Company: PTPI
Filing Date: 2025-02-14
Form Type: S-1/A
Source: 0001410578-25-000137
Chunk: 265

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-02-14
Form: S-1/A
Chunk 265
---
, 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 of the Event of Default, the Company accrued an additional $ 50,000of interest expense.

F-44

Future minimum principal payments of the Note are as follows:

| ​                                       | ​ | ​ |          ​ |
|:----------------------------------------|:--|:--|-----------:|
| 2024 (remaining 3 months)               |   | $ |    391,271 |
| 2025                                    | ​ | ​ |  2,720,940 |
| 2026                                    | ​ | ​ |  3,264,351 |
| 2027                                    | ​ | ​ |    872,073 |
| Total                                   | ​ | $ |  7,248,635 |
| Less: current portion                   | ​ | ​ | -2,326,050 |
| Promissory note, net of current portion | ​ | $ |  4,922,585 |

9) Stockholders’ Equity On December 21, 2023, the Company approved and accrued for the issuance of $ 200,000of common stock, payable in twoequal installments, with the first installment to be paid upon approval by the Board and the second installment six months after the first