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STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2026
STOCKHOLDERS’ EQUITY [Abstract]  
STOCKHOLDERS' EQUITY
8.
STOCKHOLDERS’ EQUITY
 
Treasury Stock
 
In May 2025, the Company’s board of directors (the “Board”) authorized a share repurchase program of up to $500.0 million of the Company’s outstanding shares of common stock (the “Repurchase Program”). The Repurchase Program does not obligate the Company to acquire any particular amount of its common stock, and may be modified, suspended, or terminated at any time. The Repurchase Program has no expiration date.
 
On March 2, 2026, the Company entered into the ASR Agreement with J.P. Morgan Chase Bank, National Association ("J.P. Morgan") to repurchase $125.0 million of the Company's common stock. In connection with the ASR Agreement, the Company made an upfront cash prepayment of $125.0 million to J.P. Morgan and received an initial delivery of 6,422,608 shares of common stock. The initial delivery of shares was valued at approximately $105.2 million based on the closing price of the Company's common stock of $16.38 on the March 3, 2026 delivery date, and was recorded as treasury stock in the consolidated balance sheet. The remaining $19.8 million of the prepayment, representing the embedded forward contract component, was initially recorded within Additional Paid-In Capital ("APIC") in the consolidated balance sheet as of March 31, 2026.
 
On May 7, 2026, upon final settlement of the ASR Agreement, the Company received an additional 4,337,879 shares of common stock from J.P. Morgan. The final number of shares received was based on the volume-weighted average price of the Company’s common stock during the term of ASR Agreement, less a discount and subject to adjustments. In connection with the final settlement of ASR Agreement, the $19.8 million previously recorded in APIC was reclassified to treasury stock during the second quarter of 2026.
 
The delivery of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted net income per share.
 
In addition to the shares repurchased under the ASR Agreement, during the three and six months ended June 30, 2026, the Company repurchased 2,723,659 and 3,055,207 shares of common stock under the Repurchase Program at a total cost of $25.1 million and $30.2 million, respectively.
 
During the three and six months ended June 30, 2026, the Company recognized $0.4 million and $1.1 million of excise tax liability related to share repurchases in accordance with the Inflation Reduction Act of 2022, respectively.
The following table summarizes the common stock repurchase activity under the Repurchase Program:
 
                 
                     
    Three Months Ended June 30,     Six Months Ended June 30,  
     2026      2025      2026      2025  
(In thousands)
                   
Shares repurchased
  7,062    816    13,816    816 
Total cost of shares repurchased
 $45,282   $15,148   $156,362   $15,148 
 
The repurchased shares are recorded at the repurchase cost in treasury stock in the Company’s condensed consolidated balance sheet and are available for reissuance.
 
Preferred Stock
 
The Company is currently authorized to issue up to 10 million shares of preferred stock, $0.0001 par value per share. There were no shares of preferred stock outstanding at June 30, 2026 and December 31, 2025.
 
Common Stock
 
As of June 30, 2026 and December 31, 2025, the Company was authorized to issue 300,000,000 shares of its common stock, $0.0001 par value per share, and 225,355,228 and 237,874,496 shares of common stock were outstanding as of June 30, 2026 and December 31, 2025, respectively. After giving effect to shares reserved for the issuance of awards issued under the Company’s equity incentive plans, 52,836,993 shares of common stock were available for issuance as of June 30, 2026.
 
Equity Incentive Plans
 
In 2022, the Company’s stockholders approved the ADMA Biologics, Inc. 2022 Compensation Plan (the “2022 Equity Plan”), which replaced the Company’s Amended and Restated 2014 Omnibus Incentive Compensation Plan. Approval of the 2022 Equity Plan resulted in approximately 18 million additional shares of the Company’s common stock being reserved for future awards. The 2022 Equity Plan provides for the Company’s Board or a Committee of the Board (the “Committee”) to grant awards to grantees 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. Any options granted under the 2022 Equity Plan 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. Shares issued in connection with the exercise of stock options or the vesting of restricted stock units (“RSUs”) are newly issued shares.
 
Options
 
The fair value of stock options granted is determined on the date of grant using the Black-Scholes model. To determine the risk-free interest rate, the Company utilizes the U.S. Treasury yield curve in effect at the time of the grant with a term consistent with the term of the awards granted by the Company. The expected term of all options granted is in accordance with Staff Accounting Bulletins 107 and 110, which is based on the average between vesting terms and contractual terms as the Company had a limited history of option exercises prior to the middle of fiscal 2023. The expected dividend yield reflects the Company’s current and expected future policy for dividends on the Company’s common stock.
The following assumptions were used to determine the fair value of options granted during the six months ended June 30, 2026 and 2025:
 
         
           
    Six Month Ended June 30,  
     2026      2025  
Expected term
   5.5 - 6.3 years      5.5 - 6.3 years  
Volatility
 68%   66%
Dividend yield
  0.0    0.0 
Risk-free interest rate
   3.80 - 3.87%   4.40%
 
The following table summarizes information about the Company’s stock options under the Company’s equity incentive plans and related information:
 
     Shares      Weighted-
Average
Exercise Price 		 
Options outstanding, vested and expected to vest at December 31, 2025
 4,682,783  $6.13 
Forfeited
 (117,629)  $14.85 
Expired
   -    $-  
Granted
  695,321   $16.37 
Exercised
  (209,290)   $3.25 
Options outstanding, vested and expected to vest at June 30, 2026
  5,051,185   $7.46 
           
Options exercisable
  3,250,165   $4.97 
 
As of June 30, 2026, the Company had $13.7 million of unrecognized compensation expense related to stock options granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 2.8 years.
 
Restricted Stock Units
 
The Company grants RSUs to certain employees and consultants of the Company and to members of its Board. The RSUs generally vest annually over a period of four years for employees and consultants, and in two installments over a period of one year for directors.
 
A summary of the Company’s RSU activity and related information is as follows:
 
         
     Shares      Weighted-
Average Grant
Date Fair Value 		 
Balance at December 31, 2025
  5,144,503   $9.31 
Granted
  1,297,884   $15.66 
Vested
  (1,694,229)   $7.22 
Forfeited
  (206,487)   $12.09 
Balance at June 30, 2026
  4,541,671   $11.77 
 
As of June 30, 2026, the Company had $46.0 million of unrecognized compensation expense related to unvested RSUs granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 2.8 years.
 
Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the three and six months ended June 30, 2026 and 2025 was as follows:
 
    Three Months Ended June 30,     Six Months Ended June 30,
  
(in thousands)
   2026      2025      2026      2025  
Research and development
 $75   $51   $141   $90 
Plasma center operating expenses
  143    101    266    178 
Selling, general and administrative
  4,837    3,955    9,987    7,828 
Cost of product revenue
  1,080    856    2,070    1,491 
Total stock-based compensation expense
 $6,135   $4,963   $12,464   $9,587