ADMA Biologics Inc. (NASDAQ: ADMA) issued a statement refuting allegations made by short seller Culper Research in a report published March 24, 2026. The biopharmaceutical company provided data to counter claims about its immune globulin products ASCENIV and BIVIGAM.

The company provided distributor inventory data showing ASCENIV had 128 days of inventory on hand as of January 5, 2026, and 90 days as of March 22, 2026. BIVIGAM showed 129 days and 92 days respectively for the same periods. ADMA stated these levels include agreed-upon safety stock and align with industry standards.

ADMA presented end-user demand data indicating growth for ASCENIV over the past two years. The company said distributors maintain inventory above contractual minimums to ensure continuity of care for immune compromised patients who require treatment every 21-28 days.

The company addressed allegations about channel stuffing, stating that distributors provide ongoing inventory and sales data to ADMA. ADMA emphasized that ASCENIV serves as a late-line therapy for patients who have failed standard immune globulin treatments, positioning it differently from standard immune globulin products.

ADMA confirmed it received unqualified audit opinions for fiscal years 2024 and 2025 from a Big Four accounting firm. The company stated there have been no undisclosed related party transactions and that no entity owned by the Grossman family has ever distributed or possessed ADMA's products.

The company manufactures plasma-derived biologics for immune deficiency treatment at its FDA-licensed facility in Boca Raton, Florida. ASCENIV was approved by the FDA in April 2019 for treating primary humoral immunodeficiency, while BIVIGAM received approval in May 2019 for the same indication.