Company: PTPI
Filing Date: 2025-02-13
Form Type: S-1/A
Source: 0001410578-25-000122
Chunk: 226

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-02-13
Form: S-1/A
Chunk 226
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ed Expenses

Accrued expenses are comprised of the following:

| ​                         | ​ 
 ​ | ​ |                 ​ 
 December 31, 2023 | ​ | ​ |                 ​ 
 December 31, 2022 |
|:--------------------------|:--|:--|------------------:|:--|:--|------------------:|
| Accrued product returns   | ​ | $ |         4,178,176 | ​ | $ |         2,311,647 |
| Accrued contract rebates  | ​ |   |           128,562 | ​ |   |           279,018 |
| Due to 3PL/Wholesalers    | ​ |   |            75,727 | ​ |   |           155,081 |
| Accrued bonuses           | ​ |   |           665,184 | ​ |   |           427,500 |
| Accrued professional fees | ​ |   |            15,000 | ​ |   |            51,620 |
| Other accrued expenses    | ​ |   |           297,428 | ​ |   |           409,796 |
| Total accrued expenses    | ​ | $ |         5,360,077 | ​ | $ |         3,634,662 |

8) Debt

Promissory Note

In connection with the Settlement Agreement entered into with Vivus (see Note 14), Petros executed an interest-bearing promissory note (the “Note”) 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