Petros Pharmaceuticals (PTPI) 10-Q 16 Aug 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 09, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	001-39752
Entity Registrant Name	Petros Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1410058
Entity Address State Or Province	NY
Entity Address, Address Line One	1185 Avenue of the Americas
Entity Address, Adress Line Two	3rd Floor
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10036
City Area Code	973
Local Phone Number	242-0005
Title of 12(b) Security	Common stock
Trading Symbol	PTPI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,826,599
Entity Central Index Key	0001815903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash	$ 11,031,177	$ 17,139,694
Accounts receivable, net	2,020,915	5,152,969
Inventories	439,232	760,530
Deposits with related party		4,576
Prepaid expenses and other current assets	2,742,728	2,847,284
Total current assets	16,234,052	25,905,053
Fixed assets, net	54,507	64,250
Intangible assets, net	28,708,372	32,160,919
API purchase commitment	11,144,257	11,144,257
Other assets	529,056	579,535
Total assets	56,670,244	69,854,014
Current liabilities:
Current portion of senior debt, net	3,425,378	7,175,029
Accounts payable	2,597,891	5,609,556
Accrued expenses	13,764,857	14,683,786
Accrued inventory purchases	14,203,905	14,203,905
Other current liabilities	497,915	221,766
Total current liabilities	34,489,946	41,894,042
Derivative liability	2,220,000	9,890,000
Other long-term liabilities	469,571	600,920
Total liabilities	37,179,517	52,384,962
Stockholders' Equity:
Common stock (par value of $0.0001 per share, 150,000,000 shares authorized, 9,826,599 and 9,707,655 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively)	983	971
Additional paid-in capital	80,295,724	79,170,225
Accumulated deficit	(60,805,980)	(61,702,144)
Total Stockholders' Equity	19,490,727	17,469,052
Total Liabilities and Stockholders' Equity	$ 56,670,244	$ 69,854,014

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	500
Preferred stock, shares outstanding	0	500
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	9,826,599	9,707,655
Common stock, shares outstanding	9,826,599	9,707,655

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 2,457,649	$ 1,373,564	$ 6,533,255	$ 3,165,485
Cost of goods sold	393,294	539,231	1,036,680	1,323,266
Gross profit	2,064,355	834,333	5,496,575	1,842,219
Operating expenses:
Selling, general and administrative expenses	4,116,173	4,059,698	7,997,890	8,876,162
Research and development expenses	500,046	131,583	519,227	270,968
Depreciation and amortization expense	1,728,828	1,661,360	3,457,657	3,322,722
Total operating expenses	6,345,047	5,852,641	11,974,774	12,469,852
Loss from operations	(4,280,692)	(5,018,308)	(6,478,199)	(10,627,633)
Change in fair value of derivative liability	2,290,000		7,670,000
Interest expense, senior debt	(115,525)	(357,409)	(288,937)	(784,992)
Interest expense, subordinated related party term loans		(402,435)		(478,717)
Income (loss) before income taxes	(2,106,217)	(5,778,152)	902,864	(11,891,342)
Income tax expense (benefit)	6,700	(13,781)	6,700	(43,752)
Net income (loss)	$ (2,112,917)	$ (5,764,371)	$ 896,164	$ (11,847,590)
Net income (loss) per common share
Basic and Diluted	$ (0.22)	$ (1.68)	$ 0.09	$ (3.45)
Weighted average common shares outstanding
Basic	9,802,309	3,434,551	9,777,834	3,434,551
Effect of common share equivalents within common stock warrants	0	0	1,501	0
Diluted	9,802,309	3,434,551	9,779,335	3,434,551

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY / MEMBERS' CAPITAL - USD ($)	Preferred Units	Common Units	Preferred Stock	Common Stock	Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2019	$ 20,018,205	$ 29,117,233				$ (411,162,196)	$ 8,019,222
Balance (in shares) at Dec. 31, 2019	1,619,754	3,434,551
Net income (loss)						(11,847,590)	(11,847,590)
Balance at Jun. 30, 2020	$ 20,018,205	$ 29,117,233				(52,963,806)	(3,828,368)
Balance (in shares) at Jun. 30, 2020	1,619,754	3,434,551
Balance at Mar. 31, 2020	$ 20,018,205	$ 29,117,233				(47,199,435)	1,936,003
Balance (in shares) at Mar. 31, 2020	1,619,754	3,434,551
Net income (loss)						(5,764,371)	(5,764,371)
Balance at Jun. 30, 2020	$ 20,018,205	$ 29,117,233				(52,963,806)	(3,828,368)
Balance (in shares) at Jun. 30, 2020	1,619,754	3,434,551
Balance at Dec. 31, 2020				$ 971	$ 79,170,225	(61,702,144)	17,469,052
Balance (in shares) at Dec. 31, 2020			500	9,707,655
Conversion of Preferred Stock to Common Stock				$ 6	(6)
Conversion of Preferred Stock to Common Stock (in shares)			(500)	60,606
Issuance of Common Stock for services				$ 6	187,796		187,802
Issuance of Common Stock for services (in shares)				58,338
Stock-Based Compensation Expense					937,709		797,709
Net income (loss)						896,164	896,164
Balance at Jun. 30, 2021				$ 983	80,295,724	(60,805,980)	19,490,727
Balance (in shares) at Jun. 30, 2021				9,826,599
Balance at Mar. 31, 2021				$ 980	79,615,223	(58,693,063)	20,923,140
Balance (in shares) at Mar. 31, 2021				9,798,261
Issuance of Common Stock for services				$ 3	89,999		90,002
Issuance of Common Stock for services (in shares)				28,338
Stock-Based Compensation Expense					590,502		450,502
Net income (loss)						(2,112,917)	(2,112,917)
Balance at Jun. 30, 2021				$ 983	$ 80,295,724	$ (60,805,980)	$ 19,490,727
Balance (in shares) at Jun. 30, 2021				9,826,599

