ADMA Biologics, Inc. (ADMA) issued a response to a short-seller report released by Culper Research, stating that the document contains numerous misleading and inaccurate claims. The company emphasized that it remains committed to transparent financial reporting and compliance with the U.S. regulatory standards.
Culper Research disclosed in its reports that it holds a short position in ADMA, meaning it benefits if the company's stock declines. ADMA noted that the firm has a history of publishing negative reports about public companies after taking similar positions.
Company Rejects Claims as Speculative and Inaccurate
According to ADMA, the short-seller report relies on "unidentified and unreliable sources" and includes "numerous misleading, false and inaccurate statements." The company said its Board of Directors takes its reporting obligations seriously and follows U.S. GAAP and SEC disclosure requirements.
Despite rejecting the report's assertions, ADMA stated it is taking appropriate steps to review the claims raised.
About the CompanyADMA Biologics is a U.S.-based commercial biopharmaceutical company focused on manufacturing, marketing, and developing specialty plasma-derived biologics for immunodeficient and immune-compromised patients.
The company currently markets three FDA-approved plasma-derived products:
- ASCENIV: A specialty IVIG approved for treating primary humoral immunodeficiency, generating $362.5 million in 2025 revenue, up 51% from $239.6 million year-over-year.
- BIVIGAM: An IVIG therapy approved for primary immunodeficiency, contributing $122.0 million, down 14% from $142.3 million in 2024.
- NABI-HB: A hepatitis B immune globulin approved for post-exposure protection, included within $8.6 million in 2025 revenue from "intermediates and other products," which declined 75% from $33.9 million year-over-year.
The company ended 2025 with approximately $88 million in cash.
ADMA has traded between $8.26 and $25.67 over the past year. The stock is currently trading at $9.94, down 12.27%.
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