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<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">ADMA Biologics, Inc. (“ADMA”
or the “Company”) is a vertically integrated commercial biopharmaceutical and specialty immunoglobulin company that
manufactures, markets and develops specialty plasma-derived biologics for the treatment of immune deficiencies and prevention 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 with the FDA for its Kennesaw, GA facility in December
of 2017. 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 Primary Immune Deficiency Disease (“PIDD”).</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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. ADMA resumed production of Nabi-HB in the third quarter of 2017, as substantially all of the Nabi-HB inventory received
as part of the Biotest Transaction has been sold in the normal course of business.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 late in 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, the Company intends to relaunch
Bivigam, and, pending FDA approval, this relaunch is expected to take place in the second half of 2018.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Concurrent with the closing of the Biotest
Transaction, the Company received $27.5 million in cash from Biotest, comprised of $12.5 million in cash from BPC and a $15.0 million
loan from Biotest evidenced by a 6% subordinated note payable to BPC with a maturity of 5 years (see Note 7). In addition, BPC
committed to participate in any future equity offering or private placement undertaken by the Company in an amount equal to up
to $12.5 million on a pro-rata basis. The entire $12.5 million commitment was invested in the follow-on public offering of the
Company’s common stock, which closed on November 13, 2017 (see Note 8).</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 Biologics License Application for RI-002 (the “BLA”) for the treatment of PIDD. In July 2016, the FDA
issued a Complete Response Letter (the “CRL”) to the Company for the BLA. Although the CRL did not cite any concerns
with the clinical safety or efficacy data for RI-002 submitted in the 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. Following
the completion of the Biotest Transaction, ADMA now has 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 preparation for a re-inspection
by the FDA in order to improve the FDA inspection classification relative to the Warning Letter compliance issues as indicated
in the CRL, and the Company believes it has been inspection-ready since the end of 2017. The Company expects a re-inspection of
the Boca Facility by the FDA to take place during the first half of 2018. Once the Warning Letter status is improved following
the FDA inspection, the Company anticipates that it will be in a position to refile the BLA for RI-002 in the second half of 2018.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of December 31, 2017, the Company had
working capital of $53.7 million, including $43.1 million of cash and cash equivalents. Based upon the Company’s current
projected revenue and expenditures for 2018, including regulatory and consulting fees for the remediation of the Warning Letter
and ongoing discussions with the FDA, continued 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 draw down under its senior credit facility (see
Note 7), will be sufficient to fund ADMA’s operations, as currently conducted, through the end 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 additional
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, commercial manufacturing ramp-up activities
and the various financing options being explored. The Company currently has no firm commitments for additional financing, and there
can be no assurances that the Company will be able to secure additional financing on terms that are acceptable to the Company,
or at all. Furthermore, if the Company’s assumptions underlying its estimated expenses and revenues are incorrect, it
may have to raise additional capital sooner than currently anticipated.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 December
31, 2017 of $150.7 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 consolidated financial statements do not include any adjustments related to the recoverability
and classification of asset carrying amounts and the classification of liabilities that might be necessary from the outcome of
this uncertainty.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Principles of Consolidation and Basis of presentation</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The accompanying consolidated financial statements
include the accounts of ADMA and its wholly-owned subsidiaries, and have been prepared in conformity with accounting principles
generally accepted in the United States of America (“U.S. GAAP”) and in accordance with Article 8 of Regulation S-X
of the Securities and Exchange Commission (the “SEC”). All intercompany balances have been eliminated in consolidation.
Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification
(“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (the “FASB”).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the years ended December 31, 2017 and
2016, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying consolidated
statements of operations. In addition, certain prior year balances have been reclassified to conform to the current presentation.
Specifically, the current and non-current portions of the Company’s tenant allowance liability and leasehold improvement
loan have been reclassified to other current liabilities and other non-current liabilities, respectively, in the accompanying consolidated
balance sheet as of December 31, 2016.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Use of estimates</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The preparation of financial statements requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates. Significant estimates include the fair value of assets acquired and liabilities
assumed in a business combination, valuation of inventory, assumptions used in the fair value determination of stock-based compensation,
warrants, and the allowance for the valuation of future tax benefits.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Cash and cash equivalents</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Company considers all highly-liquid
instruments purchased with a maturity of three months or less to be cash equivalents. From time to time, the Company purchases
certificates of deposit with maturity schedules of three, six, nine and twelve months. Instruments with original maturities greater
than three months but less than twelve months are included in short-term investments.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company regularly maintains cash and
short-term investments at third-party financial institutions in excess of the Federal Deposit Insurance Corporation, or FDIC, insurance
limit. While the Company monitors the daily cash balances in the operating accounts and adjusts the balances as appropriate, these
balances could be impacted, and there could be a material adverse effect on the Company’s business, if one or more of the
financial institutions with which the Company has deposits fails or is subject to other adverse conditions in the financial or
credit markets. To date, the Company has not experienced a loss or lack of access to its invested cash or cash equivalents; however,
the Company cannot provide assurance that access to its invested cash and cash equivalents will not be impacted by adverse conditions
in the financial and credit markets in the future.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Restricted cash</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Restricted cash consists of cash held
in a reserve account as required by the terms of the Company’s senior lending agreement (see Note 7).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Accounts receivable</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Accounts receivable are reported at realizable
value, net of allowances for contractual credits and doubtful accounts, which are recognized in the period the related revenue
is recorded. </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Inventories</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Inventories, including plasma intended
for resale and plasma intended for internal use in the Company's research and development and future anticipated
commercialization activities, are carried at the lower of cost or market 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. Although
the Company expects that Bivigam inventory will ultimately be available for commercial sale, due to uncertainties surrounding 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 year ended
December 31, 2017 have been charged to cost of product revenue in the accompanying consolidated statement of operations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Property and equipment</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Assets comprising property and equipment
(see Note 5) are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the
asset’s estimated useful life. Land is not depreciated. The buildings have been assigned a useful life of 30 years. Property
and equipment other than land and buildings have useful lives ranging from 3 to 10 years. Leasehold improvements are amortized
over the lesser of the lease term or their estimated useful lives.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Goodwill</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Goodwill represents the excess of purchase
price over the fair value of net assets acquired by the Company. Goodwill at December 31, 2017 and December 31, 2016 was $3.5 million
and $0, respectively. All of the Company’s goodwill is attributable to its ADMA BioManufacturing business segment. The following
table presents the changes in the carrying amount of goodwill during the year ended December 31, 2017:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td>Balance as of January 1, 2017</td><td> </td>
<td style="text-align: right">$</td>
<td style="text-align: right">-</td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 70%; text-align: left; padding-bottom: 1pt">Goodwill recorded in connection with the acquisition of the Biotest Assets</td><td style="width: 10%; padding-bottom: 1pt"> </td>
<td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 18%; border-bottom: Black 1pt solid; text-align: right">3,529,509</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">Balance as of December 31, 2017</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,529,509</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Goodwill is not amortized, but is assessed
for impairment on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative
assessment of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its
carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform
a goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded
to the extent the reporting unit’s carrying value exceeds its fair value. The impairment loss recognized would not exceed
the total amount of goodwill allocated to that reporting unit. The Company’s impairment analysis as of October 1, 2017 did
not result in any impairment charges related to goodwill for the year ending December 31, 2017.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Impairment of long-lived assets</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company assesses the recoverability
of its long-lived assets, which include property and equipment and 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 year ended December 31, 2017, the Company recorded an impairment charge in the amount of $0.8 million
related to assets acquired in the Biotest Transaction. For the year ended December 31, 2016, the Company determined that there
was no impairment of its long-lived assets.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Revenue recognition</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Revenues for the year ended December 31,
2017 are comprised of (i) revenues from Nabi-HB, (ii) product revenues from the sale of human plasma collected from the Company’s
plasma collection centers segment, (iii) revenues related to a contract manufacturing agreement (see Note 6); and (iv) license
and other revenues 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 22 years, the term of the Biotest license agreement.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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. These estimates are based on historical experience, and the Company believes that such estimates are
reasonable. 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/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Product revenues from the sale of human
plasma collected at the Company’s plasma collection centers are recognized at the time of transfer of title and risk of loss
to the customer, which generally occurs at the time of shipment. Product revenues are recognized at the time of delivery if
the Company retains the risk of loss during shipment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Cost of product revenue</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cost of product revenue includes expenses
related to process development as well as scientific and technical operations when these operations are attributable to marketed
products. When the activities of these operations are attributable to new products in development, the expenses are classified
as research and development expenses. Expenses associated with remediating the issues identified in the Warning Letter for the
year ended December 31, 2017 of approximately $3.8 million are expensed as incurred and are reflected in cost of product revenue
in the accompanying consolidated statements of operations. In addition, for the year ended December 31, 2017, all operating expenses
associated with the Boca Facility, other than the limited Nabi-HB production that was capitalized into inventory, have been expensed
as incurred since the date of the Biotest Transaction.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Research and development expenses</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Research and development expenses consist
of clinical research organization costs, costs related to clinical trials, consulting expenses related to regulatory and medical
affairs, quality assurance and control, assay development, ongoing testing costs, drug product manufacturing for RI-002, including
the cost of plasma, plasma storage and transportation costs, as well as wages, benefits and stock-based compensation for employees
directly related to the research and development activities All research and development costs are expensed as incurred. </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Advertising and marketing expenses</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Advertising and marketing expense includes
cost for promotional materials and trade show expenses for the marketing of the Company’s products and services.  Advertising
and marketing expenses were $0.6 million and $0.2 million for the years ended December 31, 2017 and 2016, respectively.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Stock-based compensation</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company follows recognized accounting
guidance which requires all stock-based payments, including grants of stock options, to be recognized in the statement of operations
as compensation expense, based on their fair values on the grant date. Compensation expense related to awards to employees and
directors with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over
the associated vesting period of the award, which is generally four years.</p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The grant date fair values of stock options
awarded during the years ended December 31, 2017 and 2016 were determined using the Black-Scholes option-pricing model with the
following assumptions:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center">Year Ended</td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center">Year Ended</td>
</tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">Expected term</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.8-6.3 years</font></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.8-6.3 years</font></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif">Volatility</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">56-64</font></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">51-52</font></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; font: 8pt Times New Roman, Times, Serif; text-align: left">Dividend yield</td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 8pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 8pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">Risk-free interest rate</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.77-2.29%</font></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.54-1.79%</font></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td>
</tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Income taxes</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company recognizes deferred tax assets
and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements
or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between
the tax basis of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the
years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred income
tax assets if it is more likely than not that these deferred income tax assets will not be realized.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In accordance with U.S. GAAP, the Company
is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the
applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits
of the position.  The tax benefit to be recognized is measured as the largest amount of benefit that is greater than
fifty percent likely of being realized upon ultimate settlement.  Derecognition of a tax benefit previously recognized
could result in the Company recording a tax liability that would reduce net assets.  Based on its analysis, the Company
has determined that it has not incurred any liability for unrecognized tax benefits as of December 31, 2017 and 2016.  The
Company is subject to income tax examinations by major taxing authorities for all tax years since 2013 and for previous periods
as it relates to the Company’s net operating loss carryforward.  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Earnings (Loss) Per Share</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Basic net loss per share is computed by
dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during
the period. For purposes of computing basic and diluted loss per share, the non-voting class of common stock (see Notes 3 and 8)
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/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Diluted net loss per share is calculated
by dividing net loss attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted
average number of shares of common stock, including the non-voting class of common stock, and dilutive common stock outstanding
during the period. Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding
stock options and warrants (using the treasury stock method). Potentially dilutive common stock in the diluted net loss per share
computation is excluded to the extent that it would be anti-dilutive. No potentially dilutive securities are included in the computation
of any diluted per share amounts as the Company reported a net loss for all periods presented. For the years ended December 31,
2017 and 2016, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive
effects:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 11pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year ended December 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 11pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Stock options</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3,276,043</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,535,187</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Warrants</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">528,160</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">300,446</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,804,203</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,835,633</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Business Combinations</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Fair value of financial instruments</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The carrying amounts of certain of the
Company’s financial instruments, including cash and cash equivalents, short-term investments, accounts payable, and notes
payable are shown at cost, which approximates fair value due to the short-term nature of these instruments. The debt outstanding
under the Company’s senior notes payable (see Note 7) approximates fair value due to the variable interest rate on this debt.