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 896,164	$ (11,847,590)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	3,457,657	3,322,722
Bad debt expense	17,742
Inventory and sample inventory reserve	(360,514)	115,410
Non-cash paid-in-kind interest		523,166
Amortization of deferred financing costs and debt discount	12,500	12,500
Accretion for end of term fee		84,064
Deferred tax benefit		(194,358)
Lease expense	50,479	45,042
Derivative liability	(7,670,000)
Deferred revenue	89,805
Employee stock based compensation	937,709
Non-employee stock based compensation	187,802
Changes in operating assets and liabilities:
Accounts receivable	3,114,312	1,490,995
Inventories	710,496	381,494
Deposits	4,576	2,326
Prepaid expenses and other current assets	80,505	1,911,349
Accounts payable	(3,011,666)	1,921,252
Accrued expenses	(918,929)	(5,678,278)
Accrued inventory purchases		(250,000)
Other current liabilities	186,343	120,347
Long-term liabilities	(131,347)	(75,752)
Net cash used in operating activities	(2,346,366)	(8,115,311)
Cash flows from investing activities:
Acquisition of fixed assets		(4,429)
Net cash used in investing activities		(4,429)
Cash flows from financing activities:
Payment of senior debt	(3,227,914)	(3,144,309)
Payment of portion of senior debt end of term fee	(534,237)
Proceeds from subordinated related party term loans		10,000,000
Debt issuance costs		(50,000)
Net cash (used in) provided by financing activities	(3,762,151)	6,805,691
Net decrease in cash	(6,108,517)	(1,314,049)
Cash, beginning of period	17,139,694	2,145,812
Cash, end of period	11,031,177	831,763
Supplemental cash flow information:
Cash paid for interest during the period	$ 309,497	$ 683,118

