ADMA Biologics, Inc. (NASDAQ:ADMA) ("ADMA" or the "Company"), a U.S. based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics, today responded to a report issued on March 24, 2026 by short seller Culper Research (the "Short Report"). Following a detailed review of the Short Report, ADMA wishes to refute key allegations to alleviate confusion in the marketplace concerning the Company's business practices and operations.

ADMA believes that by providing, on a non-recurring basis, additional details concerning the Company's immune globulin product portfolio – including inventory days on hand at its distribution partners and direct customers, and end user demand pull-through data – it refutes the key false and misleading allegations contained in the Short Report.

Specifically:

  • Demand for ASCENIV is real and growing.
    • As shown through data provided directly from ADMA's distribution partners and direct customers, end-user demand for ASCENIV has increased over the past two-plus years.

 



 

  • Allegations of channel stuffing illustrate a misunderstanding of the commercial dynamics of the IVIG market.
    • Distributors must maintain a level of safety stock to ensure the continuity of care for immune compromised patients who require IG therapy every 21-28 days.
    • ADMA's distributors and direct customers typically stock above contractually required minimum levels to have supply on hand for immediate administration and to mitigate any potential supply chain, manufacturing, testing or regulatory disruptions.
    • The Company's distributors provide inventory and pull through sales data to ADMA on an ongoing basis.
    • As shown through data provided directly from ADMA's distribution partners and direct customers, the graphs entitled "Distributor Inventory Days of Coverage Above Safety Stock" illustrates, as of January 5, 2026 and March 22, 2026, an average of 84 and 48 days on hand, respectively, for ASCENIV, and an average of 87 and 51 days on hand, respectively, for BIVIGAM, in excess of the distributors' minimum requirements. These data are calculated using each distributor's run rate for the previous month, demonstrating that ADMA's immune globulin products are continuing to pull through the channel. Note: Due to year end calendar and fixed reporting schedules, January 5, 2026 is the closest available data for December 31, 2025.
    • As shown through data provided directly from ADMA's distribution partners and direct customers, graphs entitled "Distributor Inventory Days of Coverage", as of January 5, 2026 and March 22, 2026, illustrate the average of 128 and 90 days of inventory on hand, respectively, for ASCENIV, and 129 and 92 days of inventory on hand, respectively, for BIVIGAM, by ADMA's distribution partners and direct customers, including the mutually agreed upon safety stock levels of ADMA's immune globulin products. Note: Due to year end calendar and fixed reporting schedules, January 5, 2026 is the closest available data for December 31, 2025.
    • The Company believes that these inventory levels are consistent with industry peers and are appropriately sized to ensure the cold-chain shipping, storage and handling of such products and to mitigate any potential supply chain or production disruptions. 

       
  • The Short Report misrepresents and conflates ASCENIV's utility and competitive positioning in the IVIG market.
    • ASCENIV is positioned as a late-line therapy for immune compromised individuals who are refractive to standard IG treatments, have comorbidities and suffer from chronic and persistent infections.
    • As a late line therapy for patients who have failed standard IG, ASCENIV is in a different category and commands premium pricing. The Short Report's citation of new launches of normal course immune globulin products as creating competitive pressure for ASCENIV utilization is grossly misguided.



       
  • ADMA has received unqualified opinions in its audits for FY 2024 and FY2025.



    • ADMA has filed its Annual Reports on Form 10-K for the years ended December 31, 2024 and 2025 with reports from a Big Four accounting firm that expressed unqualified opinions on the effectiveness of the Company's internal control over financial reporting and an assessment that the Company's consolidated financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles (GAAP) for such periods.
    • The Company's prior accounting firm resigned in late 2024 in advance of being acquired by a private equity firm.



       
  • There have never been any undisclosed related party transactions in violation of U.S. securities laws. No entity owned or controlled by Jerrold Grossman, Adam Grossman or the Grossman family has ever distributed, taken title to or otherwise possessed any of ADMA's immune globulin or other products, whether for resale or otherwise. ADMA confirms that it has never sold any of its immune globulin products or other products to any entity controlled by the Grossman family or other related parties.