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<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">ADMA
Biologics, Inc. (“ADMA” or the “Company”) is a vertically integrated commercial biopharmaceutical company
that manufactures, markets and develops specialty plasma-derived biologics for the treatment of Primary Immune Deficiency Disease
(“PIDD”) 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 BioCenters”). ADMA BioManufacturing was formed in January 2017 to facilitate
the acquisition of the Biotest Therapy Business Unit (“BTBU”) of Biotest Pharmaceuticals Corporation (“BPC”
and, together with Biotest AG, “Biotest”) as more fully described below. ADMA BioCenters is the Company’s source
plasma collection business, with facilities located in Norcross, GA, Marietta, GA and Kennesaw, GA. Both the Norcross and Marietta,
GA facilities have approved licenses with the U.S. Food and Drug Administration (the “FDA”) and certifications from
the German Health Authority (the “GHA”) and the Korean Ministry of Food and Drug Safety, and the Company filed a Biologics
License Application (“BLA”) with the FDA for its Kennesaw, GA facility in December 2017 and, pending FDA approval,
this facility is expected to be approved during the second half of 2018. ADMA BioCenters supplies ADMA with a portion of its raw
material plasma for the manufacture of RI-002, ADMA’s lead pipeline product candidate, which the Company is currently developing
for the treatment of PIDD.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">As
discussed in Note 3, on June 6, 2017, ADMA completed the acquisition of certain assets (the “Biotest Assets”) of BTBU,
which include two FDA-licensed products, Nabi-HB (Hepatitis B Immune Globulin, Human) and Bivigam (Immune Globulin Intravenous,
Human), and a plasma fractionation facility located in Boca Raton, FL (the “Boca Facility”) (the “Biotest Transaction”).
In addition to Nabi-HB and Bivigam, BTBU also provides contract manufacturing services for certain clients, including the sale
of intermediate by-products. The Boca Facility is FDA-licensed and certified by the GHA. Immediately following the closing of
the Biotest Transaction, the Biotest Assets were contributed into ADMA BioManufacturing.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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 leadership, the production of Nabi-HB resumed during the
third quarter of 2017, with subsequent commercial sales.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Bivigam
is indicated for the treatment of primary humoral immunodeficiency. FDA approval for Bivigam was received on December 19, 2012,
and 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. The Bivigam inventory currently being produced will be used in conjunction with a Prior Approval
Supplement (the “PAS”), which is expected to be filed with the FDA during the first half of 2018. Upon approval of
the PAS by the FDA, the Company intends to relaunch Bivigam. This relaunch is expected to take place no earlier than the second
half of 2018.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Prior
to the closing of the Biotest Transaction, BTBU was the Company’s third-party manufacturer for RI-002. In the third quarter
of 2015, the FDA accepted for review the Company’s BLA for RI-002 (the “RI-002 BLA”) for the treatment of PIDD.
In July 2016, the FDA issued a Complete Response Letter (the “CRL”) to the Company for the RI-002 BLA. Although the
CRL did not cite any concerns with the clinical safety or efficacy data for RI-002 submitted in the RI-002 BLA, nor did the FDA
request any additional clinical studies be completed prior to FDA approval of RI-002, the 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, and also identified certain outstanding inspection issues and deficiencies
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 indicated in the CRL that it cannot grant final approval of the BLA until, among other things, these
deficiencies are 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, and the Company’s highest priority has been the
remediation of the outstanding compliance issues that were identified at the Boca Facility in the Warning Letter. The Company
has been working with a consulting firm consisting of quality management systems and biologics production subject matter experts
in order to improve the FDA inspection classification relative to the Warning Letter compliance issues as indicated in the CRL.
The Company anticipates that it will be in a position to refile the RI-002 BLA in the second half of 2018 and, pending FDA approval,
ADMA anticipates initial commercial sales of RI-002 to occur no earlier than the first half of 2019.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">As
of March 31, 2018, the Company had working capital of $37.0 million, including $26.1 million of cash and cash equivalents. Based
upon the Company’s current projected revenue and expenditures for 2018, including capital expenditures and regulatory and
consulting fees for the remediation of the Warning Letter and ongoing discussions with the FDA, as well as continuing implementation
of the Company’s commercialization and expansion activities and certain other assumptions, the Company’s management
currently believes that its cash, cash equivalents, projected revenue and accounts receivable, along with the $10.0 million it
expects to be able to access under its senior credit facility, will be sufficient to fund ADMA’s operations, as currently
conducted, into the fourth quarter of 2018. 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 prior to the end of 2018. These estimates may change based upon how
quickly the Company is able to execute on its quality management systems’ remediation plans for the ADMA BioManufacturing
operations, timing of receipt of communications, determinations and feedback from the FDA regarding inspectional outcomes and
remediation activities undertaken to date, commercial manufacturing ramp-up activities and the various financing options available
to the Company. 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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Due
to numerous risks and uncertainties associated with ongoing remediation efforts, the research and development and potential future
commercialization of its products and product candidates, the Company is unable to estimate with certainty the amounts of increased
capital outlays and operating expenditures associated with 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
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 losses since
inception in June 2004 through March 31, 2018 of $168.5 million. Management believes that the Company will continue to incur net
losses and negative net cash flows from operating activities to fund its research and development, commercial programs 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 condensed 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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"></font>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="margin: 0pt 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Basis
of presentation</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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”).</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
accompanying unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated
financial statements and related notes thereto as of and for the year ended December 31, 2017 included in the Company’s
Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 29, 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, 2018 and its results
of operations for the three and ended March 31, 2018 and 2017 and cash flows for the three months ended March 31, 2018 and 2017.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">During
the three months ended March 31, 2018 and 2017, comprehensive loss was equal to the net loss amounts presented for the respective
periods in the accompanying condensed consolidated interim statements of operations. In addition, certain prior year balances
have been reclassified to conform to the current presentation. Specifically, the change in the Company’s deferred rent liability
in the accompanying statement of cash flows for the three months ended March 31, 2017 has been reclassified to changes in other
current and non-current liabilities. Operating results for the three months ended March 31, 2018 are not necessarily indicative
of the results that may be expected for the full year ending December 31, 2018.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Use
of estimates</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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, the valuation of inventory and assumptions
used in the fair value determination of stock-based compensation and the allowance for the valuation of future tax benefits.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Business
Combinations</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Company accounts for business combinations using the acquisition method of accounting in accordance with FASB ASC 805, <i>Business
Combinations</i>. Identifiable assets acquired, liabilities assumed, and contingent consideration are recorded at their acquisition
date fair values. Any change in the fair value of the acquisition-related contingent consideration subsequent to the acquisition
date, including changes from events after the acquisition date, will be recognized in the period of the estimated fair value change.