Nature of Operations, Basis of

Nature of Operations, Basis of Presentation, and Liquidity	6 Months Ended
	Jun. 30, 2021
Nature of Operations, Basis of Presentation, and Liquidity
Nature of Operations, Basis of Presentation, and Liquidity	1) Nature of Operations, Basis of Presentation, and Liquidity Nature of Operations Petros Pharmaceuticals, Inc. (“Petros” or the “Company”) was incorporated in Delaware on May 14, 2020 for the purpose of effecting the transactions contemplated by that certain Agreement and Plan of Merger, dated as of May 17, 2020 (the “Original Merger Agreement”), by and between Petros, Neurotrope, Inc., a Nevada corporation (“Neurotrope”), PM Merger Sub 1, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Petros (“Merger Sub 1”), PN Merger Sub 2, Inc., a Delaware corporation and a wholly-owned subsidiary of Petros (“Merger Sub 2”), and Metuchen Pharmaceuticals LLC, a Delaware limited liability company (“Metuchen”). On July 23, 2020, the parties to the Merger Agreement entered into the First Amendment to the Agreement and Plan of Merger and Reorganization (the “First Merger Agreement Amendment”) and on September 30, 2020, the parties to the Original Merger Agreement entered into the Second Amendment to the Agreement and Plan of Merger and Reorganization (the “Second Merger Agreement Amendment” and, together with the Original Merger Agreement and the First Merger Agreement Amendment, the “Merger Agreement”). The Merger Agreement provided for (1) the merger of Merger Sub 1, with and into Metuchen, with Metuchen surviving as a wholly-owned subsidiary of Petros (the “Metuchen Merger”) and (2) the merger of Merger Sub 2 with and into Neurotrope, with Neurotrope surviving as a wholly-owned subsidiary of Petros (the “Neurotrope Merger” and together with the Metuchen Merger, the “Mergers”). As a result of the Mergers, Metuchen and Neurotrope became wholly-owned subsidiaries of Petros, and Petros became a publicly traded corporation on December 1, 2020. On December 7, 2020, Neurotrope completed the spin-off of certain assets, whereby (i) any cash in excess of $20,000,000, subject to adjustment as provided in the Merger Agreement, and all of the operating assets and liabilities of Neurotrope not retained by Neurotrope in connection with the Mergers were contributed to Synaptogenix, Inc. (formerly known as Neurotrope Bioscience, Inc.), a Delaware corporation (“Synaptogenix”), and a wholly-owned subsidiary of Neurotrope. The Mergers were accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Metuchen was determined to be the accounting acquirer based on an analysis of the criteria outlined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) No. 805, Business Combinations Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary to present fairly our financial position, results of operations and cash flows. However, actual results could differ from those estimates. The condensed consolidated balance sheet at December 31, 2020, has been derived from audited financial statements as of that date. The unaudited interim condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the United States Securities and Exchange Commission. This Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements and notes previously distributed in our Annual Report on Form 10-K for the year ended December 31, 2020. Certain prior year amounts have been reclassified for consistency with current year presentation. These reclassifications had no effect on the reported results of operations. Principles of Consolidation The unaudited interim condensed consolidated financial statements include the accounts of TIMM Medical, Inc. (“Timm Medical”), and Pos-T-Vac, LLC (“PTV”), subsidiaries of Metuchen, as well as the accounts of Metuchen and Neurotrope, subsidiaries of Petros. All intercompany accounts and transactions are eliminated in consolidation. Liquidity The Company has experienced net losses and negative cash flows from operations since its inception. As of June 30, 2021, the Company had cash of $11.0 million, negative working capital of approximately $18.3 million, including debt of $3.4 million that matures in 2021, and sustained cumulative losses attributable to common stockholders of $60.8 million. Our plans include, or may include, utilizing our cash and cash equivalents on hand, negotiating an extension of our debt arrangement and our liability due to Vivus as well as exploring additional ways to raise capital in addition to increasing cash flows from operations. While we are optimistic that we will be successful in our efforts to achieve our plan, there can be no assurances that we will be successful in doing so. As such, we obtained a continued support letter from our largest shareholder, JCP III SM AIV, L.P., (“the JCP Investor”) through August 17, 2022.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2) Summary of Significant Accounting Policies Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and reported amounts of revenue and expenses during the reporting periods. Such estimates include the adequacy of accounts receivable reserves, return reserves, inventory reserves, and assessment of long-lived assets, including intangible asset impairment and the determination of the fair value of the derivative liability, among others. Actual results could differ from these estimates and changes in these estimates are recorded when known. Risks and Uncertainties The Company is subject to risks common to companies in the pharmaceutical industry including, but not limited to, uncertainties related to commercialization of competitor products, regulatory approvals, dependence on key products, dependence on key customers and suppliers, and protection of intellectual property rights. In January 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China ( “COVID-19”) and the risks to the international community. The WHO declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the health of the U.S. economy for the foreseeable future. The Company cannot reasonably estimate the length or severity of the impact that the COVID-19 pandemic will have on its financial results, and the Company may experience a material adverse impact on its sales, results of operations, and cash flows in fiscal 2021. During 2020, government regulations and the voluntary business practices of the Company and prescribing physicians have prevented in-person visits by sales representatives to physicians’ offices. The Company has taken steps to mitigate the negative impact on its businesses of such restrictions. In March 2020, the Company reduced its sales representative head count to reflect the lack of in-person visits. The Company has maintained a core sales team which continues to contact physicians via telephone and videoconference as well as continuing to have webinars provided by the Company’s key opinion leaders to other physicians and pharmacists. The Company anticipates rehiring and/or assigning representatives to cover sales territories as physician access resumes new normal levels. In response to the spread of COVID-19, in March 2020, the Company closed its administrative offices and as of June 30, 2021, they remain closed, with the Company’s employees continuing their work outside of the Company’s offices. The Company has selectively resumed in-person interactions by its customer-facing personnel in compliance with local and state restrictions. The Company also continues to engage with customers virtually as the Company seeks to continue to support healthcare professionals and patient care. However, the Company’s ability to engage in personal interactions with physicians and customers remains limited, and it is unknown when the Company’s offices will reopen, and these interactions will be fully resumed. Revenue Recognition Prescription Medication Sales The Company’s prescription medication sales consist of sales of Stendra® in the U.S. for the treatment of male erectile dysfunction. Under ASC Topic 606, Revenue Recognition In determining the transaction price, a significant financing component does not exist since the timing from when the Company delivers Stendra® to when the customers pay for the product is typically less than one year. The Company records prescription medication sales net of any variable consideration, including but not limited to discounts, rebates, returns, chargebacks, and distribution fees. The Company uses the expected value method when estimating its variable consideration, unless terms are specified within contracts. The identified variable consideration is recorded as a reduction of revenue at the time revenues from sales of Stendra® are recognized. The Company recognizes revenue to the extent that it is probable that a significant revenue reversal will not occur in a future period. These estimates may differ from actual consideration received. The Company evaluates these estimates each reporting