With respect to the related party note payable in the amount of $15.0 million as of December 31, 2017 (see Notes 3 and 7), 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/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Recent Accounting Pronouncements</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In 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. The Company does not
expect this new guidance to have a material impact on its 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; text-indent: 0.5in">In January 2017, the FASB issued ASU No. 2017-01,
<i>Business Combinations – Clarifying the Definition of a Business</i>, which clarifies the definition of a business to assist
entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The
standard introduces a screen for determining when assets acquired are not a business and clarifies that a business must include,
at a minimum, an input and a substantive process that contribute to an output to be considered a business. This standard is effective
for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted
this standard in the second quarter of 2017, and the adoption of this standard did not have a material impact on its consolidated
financial statements as of and for the year ended December 31, 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In January 2017, the FASB issued ASU 2017-04,
<i>Intangibles – Goodwill and Other (Topic 350)</i>, which removes the requirement to compare the implied fair value of goodwill
with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under the ASU, an entity should perform
its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should
recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however,
the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The ASU is effective prospectively
for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests
performed on testing dates after January 1, 2017. The Company adopted ASU 2017-04 in the fourth quarter of 2017, and adoption of
this update did not have a material impact on its consolidated financial statements as of and for the year ended December 31, 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In November 2016, the FASB issued ASU No. 2016-18, <i>Restricted
Cash</i>, which clarifies guidance and presentation related to restricted cash in the statement of cash flows, including stating
that restricted cash should be included within cash and cash equivalents in the statement of cash flows. The standard is effective
for fiscal years beginning after December 15, 2017, with early adoption permitted, and is to be applied retrospectively. The Company
adopted this standard in the fourth quarter of 2017, and adoption of this update did not have a material impact on the Company’s
consolidated financial statements as of and for the years ended December 31, 2017 and 2016.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In March 2016, the FASB issued ASU No. 2016-09,
<i>Improvements to Employee Share-Based Payment Accounting (Topic 718)</i>, which provides for simplification of certain aspects
of employee share-based payment accounting including income taxes, classification of awards as either equity or liabilities, accounting
for forfeitures (see Note 8) and classification on the statement of cash flows. The Company adopted this standard in the first
quarter of 2017, and the adoption of this standard did not have a material impact on its consolidated financial statements as of
and for the year ended December 31, 2017.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In 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 consolidated financial statements and related disclosures.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In November 2015, the FASB issued ASU No. 2015-17,
<i>Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes</i>, which includes amendments that require deferred
tax liabilities and assets be classified as non-current in a classified statement of financial position. The amendments in
this ASU are effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods
within annual periods beginning after December 15, 2018. Earlier application is permitted as of the beginning of an interim
or annual reporting period. The amendments may be applied either prospectively to all deferred tax liabilities and assets
or retrospectively to all periods presented. The Company adopted this standard in the second quarter of 2017. As the Company
carried a full valuation allowance against its deferred tax assets as of December 31, 2017 and 2016, adoption of this standard
did not have a material impact on its consolidated financial statements.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In September 2015, the FASB issued ASU No. 2015-16,
<i>Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments</i>, which includes amendments
that require an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the
reporting period in which the adjustment amounts are determined. The amendments in this ASU require that the acquirer record,
in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income
effects, if any, as a result of the changes to the provisional amounts, calculated as if the accounting had been completed
at the acquisition date. The amendments in this ASU require an entity to present separately on the face of the income statement
or disclose in the notes the portion of the amount recorded in current period earnings by line item that would have been recorded
in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The
amendments in this ASU are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years
beginning after December 15, 2017. The amendments should be applied prospectively to adjustments to provisional amounts that
occur after the effective date of the ASU with earlier application permitted for financial statements that have not yet been made
available for issuance. The Company adopted this standard in the first quarter of 2017, and the adoption of this standard did not
have a material impact on its consolidated financial statements as of and for the year ended December 31, 2017.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2015, the FASB issued ASU 2015-11, <i>Inventory
(Topic 330): Simplifying the Measurement of Inventory</i>. The standard requires entities to measure most inventory “at the
lower of cost and net realizable value,” thereby simplifying the current guidance under which an entity must measure inventory
at the lower of cost or market (market in this context is defined as one of three different measures, one of which is net realizable
value). The Company adopted this standard in the first quarter of 2017, and the adoption of this standard did not have a material
impact on the Company’s consolidated financial statements as and for the year ended December 31, 2017.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In May 2014, the FASB issued new guidance related
to revenue recognition, <i>ASU 2014-09, Revenue from Contracts with Customers (“ASC 606”)</i>, 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 becomes effective in calendar year
2018 and early adoption in calendar year 2017 is permitted. Two methods of adoption are permitted: (a) full retrospective adoption,
meaning the standard is applied to all periods presented; or (b) modified retrospective adoption, meaning the cumulative effect
of applying the new guidance is recognized at the date of initial application as an adjustment to the opening retained earnings
balance.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In March 2016, April 2016 and December 2016,
the FASB issued ASU No. 2016-08, <i>Revenue From Contracts with Customers (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. Early adoption is permitted.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">ADMA will adopt ASC 606 and the foregoing related
updates effective January 1, 2018, using the modified retrospective method of adoption. Based on the Company’s review of
the terms and conditions of its existing customer contracts and applying the five discrete criteria required for recognizing revenue
as set forth in ASU 2014-09, the Company does not expect the new revenue recognition guidance to have a material impact on its
consolidated financial statements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 shares of
non-voting common stock. The Company will also transfer ownership of two of its plasma centers to Biotest on January 1, 2019 as
additional consideration.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The purchase price was calculated as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 70%; text-align: left">Issuance of 12,886,740 shares of common stock (voting and non-voting) valued at $3.66 per share</td><td style="width: 10%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">47,165,468</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Transfer of two plasma collection centers</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,621,844</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Total purchase price</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,787,312</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table summarizes the allocation
of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 70%">Cash</td><td style="width: 10%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">12,500,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Inventory</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,197,354</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Land and buildings</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20,000,000</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Property and equipment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,209,800</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Assets held for sale</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">845,389</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Other current assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">795,553</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Trademark and other intangible rights to Nabi-HB</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,100,046</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Right to intermediates</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">907,421</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Customer contract</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,076,557</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Goodwill</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,529,509</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Liabilities assumed</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(374,317</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">Total purchase price</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,787,312</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company engaged various third party valuation
specialists to determine the fair value of the land and buildings, property and equipment, right to intermediates, customer contract
and Nabi-HB intangible assets, as well as the assets held for sale. Goodwill is expected to be deductible for tax purposes.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Assets held for sale reflects certain manufacturing
equipment acquired in the transaction that will not be utilized in the manufacture or development of any of the Company’s
current products or product candidates, and the Company’s plans as of the date of acquisition was to complete the sale of
these assets within one year from the date of the Biotest Transaction. These sales efforts have been unsuccessful and at December
31, 2017, the Company recorded an impairment charge for the full carrying value of these assets in the amount of $0.8 million.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a result of the foregoing transaction, BPC
became a principal stockholder and Biotest became a related party of the Company. Therefore, all of the Company’s transactions
with Biotest between June 6, 2017 and December 31, 2017, including product and license revenues attributable to Biotest, were related
party transactions. The results from BTBU’s operations are included in the Company’s consolidated financial statements
from the date of acquisition. The Company incurred a total of approximately $5.8 million in transaction closing costs, which were
expensed as incurred as selling, general and administrative expenses in the consolidated statement of operations. For the years
ended December 31, 2017 and 2016, transaction closing costs amounted to approximately $3.9 million and $1.9 million, respectively.