Goodwill represents the excess of the purchase price over the fair value of identifiable assets acquired and liabilities assumed
as a result of the business combination. Identifiable assets with finite lives are amortized over their useful lives. Acquisition
related costs are expensed as incurred.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Fair
value of financial instruments</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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 4) 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, 2018 (see Note 4), which is held
by a principal stockholder of the Company and was issued concurrent with an acquisition transaction with such stockholder, the
Company has concluded that an estimation of fair value for this note is not practicable.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Accounts
receivable</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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, 2018, three customers accounted for approximately 84% of the
Company’s total accounts receivable, and at December 31, 2017, two customers accounted for approximately 79% of the Company’s
total accounts receivable.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Inventories</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.  Research and development plasma used in clinical trials is processed to a finished product
and subsequently expensed to research and development. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Although
the Company expects that the Bivigam inventory produced during 2017 and 2018 will ultimately be available for commercial sale,
due to uncertainties surrounding the timing and outcome of any FDA determinations concerning the Warning Letter and the PAS related
to improvements in the manufacturing process that must be filed with and approved by the FDA prior to this inventory being available
for commercial sale, all costs related to the production of Bivigam during the three months ended March 31, 2018 in the amount
of $1.1 million have been charged to cost of product revenue in the accompanying consolidated statement of operations. In addition,
the costs related to the manufacture of conformance lots of RI-002 during the three months ended March 31, 2018 in the amount
of $2.5 million were also charged to cost of product revenue.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Goodwill</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill
represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at March 31, 2018
and December 31, 2017 was $3.5 million. All of the Company’s goodwill is attributable to its ADMA BioManufacturing business
segment.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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,
however the impairment loss recognized would not 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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Impairment
of long-lived assets</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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 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, 2018 and 2017, the Company
determined that there was no impairment of its long-lived assets.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Revenue
recognition</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Revenue
from the sale of Nabi-HB is recognized when the product reaches the customer’s destination. Nabi-HB revenue is recorded
net of estimated customer prompt pay discounts and contractual allowances in accordance with managed care agreements, including
wholesaler chargebacks, rebates, customer returns and other wholesaler fees. For sales of intermediates, title typically transfers
when the product is delivered to a third party warehouse. With all other contract manufacturing, the title transfers to the customer
when they take possession of the product from the Boca Facility. As the Company maintains a significant risk of loss throughout
the contract manufacturing process, contract manufacturing revenue is not recognized until the product is released and title transfers
to the customer.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Product
revenues from the sale of human plasma collected at the Company’s plasma collection centers are recognized at the time of
transfer of title and risk of loss to the customer, which generally occurs at the time of delivery. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">License
and other revenues are primarily attributable to the out-licensing of RI-002 to Biotest to market and sell 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 20 years, the term of the Biotest license agreement.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">For
the three months ended March 31, 2018, three customers represented 90% of the Company’s consolidated revenues, with BPC
representing 58% of the Company’s consolidated revenues and the other two customers representing 32% of the Company’s
consolidated revenues. For the three months ended March 31, 2017, sales to BPC represented 81% of the Company’s consolidated
revenues, and another customer represented 17% of the Company’s consolidated revenues.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Cost
of product revenue</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Cost
of product revenue includes expenses related to process development as well as scientific and technical operations when these
operations are attributable to marketed products. When the activities of these operations are attributable to new products in
development, the expenses are classified as research and development expenses. Expenses associated with remediating the issues
identified in the Warning Letter for the three months ended March 31, 2018 in the approximate amount of $0.7 million are expensed
as incurred and are reflected in cost of product revenue in the accompanying consolidated statements of operations. In addition,
for the three months ended March 31, 2018, all operating expenses associated with the Boca Facility, other than the Nabi-HB production
that was capitalized into inventory, have been expensed as incurred.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Loss
per common share</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Basic
net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares
of common stock outstanding during the period. For purposes of computing basic and diluted loss per share, the non-voting class
of common stock (see Notes 3 and 5) is included in the common stock outstanding as the characteristics of the non-voting class
are substantially the same as the voting class of common stock.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Diluted
net loss per share is calculated by dividing net loss attributable to common stockholders as adjusted for the effect of dilutive
securities, if any, by the weighted average number of shares of common stock, including the non-voting class of common stock,
and dilutive common stock outstanding during the period. Potentially dilutive common stock includes the shares of common stock
issuable upon the exercise of outstanding stock options and warrants (using the treasury stock method). Potentially dilutive common
stock in the diluted net loss per share computation is excluded to the extent that it would be anti-dilutive. No potentially dilutive
securities are included in the computation of any diluted per share amounts as the Company reported a net loss for all periods
presented. For the three months ended March 31, 2018 and 2017, the following securities were excluded from the calculation of
diluted loss per common share because of their anti-dilutive effects:  </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="7" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>For the Three Months Ended</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>March 31,</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Stock options</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,127,950</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,691,123</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Warrants</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">528,160</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">188,859</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,656,110</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,879,982</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Stock-based
compensation</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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 service period of the award, which is generally the vesting term (see Note 5).</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">During
the three months ended March 31, 2018 and 2017, the Company granted stock options to purchase 848,700 and 182,000 shares of common
stock, respectively, to its directors and employees, and during the three months ended March 31, 2018, the Company granted stock
options to purchase 20,000 shares of common stock to a third party service provider.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Recent
Accounting Pronouncements </u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">In
May 2017, the FASB issued ASU No. 2017-09, <i>Modification Accounting for Share-Based Payment Arrangements</i>, which amends the
scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the
terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under
ASC 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification
of the awards are the same immediately before and after the modification. The ASU is effective for annual reporting periods, including
interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including
adoption in any interim period. Adoption of this new guidance in 2018 did not have a material impact on the Company’s condensed
consolidated financial statements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">In
February 2016, the FASB issued ASU No. 2016-02, <i>Leases (Topic 842),</i> 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. Early application is permitted. 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 is currently evaluating the impact the standard may have on its condensed consolidated
financial statements and related disclosures.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">In
May 2014, the FASB issued new guidance related to revenue recognition, ASU 2014-09, <i>Revenue from Contracts with Customers </i>(“ASC
606”), which outlines a comprehensive revenue recognition model and supersedes most current revenue recognition guidance.