period to reflect known changes. As of June 30, 2021 and December 31, 2020, the reserves for sales deductions were $7.2 million and $8.6 million, respectively. The most significant sales deductions included in this reserve relate to returns, contract rebates, and distribution service (“DSA”) fees. Our estimates are based on factors such as our direct and indirect customers’ buying patterns and the estimated resulting contractual deduction rates, historical experience, specific known market events and estimated future trends, current contractual and statutory requirements, industry data, estimated customer inventory levels, current contract sales terms with our direct and indirect customers, and other competitive factors. Significant judgment and estimation is required in developing the foregoing and other relevant assumptions. The most significant sales deductions are further described below. Product Returns Consistent with industry practice, the Company maintains a return policy that generally allows its customers to return Stendra® and receive credit for product within six months prior to expiration date and up to one year after expiration date. The provision for returns is based upon the Company’s estimates for future Stendra® returns and historical experience. The provision of returns is part of the variable consideration recorded at the time revenue is recognized. As of June 30, 2021 and December 31, 2020, the reserves for product returns were $5.7 million and $7.1 million, respectively, and are included as a component of accrued expenses. Contract Rebates, Coupon Redemptions and DSA Fees The Company establishes contracts with wholesalers, chain stores, and indirect customers that provide for rebates, sales incentives, DSA fees and other allowances. Some customers receive rebates upon attaining established sales volumes. Direct rebates are generally rebates paid to direct purchasing customers based on a percentage applied to a direct customer’s purchases from us, including fees paid to wholesalers under our DSAs, as described below. Indirect rebates are rebates paid to indirect customers that have purchased our products from a wholesaler under a contract with us. The Company has entered into DSAs with certain of our significant wholesaler customers that obligate the wholesalers, in exchange for fees paid by us, to: (i) manage the variability of their purchases and inventory levels within specified limits based on product demand and (ii) provide us with specific services, including the provision of periodic retail demand information and current inventory levels for our pharmaceutical products held at their warehouse locations. Medical Device Sales The Company’s medical device sales consist of domestic and international sales of men’s health products for the treatment of erectile dysfunction. The men’s health products do not require a prescription and include vacuum erection devices, VenoSeal, and other related accessories. Under Topic 606, the Company recognizes revenue from medical device sales when its performance obligations with its customers have been satisfied. In the contracts with its customers, the Company has identified a single performance obligation to provide medical devices upon receipt of a customer order. The performance obligation is satisfied at a point in time when the Company’s customers obtain control of the medical device, which is typically upon shipment. The Company invoices its customers after the medical devices have been shipped and invoice payments are generally due within 30 days of invoice date for domestic customers and 90 days for international customers. In determining the transaction price, a significant financing component Product Returns Consistent with industry practice, the Company maintains a return policy that generally allows its customers to return medical devices and receive credit for products within 90 days of the sale. The provision for returns is based upon the Company’s estimates for future product returns and historical experience. The Company has not made significant changes to the judgments made in applying Topic 606. As of June 30, 2021 and December 31, 2020, the reserves for product returns for medical devices were not significant. Contract Costs In relation to customer contracts, the Company incurs costs to fulfill a contract but does not incur costs to obtain a contract. These costs to fulfill a contract do not meet the criteria for capitalization and are expensed as incurred. As such, the Company did not have any contract assets at June 30, 2021and December 31, 2020. Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by an observable market. Level 3 — Unobservable inputs which are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. Financial instruments recognized at historical amounts in the condensed consolidated balance sheets consist of cash, accounts receivable, other current assets, accounts payable, accrued expenses, other current liabilities, and senior debt. The Company believes that the carrying value of cash, accounts receivable, other current assets, accounts payable, accrued expenses, and other current liabilities approximates their fair values due to the short-term nature of these instruments. The carrying value of senior debt as of June 30, 2021 and December 31, 2020, approximated fair value. The fair value of the senior debt was estimated by discounting to present value the scheduled coupon payments and principal repayment, using an appropriate fair market yield and is considered Level 3 in the fair value hierarchy. In connection with the Mergers in December 2020, each security holder of Metuchen received an earnout consideration classified as a derivative liability to be paid in the form of Petros Common Stock. The Company estimated their fair value using a Monte Carlo Simulation approach. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. The fair value of the derivative liability as of June 30, 2021 and December 31, 2020, was $2.2 million and $9.9 million, respectively. See Note 10 Stockholders’ Equity. Stock-Based Compensation The Company accounts for stock-based awards to employees and consultants in accordance with applicable accounting principles, which requires compensation expense related to stock-based transactions, including employee stock options and consultant warrants, to be measured and recognized in the financial statements based on a determination of the fair value of the stock options or warrants. The grant date fair value is determined using the Black-Scholes-Merton (“Black-Scholes”) pricing model. Employee stock option and consulting expenses are recognized over the employee’s or consultant’s requisite service period (generally the vesting period of the equity grant). The Company’s option pricing model requires the input of highly subjective assumptions, including the volatility and expected term. Any changes in these highly subjective assumptions can significantly impact stock-based compensation expense. See Note 11 Stock Options. Income Taxes Prior to the consummation of the Mergers, Metuchen was a limited liability company (“LLC”) for federal income tax purposes and had elected to be treated as a Partnership for federal and state income tax purposes. PTV is a disregarded entity for federal income tax purposes. As such, all income tax consequences resulting from the operations were reported on the member’s income tax return. In addition, Timm Medical was included in the Company’s structure where taxes were paid at the entity level. Subsequent to the Mergers, Metuchen’s activity is included in the Company’s consolidated group. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize deferred tax assets in the future in excess of its net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with FASB ASC No. 740 Income Taxes The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying condensed consolidated statement of operations. As of June 30, 2021 and December 31, 2020 no accrued interest or penalties are recorded in the condensed consolidated balance sheets. Basic and Diluted Net Loss per Common Share The Company computes basic net loss per common share by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding during the period, excluding the dilutive effects of stock options and warrants to purchase common shares. The Company computes diluted net loss per common share by dividing the net loss applicable to common share by the sum of the weighted-average number of common shares outstanding during the period plus the potential dilutive effects of its convertible preferred stocks, stock options and warrants to purchase common shares, but such items are excluded if their effect is anti-dilutive. See Note 13 Basic and Diluted Net Loss per Common Share. Recent Accounting Pronouncements Pending Adoption as of June 30, 2021 In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments

