ADMA BIOLOGICS INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023
BALANCE SHEETS
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (Unaudited) | ||
| (In thousands, except share data) | ||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $86,707 | $51,352 |
| Accounts receivable, net | 50,140 | 27,421 |
| Inventories | 171,801 | 172,906 |
| Prepaid expenses and other current assets | 9,545 | 5,334 |
| Total current assets | 318,193 | 257,013 |
| Property and equipment, net | 53,694 | 53,835 |
| Intangible assets, net | 485 | 499 |
| Goodwill | 3,530 | 3,530 |
| Right-to-use assets | 8,897 | 9,635 |
| Deposits and other assets | 5,819 | 4,670 |
| TOTAL ASSETS | $390,618 | $329,182 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $16,020 | $15,660 |
| Accrued expenses and other current liabilities | 27,535 | 32,919 |
| Current portion of deferred revenue | 143 | 182 |
| Current portion of lease obligations | 1,193 | 1,045 |
| Total current liabilities | 44,891 | 49,806 |
| Senior notes payable, net of discount | 101,326 | 130,594 |
| Deferred revenue, net of current portion | 1,583 | 1,690 |
| End of term fee | 1,688 | 1,688 |
| Lease obligations, net of current portion | 8,865 | 9,779 |
| Other non-current liabilities | 375 | 419 |
| TOTAL LIABILITIES | 158,728 | 193,976 |
| COMMITMENTS AND CONTINGENCIES | ||
| STOCKHOLDERS’ EQUITY | ||
| Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding | - | - |
| Common Stock - voting, $0.0001 par value, 300,000,000 shares authorized, 236,378,607 and 226,063,032 shares issued and outstanding at September 30, 2024 and December 31, 2023 | 24 | 23 |
| Additional paid-in capital | 652,345 | 641,439 |
| Accumulated deficit | (420,479) | (506,256) |
| TOTAL STOCKHOLDERS’ EQUITY | 231,890 | 135,206 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $390,618 | $329,182 |
Index
CONDENSED CONSOLIDATEDSTATEMENTS OFOPERATIONS
(Unaudited)
| Three Months ended September 30, | Nine Months ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (In thousands, except share and per share data) | ||||
| REVENUES | $119,839 | $67,275 | $308,905 | $184,311 |
| Cost of product revenue | 60,180 | 42,622 | 152,685 | 126,455 |
| Gross profit | 59,659 | 24,653 | 156,220 | 57,856 |
| OPERATING EXPENSES: | ||||
| Research and development | 412 | 596 | 1,422 | 2,854 |
| Plasma center operating expenses | 1,021 | 467 | 2,968 | 3,581 |
| Amortization of intangible assets | 28 | 179 | 363 | 537 |
| Selling, general and administrative | 18,560 | 14,726 | 50,807 | 43,485 |
| Total operating expenses | 20,021 | 15,968 | 55,560 | 50,457 |
| INCOME FROM OPERATIONS | 39,638 | 8,685 | 100,660 | 7,399 |
| OTHER INCOME (EXPENSE): | ||||
| Interest income | 666 | 423 | 1,499 | 1,005 |
| Interest expense | (3,499) | (6,398) | (11,051) | (18,812) |
| Other expense | (56) | (145) | (107) | (186) |
| Other expense, net | (2,889) | (6,120) | (9,659) | (17,993) |
| INCOME (LOSS) BEFORE INCOME TAXES | 36,749 | 2,565 | 91,001 | (10,594) |
| Provision for income taxes | 840 | - | 5,224 | - |
| NET INCOME (LOSS) | $35,909 | $2,565 | $85,777 | $(10,594) |
| BASIC EARNINGS (LOSS) PER COMMON SHARE | $0.15 | $0.01 | $0.37 | $(0.05) |
| DILUTED EARNINGS (LOSS) PER COMMON SHARE | $0.15 | $0.01 | $0.35 | $(0.05) |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||
| Basic | 234,571,376 | 225,276,980 | 231,959,579 | 223,306,331 |
| Diluted | 244,804,065 | 233,761,262 | 241,772,162 | 223,306,331 |