The new guidance requires a company to recognize revenue upon transfer of goods or services to a customer at an amount that reflects
the expected consideration to be received in exchange for those goods or services. ASC 606 defines a five-step approach for recognizing
revenue, which may require a company to use more judgment and make more estimates than under the current guidance. The new guidance
became effective in calendar year 2018. Two methods of adoption are permitted: (a) full retrospective adoption, meaning the standard
is applied to all periods presented; or (b) modified retrospective adoption, meaning the cumulative effect of applying the new
guidance is recognized at the date of initial application as an adjustment to the opening retained earnings balance.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">In
March 2016, April 2016 and December 2016, the FASB issued ASU No. 2016-08, <i>Revenue From Contracts with Customers (ASC 606):
Principal Versus Agent Considerations</i>, ASU No. 2016-10, <i>Revenue From Contracts with Customers (ASC 606): Identifying Performance
Obligations and Licensing</i>, and ASU No. 2016-20, <i>Technical Corrections and Improvements to Topic 606, Revenue From Contracts
with Customers</i>, respectively, which further clarify the implementation guidance on principal versus agent considerations contained
in ASU No. 2014-09. In May 2016, the FASB issued ASU 2016-12, <i>Revenue from Contracts with Customers</i>, narrow-scope improvements
and practical expedients which provides clarification on assessing the collectability criterion, presentation of sales taxes,
measurement date for non-cash consideration and completed contracts at transition. These standards became effective for the Company
beginning in the first quarter of 2018.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">ADMA
adopted the new standard and related updates effective January 1, 2018, using the modified retrospective method of adoption. Adoption
of the new revenue recognition guidance did not have a material impact on the Company’s consolidated financial statements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">On
June 6, 2017, ADMA completed the acquisition of the Biotest Assets from BPC. As a result of this transaction, the Company acquired
Nabi-HB, Bivigam, the Boca Facility and certain other assets of BTBU. The acquisition of the Biotest Assets expands the Company’s
product offering with two FDA-approved products and provides direct control over the manufacturing and regulatory processes impacting
the Company’s RI-002 product candidate, including remediation of the Warning Letter as well as certain other remediation
items affecting the Boca Facility. Pursuant to the acquisition, the Company issued to Biotest 4,295,580 voting shares of its common
stock and 8,591,160 non-voting shares of common stock. The Company will also transfer ownership of two of its plasma centers to
Biotest on January 1, 2019 as additional consideration, which are reflected as non-current assets in the accompanying consolidated
balance sheets at March 31, 2018 and December 31, 2017 in the amount of $1.4 million and $1.5 million, respectively.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">As
a result of the foregoing transaction, BPC became a principal stockholder and Biotest became a related party of the Company. Therefore,
all transactions with Biotest subsequent to June 6, 2017, including product and license revenues attributable to Biotest (see
Note 2), are related party transactions. The results from BTBU’s operations are included in the Company’s consolidated
financial statements from the date of acquisition.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred
on January 1, 2017. The pro forma information is presented for informational purposes only and is not necessarily indicative of
the results of operations that would have been achieved had the acquisition been consummated as of that time or that may result
in the future.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="3" style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Three
Months</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Ended
March 31,</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Revenues:</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 87%"><font style="font: 8pt Times New Roman, Times, Serif">       As
reported</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,628,871</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">       Proforma</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">13,722,649</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Net loss</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">       As
reported</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6,536,963</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">       Proforma</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,773,860</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Basic and diluted net loss per share:</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">       As
reported</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(0.51</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">       Proforma</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(0.50</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Senior
Notes Payable</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">A
summary of outstanding senior notes payable is as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></p></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Notes payable:</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,000,000</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,000,000</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Less:</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt; text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Debt
discount</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,383,347</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,631,542</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Senior notes payable</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">25,616,653</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">25,368,458</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> On
October 10, 2017 (the “Marathon Closing Date”), the Company entered into a Credit Agreement (the “Credit Agreement”)
with Marathon Healthcare Finance Fund, L.P. (“Marathon” or the “Lender”) and Wilmington Trust, National
Association, as the administrative agent for the Lender (the “Administrative Agent”). The Credit Agreement provides
for a senior secured term loan facility in an aggregate amount of up to $40.0 million (collectively, the “Credit Facility”),
comprised of (i) a term loan made on the Marathon Closing Date in the principal amount of $30.0 million evidenced by a secured
promissory note (the “Tranche One Note”), and (ii) an additional term loan evidenced by a secured promissory note
to be made in the maximum principal amount not to exceed $10.0 million (the “Tranche Two Note” and, together with
the Tranche One Note, the “Notes”), which Tranche Two Note availability is subject to the satisfaction of certain
conditions, including, but not limited to, those described below. The Notes each have a maturity date of April 10, 2022 (the “Maturity
Date”), subject to acceleration pursuant to the Credit Agreement, including upon an Event of Default (as defined in the
Credit Agreement).</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Borrowings
under the Credit Agreement bear interest at a rate per annum equal to LIBOR plus 9.50% with a 1% LIBOR floor; provided, however,
that in the event that the Company achieves sales of not less than $61.7 million for the 2018 calendar year and the Tranche Two
Loan has been funded, then the interest rate on the borrowings under the Credit Agreement will decrease to LIBOR plus 7.75% with
a 1% LIBOR floor. During an Event of Default under the Credit Agreement, the outstanding amount of indebtedness under the Credit
Agreement will bear interest at a rate per annum equal to the interest rate then applicable to the borrowings under the Credit
Agreement plus 5% per annum. Quarterly cash interest payments are due the first business day of each March, June, September and
December, beginning on December 1, 2017. During the three months ended March 31, 2018, the interest rate on the Tranche One Note
ranged from 10.99% to 11.51%.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Company will pay Marathon a facility fee in an amount equal to 9.20% of the amount of the Tranche One Note, payment of which is
deferred until the Maturity Date pursuant to the terms of the Credit Agreement. Commencing on October 10, 2020, and on the
first business day of each month, the Company is required to make principal payments on the Tranche One Note (and Tranche Two
Note in the event it shall have been funded) in equal monthly installments over 18 months, subject to certain conditions in the
Credit Agreement. The outstanding principal amount of the Notes, together with all accrued interest thereon, is due on the Maturity
Date.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Credit Agreement contains market representations and warranties, affirmative covenants, negative covenants, financial covenants,
and conditions that are customarily required for similar financings. The affirmative covenants, among other things, require the
Company to undertake various reporting requirements. The negative covenants restrict or limit the ability of the Company and its
subsidiaries to, among other things, incur new indebtedness; create liens on assets; engage in certain fundamental corporate changes
or changes to the Company’s business activities; sell or otherwise dispose of assets; repurchase stock, pay dividends; repay
certain other indebtedness; engage in certain affiliate transactions; or enter into any other agreements that restrict the Company’s
ability to make loan repayments. In addition, the Company is required to maintain a minimum liquidity, defined in the Credit Agreement
as cash held in the debt service reserve account and any other deposit account subject to a control agreement with the Administrative
Agent, of not less than $5.5 million at all times. The Credit Agreement also required the establishment of the debt service reserve
account. The Company is currently required to maintain a minimum balance in this account of $5.5 million, and this amount is reflected
as restricted cash in the accompanying consolidated balance sheets as of March 31, 2018 and December 31, 2017. Upon the satisfaction
of certain conditions related to some of the Company’s leased properties, the minimum required balance in the debt service
reserve account, as well as the minimum liquidity requirement, will be reduced to $4.0 million. At March 31, 2018 and December