Accounts Receivable, net

Accounts Receivable, net	6 Months Ended
	Jun. 30, 2021
Accounts Receivable, net
Accounts Receivable, net	3) Accounts Receivable, net Accounts receivable, net is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Gross accounts receivables ​ $ 3,292,674 ​ $ 6,560,291 Distribution service fees ​ (940,505) ​ (972,652) Chargebacks accrual ​ (17,653) ​ (121,269) Cash discount allowances ​ (67,060) ​ (84,601) Allowance for doubtful accounts ​ (246,541) ​ (228,800) Total accounts receivable, net ​ $ 2,020,915 ​ $ 5,152,969 ​ For the six months ended June 30, 2021 and 2020, gross sales from customers representing 10% or more of the Company’s total gross sales included two customers which represented approximately 62% and 79% of total gross sales, respectively. Receivables from customers representing 10% or more of the Company’s gross accounts receivable included two customers at June 30, 2021 and December 31, 2020 equal to 64% and 93%, respectively, of the Company’s total gross accounts receivables.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventories
Inventories	4) Inventories Inventory is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Raw materials ​ $ 261,157 ​ $ 325,932 Finished goods ​ 178,075 ​ 434,598 Total inventory ​ $ 439,232 ​ $ 760,530 ​ Finished goods are net of valuation reserves of $546,668 and $935,866 as of June 30, 2021 and December 31, 2020, respectively. Raw materials are net of valuation reserves of $2,872,977 as of both June 30, 2021 and December 31, 2020, respectively, which is related to bulk inventory that is fully reserved.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2021
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	5) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Prepaid samples ​ $ — ​ $ 58,483 Prepaid insurance ​ 188,209 ​ 149,452 Prepaid FDA fees ​ 252,324 ​ 756,972 Prepaid coupon fees ​ 71,500 ​ 71,500 API purchase commitment asset (see Note 14) ​ 1,304,541 ​ 1,304,541 Other prepaid expenses ​ 789,794 ​ 391,552 Other current assets ​ 136,360 ​ 114,784 Total prepaid expenses and other current assets ​ $ 2,742,728 ​ $ 2,847,284 ​ Prepaid samples, which are presented net of reserves, are expensed when distributed to the sales force. The prepaid samples reserve amount was $379,908 and $351,224 as of June 30, 2021 and December 31, 2020, respectively.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2021
Intangible Assets
Intangible Assets	6) Intangible Assets ​ ​ ​ ​ ​ Balance at December 31, 2019 $ 38,811,137 Amortization expense ​ (6,650,218) Balance at December 31, 2020 ​ ​ 32,160,919 Amortization expense ​ (3,452,547) Balance at June 30, 2021 ​ $ 28,708,372 ​ The future annual amortization related to the Company’s intangible assets is as follows as of June 30, 2021: ​ ​ ​ ​ ​ 2021 (remaining 6 months) ​ 3,415,225 2022 ​ 6,191,740 2023 ​ 5,445,729 2024 ​ 4,650,787 Thereafter ​ 9,004,891 Total ​ $ 28,708,372 ​ The intangible assets held by the Company are the Stendra® product, Timm Medical product, and PTV product and are being amortized over their estimated useful lives of 10 years , 12 years , and 12 years, respectively. The carrying value of the Stendra® product, Timm Medical product, and PTV product as of June 30, 2021 are $21.8 million, $5.4 million, and $1.5 million, respectively. The carrying value of the Stendra® product, Timm Medical product, and PTV product as of December 31, 2020 are $24.6 million, $5.9 million, and $1.6 million, respectively.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2021
Accrued Expenses
Accrued Expenses	7) Accrued Expenses Accrued expenses are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Accrued price protection ​ $ 1,853,979 ​ $ 1,853,979 Accrued product returns ​ 8,107,386 ​ 9,452,248 Accrued contract rebates ​ 506,229 ​ 412,046 Due to Vivus (see Note 14) ​ 2,267,523 ​ 2,267,523 Due to third-party logistic provider ​ 532,321 ​ — Accrued severance ​ 75,436 ​ 519,609 Accrued professional fees ​ 23,479 ​ — Other accrued expenses ​ 398,504 ​ 178,381 Total accrued expenses ​ $ 13,764,857 ​ $ 14,683,786 ​ As part of its acquisition of Stendra®, the Company provides the previous owner with price protection for certain Stendra® product returns that are processed by the previous owner in accordance with the Company's returned goods policy. Some customer agreements require that product returns be credited at the current wholesale acquisition cost (“WAC”). If the Company subsequently raises the WAC, the Company will reimburse the previous owner for the difference between the current WAC and the original sale price for returns processed by the previous owner.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt
Debt	8) Debt Senior Debt The following is a summary of the Company’s senior indebtedness at June 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Principal balance ​ $ 3,425,378 ​ $ 6,653,292 Plus: End of term fee ​ — ​ 534,237 Less: Debt issuance costs ​ — ​ (12,500) Total senior debt ​ $ 3,425,378 ​ $ 7,175,029 ​ On September 30, 2016, the Company entered into a loan and security agreement with Hercules Capital, Inc. (“Hercules”), a third party, for a $35 million term loan (the “Senior Debt”). The Senior Debt includes an additional Paid-In-Kind (“PIK”) interest that increases the outstanding principal on a monthly basis at an annual rate of 1.35% and a $787,500 end of term charge. The end of term charge is being recognized as interest expense and accreted over the term of the Senior Debt using the effective interest method. On November 22, 2017, the Company and Hercules entered into Amendment No. 1 to the Senior Debt (the “First Amendment”). A covenant was added, in which the Company may achieve a certain minimum EBITDA, as defined in the First Amendment, target for the trailing twelve-month period, ending June 30, 2018. The end of term charge was increased from $787,500 to $1,068,750. The minimum EBITDA for each of the trailing six months and the fixed charge coverage ratio were reduced from 1:1 0.9:1 On April 13, 2020, the Company and Hercules entered into Amendment No. 2 to the Senior Debt (the “Second Ammendment”). The Second Amendment waived all financial covenant defaults for all periods since inception through the period ending March 31, 2020. The Second Amendment also included the following changes: ● Extended the maturity date from October 1, 2020 to April 2021, which can be further extendable to December 1, 2021 upon achieving the Financing Milestone, as defined in the agreement. ● Increased the cash interest rate from the greater of (a) 10.75% or (b) 10.75% plus the US WSJ Prime minus 4.50% to the greater of (a) 11.50% or (b) 11.50% plus the US WSJ Prime minus 4.25% . ● Removed the PIK interest rate. ● Removed the prepayment penalty. The end of term charge of $1,068,750 was partially extended with $534,375 paid on October 1, 2020 and $534,375 paid on February 1, 2021. Effective September 30, 2020, the Company and Hercules entered into the Third Amendment to the Senior Debt Loan and Security Agreement (the “Third Amendment”) to provide for interest only payments commencing on October 1, 2020 and continuing through December 22, 2020 unless the Company raised net cash proceeds of at least $25 million through an equity or debt financing or other transaction on or before December 21, 2020. The Third Amendment also amended the minimum cash, minimum net revenue and minimum EBITDA financial covenants. On that same date, Juggernaut Capital Partners III, L.P, an affiliate of the JCP Investor., Hercules and Wells Fargo Bank, N.A. entered into an escrow agreement (the “Escrow Agreement”) to escrow funds amounting to approximately $1.5 million, an amount equal to the aggregate of certain principal payments due under the Loan Agreement, as amended. In connection with the consummation of the Mergers, the funds held in escrow were disbursed back to Juggernaut Capital Partners III, L.P. and the Escrow Agreement was terminated. The Company satisfied the maturity date extension requirement pursuant to funds retained upon the closing of the Mergers in December 2020. As a result, the Senior Debt now has a maturity date of December 1, 2021. As of June 30, 2021, the Company was in compliance with its covenants. Interest expense on the Senior Debt was as follows for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Interest expense for term loan ​ $ 115,525 ​ $ 340,477 ​ $ 276,437 ​ $ 728,043 Amortization of debt issuance costs ​ — ​ 12,500 ​ 12,500 ​ 12,500 PIK interest ​ — ​ 4,432 ​ — ​ 44,449 ​ ​ $ 115,525 ​ $ 357,409 ​ $ 288,937 ​ $ 784,992 ​ Included in accrued expenses in the accompanying condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, is $32,825 and $65,885, respectively, of accrued and unpaid interest. Subordinated Related Party Term Loans Subordinated Related Party Term Loans Entered into During 2020 During 2020, the Company entered into Subordinated Promissory Notes with the JCP Investor in the principal amount of $15.5 million. The maturity date of the Subordinated Promissory Notes was April 2, 2021 and they had PIK interest that increased the outstanding principal on a daily basis at an annual rate of 20%. In connection with the entry into the Merger Agreement on May 17, 2020, the JCP Investor, Neurotrope and Metuchen entered into a Note Conversion and Loan Repayment Agreement pursuant to which, the JCP Investor agreed to convert all of the above outstanding subordinated promissory notes and accrued PIK interest held by Juggernaut Capital Partners LLP and the JCP Investor, into Petros common stock in connection with the consummation of the Mergers on December 1, 2020, and the Subordinated Promissory Notes were terminated. Accordingly, the principal balance of the Subordinated Promissory Notes and accrued PIK interest was $0 as of both June 30, 2021 and December 31, 2020. Interest expense on this debt was $402,435 and $478,717, comprised entirely of PIK interest, for the three and six months ended June 30, 2020, respectively.

