Company: PTPI
Filing Date: 2025-02-10
Form Type: S-1/A
Source: 0001410578-25-000108
Chunk: 265

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-02-10
Form: S-1/A
Chunk 265
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            15,000 |
| Accrued R&D fees          | ​ | ​ |            354,908 | ​ | ​ |           100,668 |
| Other accrued expenses    | ​ |   |            224,465 | ​ | ​ |           196,760 |
| Total accrued expenses    | ​ | $ |          6,539,371 | ​ | $ |         5,360,077 |

8) Debt Promissory Note In connection with the Settlement Agreement entered into with Vivus (see Note 13), Petros executed an interest-bearing promissory note (the “Note”) in favor of Vivus in the principal amount of $ 10,201,758. The parties also entered into a Security Agreement, dated January 18, 2022, (the “Security Agreement”) pursuant to which the Company granted to Vivus a continuing security interest in all of its Stendra® API and products and its rights under the License Agreement to secure the Company’s obligations under the Note (the “Collateral”). Under the terms of the Note, the original principal amount of $ 10,201,758is payable in consecutive quarterly installments of principal and interest beginning on April 1, 2022, through January 1, 2027. Interest on the principal amount accrues at a rate of 6% per year. The Company may prepay the Note, in whole or in part, at any time, with no premium or penalty. In the event of a default under the Security Agreement, all principal outstanding under the Note at the time of the default will bear interest at a rate of 9% 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). For the nine months ended September 30, 2024, and 2023, the Company paid Vivus $ 1.0million and $ 1.5million, respectively. As of September 30, 2024, and December 31, 2023, the principal balance on the Note is $ 7.2million and $ 8.0million, respectively. On October 1, 2024, the Company failed to make the required payment due pursuant to the Note and related Security Agreement with Vivus in the amount of $ 0.5million, constituting an Event of Default (as defined in the Note) under the Note and Security Agreement. As a result