Biotech Distilled
Substack ↗ Subscribe
Subscribe Substack ↗ About

Home › Companies › ADMA

Adma Biologics

ADMA Rare disease Lead: Approved 3 Biotech Distilled articles ↓ 17 filings & releases ↓ Cash $125M (Sep 30, 2026) ↓ 3 verdicts ↓
ImmunologyInfectious Disease Protein

Market cap $2.82B 221.9M shares (10-Q, Oct 30, 2026) × $12.73 close Nov 6, 2026

Most recent annual filing: 2026-02-25

Catalyst timeline

2 trackedQuarter catalyst calendar →
  1. ADMA corporate update2026ADMA corporate update, 2026, routine
  2. SG-001 IND filingbefore YE2026SG-001 IND filing, before YE2026, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (4 active programs)

Capital (as filed)

Cash
$125M cash and cash equivalents · Sep 30, 2026 (10-Q)
Operating cash flow
$17.4M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$125M cash per the update of Nov 4, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (3)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (3 calls)

Every verdict Biotech Distilled has published on Adma Biologics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-07-06 Avoid ADMA Biologics (ADMA) — Scientific Deep Dive for ASCENIV, BIVIGAM, Nabi-HB, and the SG-001 Pipeline Despite being a genuinely profitable cash-generative business at a cheap multiple, unresolved channel-stuffing allegations with active securities litigation make the reported revenue untrustworthy, warranting a pass until the fog clears.
  2. 2026-08-06 Watch UPDATE: ADMA Biologics (ADMA) - The Trough Held Q2 revenue reaccelerated sequentially with receivables falling and cash conversion exceeding earnings, de-rating the bear case enough to move from PASS to Watch List, but two of three gates (litigation clarity and related-party disclosure) remain unresolved.
  3. 2026-11-05 Watch UPDATE: ADMA Biologics (ADMA) - Revenue Up, Cash Down ASCENIV's 31% growth and 70.8% gross margin keep the value case alive, but Q3 cash conversion reversed to ~35% with a $31M receivables build, concentration rose, and litigation expanded — so the watch stance is maintained without upgrading to BUY.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (17)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Jul 29, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

4 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)