Members' Capital

Members' Capital	6 Months Ended
	Jun. 30, 2021
Members' Capital
Members' Capital	9) Members’ Capital (a) Capitalization Prior to September 16, 2019, the Company authorized 100 units of Class A Common Units (the “Class A Units”) to be issued and outstanding. In addition, there were Restricted Member Units (“RMU’s”) that were designated as a class of incentive units (also known as “Class B Units”). On September 16, 2019, the Company amended and restated its operating agreement creating the rights and preferences relating to the Preferred Units and Common Units mentioned in the Private Placement Offering below. The issued and outstanding Preferred Units and Common Units were exchanged for Common Stock of the Company in connection with the Mergers. (b) Preferred Units A holder of a Preferred Unit was entitled to vote on any matter requiring the approval of such units. In addition, the Preferred Unit holders were entitled to distributions, after adjustment for specific items, for each fiscal year. The following actions required the prior consent of the holders of a majority of the outstanding Preferred Units: (a) amend, alter or repeal any provision of the amended and restated operating agreement (if such amendment would adversely affect any of the rights or preferences of the Preferred Units); (b) authorize or create membership interests that have a preference over the Preferred Units as to dividends or liquidation; (c) declare or pay any dividends or distributions; (d) dissolve or liquidate (in whole or in part), consolidate, merge, convey, lease, sell, or transfer all or substantially all of the assets of the Company; or purchase or otherwise acquire (directly or indirectly) all or substantially all of the assets or equity interest issued by another company; or file a petition for bankruptcy or receivership of the Company; (e) repurchase or redeem any Membership Interests; or (f) enter into any agreement, commitment or arrangement to do any of the foregoing. (c) Common Units (formerly known as Class A Units) A holder of a Common Unit was entitled to vote on any matter requiring the approval of such units. In addition, the Common Unit holders were entitled to distributions, after adjustment for specific items, for each fiscal year. Effective with the amended and restated operating agreement on August 26, 2019, each Class A Unit was exchanged for 10,000 Common Units. There was no change to the ownership percentages as a result of the exchange and the rights and privileges of Common Unit holders is consistent with that of the holders of Class A Units. (d) Class B Units As of September 16, 2019, none of the Class B Units had been issued. Effective with the amended and restated operating agreement on September 16, 2019, the Class B Units were no longer an authorized membership interest of the Company. (e) Liquidation Upon liquidation of the Company or upon any Company sale, the Company was required to pay, hold, or distribute, or cause to be paid, held or distributed, the proceeds thereof as follows: (a) first, to the holders of Preferred Units, pro rata in proportion to the number of Preferred Units held by such holders, until the holders of such Preferred Units receive in respect of each Preferred Unit held by them, the preferred liquidation preference amount; (b) second, to the holders of Common Units, pro rata in proportion to the number of Common Units held by such holders, the remaining proceeds available for distribution.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity
Stockholders' Equity	10) Stockholders’ Equity Upon consummation of the Mergers, each outstanding Common Unit or Preferred Unit of Metuchen was exchanged for a number of shares of Petros common stock, par value $0.0001 per share (the “Petros Common Stock”), equal to 0.4968, which resulted in an aggregate of 4,949,610 shares of Petros Common Stock issued to the holders of Metuchen units in the Mergers. In addition, each holder of Neurotrope common stock, par value $0.0001 per share (the “Neurotrope Common Stock”) received one (1) share of Petros Common Stock for every five (5) shares of Neurotrope Common Stock held, and each holder of Neurotrope preferred stock, par value $0.001 per share (the “Neurotrope Preferred Stock”) received one (1) share of Petros preferred stock (the “Petros Preferred Stock”) for every one (1) share of Neurotrope Preferred Stock held. In addition, each holder of outstanding options to purchase Neurotrope Common Stock or outstanding warrants to purchase Neurotrope Common Stock that were not previously exercised prior to the consummation of the Mergers was converted into equivalent options and warrants to purchase one (1) share of Petros Common Stock for every five (5) shares of Neurotrope Common Stock outstanding pursuant to such options or warrants. As a result of the Mergers, the former Neurotrope shareholders collectively owned approximately 4,758,045 shares of Petros Common Stock and 500 shares of Petros Preferred Stock and the former Metuchen unit holders collectively owned 4,949,610 shares of Petros Common Stock. Accordingly, the former Metuchen unit holders collectively owned approximately 51% of Petros and the former Neurotrope shareholders collectively owned approximately 49% of Petros. On January 26, 2021, 500 shares of the Company’s Preferred Stock were converted into 60,606 shares of the Company’s common stock. Effective January 1, 2021, the Company entered into a Marketing and Consulting Agreement (the “CorIRAgreement”) with CorProminence, LLC (the “Consultant”) for certain shareholder information and relation services. The term of the CorIRAgreement is for one year with automatic consecutive one-year renewal terms. As consideration for the shareholder information and relation services, the Company will pay the Consultant a monthly retainer of $7,500 and issued 30,000 restricted shares of the Company’s common stock to the Consultant on March 24, 2021 (the “CorIR Grant Date”). The restricted shares vested immediately on the CorIR Grant Date. Effective April 1, 2021, the Company entered into a Consulting and Advisory Agreement (the “King Agreement”) with Tania King, an employee of Juggernaut Capital Partners LLP, for certain services. The term of the King Agreement is indefinite but may be terminated by either party, with or without cause. As consideration for the consulting and advisory services, the Company will pay Ms. King a monthly fee of $4,000, an additional $12,000 payment included with the first monthly fee for services provided since January 1, 2021 and issue restricted stock units for shares of the Company’s common stock (“RSU’s”) with a cash value of $72,000 as of the date of the grant (the “King Grant Date”). The RSU’s shall vest and settle in full on the one-year anniversary of the King Grant Date. Effective June 4, 2021, the Company entered into a Service Agreement (the “IRTH Agreement”) with IRTH Communications, LLC (“ITRH”) for certain investor relations services. The term of the IRTH is for one year with an optional one-year renewal term. As consideration for the services, the Company will pay IRTH a fixed fee of $6,750 per month for the term of the IRTH Agreement and issued 28,338 restricted shares of the Company’s common stock with a value of $90,002 as of the date of the grant (the “IRTH Grand Date”). The restricted shares vest immediately on the IRTH Grant Date. Backstop Agreement In connection with the entry into the Merger Agreement, Neurotrope and an affiliated entity of the JCP Investor entered into a Backstop Agreement pursuant to which Juggernaut agreed to contribute to Metuchen at the closing of the Mergers an amount equal to the Working Capital Shortfall Amount (as defined in the Merger Agreement), if any, as determined in accordance with the Merger Agreement, up to an aggregate amount not to exceed $6,000,000 (the “Commitment Cap”). Following the closing of the