31, 2017, the Company was in compliance with all of the covenants contained in its senior lending agreements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Credit Agreement also contains customary Events of Default which include, among others, non-payment of principal, interest or
fees, violation of covenants, inaccuracy of representations and warranties, bankruptcy and insolvency events, material judgments,
cross-defaults to material contracts and events constituting a change of control. The occurrence of an Event of Default could
result in, among other things, the termination of commitments under the Credit Facility and the declaration that all outstanding
Loans are immediately due and payable in whole or in part.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Related
Party Note Payable</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">A
summary of the outstanding related party note payable is as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></p></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Biotest - Gross proceeds</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,000,000</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,000,000</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Less:</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Debt discount</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(149,952</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(157,604</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Note payable -
related party</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,850,048</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,842,396</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">In
connection with the acquisition of the Biotest Assets (see Note 3), ADMA BioManufacturing issued a subordinated note payable to
BPC and in connection therewith received cash proceeds of $15.0 million. The note bears interest at a rate of 6.0% per annum and
matures on June 6, 2022. The Company is obligated to make semi-annual interest payments, with all principal and unpaid interest
due at maturity. The note is subordinate to all amounts outstanding under the 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, 2018. The Company incurred $0.2 million of debt issuance costs in connection with the issuance
of this note, which were recorded as a debt discount. The debt discount is being amortized as interest expense over the term of
the note.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Preferred
Stock</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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, 2018 and December 31, 2017.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Common
Stock</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">As
of March 31, 2018 and December 31, 2017, the Company was authorized to issue 75,000,000 shares of its common stock, and 36,726,084
and 36,725,499 shares of common stock, respectively, were outstanding. After giving effect to shares reserved for the issuance
of warrants and stock options, 33,617,806 shares of common stock were available for issuance as of March 31, 2018. As of March
31, 2018 and December 31, 2017, 8,591,160 shares of the Company’s non-voting common stock were authorized, issued and outstanding.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Equity
Incentive Plan</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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, 2018 and 2017:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="7" style="border-bottom: black 1pt solid; text-align: center"><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="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Expected term</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">6.3 years</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">5.8 - 6.3 years</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Volatility</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 11%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">57%</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 11%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">64%</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Dividend yield</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Risk-free interest rate</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2.59%</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2.29%</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
weighted average remaining contractual life of stock options outstanding and expected to vest at March 31, 2018 is 8.1 years.
The weighted average remaining contractual life of stock options exercisable at March 31, 2018 is 5.8 years.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">A
summary of the Company’s option activity under the 2007 Plan and 2014 Plan and related information is as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Three
Months Ended</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31, 2018</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Shares</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="3" style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted</b></font> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Average</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Exercise
Price</b></font> </p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Outstanding at beginning of
period</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,276,043</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.52</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Forfeited</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,500</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3.58</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Expired</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,334</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.68</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Granted</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">868,700</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3.72</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Exercised</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,959</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.68</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Outstanding at
end of period and expected to vest</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,127,950</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.15</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Options exercisable</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,452,273</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7.51</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">During
the three months ended March 31, 2018, an aggregate of 1,959 option shares were exercised in cashless exercise transactions resulting
in the issuance of an aggregate of 585 shares of common stock. Stock-based compensation expense for the three months ended March
31, 2018 and 2017 is as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Three
Months Ended</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Research and development</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">78,305</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">52,983</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Plasma centers</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,086</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,751</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Selling, general and administrative</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">394,858</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">170,143</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Cost of product revenue</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34,535</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt; text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Total
stock-based compensation expense</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">514,784</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">235,877</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">As
of March 31, 2018, the Company had $5.3 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 3.0 years.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
following table provides the components of inventories:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>March 31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></p></td>
<td style="padding-bottom: 1pt"></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Raw materials</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,962,207</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,395,433</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Work-in-progress</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,265,586</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,265,339</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Finished goods</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,211,009</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">967,409</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Total inventories</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,438,802</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,628,181</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">   </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Inventories
are stated at the lower of cost or net realizable value with cost being determined on the first-in, first-out method. Finished
goods inventories as of March 31, 2018 is comprised of Nabi-HB, a portion of which is recorded at fair value as part of the purchase
price allocation of the Biotest Assets acquired. Raw materials includes materials expected to be used in the production of Nabi-HB,
Bivigam and RI-002. All other activities and materials associated with the production of inventories used in research and development
activities are expensed as incurred.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
assets at March 31, 2018 and December 31, 2017 consist of the following:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31, 2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
31, 2017</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accumulated</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accumulated</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 28%"><font style="font: 8pt Times New Roman, Times, Serif">Trademark and other intangible