 </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following unaudited pro forma summary presents
consolidated information of the Company as if the business combination had occurred on January 1, 2016. The pro forma information
is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been
achieved had the acquisition been consummated as of that time or that may result in the future.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended</td>
</tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td>
</tr>
<tr style="vertical-align: bottom">
<td>Revenues:</td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 66%">       As reported</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">22,760,560</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,661,037</td><td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>       Proforma</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">41,024,330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">86,706,074</td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>       As reported</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(43,758,975</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(19,515,151</td><td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>       Proforma</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(52,928,428</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(82,982,280</td><td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Basic and diluted net loss per share:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>       As reported</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1.91</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1.61</td><td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>       Proforma</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1.17</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(3.31</td><td style="text-align: left">)</td>
</tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table provides the components
of inventories: </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2016</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Raw materials</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,395,433</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,020,146</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Work-in-progress</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,265,339</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Finished goods</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">967,409</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total inventories</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,628,181</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,020,146</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Inventories are stated at the
lower of cost or net realizable value with cost being determined on the first-in, first-out method. Finished goods inventory
as of December 31, 2017 is comprised of Nabi-HB, and was recorded at fair value as part of the purchase price allocation of
the Biotest Assets acquired. Raw materials includes plasma and other materials expected to be used in the production of
RI-002, as there are alternative uses for these materials. All other activities and materials associated with the production
of inventories used in research and development activities are expensed as incurred.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Property, plant and equipment at December
31, 2017 and 2016 is summarized as follows: </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left; padding-left: 12px">Manufacturing and laboratory equipment</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,148,405</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">306,411</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Office equipment and computer software</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,086,756</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">188,277</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Furniture and fixtures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,136,623</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,030,257</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Construction in process</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">738,093</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Leasehold improvements</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,642,903</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,699,104</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Land</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,339,441</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Buildings</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,660,559</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,752,780</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,224,049</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Less: Accumulated depreciation and amortization</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,285,922</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,223,265</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,466,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,000,784</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Company recorded depreciation expense on property and
equipment of $1.5 million, which includes $0.4 million of depreciation expense on the plasma assets to be transferred (see Note
3) and $0.5 million for the years ended December 31, 2017 and 2016, respectively.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Intangible assets at December 31, 2017
and 2016 consist of the following:</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December 31, 2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: left">Trademark and other intangible rights related to Nabi-HB®</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">4,100,046</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">341,670</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">3,758,376</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Right to intermediates</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">907,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">75,618</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">831,803</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Customer contract</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,076,557</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">817,386</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">259,171</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">                      Total</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,084,024</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,234,674</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,849,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">Under
the previous contract manufacturing agreement between ADMA and BPC, intermediate by-products derived from the manufacture of
RI-002 were property of Biotest. As a result of the Biotest Transaction, ADMA obtained the right to these intermediate
products, which are being amortized over a period of 7 years. The intangible rights to Nabi-HB is also being amortized over a
period of 7 years. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">The
customer contract pertains to a contract manufacturing agreement with a third party that the Company assumed upon the
consummation of the Biotest Transaction. On December 22, 2017, Company and the customer entered into an amendment to this
contract which reduced the number of batches the Company was committed to supply to the customer. In connection with this
amendment, the customer agreed to pay the Company an aggregate compensation fee of $7.0 million, which was recognized as
other revenue in the accompanying consolidated statement of operations for the year ended December 31, 2017. The remaining
required production volume is 13 batches over 2018 and 2019, and the Company recorded additional amortization expense of
approximately $0.6 million in connection with the reduced volume. The net unamortized balance of this asset as of December
31, 2017 is being amortized through the end of the contract period. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">Amortization
expense related to the Company’s intangible assets for the year ended December 31, 2017 was $1.2 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: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; width: 1%"> </td><td style="text-align: left; width: 43%">2018</td><td style="text-align: left; width: 1%"> </td><td style="width: 10%"> </td>
<td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 43%">844,938</td><td style="text-align: left; width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left">2019</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">844,938</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left">2021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left">2022 </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> 715,532</td><td style="text-align: left"> </td></tr>
</table><br />
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Senior Notes Payable</u></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in">A summary of outstanding senior notes payable as
of December 31, 2017 and 2016 is as follows:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Notes payable:</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">30,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">20,000,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Debt discount</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,631,542</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,567,249</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Current portion</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,111,111</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Senior notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,368,458</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,321,640</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">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”). </font>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).</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">On the
Marathon Closing Date, the Company used approximately $17.0 million of the proceeds from the Tranche One Note to retire and pay
in full the Company’s previously existing indebtedness under a Loan and Security Agreement (the “LSA”) with Oxford
Finance, LLC (“Oxford”) and all of the obligations thereunder in accordance with the terms of the LSA, as amended,
including the end-of-term liability of $1.8 million and prepayment penalties of $0.2 million. The Company also (i) used $5.5 million
of the proceeds from the Tranche One Note to pre-fund a debt service reserve account in accordance with the terms of the Credit
Agreement, and (ii) paid diligence fees, legal and other expenses associated with the Credit Facility in the amount of approximately
$1.5 million. The Company used the remaining $6.0 million of proceeds for the continued remediation of the issues identified in
the CRL and the Warning Letter and for general corporate purposes. In connection with the retirement of the Oxford indebtedness,
the Company recognized a loss on the extinguishment of debt in the amount of $1.2 million, comprised primarily of the write-off
of debt discount related to the LSA.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">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.</font></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">The 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/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">As consideration
for the Credit Agreement, the Company issued a warrant to purchase an aggregate of 339,301 shares of the Company’s common
stock to the Lender and certain of its affiliates (the “Tranche One Warrants”). The Tranche One Warrants, which the
Company valued at $0.6 million, have (i) an exercise price equal to $3.0946, which was the trailing 10-day volume weighted-average
price of the Company’s common stock prior to the Marathon Closing Date, and (ii) an expiration date of October 10, 2024.
The Company issued the Tranche One Warrants in reliance upon an exemption from registration contained in Section 4(2) under the
Securities Act of 1933, as amended (the “Securities Act”). The Tranche One Warrants and the shares of common stock
issuable thereunder may not be offered, sold, pledged or otherwise transferred in the U.S. absent registration or an applicable
exemption from the registration requirements under the Securities Act. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">As a result
of the diligence fees, legal and other expenses associated with the Credit Facility</font>, the Tranche One Warrants and the facility
fee, the Company recognized a discount on the Tranche One Note on the Marathon Closing Date in the amount of $4.8 million as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 75%; text-align: left">Facility fee</td><td style="width: 9%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,760,000</td><td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Deferred financing fees</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> 1,475,330</td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 0pt; padding-bottom: 1pt">Tranche One Warrants</td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">614,513</td><td style="text-align: left; padding-bottom: 1pt"></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total debt discount at Marathon Closing Date</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,849,843</td><td style="padding-bottom: 2.5pt; text-align: left"> </td>
</tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">The obligation
of Marathon to purchase the Tranche Two Note is subject to the satisfaction of certain conditions related to FDA approval for specified
products and the Company’s financial condition, including, without limitation, the following: (a) (i) the FDA must validate
the improved manufacturing process of Bivigam and (ii) not less than $0.5 million in net revenue must be generated in calendar
year 2018 from the sale in the U.S. of Bivigam; or (b) (i) the FDA must approve the commercialization of RI-002 and (ii) not less
than $0.5 million in net revenue must be generated in calendar year 2019 from the sale in the U.S. of RI-002.</font></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">Based on
the fair value of the Tranche One Warrants, the facility fee and the fees and expenses associated with obtaining the Credit Facility,
the effective interest rate on the Tranche One Note is approximately 16.5%. The Company’s obligations under the Credit Agreement
are secured by a first-priority lien and security interest in substantially all of the Company’s assets, including a mortgage
on the Boca Facility, and those of the Company’s subsidiaries as well as all of the equity interests in each subsidiary.</font></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">The 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 sheet as of 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 December 31, 2017 and 2016, the Company was in compliance
with all of the covenants contained in its senior lending agreements.</font></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="letter-spacing: -0.15pt">The 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/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event the Company prepays a
term loan for any reason, including the acceleration of indebtedness upon an Event of Default, the Company is obligated to pay
a prepayment charge corresponding to a percentage of the principal amount of the applicable term loan prepaid, as well as
a make-whole premium based on the excess of the amount of the loan being prepaid over the discounted amount of such prepayment,
in accordance with the terms of the Credit Agreement.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Related Party Note Payable</u></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in">A summary of the outstanding related party note payable
is as follows:</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Related party note payable to Biotest</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">15,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Debt discount</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(157,604</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Note payable - related party</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,842,396</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 the Tranche One Note with Marathon. In the event of default, all principal and unpaid interest is due on demand. The subordinated
note also contains several non-financial covenants with which the Company was in compliance as of December 31, 2017. 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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Preferred Stock</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company is currently authorized to
issue up to 10 million shares of preferred stock, $.0001, par value. There were no shares of preferred stock outstanding at December
31, 2017 and 2016.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Common Stock</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of December 31, 2017, the Company was
authorized to issue 75 million shares of its common stock, and 36,725,499 shares of common stock were outstanding. After giving
effect to shares reserved for the issuance of warrants and stock options, 34,470,298 shares of common stock were available for
issuance as of December 31, 2017. As of December 31, 2017, 8,591,160 shares of the Company’s non-voting common stock were
authorized, issued and outstanding.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On November 13, 2017, the Company completed
an underwritten public offering of 19,523,255 shares of its common stock for gross proceeds of $42.0 million. Net proceeds from
this offering, after payment of underwriting discounts and offering expenses of $2.8 million, were $39.2 million.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On June 6, 2017, the Company issued 4,295,580
shares of common stock and 8,591,160 shares of its non-voting common stock to Biotest in connection with the Biotest Transaction
(see Note 3). Except as otherwise required by applicable law, holders of shares of non-voting common stock are not entitled to
vote on any matter that is submitted to a vote of the stockholders of the Company; provided, however, that for so long as any shares
of non-voting common stock are outstanding, the Company may not, without the prior vote of the holders of at least a majority of
the shares of non-voting common stock then outstanding (voting separately as a single class), amend, alter or repeal, whether by
merger, consolidation or otherwise, the powers, preferences, or other rights of the shares of non-voting common stock in an adverse
manner relative to the powers, preferences or other rights of the shares of the voting common stock, except as permitted by the
stockholders’ agreement between the Company and BPC or the Company’s Amended and Restated Certificate of Incorporation.