Mergers and until the one-year anniversary of the closing of the Mergers (the “Anniversary Date”), Juggernaut agreed to contribute, or cause an affiliate to contribute, to Petros an amount equal to the Commitment Cap less the Working Capital Shortfall Amount (the “Post-Closing Commitment”) on the Anniversary Date; provided, however, that, (a) in the event that, at any time between the closing of the Mergers and the Anniversary Date, the closing price per share of Petros’s Common Stock on The Nasdaq Capital Market or any other securities exchanges on which the Petros Common Stock is then traded equals or exceeds $2.175 for a period of ten consecutive trading days, then the Post-Closing Commitment shall be reduced by fifty percent (50%) and (b) in the event that, at any time between the closing of the Mergers and the Anniversary Date, the closing price per share of Petros’s Common Stock on The Nasdaq Capital Market or any other securities exchanges on which the Petros Common Stock is then traded equals or exceeds $2.5375 for a period of ten (10) consecutive trading days, then the Post-Closing Commitment shall be $0. Pursuant to the Backstop Agreement and upon closing of the Mergers, Juggernaut paid the Company $2.6 million for the Working Capital Shortfall Amount, which was recorded in equity in relation to the net proceeds received from the reverse capitalization. Contingent Consideration Pursuant to the Merger Agreement, each security holder of Metuchen received a right to receive such security holder’s pro rata stock of an aggregate of 14,232,090 stocks of Petros Common Stock potentially issuable upon the achievement of certain milestones set forth in the Merger Agreement. The milestones are for the achievement of stock price and market capitalization, as defined over a two-year period. Milestone Earnout Payments In connection with the Mergers, each security holder of Metuchen received an equity classified earnout consideration to be paid in the form of Petros Common Stock if the Closing Price (as defined in the Merger Agreement) per share of stock of Petros’ Common Stock equals or exceeds certain milestones set forth in the Merger Agreement, as discussed below. Each milestone earnout payment is only achievable and payable one time and upon attainment of such milestone earnout payment. In no event will the sum of the milestone earnout payments be greater than 4,000,000 shares of Petros Common Stock. As of June 30, 2021, the milestones have not been achieved. If at any time following the Closing (as defined in the Merger Agreement) and prior to the one-year anniversary of the Closing, the Closing Price per share of Petros Common Stock is, for a period of twenty (20) trading days during any thirty (30) consecutive trading day period, greater than or equal to: ● $8.00 - then the earnout payment will be equal to 1,000,000 shares of Petros Common Stock. ● $10.00 - then the earnout payment will be equal to 1,000,000 shares of Petros Common Stock. ● $13.00 - then the earnout payment will be equal to 1,000,000 shares of Petros Common Stock. ● $15.00 - then the earnout payment will be equal to 1,000,000 shares of Petros Common Stock. If at any time within the twelve (12) month period following the one-year anniversary of the Closing, the Closing Price per share of Petros Common Stock is, for a period of twenty (20) trading days during any thirty (30) consecutive trading day period, greater than or equal to: ● $10.00 - then the earnout payment will be equal to 1,000,000 shares of Petros Common Stock. ● $12.50 - then the earnout payment will be equal to 1,000,000 shares of Petros Common Stock. ● $16.25 - then the earnout payment will be equal to 1,000,000 shares of Petros Common Stock. ● $18.75 - then the earnout payment will be equal to 1,000,000 shares of Petros Common Stock. Market Capitalization/Gross Proceeds Earnout Payments In connection with the Mergers, each security holder of Metuchen received the right to receive earnout consideration, which is liability classified, to be paid in the form of Petros Common Stock if either Petros’ Market Capitalization (as defined in the Merger Agreement) or Petros receives aggregate gross proceeds that equals or exceeds certain milestones set forth in the Merger Agreement, as discussed below. Each milestone earnout payment is only achievable and payable one time and upon attainment of such milestone. In no event will the sum of the milestone earnout payments be greater than 10,232,090 shares of Petros Common Stock. As of June 30, 2021, the milestones have not been achieved. The fair value of the derivative liability was $2.2 million and $9.9 million as of June 30, 2021 and December 31, 2020, respectively. Metuchen equity holders will have the opportunity to receive the following during the period ending on the second anniversary of the Closing: a. The Earnout Payment shall be equal to 2,000,000 shares of Petros Common Stock if: i. Petros’ Market Capitalization (as defined in the Merger Agreement) is greater than or equal to $250,000,000 for a period of twenty (20) trading days during any thirty (30) consecutive trading day period with a Closing Price of no less than $17.50 on each such trading day; or ii. Petros receives aggregate gross proceeds of at least $25,000,000 in an offering (or series of offerings within a sixty (60) calendar day period) of Petros Common Stock with a price per share of Petros Common Stock sold equal to no less than $17.50 in each offering (or series of offerings) and where Petros has a Market Capitalization immediately prior to each such offering (or series of offerings) equal to at least $250,000,000 . b. The Earnout Payment shall be equal to 2,000,000 shares of Petros Common Stock if: i. Petros’ Market Capitalization is greater than or equal to $300,000,000 for a period of twenty (20) trading days during any thirty (30) consecutive trading day period with a Closing Price of no less than $18.75 on each such trading day; or ii. Petros receives aggregate gross proceeds of at least $30,000,000 in an offering (or series of offerings within a sixty (60) calendar day period) of Petros Common Stock with a price per share of Petros Common Stock sold equal to no less than $18.75 in each offering (or series of offerings) and where Petros has a Market Capitalization immediately prior to each such offering (or series of offerings) equal to at least $300,000,000 . c. The Earnout Payment shall be equal to 3,000,000 shares of Petros Common Stock if: i. Petros’ Market Capitalization is greater than or equal to $400,000,000 for a period of twenty (20) trading days during any thirty (30) consecutive trading day period with a Closing Price of no less than $22.50 on each such trading day; or ii. Petros receives aggregate gross proceeds of at least $40,000,000 in an offering (or series of offerings within a sixty (60) calendar day period) of Petros Common Stock with a price per share of Petros Common Stock sold equal to no less than $22.50 in each offering (or series of offerings) and where Petros has a Market Capitalization immediately prior to each such offering (or series of offerings) equal to at least $400,000,000 . d. The Earnout Payment shall be equal to 3,232,090 shares of Petros Common Stock if: i. Petros’ Market Capitalization is greater than or equal to $500,000,000 for a period of twenty (20) trading days during any thirty (30) consecutive trading day period with a Closing Price of no less than $23.75 on each such trading day; or ii. Petros receives aggregate gross proceeds of at least $50,000,000 in an offering (or series of offerings within a sixty (60) calendar day period) of Petros Common Stock with a price per share of Petros Common Stock sold equal to no less than $23.75 in each offering (or series of offerings) and where Petros has a Market Capitalization immediately prior to each such offering (or series of offerings) equal to at least $500,000,000 . ​

