ADMA Biologics refutes Culper Research short seller allegations; provides inventory & demand data

ADMA BIOLOGICS, INC.

Demand for ASCENIV growing; end-user demand increased past two years; current days on hand average 90 days as of March 22, 2026.
Refutes channel stuffing; says distributor inventory levels consistent with industry standards; average days on hand above safety stock: 48 days for ASCENIV, 51 days for BIVIGAM as of March 22.
ASCENIV positioned as late-line therapy for immune compromised patients who fail standard IG; premium pricing; new IVIG launches not competitive threat.
ADMA received unqualified audit opinions from Big Four firm for FY2024 and FY2025; prior auditor resigned due to acquisition.
No undisclosed related party transactions; no Grossman-family entity distributed or took title to any ADMA products.

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