Under certain conditions, the non-voting common stock is convertible into voting common stock.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On May 3, 2016, the Company completed
an underwritten public offering of 2,176,154 shares of its common stock for gross proceeds of approximately $14.1 million. Net
proceeds from this offering were $12.9 million, after payment of underwriting discounts and offering expenses of approximately
$1.2 million.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Warrants</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On October 10, 2017, the Company issued
to Marathon the Tranche One Warrants (see Note 7) whereby Marathon may purchase an aggregate of 339,301 shares of common stock
with an exercise price $3.0946 per share. The Tranche One Warrants became exercisable on the Marathon Closing Date, were valued
at $0.6 million and were recorded as discount to the Tranche One Note.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In May 2016, the Company issued to Oxford
warrants to purchase an aggregate of up to 24,800 shares of the Company’s common stock at an exercise price equal to $6.37
per share. The warrants became exercisable on May 13, 2016 for cash or by net exercise and will expire seven years after their
issuance on May 13, 2023. The fair value of these warrants was $0.1 million, which was recognized as a debt discount to the carrying
value of the loan.  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The fair values of the warrants issued
during the years ended December 31, 2017 and 2016 were determined using the Black-Scholes option-pricing model with the following
assumptions:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year Ended</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year Ended</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31, 2017</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31, 2016</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Expected term</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">7 years</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">7 years</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Volatility</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">57</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">54</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 59%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Dividend yield</font></td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 16%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 16%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Risk-free interest rate</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.18</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> %</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.51</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> %</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At December 31, 2017, the Company had
outstanding warrants to purchase an aggregate of 528,160 shares of common stock, with a weighted average exercise price of $4.76
per share and with expiration dates ranging between June 2022 and October 2024.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Stock Options</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">From time to time the Company grants stock
options or other equity-based awards under the Company’s 2007 Employee Stock Option Plan (the “2007 Plan”) and
the Amended and Restated 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”).  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The 2014 Plan, as amended, was approved
by the Board of Directors of ADMA (the “Board”) on March 15, 2017 and ratified by the Company’s stockholders
on May 25, 2017. Currently, the maximum number of shares reserved for grant under the 2014 Plan is: (a) 2,334,940 shares, less
any shares available as of such date for issuance under the 2007 Plan; plus (b) an annual increase as of the first day of the Company’s
fiscal year, beginning in 2018 and occurring each year thereafter through 2022, equal to 4% of the outstanding shares of common
stock as of the end of the Company’s immediately preceding fiscal year, or any lesser number of shares determined by the
Board; provided, however, that no more than an aggregate of 10 million shares of common stock may be issued pursuant to incentive
stock options intended to qualify under Section 422 of the Internal Revenue Code. As of December 31, 2017, an aggregate of 654,645
shares were available for issuance under the 2007 Plan and the 2014 Plan. In accordance with the foregoing, on January 1, 2018,
the aggregate number of shares available for issuance increased to 2,467,311.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the years ended December 31, 2017
and 2016, the Company recorded stock-based compensation expense to employees of $1.6 million and $1.3 million, respectively. The
fair value of employee options granted was determined on the date of grant using the Black-Scholes model. The Black-Scholes option
valuation model was developed for use in estimating the fair value of publicly traded options, which have no vesting restrictions
and are fully transferable. The Company’s employee stock options have characteristics significantly different from those
of traded options, and changes in the underlying Black-Scholes assumptions can materially affect the fair value estimate. To determine
the risk-free interest rate, the Company utilized the U.S. Treasury yield curve in effect at the time of the grant with a term
consistent with the expected term of the Company’s awards. The expected term of the options granted is in accordance with
Staff Accounting Bulletins 107 and 110, which is based on the average between vesting terms and contractual terms. The expected
dividend yield reflects the Company’s current and expected future policy for dividends on the Company’s common stock.
The expected stock price volatility for the Company’s stock options was calculated by examining the pro rata historical volatilities
for similar publicly traded industry peers and the trading history for the Company’s common stock. The Company will continue
to analyze the expected stock price volatility and expected term assumptions.  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The 2007 Plan and 2014 Plan provide for
the Board or a Committee of the Board (the “Committee”) to grant awards to optionees and to determine the exercise
price, vesting term, expiration date and all other terms and conditions of the awards, including acceleration of the vesting of
an award at any time. All options granted under the 2007 and 2014 Plans are intended to be incentive stock options (“ISOs”),
unless specified by the Committee to be non-qualified options (“NQOs”) as defined by the Internal Revenue Code. ISOs
and NQOs may be granted to employees, consultants or Board members at an option price not less than the fair market value of the
common stock subject to the stock option agreement. The following table summarizes information about stock options outstanding
as of December 31, 2017 and 2016: </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%">Balance at December 31, 2015</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,464,203</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8.02</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Forfeited</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,334</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.02</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Expired</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,666</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7.88</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Granted</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">100,984</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6.20</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Balance at December 31, 2016</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,535,187</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7.90</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Forfeited</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(94,024</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7.72</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Expired</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(47,476</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.02</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Granted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,976,295</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.73</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt">Exercised</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(93,939</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2.68</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">Balance at December 31, 2017</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,276,043</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5.52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Options exercisable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,338,568</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7.68</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The weighted average remaining contractual
term of stock options outstanding and expected to vest at December 31, 2017 is 7.9 years. The weighted average remaining contractual
term of stock options exercisable at December 31, 2017 is 5.8 years. The following table summarizes additional information regarding
outstanding and exercisable options under the stock option plans at December 31, 2017:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Stock Options Outstanding</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="13" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Stock Options Exercisable</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Range of Exercise Prices</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Options Outstanding</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Weighted Average Remaining Contractual Life (Years)</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Options Outstanding</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Weighted Average Remaining Contractual Life (Years)</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: left; vertical-align: bottom">$1.34 - $2.06</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">35,418</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">8.9</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">1.97</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">44,092</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">4,668</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">2.4</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">1.34</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">8,729</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$2.53 - $5.00</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,927,331</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9.4</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.75</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,385</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">133,869</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9.0</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.87</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,067</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$5.96 - $8.98</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,026,794</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7.64</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">993,581</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.1</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7.65</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$9.37 - $10.80</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">286,500</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left"> </td><td style="text-align: right">7.3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">10.33</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left"> </td><td style="text-align: right">206,450</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left"> </td><td style="text-align: right">7.3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">10.44</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,276,043</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: right">7.9</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">5.52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">65,477</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,338,568</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.8</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">7.68</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,796</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Stock-based compensation expense for the
years ended December 31, 2017 and 2016 was as follows: </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Research and development</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">380,925</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">439,982</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Plasma centers</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47,330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">52,973</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Selling, general and administrative</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,081,236</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">757,119</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Cost of goods sold</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">52,168</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12px">Total stock-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,561,659</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,250,074</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of December 31, 2017, the total unrecognized
compensation expense related to unvested options was $4.0 million, which is expected to be recognized over a weighted-average period
of 2.8 years. The Company’s outstanding and exercisable options had an intrinsic value of approximately $12,000 as of
December 31, 2017.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company 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 $0.2 million for the years December 31, 2017 and 2016. 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 years ended December 31, 2017 and 2016. </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the years ended December 31, 2017
and 2016, the Company maintained deposits and other accounts at Lakeland Bankcorp, Inc., formerly Pascack Bankcorp, a bank of which
Dr. Grossman served as a director through January 2016, and which was approximately 5%-owned by members of the Grossman family.
