ADMA Biologics Inc 2025年度报告

(Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025 ☐TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes☐No☒Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:☒Large Accelerated Filer☐AcceleratedFiler☐Non-accelerated Filer☐Smaller Reporting Company☐Emerging Growth CompanyIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report. Yes☒No☐If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒The aggregate market value of the registrant’s common stock held by non-affiliates was $4,229,956,395 as of June 30, 2025 (the lastbusiness day of the registrant’s most recently completed second fiscal quarter), based on a total of 232,287,556 shares of commonstock held by non-affiliates and a closing price of $18.21 as reported on the Nasdaq Global Market on June 30, 2025.As of February 20, 2026, there were 238,159,176 shares of the issuer’s common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the ADMA Biologics, Inc. definitive proxy statement to be filed pursuant to Regulation 14A within 120 days after the endof the fiscal year are incorporated by reference into Part III of this Annual Report on Form 10-K and certain documents areincorporated by reference into Part IV. ADMA BIOLOGICS, INC. PART IItem 1.Business4Item 1A.Risk Factors34Item 1B.Unresolved Staff Comments64Item 1C.Cybersecurity64Item 2.Properties65Item 3.Legal Proceedings66Item 4.Mine Safety Disclosures66PART IIItem 5.Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities67Item 6.Reserved68Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations68Item 7A.Quantitative and Qualitative Disclosures About Market Risk83Item 8.Financial Statements and Supplementary Data83Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure83Item 9A.Controls and Procedures83Item 9B.Other Information84Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections84PART IIIItem 10.Directors, Executive Officers and Corporate Governance84Item 11.Executive Compensation85Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters85Item 13.Certain Relationships and Related Transactions, and Director Independence85Item 14.Principal Accounting Fees and Services85PART IVItem 15.Exhibits, Financial Statement Schedules86Item 16.Form 10-K Summary89i Special Note Regarding Forward-Looking Statements Some of the information in this Annual Report on Form 10-K contains “forward-looking sta