Petros Pharmaceuticals, Inc.

What they do

Petros historically commercialized Stendra, an FDA-approved PDE-5 inhibitor for erectile dysfunction, and marketed vacuum erection devices through its former subsidiaries Timm Medical and PTV. The Company discontinued Stendra sales in December 2024 and assigned all assets of its subsidiaries for the benefit of creditors on June 16, 2025, exiting the ED product business. Today, Petros is developing an integrated technology platform with a SaaS component to help pharmaceutical companies operationalize Rx-to-OTC switches and a Software as a Medical Device (SaMD) consumer interface for self-selection, both in early development.

Revenue drivers

• Legacy ED product sales (discontinued) — Historically generated revenue from Stendra and vacuum erection devices; Stendra sales to wholesalers were discontinued in December 2024, and all VED marketing ended after the June 2025 assignment, so this revenue stream is now zero.
• Platform development (no revenue yet) — The Rx-to-OTC switch SaaS and SaMD platform is in early development and has not generated any revenue as of the latest reporting period.

Recent performance

For the six months ended June 30, 2026, the Company reported a net loss of $1.9 million versus net income of $3.2 million in the prior-year period, with selling, general and administrative expenses down 38.2% to $2.0 million. The 2025 period included a $7.0 million gain on asset disposition/Vivus settlement and $10.3 million in warrant-related fair value gains, which did not recur. At June 30, 2026, the Company had cash and equivalents of $3.5 million, total assets of $3.5 million, total liabilities of $2.8 million, and shareholder equity of $0.7 million. The Company has had no revenue from continuing operations in 2026.

Strategy

Management is focused on developing a proprietary SaaS and SaMD platform to support Rx-to-OTC switches under the FDA's ACNU rule, aiming to expand patient access to nonprescription drugs. The platform is designed to be a retail or online interface using clinically validated algorithms for consumer self-selection. The Company intends to leverage recent FDA and HHS frameworks, including TEFCA and Qualified Health Information Networks. Petros is actively seeking additional capital to fund development and operations, as it no longer has commercial product revenue.

Risks

• Going concern — The independent auditor expressed substantial doubt about Petros' ability to continue as a going concern, and management states it must raise additional capital to fund operations.
• No revenue stream — The Company exited all product sales and has no revenue from continuing operations, relying solely on its cash balance and external financing.
• Platform is early stage — The SaaS and SaMD platform is in early development and faces regulatory uncertainty, including FDA approval for the SaMD component.
• Delisting risk — The Company received multiple delisting notices or listing-rule failure notices in May and November 2025, suggesting potential non-compliance with exchange listing requirements.

Outlook

Management expects to continue investing in platform development and general administration, which will require significant additional capital. The Company has not provided specific timelines for platform commercialization or profitability, and future operations depend on successful fundraising.