rights related to Nabi-HB</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,100,046</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">488,101</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,611,945</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,100,046</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">341,670</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,758,376</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Rights to intermediates</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">907,421</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">108,026</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">799,395</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">907,421</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">75,618</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">831,803</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Customer contract</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,076,557</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">849,782</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">226,775</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,076,557</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">817,386</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">259,171</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,084,024</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,445,909</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,638,115</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,084,024</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,234,674</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,849,350</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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, 2018 was $0.2 million. Estimated aggregate future aggregate amortization expense for
the next five years is expected to be as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 81%"><font style="font: 8pt Times New Roman, Times, Serif">Remainder of 2018</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">633,704</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Property,
plant and equipment and related accumulated depreciation are summarized as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="3" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></p></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="3" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Manufacturing and laboratory
equipment</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,148,405</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,148,405</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Office equipment and computer software</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,660,926</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,086,756</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Furniture and fixtures</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">843,123</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,136,623</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Construction in process</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,116,309</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">738,093</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Leasehold improvements</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,650,029</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,642,903</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,339,441</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,339,441</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Buildings</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,660,559</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,660,559</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">32,418,792</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,752,780</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Less: Accumulated
depreciation and amortization</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,803,262</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,285,922</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,615,530</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,466,858</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Company recorded depreciation expense on property and equipment of $0.6 million, which includes $0.1 million of depreciation expense
on the plasma assets to be transferred (see Note 3), and $0.1 million for the three months ended March 31, 2018 and 2017, respectively.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Company leases an office building and equipment from Areth, LLC (“Areth”) pursuant to a shared services agreement
on a month-to-month basis of which terms had been amended by the Company’s Board of Directors in June 2016. Effective
October 1, 2017, monthly rent on this facility was reduced to $10,000. Rent expense amounted to $30,000 and $48,000 for the three
months ended March 31, 2018 and 2017, respectively. 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 pays Areth monthly
fees for the use of such office space and for other information technology, general warehousing and administrative services. 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, 2018 and 2017. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">As
part of the Biotest Transaction, the Company issued a $15.0 million subordinated note payable to BPC (see Note 4), and recognized
interest expense on this note for the three months ended March 31, 2018 in the amount of $0.2 million.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">For
the three months ended March 31, 2018 and 2017, the Company recognized revenues under its out-licensing agreement with Biotest
of approximately $36,000. Deferred revenue of $2.7 million as of March 31, 2018 and December 31, 2017 is related to this agreement.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Biotest
is the Company’s largest customer for the sale of normal source plasma. Plasma sales to Biotest for the three months ended
March 31, 2018 and 2017 were $2.3 million and $2.1 million, respectively. Accounts receivable includes $0.7 million and $1.2 million
due from Biotest as of March 31, 2018 and December 31, 2017, respectively. Additionally, Biotest is a supplier of plasma to ADMA,
with the Company purchasing $0.7 million and $0.2 million of plasma in the three months ended March 31, 2018 and 2017, respectively.
Included in accounts payable is $0.1 million due to Biotest as of March 31, 2018 and December 31, 2017. The following table summarizes
the related party balances with Biotest:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">   </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Three Months Ended</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>March 31,</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Sale and purchase of plasma</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 72%; text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Product
revenue</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,328,291</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,092,215</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Purchases</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">195,018</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">182,386</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>License revenue</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">35,708</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">35,708</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Interest expense</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">225,000</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31,</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Accounts receivable</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">726,409</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,245,677</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Prepaid expenses and other current assets</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">133,356</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Accounts payable</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">94,256</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">139,939</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Accrued expenses</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">380,607</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">314,820</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Note payable, net of discount</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,850,048</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,842,396</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Accrued interest</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">290,000</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">65,000</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Deferred revenue</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,654,325</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,690,033</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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, 2018 and December 31,
2017, $0.4 million and $0.3 million, 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. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Under
the terms of the acquisition of the Biotest Assets, the Company will transfer ownership of two plasma collection centers to BPC
on January 1, 2019. The Company has estimated the fair value of these assets to be $12.6 million, and the obligation to transfer
these assets to Biotest is reflected in non-current liabilities in the accompanying consolidated balance sheet as of March 31,
2018 and December 31, 2017. The services component of amounts billed to the Company by BPC for the three months ended March 31,
2018 was not material to the Company’s consolidated financial statements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>General
Legal Matters </u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Contract
manufacturing agreement</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Post-marketing
commitments</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Other
commitments</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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, 2018. 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: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Company is engaged in the manufacture, marketing and development of specialty plasma-derived biologics. The Company’s operating
segments reflect the consummation of the Biotest Transaction on June 6, 2017 (see Notes 1 and 3), and the nature of its operations
subsequent to the close of the transaction. The Company’s ADMA BioManufacturing segment reflects the Company’s immune
globulin manufacturing and development operations in Florida, acquired on June 6, 2017 (see Note 3). The Plasma Collection Centers
segment consists of two FDA-licensed source plasma collection facilities located in Georgia, with a third collection center which
opened in December 2017 and for which an FDA license in pending. The Corporate segment includes general and administrative overhead
expenses. The Company defines its segments as those business units whose operating results are regularly reviewed by the chief
operating decision maker (“CODM”) to analyze performance and allocate resources. The Company’s CODM is its President
