Company: PTPI
Filing Date: 2025-02-14
Form Type: S-1/A
Source: 0001410578-25-000137
Chunk: 264

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-02-14
Form: S-1/A
Chunk 264
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 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 of the Note, the original principal amount of $ 10,201,758is payable in consecutive quarterly installments of principal and interest beginning on April 1