ADMA Biologics (ADMA) — what changed in its 2026 10-K risk factors

Item 1A Risk Factors, 10-K filed 2026-02-25 vs 2025-03-18. The material changes, ranked.

• Escalated Customer concentration rose — two distributors (BioCare, CuraScript) now ~87% of receivables and ~73%/72% of revenue (up from ~72%).
• New FDA workforce-reduction risk explicitly added — "in 2025, there was an FDA reduction in force" (agency-capacity delay risk).
• Removed The pending PAS yield-enhancement approval risk is gone — the approval appears obtained.
• Escalated Refinancing: senior secured credit facility moved from Ares Capital to JPMorgan Chase — new lender/terms to evaluate.
• Removed ESG / board-diversity risk disclosure dropped entirely.