Disclosure-risk research from public filings.

• The May 7, 2025 Form 10-Q reported Q1 2025 revenue of $114.8 million, compared with $81.9 million in Q1 2024, while accounts receivable rose to $99.4 million from $50.0 million at December 31, 2024.
• The same filing reported net cash used in operating activities of $19.7 million for Q1 2025, while net income was $26.9 million.
• The Q1 filing also disclosed a voluntary withdrawal of three BIVIGAM lots and a $3.8 million reduction to revenue for customer credits tied to related product returns.
• The November 5, 2025 Form 10-Q reported accounts receivable of $137.7 million at September 30, 2025, and $14.8 million of operating cash flow for the first nine months of 2025 while net income was $97.6 million.

In a May 6, 2026 Form 8-K exhibit, ADMA said its Audit Committee completed an internal review with independent forensic accountants and external legal counsel, which concluded that ADMA had not engaged in improper channel stuffing or undisclosed related-party transactions. The exhibit also said the investigation concluded there was no evidence of illegal activity and that ADMA’s 2025 audited consolidated financial statements remained unchanged and unadjusted from the filing date.

• How much of reported growth is supported by cash collection versus receivable growth?
• Were product credits and withdrawal-related disclosures isolated, quantified, and later resolved?
• What did the later public resolution add to the review file?

• The May 3, 2024 Form 10-Q reported Q1 2024 revenue of $1.364 billion, compared with $1.487 billion in Q1 2023.
• Inventory was $2.078 billion at March 31, 2024, compared with $1.980 billion at March 31, 2023.
• Operating cash flow moved from $199.2 million provided by operating activities in Q1 2023 to $68.0 million used in operating activities in Q1 2024.
• The same filing reported a Q1 2024 net loss of $50.8 million, compared with net income of $4.9 million in Q1 2023.

The February 28, 2025 Form 10-K later disclosed that disclosure controls and procedures were not effective as of December 31, 2024 because of a material weakness over the review of a deferred tax asset measurement. Management also stated the financial statements fairly presented the periods shown.

• How should inventory, revenue, and operating cash flow be read together in a cyclical retail issuer?
• What control or financial-reporting context later entered the public record?
• Which changes belong in an underwriting file versus a valuation debate?

• The November 7, 2025 Form 10-Q reported total debt of $2.523 billion at September 30, 2025, compared with total assets of $2.492 billion.
• The same filing reported total shareholders’ equity deficit of $861.6 million at September 30, 2025, compared with a $619.9 million deficit at December 31, 2024.
• The March 13, 2026 Form 10-K reported total debt of $2.591 billion, total assets of $2.280 billion, and total shareholders’ equity deficit of $1.098 billion at December 31, 2025.
• The 2025 Form 10-K also reported net sales of $2.975 billion for 2025, compared with $3.513 billion for 2024, and cash used in operations of $102.4 million for 2025.

The 2025 Form 10-K disclosed conditions and events that raised substantial doubt about the company’s ability to continue as a going concern. It also disclosed that NYSE trading was suspended on February 27, 2026 and that the NYSE would file a Form 25 to delist the ordinary shares.

• How do debt, equity deficit, cash use, and revenue decline sit together in the public record?
• What does going-concern language add to a financing or insurance review?
• How should listing compliance disclosures change the review file?