Pascack Bankcorp was acquired by Lakeland Bancorp, Inc. in January 2016 and Dr. Grossman is currently a member of the Corporate
Advisory Council of Lakeland Bancorp Inc.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of December 31, 2017, the Company has
a $15.0 million subordinated note payable to BPC (see Note 7), and the Company recognized interest expense on this note for the
year ended December 31, 2017 in the amount of $0.5 million.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the years ended December 31, 2017
and 2016, the Company recognized revenues under its out-licensing agreement with Biotest of $0.1 million. Deferred revenue of $2.7
million and $2.8 million as of December 31, 2017 and 2016, respectively, is related to this agreement.</p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Biotest is the Company’s largest
customer for the sale of normal source plasma. Plasma sales to Biotest for the years ended December 31, 2017 and 2016 were $10.7
million and $8.7 million, respectively. Accounts receivable includes $1.2 million and $1.0 million due from Biotest as of December
31, 2017 and 2016, respectively. Additionally, Biotest is a supplier of plasma to ADMA, with the Company purchasing approximately
$2.8 million and $1.6 million of plasma in the years ended December 31, 2017 and 2016, respectively. Included in accounts payable
is approximately $0.1 million due to Biotest as of December 31, 2017 and 2016. The following table summarizes the related party
balances with Biotest: </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</td>
</tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td>
</tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Sale and purchase of plasma</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 66%; text-align: left; padding-left: 9px">Product revenue</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,664,456</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,745,844</td><td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px">Purchases</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,776,959</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,606,573</td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">License revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">142,834</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">142,834</td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Interest expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td>
</tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> December 31,</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Accounts receivable</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,245,677</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">969,675</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Accounts payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">139,939</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">82,427</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accrued expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">314,820</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Note payable, net of discount</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,842,396</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accrued interest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Deferred revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,690,033</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,832,867</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the acquisition of
the Biotest Assets, 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 December 31, 2017, $0.3 million was payable by the Company
to BPC for expenses incurred on behalf of the Company and services related to these agreements. This amount is reflected in accrued
expenses in the accompanying consolidated balance sheet. The services component of amounts billed to the Company by BPC for
the year ended December 31, 2017 was not material to the Company’s consolidated financial statements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the terms of the Biotest Transaction,
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 December 31, 2017.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Lease commitments</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has entered into various non-cancelable
operating lease agreements for its three ADMA BioCenters facilities in Georgia, as well as for certain operating equipment and
warehouse space. Total rent expense for the Company’s leased facilities and equipment was $0.6 million and $0.5 million,
respectively. Future minimum lease payments for both leases, for each of the next five years ending December 31, and thereafter
are as follows:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 43%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 10%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 43%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">701,494</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">680,509</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">679,166</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">670,814</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">680,317</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Thereafter</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,260,718</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4,673,018</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; color: red"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Vendor and Licensor Commitments</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In a license agreement effective December
31, 2012, the Company granted Biotest an exclusive license to market and sell RI-002 in Europe and in selected countries in North
Africa and the Middle East, (the “Territory”), to have access to the Company’s testing services for testing of
BPC’s plasma samples using the Company’s proprietary RSV assay, and to reference (but not access) the Company’s
proprietary information for the purpose of Biotest seeking regulatory approval for RI-002 in the Territory.  As consideration
for the license, Biotest agreed to provide the Company with certain services at no charge and also compensate the Company with
cash payments upon the completion of certain milestones.  Such services have been accounted for as deferred revenue which
was recognized in 2013 as a result of certain research and development services as provided for in accordance with the license
agreement. Deferred revenue is recognized over the term of the license and is amortized into income for a period of approximately
22 years, the term of the license agreement. Biotest is also obligated to pay the Company an adjustable royalty based on a percentage
of revenues from the sale of RI-002 in the Territory for 20 years from the date of first commercial sale.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the terms of a Plasma Purchase
Agreement with BPC, the Company has agreed to purchase from BPC an annual minimum volume of source plasma containing antibodies
to RSV to be used in the manufacture of RI-002.  The agreement does not provide for any penalties in the event the Company
does not purchase the agreed- upon annual minimum volume from BPC. In addition, the Company may also collect high-titer RSV plasma
from up to five wholly-owned ADMA BioCenters.  During 2015, BPC and ADMA amended their Plasma Purchase Agreement to allow
ADMA the ability to collect its raw material RSV high-titer plasma from other third party collection organizations, thus allowing
ADMA to expand its reach for raw material supply as the Company approaches commercialization for RI-002. In connection with the
Biotest Transaction, BPC and ADMA amended the Plasma Purchase Agreement to extend the term for ten years from the June 6, 2017
closing date of the Biotest Transaction. Either party may terminate the agreement if the other party fails to remedy any material
default in the performance of any material condition or obligation under the agreement following notice.  The Company
may also terminate the agreement upon written notice if the clinical development of RI-002 is halted or terminated, whether by
the FDA, a Data Safety Monitoring Board, or any other regulatory authority.  Upon termination of the agreement, the Company
must pay for any source plasma already delivered to the Company and for any source plasma collected under the terms of the agreement.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Employment contracts </u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has entered into employment
agreements with its executive management team consisting of its President and Chief Executive Officer, Chief Medical and Scientific
Officer and Chief Financial Officer.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><u>Contract Manufacturing Agreement</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the acquisition of
the Biotest Assets, 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. As more fully described in Note 6, the contract
was amended on December 22, 2017 with reduced production requirements. The contract 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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><u>General legal matters </u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">From time to time the Company is or may
become subject to certain legal proceedings and claims arising in connection with the normal course of its business. Management
does not expect that the outcome of any such claims or actions will have a material effect on the Company’s liquidity, results
of operations or financial condition. </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Other commitments</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the normal course of business, the
Company enters into contracts that contain a variety of indemnifications with its employees, licensors, suppliers and service providers.
Further, the Company indemnifies its directors and officers who are, or were, serving at the Company’s request in such capacities.
The Company’s maximum exposure under these arrangements is unknown as of December 31, 2017. The Company does not anticipate
recognizing any significant losses relating to these arrangements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">A reconciliation of income taxes at the
U.S. Federal statutory rate to the benefit for income taxes is as follows: </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Benefit at U.S. federal statutory rate</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(14,758,443</td><td style="width: 1%; text-align: left">)</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(6,635,151</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">State taxes - deferred</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,581,844</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(266,312</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Increase in valuation allowance</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(751,505</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,755,413</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Research and development credits</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(272,262</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(322,499</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Federal tax reform rate change</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,263,248</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">100,806</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,468,549</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Benefit for income taxes</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">A summary of the Company’s deferred
tax assets is as follows: </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Federal and state net operating loss carryforwards</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">29,137,918</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">30,843,479</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Federal and state research credits</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,526,201</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,099,249</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Transaction costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,269,443</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">652,695</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Deferred revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">679,068</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">972,345</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Accrued expenses and other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">951,219</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">747,586</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Total gross deferred tax assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,563,849</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">37,315,354</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Less: valuation allowance for deferred tax assets</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36,563,849</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(37,315,354</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of December 31, 2017, the Company had
federal and state Net Operating Losses (“NOLs”) of $125.3 million and $201.5 million, respectively, as well as federal
research and development tax credit carryforwards of approximately $4.5 million. The NOLs will begin to expire at various dates
beginning in 2027, if not limited by triggering events prior to such time. Under the provisions of the Internal Revenue Code, changes
in our ownership, in certain circumstances, will limit the amount of federal NOLs that can be utilized annually in the future to
offset taxable income. In particular, section 382 of the Internal Revenue Code imposes limitations on a company’s ability
to use NOLs upon certain changes in ownership. If the Company is limited in its ability to use its NOLs in future years in which
it has taxable income, then the Company will pay more taxes than if it were otherwise able to fully utilize its NOLs. The Company
may experience ownership changes in the future as a result of subsequent shifts in ownership of the Company’s capital stock
that the Company cannot predict or control that could result in further limitations being placed on the Company’s ability
to utilize its federal NOLs.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A valuation allowance, if needed, reduces
deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more
likely than not to be realized, the Company assesses all available positive and negative evidence. This evidence includes, but
is not limited to, prior earnings history, expected future earnings, carry-back and carry-forward periods and the feasibility of
ongoing tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset. The weight given
to the positive and negative evidence is commensurate with the extent the evidence may be objectively verified. As such, it is
generally difficult for positive evidence regarding projected future taxable income exclusive of reversing taxable temporary differences
to outweigh objective negative evidence of recent financial reporting losses. Based on these criteria and the relative weighting
of both the positive and negative evidence available, management continues to maintain a full valuation allowance against its net
deferred tax assets.</p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On December 22, 2017, the U.S. Government
enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “TCJA”). The TCJA makes
broad changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S federal corporate tax rate from 35% to
21%; (2) eliminating the corporate alternative minimum tax; (3) creating a new limitation on deductible interest expense; (4) creating
the base erosion and anti-abuse tax, a new minimum tax; (5) limitation on the deductibility of certain executive compensation;
(6) enhancing the option to claim accelerated depreciation deductions on qualified property, and (7) changing the rules related
to uses and limitations of NOLs in tax years beginning after December 31, 2017.</p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The TCJA reduces the corporate tax rate
to 21%, effective January 1, 2018. The accounting for this portion of the TCJA has caused a reduction to the net deferred tax assets
before valuation allowance of $17.3 million for the year ended December 31, 2017. However, as discussed above, the Company maintains
a full valuation allowance against its deferred tax assets. As a result, the $17.3 million reduction to the Company’s deferred
tax assets is offset by a corresponding $17.3 million reduction in the Company’s valuation allowance, resulting in no net
impact to the Company’s tax provision.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has not completed its determination
of the accounting implications of the TCJA on its tax accruals. However, the Company has estimated the effects of the TCJA as described
above as of December 31, 2017, which is primarily comprised of the re-measurement of federal net deferred tax assets resulting
from the permanent reduction in the U.S. statutory corporate tax rate to 21% from 35%. As the Company completes its analysis of
the TCJA, collects and prepares necessary data and interprets any additional guidance issued by the U.S. Treasury Department, the
IRS, and other standard-setting bodies, it may make adjustments to the provisional amounts recorded as of December 31, 2017. However,
those adjustments are not anticipated to have a material impact on the Company’s tax provision for the year ended December
31, 2017.</p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company recognizes a tax benefit from
any uncertain tax positions only if they are more likely than not to be sustained upon examination based on the technical merits
of the position. The amount of the accrual for which an exposure exists is measured as the largest amount of benefit determined
on a cumulative probability basis that the Company believes is more likely than not to be realized upon ultimate settlement of
the position. The Company does not have any unrecognized tax benefits as of December 31, 2017, and does not anticipate a significant
change in unrecognized tax benefits during the next 12 months. </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company sponsors a 401(k) savings
plan. Under the plan, employees may make contributions which are eligible for a Company discretionary percentage contribution as
defined in the plan and determined by the Board of Directors. The Company recognized $0.5 million and $0.2 million of related compensation
expense for the years ended December 31, 2017 and 2016, respectively. Compensation expense for the year ended December 31, 2017
includes expense attributable to ADMA BioManufacturing effective as of June 6, 2017.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Supplemental cash flow information for
the years ended December 31, 2017 and 2016 is as follows: </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">SUPPLEMENTAL CASH FLOW INFORMATION:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 56%; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Cash paid for interest</td><td style="width: 8%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">2,293,590</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">1,530,235</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Noncash Financing and Investing Activities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Assets acquired through the issuance of common stock and liabilities assumed</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">60,161,629</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired reflected in accounts payable and accrued liabilities</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">544,125</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">End of term liability for senior notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,760,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">358,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Warrants issued in connection with notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">614,513</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">86,300</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> On February 9, 2018, the Board