and Chief Executive Officer. Summarized financial information concerning reportable segments is shown in the following tables:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td colspan="17" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Three
Months Ended March 31, 2018</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>ADMA
BioManufacturing</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Plasma
Collection Centers</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Corporate</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 44%"><font style="font: 8pt Times New Roman, Times, Serif">Revenues</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,666,243</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,340,055</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">35,708</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,042,006</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Cost of product revenue</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,697,642</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,545,106</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,242,748</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Loss from operations</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,724,718</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,038,824</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,768,961</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(16,532,503</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Other expense, net</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(240,054</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(435</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,049,150</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,289,639</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Net loss</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,964,772</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,039,259</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,818,111</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17,822,142</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Total assets</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">47,481,781</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">27,532,613</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">16,123,231</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">91,137,625</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Depreciation and amortization expense</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">631,832</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">188,914</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,795</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">829,541</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Capital expenditures</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">105,199</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">444,047</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">549,246</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td colspan="17" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Three
Months Ended March 31, 2017</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>ADMA
BioManufacturing</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Plasma
Collection Centers</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Corporate</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 44%"><font style="font: 8pt Times New Roman, Times, Serif">Revenues</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,593,163</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">35,708</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,628,871</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Cost of product revenue</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,616,287</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,616,287</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Loss from operations</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(502,600</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,434,403</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,937,003</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Other expense, net</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(599,960</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(599,960</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Net loss</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(502,600</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6,034,363</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6,536,963</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Total assets</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,286,500</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,308,418</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">17,594,918</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Depreciation and amortization expense</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">103,640</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,422</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">118,062</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Capital expenditures</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,084</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,500</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,584</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Supplemental
cash flow information for the three months ended March 31, 2018 and 2017 is as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>SUPPLEMENTAL CASH FLOW INFORMATION:</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 72%; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Cash
paid for interest</font></td>
<td style="width: 1%; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">825,513</font></td>
<td style="width: 1%; border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">424,470</font></td>
<td style="width: 1%; border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Noncash Financing and Investing Activities:</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Equipment acquired
reflected in accounts payable and accrued liabilities</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">116,766</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">On
May 14, 2018, the Company, ADMA BioManufacturing and ADMA BioCenters entered into a Share Transfer, Amendment and Release Agreement
with BPC, Biotest AG, Biotest US Corporation and The Biotest Divestiture Trust (the “Biotest Trust”) (the “Biotest
Transfer Agreement”) whereby BPC transferred to the Company, for no cash consideration, 8,591,160 shares of the Company’s
non-voting common stock previously issued to BPC in connection with the Biotest Transaction and representing 100% of the Company’s
issued and outstanding non-voting common stock (the “NV Biotest Shares”). Immediately upon transfer of the NV Biotest
Shares to the Company, the shares were retired and are no longer available for issuance. The retired NV Biotest Shares comprised
approximately 19% of the total outstanding common stock of the Company as of May 14, 2018. In exchange for the transfer and retirement
of the NV Biotest Shares, the Company has (i) granted Biotest and its successors and assigns a release from all potential past,
present and future indemnity claims arising under the Master Purchase and Sale Agreement, dated as of January 21, 2017, and (ii)
relinquished its rights to repurchase its two FDA-approved plasma collection centers required to be transferred to BPC on January
1, 2019 (see Note 3). In addition, pursuant to the Biotest Transfer Agreement, BPC waived and terminated its rights to name a
director and an observer to the Company’s Board of Directors. As BPC has made public statements regarding the U.S. Government
required divestiture of all of BPC’s U.S. assets in connection with the sale of Biotest AG to CREAT Group Corporation, pursuant
to the Biotest Transfer Agreement BPC, subject to the receipt of required regulatory approvals, has agreed to transfer its remaining
10,109,534 shares of the Company’s common stock to the Biotest Trust upon the earlier of (i) receipt of consent from the
necessary governmental authorities and (ii) July 1, 2018 (provided that Biotest and the Biotest Trust have received all required
regulatory approvals for the Biotest Trust to own and hold the Company’s common stock) (the “Voting Share Closing
Date”). Furthermore, pursuant to the Biotest Transfer Agreement, the Biotest Trust has agreed to be bound by all obligations
of, and will have all of the remaining rights of, BPC under that certain (i) Stockholders Agreement, dated as of June 6, 2017,
by and between the Company and BPC, as amended by the Biotest Transfer Agreement, and (ii) Registration Rights Agreement, dated
as of June 6, 2017, by and between the Company and BPC. Furthermore, subject to the terms contained in the Biotest Transfer Agreement,
for a 90-day period following the Voting Share Closing Date, the Biotest Trust has granted the Company a right of first negotiation
for the purchase of the remaining shares of common stock then-held by the Biotest Trust.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The accompanying unaudited condensed consolidated financial
statements should be read in conjunction with the annual audited consolidated financial statements and related notes thereto as
of and for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities
and Exchange Commission (the “SEC”) on March 29, 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, 2018 and its results of operations for the three and ended March 31, 2018 and
2017 and cash flows for the three months ended March 31, 2018 and 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">During the three months ended March 31, 2018 and 2017,
comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying condensed consolidated
interim statements of operations. In addition, certain prior year balances have been reclassified to conform to the current presentation.
Specifically, the change in the Company’s deferred rent liability in the accompanying statement of cash flows for the three
months ended March 31, 2017 has been reclassified to changes in other current and non-current liabilities. Operating results for
the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the full year ending
December 31, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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, the valuation of inventory and assumptions used in the fair value determination of stock-based
compensation and the allowance for the valuation of future tax benefits.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">The Company accounts
for business combinations using the acquisition method of accounting in accordance with FASB ASC 805, <i>Business Combinations</i>.
Identifiable assets acquired, liabilities assumed, and contingent consideration are recorded at their acquisition date fair values.
