Petros Pharmaceuticals, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total revenues of $5.1 million, down from $5.8 million in 2023. The company experienced a net loss of approximately $14.3 million, compared to a loss of $8.2 million in the previous year. This deterioration in profitability is attributed to a decrease in sales of its prescription medication, Stendra®, and medical devices, alongside increased operating expenses, which totaled $21.6 million for the year. The company’s accumulated deficit has now reached $113.2 million, raising concerns about its ability to continue as a going concern.
In a strategic shift, Petros announced the discontinuation of Stendra® sales to wholesalers in December 2024, a decision formalized by the Vivus Termination Agreement in March 2025, which also resulted in the cessation of all related marketing and sales activities. The company is pivoting towards developing a proprietary technology platform aimed at facilitating the transition of prescription medications to over-the-counter (OTC) status. This platform, which includes a Software as a Service (SaaS) component and a Software as a Medical Device (SaMD) interface, is still in early development stages and is expected to enhance consumer access to nonprescription pharmaceuticals.
Operationally, Petros has faced challenges, including a default on a promissory note with Vivus, which has led to the immediate repayment of approximately $7.6 million. The company is also undergoing an Assignment for the Benefit of Creditors (ABC) process for its subsidiary, Metuchen Pharmaceuticals, which will result in the liquidation of its assets to satisfy creditor obligations. As of December 31, 2024, Petros had 18 full-time employees and is exploring various financing strategies to address its liquidity issues, including potential equity or debt offerings.
Looking ahead, Petros is focused on raising additional capital to fund its operations and product development. The company is currently evaluating multiple financing options and aims to increase cash flows from operations. However, there is no assurance that it will successfully secure the necessary funding. The company’s stock is currently under scrutiny from Nasdaq due to its failure to meet minimum bid price requirements, and it is actively working on a plan to regain compliance, which may include a proposed reverse stock split. The future of Petros remains uncertain as it navigates these financial and operational challenges.
About Petros Pharmaceuticals, Inc.
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