Company: PTPI
Filing Date: 2025-02-13
Form Type: S-1/A
Source: 0001410578-25-000122
Chunk: 283

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-02-13
Form: S-1/A
Chunk 283
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|-----------:|
| Balance on December 31, 2023                           |   | $ |  3,550,000 |
| Change in fair value of bifurcated embedded derivative | ​ |   | -3,550,000 |
| Balance on September 30, 2024                          | ​ | $ |          — |

18) Restatement of Previously Issued Financial Statements

The Company identified certain errors related to the omission of the accretion of the Company’s Series A convertible preferred stock (the “Preferred Stock”) to its redemption value that was recognized during the three months ended September 30, 2023, from the calculation of net loss per share, which resulted in the following misstatements in the financial statements as of and for the three and nine months ended September 30, 2023:

The Company’s prior accounting for the Preferred Stock accretion did not have any effect on the Company’s previously reported cash flows or cash.

The following tables summarize the effect of the restatement on each financial statement line item as of the dates, and for the period, indicated:

For the three months ended, September 30, 2023:

| ​                                                                     
 CONDENSED CONSOLIDATED                                                
 STATEMENTS OF OPERATIONS                                              
 ​                                                                     | ​ 
 ​ | ​             
 September 30, 
 2023          
 As Reported   |          ​ | ​ 
 ​ | ​          
 ​          
 ​          
 Adjustment |          ​ 
          ​ 
          ​ | ​ 
 ​ | ​             
 September 30, 
 2023          
 As Restated   |          ​ |
|:----------------------------------------------------------------------|:--|:--------------|-----------:|:--|:-----------|-----------:|:--|:--------------|-----------:|
| Accretion of Series A convertible preferred stock to redemption value | ​ | $             |          — | ​ | $          | -1,153,846 | ​ | $             | -1,153,846 |
| Net loss attributable to common stockholders                          | ​ |               | -4,888,740 | ​ |            | -1,153,846 | ​ |               | -6,042,586 |
| Net loss per share, basic and diluted                                 | ​ | $             |      -2.31 | ​ | $          |      -0.54 | ​ | $             |      -2.85 |

For the nine months ended, September 30, 2023:

| ​                                                                     
 CONDENSE