Company: PTPI
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001410578-25-000047
Chunk: 138

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-01-24
Form: S-1
Chunk 138
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 events and circumstances warrant a revision to the remaining period of amortization. If the estimate of the intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. During the three months ended September 30, 2022, the Company noted that indicators of impairment existed and prepared an undiscounted cash flow analysis, which indicated for the Stendra® product an impairment. The Company then prepared a discounted cash flow analysis through December 2029, representing the remaining economic useful life for the Stendra® product resulting in an impairment of approximately $7.5 million. As indicators of impairment existed as of December 31, 2022, the Company prepared an undiscounted cash flow analysis. This analysis included projections of future revenue and expenses, which if not achieved could result in future impairment charges. These projections included continued sales of prescription Stendra®. Additionally, as of September 30, 2024, the Company was investing in research and development pursuant to our OTC Strategies related to Stendra®, which we anticipated will dramatically increase product sales in the future, such that if our Stendra® OTC strategy is not successful, we may have to partially or fully impair the remaining intangible balance. Management continued to analyze the Company’s intangible assets during 2024.

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Results of Operations Years ended December 31, 2023, and December 31, 2022 The following table sets forth a summary of our statements of operations for the years ended December 31, 2023, and 2022:

| ​                                            | ​ 
 ​ | For the Year Ended |             | ​ |      |             | ​ 
 ​ |
|:---------------------------------------------|:--|-------------------:|------------:|:--|-----:|------------:|:--|
| ​                                            | ​ |       December 31, |             |   |      |             | ​ |
|                                              |   |               2023 |             |   | 2022 |             |   |
| Net sales                                    | ​ |                  $ |   5,822,388 | ​ |    $ |   5,992,054 | ​ |
| Cost of sales                                | ​ |                  ​ |   1,631,220 | ​ |    ​ |   2,289,418 | ​ |
| Gross profit                                 | ​ |                  ​ |   4,191