Index
CONDENSED CONSOLIDATEDSTATEMENTS OF CHANGES IN
STOCKHOLDERS’ EQUITY (Unaudited)
(In thousands, except share data)
For the Three and Nine Months Ended September 30, 2024
| Additional · Total | |||||
|---|---|---|---|---|---|
| Common Stock · Paid-in · Accumulated · Stockholders’ | |||||
| Shares | Amount | Capital | Deficit | Equity | |
| Balance at December 31, 2023 | 226,063,032 | $23 | $641,439 | $(506,256) | $135,206 |
| Stock-based compensation | - | - | 2,141 | - | 2,141 |
| Cashless exercise of warrants | 4,545,503 | - | - | - | - |
| Vesting of Restricted Stock Units, net of shares withheld for taxes | 774,889 | - | (2,476) | - | (2,476) |
| Exercise of stock options | 386,341 | - | 1,029 | - | 1,029 |
| Net income | - | - | - | 17,806 | 17,806 |
| Balance at March 31, 2024 | 231,769,765 | 23 | 642,133 | (488,450) | 153,706 |
| Stock-based compensation | - | - | 2,863 | - | 2,863 |
| Cashless exercise of warrants | 937,507 | - | - | - | - |
| Vesting of Restricted Stock Units, net of shares withheld for taxes | 171,408 | - | (693) | - | (693) |
| Exercise of stock options | 148,056 | - | 331 | - | 331 |
| Net income | - | - | - | 32,062 | 32,062 |
| Balance at June 30, 2024 | 233,026,736 | 23 | 644,634 | (456,388) | 188,269 |
| Stock-based compensation | - | - | 3,179 | - | 3,179 |
| Cashless exercise of warrants | 1,741,882 | 1 | (1) | - | - |
| Vesting of Restricted Stock Units, net of shares withheld for taxes | 250,107 | - | (1,158) | - | (1,158) |
| Exercise of stock options | 1,359,882 | - | 5,691 | - | 5,691 |
| Net income | - | - | - | 35,909 | 35,909 |
| Balance at September 30, 2024 | 236,378,607 | $24 | $652,345 | $(420,479) | $231,890 |
Index
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS’ EQUITY (Unaudited)
(In thousands, except share data)
For the Three and Nine Months Ended September 30, 2023
| Additional · Total | |||||
|---|---|---|---|---|---|
| Common Stock · Paid-in · Accumulated · Stockholders’ | |||||
| Shares | Amount | Capital | Deficit | Equity | |
| Balance at December 31, 2022 | 221,816,930 | $22 | $629,969 | $(478,017) | $151,974 |
| Stock-based compensation | - | - | 1,110 | - | 1,110 |
| Vesting of Restricted Stock Units, net of shares withheld for taxes | 443,215 | - | (640) | - | (640) |
| Exercise of stock options | 2,443 | - | - | - | - |
| Net loss | - | - | - | (6,789) | (6,789) |
| Balance at March 31, 2023 | 222,262,588 | 22 | 630,439 | (484,806) | 145,655 |
| Stock-based compensation | - | - | 1,637 | - | 1,637 |
| Vesting of Restricted Stock Units, net of shares withheld for taxes | 117,484 | - | (225) | - | (225) |
| Warrants issued in connection with note payable | - | - | 5,594 | - | 5,594 |
| Cashless exercise of warrants | 1,967,847 | - | - | - | - |
| Exercise of stock options | 178,829 | - | 472 | - | 472 |
| Net loss | - | - | - | (6,371) | (6,371) |
| Balance at June 30, 2023 | 224,526,748 | 22 | 637,917 | (491,177) | 146,762 |
| Stock-based compensation | - | - | 1,695 | - | 1,695 |
| Vesting of Restricted Stock Units, net of shares withheld for taxes | 171,295 | - | (209) | - | (209) |
| Exercise of stock options | 1,260,041 | 1 | 623 | 624 | |
| Net income | - | - | - | 2,565 | 2,565 |
| Balance at September 30, 2023 | 225,958,084 | $23 | $640,026 | $(488,612) | $151,437 |
Index
CONDENSED CONSOLIDATED STATEMENTS OF
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