approved grants of options to purchase an aggregate of 650,000 shares of the Company’s common stock to the
Company’s executive officers. The options were granted under the 2014 Plan (see Note 8), and the estimated fair value
of the options granted was approximately $1.4 million.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Financial instruments that potentially
subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. At December
31, 2017, two customers accounted for 79% of the Company’s total accounts receivable. At December 31, 2016, a single customer
accounted for 95% of the Company’s total accounts receivable.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the year ended December 31, 2017,
BPC represented 47% of the Company’s consolidated revenues, and another customer represented 31% of the Company’s consolidated
revenues. For the year ended December 31, 2016, BPC and another customer represented approximately 82% and 14%, respectively, of
the Company’s consolidated revenues.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company is engaged in the manufacture,
marketing and development of specialty plasma-derived biologics. The Company’s 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 that opened in December 2017 for which a
BLA is 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:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31, 2017</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,980,987</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">11,636,739</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">142,834</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">22,760,560</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,862,140</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,302,181</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,164,321</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gross (loss) profit</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,881,153</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,334,558</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">142,834</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,403,761</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,801,455</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,169,192</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,339,349</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(39,309,996</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(537,235</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,885</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,904,859</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,448,979</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(20,338,690</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,176,077</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,244,208</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(43,758,975</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Capital expenditures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">747,402</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,913,663</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,263</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,676,328</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,204,772</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">436,687</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">50,842</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,692,301</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total Assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">54,004,696</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,933,673</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">50,080,464</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">108,018,833</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31, 2016</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,518,203</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">142,834</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,661,037</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,360,761</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,360,761</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gross profit</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,157,442</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">142,834</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,300,276</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,290,249</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(16,040,146</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,330,395</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,184,756</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,184,756</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,290,249</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(18,224,902</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,515,151</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Capital expenditures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">56,328</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,082</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">73,410</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">414,464</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">55,112</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">469,576</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total Assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,421,535</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,263,550</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,685,085</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
0
4000000
0
1496410
0
3529509
0
4849350
0
1500000
145154
142834
16559
57998
0
12621844
0
14842396
1790000
2760000
117813
105996
0
0
0.0001
0.0001
10000000
10000000
0
0
0
0
0.0001
0.0001
0.0001
0.0001
75000000
75000000
8591160
8591160
12886741
36725499
8591160
0
12886741
36725499
8591160
0
7000000
0
142834
142834
1234674
0
845389
0
-10144
4496
-1210216
0
47165468
430
47164179
859
4295580
8591160
7504
2
7502
19923
-10144
0
482894
0
-11816
-30560
5390184
16657993
12500000
0
-1021217
0
20000000
0
39199850
12900541
7504
0
15000000
0
30000000
4000000
1650170
47104
16559
15139
60750625
16838298
1790000
0
9914867
48607574
10440959
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The accompanying consolidated financial
statements include the accounts of ADMA and its wholly-owned subsidiaries, and have been prepared in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with Article 8 of Regulation
S-X of the Securities and Exchange Commission (the “SEC”). All intercompany balances have been eliminated in consolidation.
Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification
(“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (the “FASB”).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the years ended December 31, 2017
and 2016, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying consolidated
statements of operations. In addition, certain prior year balances have been reclassified to conform to the current presentation.
Specifically, the current and non-current portions of the Company’s tenant allowance liability and leasehold improvement
loan have been reclassified to other current liabilities and other non-current liabilities, respectively, in the accompanying consolidated
balance sheet as of December 31, 2016.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The preparation of financial statements
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates. Significant estimates include the fair value of
assets acquired and liabilities assumed in a business combination, valuation of inventory, assumptions used in the fair value determination
of stock-based compensation, warrants, and the allowance for the valuation of future tax benefits.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Company considers all highly-liquid
instruments purchased with a maturity of three months or less to be cash equivalents. From time to time, the Company purchases
certificates of deposit with maturity schedules of three, six, nine and twelve months. Instruments with original maturities greater
than three months but less than twelve months are included in short-term investments.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company regularly maintains cash and
short-term investments at third-party financial institutions in excess of the Federal Deposit Insurance Corporation, or FDIC, insurance
limit. While the Company monitors the daily cash balances in the operating accounts and adjusts the balances as appropriate, these
balances could be impacted, and there could be a material adverse effect on the Company’s business, if one or more of the
financial institutions with which the Company has deposits fails or is subject to other adverse conditions in the financial or
credit markets. To date, the Company has not experienced a loss or lack of access to its invested cash or cash equivalents; however,
the Company cannot provide assurance that access to its invested cash and cash equivalents will not be impacted by adverse conditions
in the financial and credit markets in the future.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Restricted cash consists of cash held
in a reserve account as required by the terms of the Company’s senior lending agreement (see Note 7).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Accounts receivable are reported at realizable
value, net of allowances for contractual credits and doubtful accounts, which are recognized in the period the related revenue
is recorded. </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Inventories, including plasma intended
for resale and plasma intended for internal use in the Company's research and development and future anticipated
commercialization activities, are carried at the lower of cost or market 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. Although
the Company expects that Bivigam inventory will ultimately be available for commercial sale, due to uncertainties surrounding 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 year ended
December 31, 2017 have been charged to cost of product revenue in the accompanying consolidated statement of operations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Assets comprising property and equipment
(see Note 5) are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the
asset’s estimated useful life. Land is not depreciated. The buildings have been assigned a useful life of 30 years. Property
and equipment other than land and buildings have useful lives ranging from 3 to 10 years. Leasehold improvements are amortized
over the lesser of the lease term or their estimated useful lives.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Goodwill represents the excess of purchase
price over the fair value of net assets acquired by the Company. Goodwill at December 31, 2017 and December 31, 2016 was $3.5 million
and $0, respectively. All of the Company’s goodwill is attributable to its ADMA BioManufacturing business segment. The following
table presents the changes in the carrying amount of goodwill during the year ended December 31, 2017:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Balance as of January 1, 2017</font></td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 71%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill recorded in connection with the acquisition of the Biotest Assets</font></td>
<td style="width: 10%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"> </td>
<td style="width: 17%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,529,509</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Balance as of December 31, 2017</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,529,509</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Goodwill is not amortized, but is assessed
for impairment on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative
assessment of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its
carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform
a goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded
to the extent the reporting unit’s carrying value exceeds its fair value. The impairment loss recognized would not exceed
the total amount of goodwill allocated to that reporting unit. The Company’s impairment analysis as of October 1, 2017 did
not result in any impairment charges related to goodwill for the year ending December 31, 2017.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company 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 year ended December 31, 2017, the Company recorded an impairment charge in the amount of $0.8 million
related to assets acquired in the Biotest Transaction. For the year ended December 31, 2016, the Company determined that there
was no impairment of its long-lived assets.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Revenues for the year ended December 31,
2017 are comprised of (i) revenues from Nabi-HB, (ii) product revenues from the sale of human plasma collected from the Company’s
plasma collection centers segment, (iii) revenues related to a contract manufacturing agreement (see Note 6); and (iv) license
and other revenues 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 22 years, the term of the Biotest license agreement.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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. These estimates are based on historical experience, and the Company believes that such estimates are
reasonable. 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/106% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Product revenues from the sale of human
plasma collected at the Company’s plasma collection centers are recognized at the time of transfer of title and risk of loss
to the customer, which generally occurs at the time of shipment. Product revenues are recognized at the time of delivery if
the Company retains the risk of loss during shipment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cost of product revenue includes expenses
related to process development as well as scientific and technical operations when these operations are attributable to marketed
products. When the activities of these operations are attributable to new products in development, the expenses are classified
as research and development expenses. Expenses associated with remediating the issues identified in the Warning Letter for the
year ended December 31, 2017 of approximately $3.8 million are expensed as incurred and are reflected in cost of product revenue
in the accompanying consolidated statements of operations. In addition, for the year ended December 31, 2017, all operating expenses
associated with the Boca Facility, other than the limited Nabi-HB production that was capitalized into inventory, have been expensed
as incurred since the date of the Biotest Transaction.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Research and development expenses consist
of clinical research organization costs, costs related to clinical trials, consulting expenses related to regulatory and medical
affairs, quality assurance and control, assay development, ongoing testing costs, drug product manufacturing for RI-002, including
the cost of plasma, plasma storage and transportation costs, as well as wages, benefits and stock-based compensation for employees
directly related to the research and development activities All research and development costs are expensed as incurred. </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Advertising and marketing expense includes
cost for promotional materials and trade show expenses for the marketing of the Company’s products and services.  Advertising
and marketing expenses were $0.6 million and $0.2 million for the years ended December 31, 2017 and 2016, respectively.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company follows recognized accounting
guidance which requires all stock-based payments, including grants of stock options, to be recognized in the statement of operations
as compensation expense, based on their fair values on the grant date. Compensation expense related to awards to employees and
directors with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over
the associated vesting period of the award, which is generally four years.</p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The grant date fair values of stock options
awarded during the years ended December 31, 2017 and 2016 were determined using the Black-Scholes option-pricing model with the
following assumptions:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year Ended</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year Ended</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31, 2017</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Expected term</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5.8-6.3 years</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5.8-6.3 years</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Volatility</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">56-64</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">51-52</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 60%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Dividend yield</font></td>
<td style="width: 4%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 4%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Risk-free interest rate</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.77-2.29%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.54-1.79%</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company recognizes deferred tax assets
and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements
or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between
the tax basis of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the
years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred income
tax assets if it is more likely than not that these deferred income tax assets will not be realized.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In accordance with U.S. GAAP, the Company
is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the
applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits
of the position.  The tax benefit to be recognized is measured as the largest amount of benefit that is greater than
fifty percent likely of being realized upon ultimate settlement.  Derecognition of a tax benefit previously recognized
could result in the Company recording a tax liability that would reduce net assets.  Based on its analysis, the Company
has determined that it has not incurred any liability for unrecognized tax benefits as of December 31, 2017 and 2016.  The
Company is subject to income tax examinations by major taxing authorities for all tax years since 2013 and for previous periods
as it relates to the Company’s net operating loss carryforward.  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Basic net loss per share is computed by
dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during
the period. For purposes of computing basic and diluted loss per share, the non-voting class of common stock (see Notes 3 and 8)
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/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Diluted net loss per share is calculated
by dividing net loss attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted
average number of shares of common stock, including the non-voting class of common stock, and dilutive common stock outstanding
during the period. Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding
stock options and warrants (using the treasury stock method). Potentially dilutive common stock in the diluted net loss per share
computation is excluded to the extent that it would be anti-dilutive. No potentially dilutive securities are included in the computation
of any diluted per share amounts as the Company reported a net loss for all periods presented. For the years ended December 31,
2017 and 2016, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive
effects:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>For the year ended December 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 58%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Stock options</font></td>
