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>
7487595
4656110
559435
4127950
1888160
528160
14019668
13799170
0
870264
4596501
3770478
4004412
3793177
3026225
3172655
669762
702171
97190
129586
2079612
2290847
1073821
927391
237659
205250
979367
946971
6084024
6084024
4100046
4100046
907421
907421
1076557
1076557
715352
715352
715352
715352
633704
33536762
33773986
8366402
8233203
1571178
1608994
1212045
1163552
1673084
1660709
4339441
4339441
15700092
15685325
911744
845538
3421032
4079222
600000
600000
30000000
45000000
3559170
4114897
26440830
40885103
15000000
15000000
-125816
-117663
14874184
14882337
P5Y9M18D
P6Y3M18D
P6Y3M18D
.6100
.6100
.0000
.0000
.0259
.0225
.0263
4342231
5599435
4906
3740
1335850
0
2588091
5.16
4.75
4.61
4.75
3.42
.00
5.93
6200000
P2Y9M18D
0
2328291
160489
195018
35708
35708
225000
225000
961145
0
0
0
2010774
296362
10659
24049
14874184
14882337
65000
290000
2547199
2511491
-1424465
-1289639
13620
-435
-1268472
-1049150
-240054
-169613
1670958
759576
2430534
606913
360197
379969
378932
400837
303686
1369939
825513
35823
116766
<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="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Three Months Ended March 31,</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="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</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%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sale and purchase of plasma</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"> </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%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 58%; padding-left: 9pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Product revenue</font></td>
<td style="width: 8%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 8%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,328,291</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-left: 9pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Purchases</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">160,489</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">195,018</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<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%"> </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%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>License revenue</b></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">35,708</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">35,708</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<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%"> </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%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Interest expense</b></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">225,000</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">225,000</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </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="3" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>March 31,</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31,</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="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 58%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Accounts receivable</font></td>
<td style="width: 8%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 8%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">961,145</font></td>
<td style="width: 1%; 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">Accounts payable</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">296,362</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">2,010,774</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Accrued expenses</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">24,049</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">10,659</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">Note payable, net of discount</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">14,882,337</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">14,874,184</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Accrued interest</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">290,000</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">65,000</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">Deferred revenue</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">2,511,491</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">2,547,199</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; text-align: left"> </td><td style="width: 30%; text-align: right">Remainder of 2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 40%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right">303,686</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: right">Year ended December 31, 2020</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">400,837</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: right">2021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">378,932</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: right">2022</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">379,969</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: 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: White">
<td style="text-align: left"> </td><td style="text-align: right">Thereafter</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">606,913</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"> </td><td style="text-align: right">Total payments</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,430,534</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: right">Less: imputed interest</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">(759,576</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"> </td><td style="text-align: right">Balance at March 31, 2019</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">1,670,958</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
585