Company: PTPI
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001410578-25-000047
Chunk: 252

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-01-24
Form: S-1
Chunk 252
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 million, $ million and $ million, respectively. During the nine months ended September 30, 2024, and 2023, respectively, the Company recorded $ million and $ million of amortization expense. During the three months ended September 30, 2024, and 2023, respectively, the Company recorded $ million and $ million of amortization expense.

7) Accrued Expenses

Accrued expenses are comprised of the following:

| ​                         | ​ 
 ​ | ​ |                  ​ 
 September 30, 2024 | ​ | ​ |                 ​ 
 December 31, 2023 |
|:--------------------------|:--|:--|-------------------:|:--|:--|------------------:|
| Accrued product returns   | ​ | $ |          5,299,261 | ​ | $ |         4,178,176 |
| Accrued contract rebates  | ​ |   |             96,465 | ​ | ​ |           128,562 |
| Due to 3PL/Wholesalers    | ​ |   |             62,284 | ​ | ​ |            75,727 |
| Accrued bonuses           | ​ | ​ |            501,988 | ​ | ​ |           665,184 |
| Accrued professional fees | ​ |   |                  — | ​ | ​ |            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