--- title: "ADMA Biologics files NT 10-K, says 2024 annual report will be late" url: "https://aibio.space/news/adma-biologics-files-nt-10-k-says-2024-annual-report-will-late/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-03-03" section: "Distress" tickers: "NASDAQ:ADMA" source: "https://www.sec.gov/Archives/edgar/data/1368514/000114036125006796/ef20044769-nt10-k.htm" summary: "ADMA Biologics said on March 3, 2025 that KPMG LLP has not finished its audit of 2024 and expects to file the annual report by March 18, 2025. The notice a" --- By the aibio.space news desk. Sources - [ADMA BIOLOGICS, INC. Form NT 10-K filed March 3, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1368514/000114036125006796/ef20044769-nt10-k.htm) - [ADMA BIOLOGICS, INC. Form 10-K filed February 28, 2024: business overview and signatures (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1368514/000114036124010147/ef20015264_10k.htm) [ADMA](https://aibio.space/companies/adma-biologics/) 2025-03-03 # ADMA Biologics files NT 10-K, says 2024 annual report will be late Tickers [ADMA](https://aibio.space/companies/adma-biologics/) ADMA Biologics said on March 3, 2025 that KPMG LLP has not finished its audit of 2024 and expects to file the annual report by March 18, 2025. The notice attaches unaudited 2024 net income of 197,673 thousand dollars, against a 2023 net loss of 28,239 thousand dollars. ## Key facts - **Company**: ADMA Biologics Inc (NASDAQ: ADMA) - **News type**: Distress - **Primary source**: [ADMA BIOLOGICS, INC. Form NT 10-K filed March 3, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1368514/000114036125006796/ef20044769-nt10-k.htm) *The facade of a neoclassical court building at dusk. Photo: Carol M Highsmith, CC0, via rawpixel. The picture shows the field, not the companies named.* ADMA Biologics, Inc. (Nasdaq: [ADMA](https://aibio.space/companies/adma-biologics/)) told the SEC on March 3, 2025 that it will not file its annual report for 2024 on time. The company filed a Form 12b-25 notification of late filing, known as an NT 10-K, for its Form 10-K for the year ended December 31, 2024. It says it expects to file the report on or before March 18, 2025, the fifteenth calendar day after the normal due date that the rule allows. The [NT 10-K](https://www.sec.gov/Archives/edgar/data/1368514/000114036125006796/ef20044769-nt10-k.htm) is short, and it gives one reason for the delay. The company says it "requires additional time to test and document" its controls over its use of, and reliance on, certain third-party service providers. It also needs to finish its assessment of internal control over financial reporting as of December 31, 2024. Until those tasks are done, KPMG LLP, its independent registered public accounting firm, has not completed its audit procedures. KPMG plans to finish them once ADMA completes its work. The notice does not name the service providers, say what the testing has shown so far, or state whether any control weakness has been found. That leaves open whether the delay is routine or a sign of a problem in the year-end controls. ## The auditor change The notice points back to a change of auditors in 2024. ADMA's previous independent accounting firm resigned, effective with the company's quarterly report on Form 10-Q for the quarter ended September 30, 2024. The resignation was disclosed in a Form 8-K filed on October 9, 2024. ADMA engaged KPMG effective with that same 10-Q, which was filed on November 7, 2024. The notice does not give the reason for the earlier firm's resignation. So the company has a new auditor that is still working through its first year-end audit, and it has also had to test controls over outside service providers. Both facts raise the bar for the year-end report. ## Unaudited results attached The notice attaches a comparison of unaudited consolidated statements of operations. The figures are in thousands of dollars. For the year ended December 31, 2024, revenue was 426,454, against 258,215 for 2023. Gross profit was 219,553, against 88,942. Income from operations was 138,983, against 21,632. Net income was 197,673 for 2024, against a net loss of 28,239 for 2023. Diluted earnings per common share were $0.81 for the year. For the three months ended December 31, 2024, revenue was 117,549, against 73,904 a year earlier, and net income was 111,896. The 2023 figures in the attachment are audited. The 2024 figures are not. A swing from a loss of 28,239 to a profit of 197,673 is large, and the notice does not explain what drove it. The form answers "Yes" when asked whether a significant change from the prior year will show in the annual report. The attachment then says the company does not expect significant changes from the earnings release it issued on March 3, 2025. Those answers are consistent with each other, but they mean the audited report is the document that will settle the numbers, not the release. ## The company ADMA describes itself in its 10-K for 2023, filed on February 28, 2024, as an end-to-end commercial biopharmaceutical company. It makes specialty biologics for immunodeficient patients at risk of infection, and for others at risk of certain infectious diseases. Three products are approved by the U.S. Food and Drug Administration and marketed: BIVIGAM, ASCENIV and Nabi-HB. The company makes these products at an FDA-licensed plasma fractionation and purification facility in Boca Raton, Florida, which it says can process up to 600,000 liters a year at peak. ## Who signed President and Chief Executive Officer Adam S. Grossman signed the notice on March 3, 2025. He is also the contact the form names. The 2023 10-K carries the signature of Brian Lenz, Executive Vice President and Chief Financial Officer, along with Grossman's. KPMG is the firm whose audit is still open. The company's own wording is that it "currently expects" to file within the extension. The notice does not promise the date, and a second delay would put the filing past the period the rule allows. 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Cite as: aibio.space, "ADMA Biologics files NT 10-K, says 2024 annual report will be late", 2025-03-03, https://aibio.space/news/adma-biologics-files-nt-10-k-says-2024-annual-report-will-late/