<td style="width: 8%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 11%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,276,043</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 8%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 11%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,535,187</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Warrants</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">528,160</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">300,446</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,804,203</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,835,633</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The 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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The carrying amounts of certain of the
Company’s financial instruments, including cash and cash equivalents, short-term investments, accounts payable, and notes
payable are shown at cost, which approximates fair value due to the short-term nature of these instruments. The debt outstanding
under the Company’s senior notes payable (see Note 7) approximates fair value due to the variable interest rate on this debt.
With respect to the related party note payable in the amount of $15.0 million as of December 31, 2017 (see Notes 3 and 7), 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/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In 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. The Company does not
expect this new guidance to have a material impact on its consolidated financial statements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In January 2017, the FASB issued ASU No.
2017-01, <i>Business Combinations – Clarifying the Definition of a Business</i>, which clarifies the definition of a business
to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses.
The standard introduces a screen for determining when assets acquired are not a business and clarifies that a business must include,
at a minimum, an input and a substantive process that contribute to an output to be considered a business. This standard is effective
for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted
this standard in the second quarter of 2017, and the adoption of this standard did not have a material impact on its consolidated
financial statements as of and for the year ended December 31, 2017.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In January 2017, the FASB issued ASU 2017-04,
<i>Intangibles – Goodwill and Other (Topic 350)</i>, which removes the requirement to compare the implied fair value of goodwill
with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under the ASU, an entity should perform
its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should
recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however,
the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The ASU is effective prospectively
for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests
performed on testing dates after January 1, 2017. The Company adopted ASU 2017-04 in the fourth quarter of 2017, and adoption of
this update did not have a material impact on its consolidated financial statements as of and for the year ended December 31, 2017.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In November 2016, the FASB issued ASU
No. 2016-18, <i>Restricted Cash</i>, which clarifies guidance and presentation related to restricted cash in the statement
of cash flows, including stating that restricted cash should be included within cash and cash equivalents in the statement of cash
flows. The standard is effective for fiscal years beginning after December 15, 2017, with early adoption permitted, and is to be
applied retrospectively. The Company adopted this standard in the fourth quarter of 2017, and adoption of this update did not have
a material impact on the Company’s consolidated financial statements as of and for the years ended December 31, 2017 and
2016.</p>
<p style="font: 8pt/106% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In March 2016, the FASB issued ASU No.
2016-09, <i>Improvements to Employee Share-Based Payment Accounting (Topic 718)</i>, which provides for simplification of certain
aspects of employee share-based payment accounting including income taxes, classification of awards as either equity or liabilities,
accounting for forfeitures (see Note 8) and classification on the statement of cash flows. The Company adopted this standard in
the first quarter of 2017, and the adoption of this standard did not have a material impact on its consolidated financial statements
as of and for the year ended December 31, 2017.</p>
<p style="font: 8pt/106% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 consolidated financial statements and related disclosures.</p>
<p style="font: 8pt/106% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In November 2015, the FASB issued ASU
No. 2015-17, <i>Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes</i>, which includes amendments that require
deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. The amendments
in this ASU are effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods
within annual periods beginning after December 15, 2018. Earlier application is permitted as of the beginning of an interim
or annual reporting period. The amendments may be applied either prospectively to all deferred tax liabilities and assets
or retrospectively to all periods presented. The Company adopted this standard in the second quarter of 2017. As the Company
carried a full valuation allowance against its deferred tax assets as of December 31, 2017 and 2016, adoption of this standard
did not have a material impact on its consolidated financial statements.</p>
<p style="font: 8pt/106% Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In September 2015, the FASB issued ASU
No. 2015-16, <i>Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments</i>, which includes
amendments that require an acquirer to recognize adjustments to provisional amounts that are identified during the measurement
period in the reporting period in which the adjustment amounts are determined. The amendments in this ASU require that the
acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization,
or other income effects, if any, as a result of the changes to the provisional amounts, calculated as if the accounting had
been completed at the acquisition date. The amendments in this ASU require an entity to present separately on the face of the income
statement or disclose in the notes the portion of the amount recorded in current period earnings by line item that would have been
recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The
amendments in this ASU are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years
beginning after December 15, 2017. The amendments should be applied prospectively to adjustments to provisional amounts that
occur after the effective date of the ASU with earlier application permitted for financial statements that have not yet been made
available for issuance. The Company adopted this standard in the first quarter of 2017, and the adoption of this standard did not
have a material impact on its consolidated financial statements as of and for the year ended December 31, 2017.</p>
<p style="font: 8pt/106% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2015, the FASB issued ASU 2015-11,
<i>Inventory (Topic 330): Simplifying the Measurement of Inventory</i>. The standard requires entities to measure most inventory
“at the lower of cost and net realizable value,” thereby simplifying the current guidance under which an entity must
measure inventory at the lower of cost or market (market in this context is defined as one of three different measures, one of
which is net realizable value). The Company adopted this standard in the first quarter of 2017, and the adoption of this standard
did not have a material impact on the Company’s consolidated financial statements as and for the year ended December 31,
2017.</p>
<p style="font: 8pt/106% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In May 2014, the FASB issued new guidance
related to revenue recognition, <i>ASU 2014-09, Revenue from Contracts with Customers (“ASC 606”)</i>, 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 becomes effective
in calendar year 2018 and early adoption in calendar year 2017 is permitted. 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/106% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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. Early adoption is permitted.</p>
<p style="font: 8pt/106% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">ADMA will adopt ASC 606 and the foregoing
related updates effective January 1, 2018, using the modified retrospective method of adoption. Based on the Company’s review
of the terms and conditions of its existing customer contracts and applying the five discrete criteria required for recognizing
revenue as set forth in ASU 2014-09, the Company does not expect the new revenue recognition guidance to have a material impact
on its consolidated financial statements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td>Balance as of January 1, 2017</td><td> </td>
<td style="text-align: right">$</td>
<td style="text-align: right">-</td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 70%; text-align: left; padding-bottom: 1pt">Goodwill recorded in connection with the acquisition of the Biotest Assets</td><td style="width: 10%; padding-bottom: 1pt"> </td>
<td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 18%; border-bottom: Black 1pt solid; text-align: right">3,529,509</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">Balance as of December 31, 2017</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,529,509</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 11pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year ended December 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 11pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Stock options</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3,276,043</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,535,187</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Warrants</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">528,160</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">300,446</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,804,203</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,835,633</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 70%; text-align: left">Issuance of 12,886,740 shares of common stock (voting and non-voting) valued at $3.66 per share</td><td style="width: 10%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">47,165,468</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Transfer of two plasma collection centers</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,621,844</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Total purchase price</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,787,312</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 70%">Cash</td><td style="width: 10%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">12,500,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Inventory</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,197,354</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Land and buildings</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20,000,000</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Property and equipment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,209,800</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Assets held for sale</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">845,389</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Other current assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">795,553</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Trademark and other intangible rights to Nabi-HB</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,100,046</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Right to intermediates</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">907,421</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Customer contract</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,076,557</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Goodwill</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,529,509</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Liabilities assumed</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(374,317</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">Total purchase price</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,787,312</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended</td>
</tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td>
</tr>
<tr style="vertical-align: bottom">
<td>Revenues:</td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 66%">       As reported</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">22,760,560</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,661,037</td><td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>       Proforma</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">41,024,330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">86,706,074</td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>       As reported</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(43,758,975</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(19,515,151</td><td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>       Proforma</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(52,928,428</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(82,982,280</td><td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Basic and diluted net loss per share:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>       As reported</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1.91</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1.61</td><td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>       Proforma</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1.17</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(3.31</td><td style="text-align: left">)</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2016</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Raw materials</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,395,433</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,020,146</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Work-in-progress</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,265,339</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Finished goods</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">967,409</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total inventories</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,628,181</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,020,146</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left; padding-left: 12px">Manufacturing and laboratory equipment</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,148,405</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">306,411</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Office equipment and computer software</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,086,756</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">188,277</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Furniture and fixtures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,136,623</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,030,257</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Construction in process</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">738,093</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Leasehold improvements</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,642,903</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,699,104</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Land</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,339,441</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Buildings</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,660,559</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,752,780</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,224,049</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Less: Accumulated depreciation and amortization</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,285,922</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,223,265</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,466,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,000,784</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December 31, 2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: left">Trademark and other intangible rights related to Nabi-HB®</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">4,100,046</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">341,670</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">3,758,376</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Right to intermediates</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">907,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">75,618</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">831,803</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Customer contract</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,076,557</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">817,386</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">259,171</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">                      Total</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,084,024</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,234,674</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,849,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; width: 1%"> </td><td style="text-align: left; width: 43%">2018</td><td style="text-align: left; width: 1%"> </td><td style="width: 10%"> </td>
<td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 43%">844,938</td><td style="text-align: left; width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left">2019</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">844,938</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left">2021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left">2022 </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> 715,532</td><td style="text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Notes payable:</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">30,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">20,000,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Debt discount</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,631,542</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,567,249</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Current portion</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,111,111</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Senior notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,368,458</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,321,640</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 75%; text-align: left">Facility fee</td><td style="width: 9%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,760,000</td><td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Deferred financing fees</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> 1,475,330</td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 0pt; padding-bottom: 1pt">Tranche One Warrants</td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">614,513</td><td style="text-align: left; padding-bottom: 1pt"></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total debt discount at Marathon Closing Date</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,849,843</td><td style="padding-bottom: 2.5pt; text-align: left"> </td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center">Year Ended</td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center">Year Ended</td>
</tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">Expected term</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.8-6.3 years</font></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.8-6.3 years</font></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif">Volatility</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">56-64</font></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">51-52</font></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; font: 8pt Times New Roman, Times, Serif; text-align: left">Dividend yield</td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 8pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 8pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">Risk-free interest rate</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.77-2.29%</font></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.54-1.79%</font></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td>
</tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year Ended</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year Ended</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31, 2017</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31, 2016</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Expected term</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">7 years</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">7 years</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Volatility</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">57</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">54</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 59%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Dividend yield</font></td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 16%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 16%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Risk-free interest rate</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.18</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> %</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.51</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> %</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%">Balance at December 31, 2015</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,464,203</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8.02</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Forfeited</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,334</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.02</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Expired</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,666</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7.88</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Granted</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">100,984</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6.20</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Balance at December 31, 2016</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,535,187</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7.90</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Forfeited</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(94,024</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7.72</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Expired</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(47,476</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.02</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Granted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,976,295</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.73</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt">Exercised</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(93,939</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2.68</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">Balance at December 31, 2017</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,276,043</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5.52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Options exercisable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,338,568</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7.68</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Research and development</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">380,925</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">439,982</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Plasma centers</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47,330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">52,973</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Selling, general and administrative</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,081,236</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">757,119</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Cost of goods sold</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">52,168</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12px">Total stock-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,561,659</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,250,074</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Stock Options Outstanding</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="13" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Stock Options Exercisable</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Range of Exercise Prices</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Options Outstanding</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Weighted Average Remaining Contractual Life (Years)</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Options Outstanding</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Weighted Average Remaining Contractual Life (Years)</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: left; vertical-align: bottom">$1.34 - $2.06</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">35,418</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">8.9</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">1.97</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">44,092</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">4,668</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">2.4</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">1.34</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">8,729</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$2.53 - $5.00</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,927,331</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9.4</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.75</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,385</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">133,869</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9.0</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.87</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,067</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$5.96 - $8.98</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,026,794</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7.64</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">993,581</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.1</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7.65</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$9.37 - $10.80</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">286,500</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left"> </td><td style="text-align: right">7.3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">10.33</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left"> </td><td style="text-align: right">206,450</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left"> </td><td style="text-align: right">7.3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">10.44</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,276,043</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: right">7.9</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">5.52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">65,477</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,338,568</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.8</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td style="text-align: right">7.68</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,796</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Related party note payable to Biotest</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">15,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Debt discount</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(157,604</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Note payable - related party</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,842,396</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</td>
</tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td>
</tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Sale and purchase of plasma</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 66%; text-align: left; padding-left: 9px">Product revenue</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,664,456</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,745,844</td><td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px">Purchases</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,776,959</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,606,573</td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">License revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">142,834</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">142,834</td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Interest expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td>
</tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> December 31,</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Accounts receivable</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,245,677</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">969,675</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Accounts payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">139,939</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">82,427</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accrued expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">314,820</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Note payable, net of discount</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,842,396</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accrued interest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Deferred revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,690,033</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,832,867</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">  </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 43%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 10%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 43%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">701,494</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">680,509</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">679,166</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">670,814</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">680,317</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Thereafter</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,260,718</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4,673,018</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Benefit at U.S. federal statutory rate</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(14,758,443</td><td style="width: 1%; text-align: left">)</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(6,635,151</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">State taxes - deferred</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,581,844</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(266,312</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Increase in valuation allowance</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(751,505</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,755,413</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Research and development credits</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(272,262</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(322,499</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Federal tax reform rate change</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,263,248</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">100,806</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,468,549</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Benefit for income taxes</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Federal and state net operating loss carryforwards</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">29,137,918</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">30,843,479</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Federal and state research credits</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,526,201</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,099,249</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Transaction costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,269,443</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">652,695</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Deferred revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">679,068</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">972,345</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Accrued expenses and other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">951,219</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">747,586</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Total gross deferred tax assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,563,849</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">37,315,354</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Less: valuation allowance for deferred tax assets</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36,563,849</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(37,315,354</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31, 2017</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,980,987</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">11,636,739</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">142,834</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">22,760,560</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,862,140</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,302,181</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,164,321</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gross (loss) profit</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,881,153</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,334,558</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">142,834</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,403,761</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,801,455</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,169,192</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,339,349</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(39,309,996</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(537,235</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,885</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,904,859</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,448,979</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(20,338,690</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,176,077</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,244,208</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(43,758,975</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Capital expenditures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">747,402</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,913,663</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,263</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,676,328</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,204,772</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">436,687</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">50,842</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,692,301</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total Assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">54,004,696</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,933,673</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">50,080,464</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">108,018,833</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31, 2016</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,518,203</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">142,834</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,661,037</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,360,761</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,360,761</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gross profit</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,157,442</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">142,834</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,300,276</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,290,249</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(16,040,146</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,330,395</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,184,756</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,184,756</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,290,249</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(18,224,902</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,515,151</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Capital expenditures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">56,328</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,082</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">73,410</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">414,464</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">55,112</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">469,576</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total Assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,421,535</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,263,550</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,685,085</td><td style="text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">SUPPLEMENTAL CASH FLOW INFORMATION:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 56%; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Cash paid for interest</td><td style="width: 8%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">2,293,590</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">1,530,235</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Noncash Financing and Investing Activities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Assets acquired through the issuance of common stock and liabilities assumed</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">60,161,629</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired reflected in accounts payable and accrued liabilities</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">544,125</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">End of term liability for senior notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,760,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">358,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Warrants issued in connection with notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">614,513</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">86,300</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
3529509
3804203
1835633
3276043
528160
15351877
300446
600000
200000
47165468
12621844
59787312
12500000
8197354
20000000
8209800
845389
795553
4100046
907421
1076557
374317
1076557
41024330
86706074
-52928428
-82982280
-1.17
-3.31
3900000
1900000
5020146
10395433
0
1265339
0
967409
0
6084024
4100046
907421
1076557
0
0
0
0
1234674
341670
75618
817386
0
0
0
0
4849350
3758376
831803
259171
0
0
0
844938
844938
715352
715352
715352
1567249
4631542
2760000
1475330
614513
4849843
0
-157604
.5700
.5400
.0218
.0151
P7Y
P7Y
1535187
3276043
1464203
35418
1927331
1026794
286500
7.90
5.52
8.02
1.97
3.75
7.64
10.33
94024
21334
47476
8666
1976295
100984
93939
1338568
4668
133869
993581
206450
7.72
8.02
9.02
7.88
3.73
6.20
2.68
7.68
1.34
3.87
7.65
10.44
P7Y10M24D
P8Y10M24D
P9Y4M24D
P5Y2M12D
P7Y3M18D
P5Y9M18D
P2Y4M24D
P9Y
P5Y1M6D
P7Y3M18D
65477
44092
21385
0
0
11796
8729
3067
0
0
4000000
P2Y9M18D
10664456
8745844
2776959
1606573
520000
0
969675
1245677
82427
139939
0
314820
0
14842396
0
65000
2832867
2690033
701494
680509
679166
670814
680317
1260718
4673018
17263248
0
125300000
201500000
4500000
2676328
73410
1913663
56328
15263
17082
747402
0
108018833
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