ADMA BIOLOGICS, INC. SEC Filings

ADMA Biologics COO and SVP, Compliance Kaitlin M. Kestenberg-Messina reported multiple stock transactions. She exercised stock options to acquire 10,096 shares of common stock at exercise prices ranging from $1.55 to $5.00 per share. In connection with restricted stock unit vesting, 14,294 shares were withheld to cover mandatory tax obligations, which did not involve open-market sales. She also transferred 91,266 shares and sold 10,096 shares of common stock at a weighted average price of $15.63 per share, both carried out under a court-approved divorce settlement. Following these transactions, she directly owned 466,600 shares of ADMA Biologics common stock.

ADMA Biologics President and CEO Adam S. Grossman reported tax-related share withholdings rather than market trades. On March 6–7, 2026, a total of 85,951 shares of Common Stock were withheld at $15.39 per share to satisfy mandatory tax obligations upon vesting of restricted stock units, as noted in the footnotes. After these withholdings, he directly held 2,118,777 shares of Common Stock. Separate holding entries show additional indirect ownership of 1,143,426 shares through Areth, LLC and 580,957 shares through Hariden, LLC, entities over which he has control roles.

ADMA Biologics submitted a Form 144 reporting proposed sales of Common Stock tied to option exercises, all dated 03/09/2026. The submission lists five exercise lots: 2,500, 1,250, 2,646, 1,525, and 2,175 shares, each described as "Stock Option Exercise" with the original grant dates shown.

ADMA Biologics director-affiliated funds reported open-market purchases of common stock. Entities associated with director Steve Elms bought a total of 14,000 ADMA shares, with 7,000 shares purchased on March 5, 2026 at a weighted average price of $15.67 per share and 7,000 shares on March 6, 2026 at a weighted average price of $15.39 per share.

The filing notes these shares are held by Aisling Capital II LP and Aisling Arcturus Partners, LP, and that Mr. Elms may be deemed a beneficial owner through his roles at Aisling entities while disclaiming beneficial ownership except to the extent of his pecuniary interest. Following these transactions, Aisling-related entities reported 2,045,730 shares, while Mr. Elms also directly holds 87,330 shares and 10,690 restricted stock units that are scheduled to fully vest on February 9, 2027, subject to continued service.

ADMA Biologics President and CEO Adam S. Grossman reported a tax-related share disposition tied to restricted stock unit vesting. On the transaction date, 54,858 shares of common stock were withheld at $15.18 per share to satisfy mandatory tax withholding obligations, and this was explicitly noted as not an open market sale.

After this withholding, Grossman directly owned 2,204,728 shares of ADMA common stock. He also had indirect ownership of 1,143,426 shares through Areth, LLC and 580,957 shares through Hariden, LLC, entities for which he is disclosed as a control person or managing member.

ADMA Biologics entered a $125 million accelerated share repurchase agreement with JPMorgan Chase Bank as part of its previously authorized $500 million share repurchase program. The company will fund the transaction with borrowings under its existing $225 million revolving credit facility.

ADMA expects to receive about 6.4 million shares of common stock around March 3, 2026, representing roughly 80% of the shares tied to this agreement, based on a closing share price of $15.57 on February 27, 2026. The final share count will depend on the average daily volume‑weighted average price over the ASR term and is expected to be settled within five months, which could result in ADMA receiving additional shares or delivering shares or cash at final settlement.

The company also outlined a 2026 capital return initiative targeting approximately $200 million, noting that, since the program’s May 2025 authorization, prior repurchases plus this ASR represent about $160 million of common stock repurchased. Management highlights sustained revenue growth, expanding margins and anticipated stronger cash flow as support for continuing to invest in growth while returning capital to stockholders.

ADMA Biologics CFO and Treasurer Terry Kohler filed an initial ownership report showing his equity stake in the company. He reported 91,166 stock options and 58,019 shares of common stock held directly. Footnotes explain these reflect previously granted stock options and restricted stock units that vest over four years.

ADMA Biologics is a U.S. biopharmaceutical company focused on plasma-derived therapies for immunodeficient and immune‑compromised patients. It currently markets three FDA‑approved products: ASCENIV, an IVIG for primary humoral immunodeficiency, a second IVIG for PI in adults and children two years and older, and Nabi‑HB for Hepatitis B exposure.

ADMA manufactures at its Boca Raton facility, which it believes can support projected annual revenues greater than $635 million in 2026 and $775 million in 2027, with targeted Adjusted Net Income exceeding $255 million and $315 million and Adjusted EBITDA exceeding $360 million and $455 million, respectively. An FDA‑approved yield enhancement process is expected to increase ASCENIV and IVIG production yields by about 20%, with 2026 as the first full year of yield‑enhanced output. The company is divesting three plasma centers for $12.0 million while securing long‑term high‑titer plasma supply agreements, adopting its ADMAlytics AI platform across manufacturing and commercial operations, and advancing SG‑001, an S. pneumoniae hyperimmune candidate that could enter registrational trials after an anticipated pre‑IND submission in 2026.

ADMA Biologics reported record fourth quarter and full year 2025 results and announced a CFO transition. Full year 2025 revenue reached $510.2 million, up 20% from 2024, driven largely by ASCENIV, which generated $362.5 million and grew 51% year over year. Gross profit was $292.8 million with a 57.4% margin, while adjusted net income rose to $160.8 million, up 35%, and adjusted EBITDA increased to $231.0 million, up 40%.

Fourth quarter 2025 revenue was $139.2 million, up 18% year over year, with gross profit of $88.8 million and adjusted EBITDA of $73.6 million. ADMA reaffirmed long-term guidance targeting more than $1.1 billion in annual revenue and greater than $700 million in adjusted EBITDA in 2029. The company also highlighted progress on its SG-001 pipeline program and ongoing share repurchases.

Separately, long-time CFO Brad Tade retired effective February 25, 2026 and will serve as a consultant through July 31, 2026, receiving $41,666.67 per month. He is succeeded by Terry (Paul Terence) Kohler, who becomes Chief Financial Officer and Treasurer with a $500,000 base salary, a 45% target bonus opportunity and equity awards subject to multi-year vesting and change-of-control protections.