Company: PTPI
Filing Date: 2025-02-14
Form Type: S-1/A
Source: 0001410578-25-000137
Chunk: 224

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-02-14
Form: S-1/A
Chunk 224
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 in favor of Vivus in the principal amount of $. The parties also entered into a Security Agreement to secure Petros’ obligations under the Note.

Under the terms of the Note, the original principal amount of $ is payable in consecutive quarterly installments of principal and interest beginning on April 1, 2022, through January 1, 2027. Interest on the principal amount will accrue at a rate of % per year. The Company may prepay the Note, in whole or in part, at any time, with no premium or penalty. In the event that the Company defaults under the Security Agreement, all principal outstanding under the Note at the time of the default will bear interest at a rate of % per year until the full and final payment of all principal and interest under the Note (regardless of whether any default is waived or cured). Pursuant to the Security Agreement, dated January 18, 2022, the Company granted to Vivus a continuing security interest in all of its Stendra® API and products and its rights under the License Agreement. For the years ended December 31, 2023, and December 31, 2022, the Company paid Vivus $ million and $ million, respectively. As of December 31, 2023, and 2022, the principal balance on the Note is $ million and $ million, respectively.

Future minimum principal payments of the promissory note are as follows:

| ​                                       | ​ | ​ |          ​ |
|:----------------------------------------|:--|:--|-----------:|
| 2024                                    |   | $ |  1,156,550 |
| 2025                                    | ​ | ​ |  2,720,940 |
| 2026                                    | ​ | ​ |  3,264,351 |
| 2027                                    | ​ | ​ |    872,073 |
| Total                                   | ​ | $ |  8,013,914 |
| Less: current portion                   | ​ | ​ | -1,156,550 |
| Promissory note, net of current portion | ​ | $ |  6,857,364 |

9) Operating Leases The Company has commitments under operating leases for office and warehouse space used in its operations. The Company’s leases have remaining lease terms ranging from 0.7years to 3.0years. On November 30, 2021, the Company entered into a sublease with respect to its entire headquarters