Any change in the fair value of the acquisition-related contingent consideration subsequent to the acquisition date, including
changes from events after the acquisition date, will be recognized in the period of the estimated fair value change. Goodwill represents
the excess of the purchase price over the fair value of identifiable assets acquired and liabilities assumed as a result of the
business combination. Identifiable assets with finite lives are amortized over their useful lives. Acquisition related costs are
expensed as incurred. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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 4) 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, 2018 (see Note 4), which is held by a principal stockholder of the Company and was
issued concurrent with an acquisition transaction with such stockholder, the Company has concluded that an estimation of fair value
for this note is not practicable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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, 2018, three customers accounted for approximately 84% of the Company’s total accounts receivable, and at December
31, 2017, two customers accounted for approximately 79% of the Company’s total accounts receivable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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.  Research and
development plasma used in clinical trials is processed to a finished product and subsequently expensed to research and development. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Although the Company expects that the Bivigam inventory
produced during 2017 and 2018 will ultimately be available for commercial sale, due to uncertainties surrounding the timing and
outcome of any FDA determinations concerning the Warning Letter and the PAS related to improvements in the manufacturing process
that must be filed with and approved by the FDA prior to this inventory being available for commercial sale, all costs related
to the production of Bivigam during the three months ended March 31, 2018 in the amount of $1.1 million have been charged to cost
of product revenue in the accompanying consolidated statement of operations. In addition, the costs related to the manufacture
of conformance lots of RI-002 during the three months ended March 31, 2018 in the amount of $2.5 million were also charged to cost
of product revenue.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Goodwill represents the excess of purchase price over
the fair value of net assets acquired by the Company. Goodwill at March 31, 2018 and December 31, 2017 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 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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, however the impairment loss recognized would not
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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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 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, 2018 and 2017, 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 0.25in">Revenue from the sale of Nabi-HB is recognized when the
product reaches the customer’s destination. Nabi-HB revenue is recorded net of estimated customer prompt pay discounts and
contractual allowances in accordance with managed care agreements, including wholesaler chargebacks, rebates, customer returns
and other wholesaler fees. For sales of intermediates, title typically transfers when the product is delivered to a third party
warehouse. With all other contract manufacturing, the title transfers to the customer when they take possession of the product
from the Boca Facility. As the Company maintains a significant risk of loss throughout the contract manufacturing process, contract
manufacturing revenue is not recognized until the product is released and title transfers to the customer.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Product revenues from the sale of human plasma collected
at the Company’s plasma collection centers are recognized at the time of transfer of title and risk of loss to the customer,
which generally occurs at the time of delivery. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">License and other revenues are primarily attributable
to the out-licensing of RI-002 to Biotest to market and sell 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 20
years, the term of the Biotest license agreement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">For the three months ended March 31, 2018, three customers
represented 90% of the Company’s consolidated revenues, with BPC representing 58% of the Company’s consolidated revenues
and the other two customers representing 32% of the Company’s consolidated revenues. For the three months ended March 31,
2017, sales to BPC represented 81% of the Company’s consolidated revenues, and another customer represented 17% of the Company’s
consolidated revenues.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><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. Expenses associated with remediating the issues identified in the
Warning Letter for the three months ended March 31, 2018 in the approximate amount of $0.7 million are expensed as incurred and
are reflected in cost of product revenue in the accompanying consolidated statements of operations. </font>In addition, for the
three months ended March 31, 2018, all operating expenses associated with the Boca Facility, other than the Nabi-HB 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 0.25in">Basic net loss per share is computed by dividing net loss
attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. For
purposes of computing basic and diluted loss per share, the non-voting class of common stock (see Notes 3 and 5) is included in
the common stock outstanding as the characteristics of the non-voting class are substantially the same as the voting class of common
stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Diluted net loss per share is calculated by dividing net
loss attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number
of shares of common stock, including the non-voting class of common stock, and dilutive common stock outstanding during the period.
Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and
warrants (using the treasury stock method). Potentially dilutive common stock in the diluted net loss per share computation is
excluded to the extent that it would be anti-dilutive. No potentially dilutive securities are included in the computation of any
diluted per share amounts as the Company reported a net loss for all periods presented. For the three months ended March 31, 2018
and 2017, 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 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="7" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>For the Three Months Ended</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>March 31,</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Stock options</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,127,950</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,691,123</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Warrants</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">528,160</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">188,859</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,656,110</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,879,982</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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 service period of the award, which
is generally the vesting term (see Note 5).</p>
<p style="font: 8pt inherit,serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">During the three months ended March 31, 2018 and 2017,
the Company granted stock options to purchase 848,700 and 182,000 shares of common stock, respectively, to its directors and employees,
and during the three months ended March 31, 2018, the Company granted stock options to purchase 20,000 shares of common stock to
a third party service provider.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In May 2017, the FASB issued ASU No. 2017-09, <i>Modification
Accounting for Share-Based Payment Arrangements</i>, which amends the scope of modification accounting for share-based payment
arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which
an entity would be required to apply modification accounting under ASC 718. Specifically, an entity would not apply modification
accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the
modification. The ASU is effective for annual reporting periods, including interim periods within those annual reporting periods,
beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. Adoption of this new
guidance in 2018 did not have a material impact on the Company’s condensed consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In February 2016, the FASB issued ASU No. 2016-02, <i>Leases
(Topic 842),</i> 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. Early application is permitted. 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
is currently evaluating the impact the standard may have on its condensed consolidated financial statements and related disclosures.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In May 2014, the FASB issued new guidance related to revenue
recognition, ASU 2014-09, <i>Revenue from Contracts with Customers </i>(“ASC 606”), which outlines a comprehensive
revenue recognition model and supersedes most current revenue recognition guidance. The new guidance requires a company to recognize
revenue upon transfer of goods or services to a customer at an amount that reflects the expected consideration to be received in
exchange for those goods or services. ASC 606 defines a five-step approach for recognizing revenue, which may require a company
to use more judgment and make more estimates than under the current guidance. The new guidance became effective in calendar year
2018. Two methods of adoption are permitted: (a) full retrospective adoption, meaning the standard is applied to all periods presented;
or (b) modified retrospective adoption, meaning the cumulative effect of applying the new guidance is recognized at the date of
initial application as an adjustment to the opening retained earnings balance.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In March 2016, April 2016 and December 2016, the FASB
issued ASU No. 2016-08, <i>Revenue From Contracts with Customers (ASC 606): Principal Versus Agent Considerations</i>, ASU No.
2016-10, <i>Revenue From Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing</i>, and ASU No.
