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The Culper Short Thesis on ADMA

By Nathan Brinkman

This week, Culper Research challenged ASCENIV's competitive positioning and alleged payors treat ASCENIV as interchangeable with cheaper standard IVIGs. Culper also indicated that sales were driven by a channel stuffing scheme through an undisclosed related-party distributor that was incentivized with rebates and extended payment terms to stockpile excess ASCENIV inventory. ADMA refuted the allegations citing record utilization, Big Four audited financials, and growing prescriber adoption. 

Here's my take: