CORRESP Filing
ADMA BIOLOGICS, INC.
Date: Sept. 26, 2025 · CIK: 0001368514 · Accession: 0001140361-25-036301
AI Filing Summary & Sentiment
Reasoning
File numbers found in text: 001-36728
Referenced dates: August 13, 2025, July 16, 2025, July 23, 2025, July 30, 2025, September 16, 2025
Letter
U.S. Securities and Exchange Commission Division of Corporation Finance 100 F. Street, N.E. Washington, D.C. 20549 Attention: Ms. Jenn Do and Mr. Kevin Vaughn ADMA Biologics, Inc. Form 10-K for the fiscal year ended December 31, 2024 Filed March 18, 2025 File No. 001-36728
Re:
Dear Ms. Do and Mr. Vaughn:
On behalf of ADMA Biologics, Inc. (the “ Company ”), we submit this supplemental letter in response to the comments received from the staff (the “ Staff ”)
of the United States Securities and Exchange Commission (the “ Commission ”) in its letter dated September 16, 2025, with respect to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in connection with the Staff’s initial letter to the Company dated July 16, 2025, the Company’s response letter to the Staff dated July 23, 2025, the Staff’s letter to the Company dated July 30, 2025, and the Company’s response letter to the Staff dated August 13, 2025 (the “ August 13, 2025 Response Letter ”).
For the Staff’s convenience, the Staff’s comment has been stated below in its entirety in bold, followed by the corresponding response from the Company.
Form 10-K for the fiscal year ended December 31, 2024
Management's Discussion and Analysis of Financial Condition and Results of Operations, page 68 Results of Operations, page 70
1.
We appreciate your response to prior comment one, including your concerns about the possibility that the proposed disclosure could be competitively harmful. However, we continue to believe such disclosure is required and would be useful to investors. Please revise your future filings accordingly.
Response : The Company respectfully acknowledges the Staff’s comment and will revise future filings accordingly. Commencing with the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025, and continuing in Quarterly Reports on Form 10-Q beginning thereafter, the Company will expand its discussion of revenue performance by respective Immune Globulin products in the notes to the financial statements and in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of its Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q, as applicable, to include a tabular breakdown of revenue, and the Company will also disclose product revenue on a blended basis, substantially in the respective example forms presented in the Company’s August 13, 2025 Response Letter.
Securities and Exchange Commission September 22, 2025 Page 2
The Company thanks the Staff for its review of the foregoing. If you have any questions or comments, please feel free to contact our counsel, David C. Schwartz, Esq. at david.schwartz@morganlewis.com or by telephone at (609) 919-6680.
Sincerely,
ADMA Biologics, Inc.
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CORRESP 1 filename1.htm Brad Tade Chief Financial Officer & Treasurer ADMA Biologics, Inc. 465 State Route 17 Ramsey, New Jersey 07446 September 26, 2025 U.S. Securities and Exchange Commission Division of Corporation Finance 100 F. Street, N.E. Washington, D.C. 20549 Attention: Ms. Jenn Do and Mr. Kevin Vaughn Re: ADMA Biologics, Inc. Form 10-K for the fiscal year ended December 31, 2024 Filed March 18, 2025 File No. 001-36728 Dear Ms. Do and Mr. Vaughn: On behalf of ADMA Biologics, Inc. (the “ Company ”), we submit this supplemental letter in response to the comments received from the staff (the “ Staff ”) of the United States Securities and Exchange Commission (the “ Commission ”) in its letter dated September 16, 2025, with respect to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in connection with the Staff’s initial letter to the Company dated July 16, 2025, the Company’s response letter to the Staff dated July 23, 2025, the Staff’s letter to the Company dated July 30, 2025, and the Company’s response letter to the Staff dated August 13, 2025 (the “ August 13, 2025 Response Letter ”). For the Staff’s convenience, the Staff’s comment has been stated below in its entirety in bold, followed by the corresponding response from the Company. Form 10-K for the fiscal year ended December 31, 2024 Management's Discussion and Analysis of Financial Condition and Results of Operations, page 68 Results of Operations, page 70 1. We appreciate your response to prior comment one, including your concerns about the possibility that the proposed disclosure could be competitively harmful. However, we continue to believe such disclosure is required and would be useful to investors. Please revise your future filings accordingly. Response : The Company respectfully acknowledges the Staff’s comment and will revise future filings accordingly. Commencing with the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025, and continuing in Quarterly Reports on Form 10-Q beginning thereafter, the Company will expand its discussion of revenue performance by respective Immune Globulin products in the notes to the financial statements and in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of its Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q, as applicable, to include a tabular breakdown of revenue, and the Company will also disclose product revenue on a blended basis, substantially in the respective example forms presented in the Company’s August 13, 2025 Response Letter. Securities and Exchange Commission September 22, 2025 Page 2 The Company thanks the Staff for its review of the foregoing. If you have any questions or comments, please feel free to contact our counsel, David C. Schwartz, Esq. at david.schwartz@morganlewis.com or by telephone at (609) 919-6680. Sincerely, ADMA Biologics, Inc. By: /s/ Brad Tade Name: Brad Tade Title: Chief Financial Officer and Treasurer cc: David C. Schwartz, Esq., Morgan, Lewis & Bockius LLP