2016-20, <i>Technical Corrections and Improvements to Topic 606, Revenue From Contracts with Customers</i>, respectively, which
further clarify the implementation guidance on principal versus agent considerations contained in ASU No. 2014-09. In May 2016,
the FASB issued ASU 2016-12, <i>Revenue from Contracts with Customers</i>, narrow-scope improvements and practical expedients which
provides clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for non-cash consideration
and completed contracts at transition. These standards became effective for the Company beginning in the first quarter of 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">ADMA adopted the new standard and related updates effective
January 1, 2018, using the modified retrospective method of adoption. Adoption of the new revenue recognition guidance did not
have a material impact on the Company’s consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="7" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>For the Three Months Ended</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>March 31,</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Stock options</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,127,950</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,691,123</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Warrants</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">528,160</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">188,859</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,656,110</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,879,982</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="3" style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Three
Months</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Ended
March 31,</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Revenues:</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 87%"><font style="font: 8pt Times New Roman, Times, Serif">       As
reported</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,628,871</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">       Proforma</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">13,722,649</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Net loss</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">       As
reported</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6,536,963</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">       Proforma</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,773,860</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Basic and diluted net loss per share:</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">       As
reported</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(0.51</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">       Proforma</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(0.50</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="3" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></p></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="3" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Notes payable:</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,000,000</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,000,000</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Less:</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt; text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Debt
discount</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,383,347</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,631,542</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Senior notes payable</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">25,616,653</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">25,368,458</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></p></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Biotest - Gross proceeds</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,000,000</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,000,000</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Less:</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Debt discount</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(149,952</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(157,604</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Note payable -
related party</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,850,048</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,842,396</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="7" style="border-bottom: black 1pt solid; text-align: center"><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="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Expected term</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">6.3 years</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">5.8 - 6.3 years</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Volatility</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 11%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">57%</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 11%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">64%</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Dividend yield</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Risk-free interest rate</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2.59%</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2.29%</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Three
Months Ended</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31, 2018</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Shares</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="3" style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Average</b></font> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Exercise
Price</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Outstanding at beginning of
period</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,276,043</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.52</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Forfeited</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,500</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3.58</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Expired</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,334</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.68</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Granted</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">868,700</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3.72</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Exercised</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,959</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.68</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Outstanding at
end of period and expected to vest</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,127,950</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.15</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Options exercisable</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,452,273</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7.51</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Three
Months Ended</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Research and development</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">78,305</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">52,983</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Plasma centers</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,086</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,751</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Selling, general and administrative</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">394,858</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">170,143</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Cost of product revenue</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34,535</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt; text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Total
stock-based compensation expense</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">514,784</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">235,877</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>March 31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></p></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Raw materials</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,962,207</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,395,433</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Work-in-progress</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,265,586</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,265,339</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Finished goods</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,211,009</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">967,409</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Total inventories</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,438,802</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,628,181</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31, 2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
31, 2017</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accumulated</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accumulated</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 28%"><font style="font: 8pt Times New Roman, Times, Serif">Trademark and other intangible
rights related to Nabi-HB</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,100,046</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">488,101</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,611,945</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,100,046</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">341,670</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,758,376</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Rights to intermediates</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">907,421</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">108,026</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">799,395</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">907,421</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">75,618</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">831,803</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Customer contract</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,076,557</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">849,782</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">226,775</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,076,557</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">817,386</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">259,171</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,084,024</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,445,909</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,638,115</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,084,024</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,234,674</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,849,350</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 81%"><font style="font: 8pt Times New Roman, Times, Serif">Remainder of 2018</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">633,704</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,352</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="3" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></p></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" colspan="3" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31,</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Manufacturing and laboratory
equipment</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,148,405</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,148,405</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Office equipment and computer software</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,660,926</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,086,756</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Furniture and fixtures</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">843,123</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,136,623</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Construction in process</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,116,309</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">738,093</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Leasehold improvements</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,650,029</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,642,903</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,339,441</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,339,441</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Buildings</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,660,559</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,660,559</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">32,418,792</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,752,780</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Less: Accumulated
depreciation and amortization</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,803,262</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,285,922</font></td>
<td style="border-bottom: black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,615,530</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,466,858</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt"><b>Three Months Ended</b></font></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>March 31,</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Sale and purchase of plasma</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 72%; text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Product
revenue</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,328,291</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,092,215</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Purchases</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">195,018</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">182,386</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>License revenue</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">35,708</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">35,708</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Interest expense</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">225,000</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31,</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 8pt Times New Roman, Times, Serif">Accounts receivable</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">726,409</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,245,677</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Prepaid expenses and other current assets</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">133,356</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Accounts payable</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">94,256</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">139,939</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Accrued expenses</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">380,607</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">314,820</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Note payable, net of discount</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,850,048</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,842,396</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif">Accrued interest</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">290,000</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">65,000</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Deferred revenue</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,654,325</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,690,033</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td colspan="17" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Three
Months Ended March 31, 2018</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>ADMA
BioManufacturing</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Plasma
Collection Centers</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Corporate</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 44%"><font style="font: 8pt Times New Roman, Times, Serif">Revenues</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,666,243</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,340,055</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">35,708</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,042,006</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Cost of product revenue</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,697,642</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,545,106</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,242,748</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Loss from operations</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,724,718</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,038,824</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,768,961</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(16,532,503</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Other expense, net</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(240,054</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(435</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,049,150</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,289,639</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Net loss</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,964,772</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,039,259</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,818,111</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17,822,142</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Total assets</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">47,481,781</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">27,532,613</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">16,123,231</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">91,137,625</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Depreciation and amortization expense</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">631,832</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">188,914</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,795</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">829,541</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Capital expenditures</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">105,199</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">444,047</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">549,246</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td colspan="17" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Three
Months Ended March 31, 2017</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>ADMA
BioManufacturing</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Plasma
Collection Centers</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Corporate</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 44%"><font style="font: 8pt Times New Roman, Times, Serif">Revenues</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,593,163</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">35,708</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,628,871</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Cost of product revenue</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,616,287</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,616,287</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Loss from operations</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(502,600</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,434,403</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,937,003</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Other expense, net</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(599,960</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(599,960</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Net loss</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(502,600</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6,034,363</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6,536,963</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Total assets</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,286,500</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,308,418</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">17,594,918</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Depreciation and amortization expense</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">103,640</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,422</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">118,062</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif">Capital expenditures</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,084</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,500</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,584</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>SUPPLEMENTAL CASH FLOW INFORMATION:</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 72%; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Cash
paid for interest</font></td>
<td style="width: 1%; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">825,513</font></td>
<td style="width: 1%; border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">424,470</font></td>
<td style="width: 1%; border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Noncash Financing and Investing Activities:</b></font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Equipment acquired
reflected in accounts payable and accrued liabilities</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">116,766</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
0
-4155