Stock Options and Restricted St

Stock Options and Restricted Stock Units ("RSU's")	6 Months Ended
	Jun. 30, 2021
Stock Options
Stock Options	11) Stock Options and Restricted Stock Units (“RSU’s”) The Company established the 2020 Omnibus Incentive Compensation plan (the “2020 Plan”) which provides for the grants of awards to our directors, officers, employees, and consultants. The 2020 Plan authorizes the grant of incentive stock options, nonqualified stock options, stock appreciation rights, stock awards, restricted stock units and other stock-based awards and cash-based awards. As of June 30, 2021 there were 1,213,301 shares authorized, and 0 shares available for issuance, under the 2020 Plan. Upon the consummation of the Mergers as disclosed in Note 1, Neurotrope options issued and outstanding as of December 1, 2020 were converted into equivalent options to purchase stocks of Petros common stock and restricted stock units were adjusted to give effect to the Exchange Ratio set forth in the Merger Agreement. The following is a summary of stock options for the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ Weighted- ​ Remaining ​ Aggregate Intrinsic ​ ​ Number of ​ Average ​ Contractual ​ Value ​ Shares Exercise Price Term (Years) ($ in thousands) Options outstanding and exercisable at December 31, 2020 574,331 ​ $ 51.43 0.9 ​ $ — Options granted 638,970 ​ 3.37 9.4 ​ — Less: options and RSU’s forfeited — ​ — — ​ — Less: options and RSU’s expired/cancelled — ​ — — ​ — Less: options and RSU’s exercised — ​ — — ​ — Options and RSU’s outstanding at June 30, 2021 1,213,301 ​ 26.57 5.3 ​ — Options and RSU’s exercisable at June 30, 2021 852,166 ​ 34.25 3.5 ​ — ​ Upon the consummation of the Mergers as disclosed in Note 1, the vesting of former Neurotrope stock options in accordance with their terms was accelerated due to a change in control pursuant to the terms of the Neurotrope, Inc. 2013 Equity Incentive Plan and the Neurotrope, Inc. 2017 Equity Incentive Plan. Pursuant to the change in control, Neurotrope extended the period to exercise the stock options to be one-year from the closing of the Mergers. Accordingly, the Company did not record any stock-based compensation expense in connection with these stock options during the period from December 1, 2020 through December 31, 2020. On February 19, 2021, Fady Boctor, the President and Chief Commercial Officer of the Company, was granted an option to purchase 215,669 shares of the Company’s common stock at an exercise price of $3.74 per share. The option vested 50% as of February 19, 2021, the date of grant, and the remainder shall vest in equal installments on the first and second anniversary thereof. On April 8, 2021, in connection with the Directors’ appointment to the Board upon the Company becoming an independent publicly traded company on December 1, 2020, the Company awarded each of the five Directors an initial grant of options (the “Initial Grant”) to purchase 50,000 shares of common stock of the Company at an exercise price of $3.18 per share. The shares of common stock underlying the options vested 25% on the date of grant, 25% shall vest upon the six-month anniversary of the date of grant and the remainder shall vest in equal installments over the following four On May 11, 2021, the Company granted to certain officers of the Company options to purchase 150,000 shares of common stock of the Company at an exercise price or $3.21 per share. The shares of common stock underlying the options vested 30% on the date of grant, 30% shall vest upon the one year anniversary of the date of the grant, and the remainder shall vest upon the two year anniversary of the date of the grant. As of June 30, 2021, the plan is short of shares to cover all the May 11, 2021 option grants by 134,955 shares.

Common Stock Warrants

Common Stock Warrants	6 Months Ended
	Jun. 30, 2021
Common Stock Warrants
Common Stock Warrants	12) Common Stock Warrants Upon the consummation of the Merger as disclosed in Note 1, Neurotrope warrants issued and outstanding as of December 1, 2020 were converted into equivalent warrants to purchase common stock of Petros and were adjusted to give effect to the Exchange Ratio set forth in the Merger Agreement. The following is a summary of warrants for the three months ended June 30, 2021: ​ ​ ​ ​ ​ Number of Shares Warrants outstanding at December 31, 2020 4,407,962 Warrants issued — Warrants exercised — Warrants outstanding at June 30, 2021 4,407,962 ​ As of June 30, 2021, the Company’s warrants by expiration date were as follows: ​ ​ ​ ​ ​ ​ ​ Number of Warrants Exercise Price Expiration Date 76,569 ​ $ 32.00 ​ November 17, 2021 131,344 ​ 64.00 ​ November 17, 2021 2,780 ​ 1.60 ​ August 23, 2023 18,000 ​ 35.65 ​ June 1, 2024 4,800 ​ 35.60 ​ June 5, 2024 74,864 ​ 21.85 ​ June 17, 2024 20,043 ​ 31.25 ​ June 19, 2024 22,800 ​ 26.55 ​ September 1, 2024 10,500 ​ 12.74 ​ September 16, 2024 22,800 ​ 4.30 ​ December 1, 2024 28,000 ​ 5.65 ​ March 2, 2025 28,000 ​ 7.30 ​ June 1, 2025 28,000 ​ 5.50 ​ September 1, 2025 28,000 ​ 4.71 ​ December 1, 2025 2,221,829 ​ 7.50 ​ December 1, 2025 908,498 ​ 17.50 ​ December 1, 2025 623,303 ​ 51.25 ​ December 1, 2025 157,832 ​ 125.00 ​ December 1, 2025 4,407,962 ​ ​ ​

Basic and Diluted Net Loss per

Basic and Diluted Net Loss per Common Share	6 Months Ended
	Jun. 30, 2021
Basic and Diluted Net Loss per Common Share
Basic and Diluted Net Loss per Common Share	13) Basic and Diluted Net Loss per Common Share Upon the consummation of the Mergers on December 1, 2020, the basic weighted average number of common shares outstanding for the three and six months ended June 30, 2020 has been calculated using the number of common units outstanding of Metuchen from January 1, 2020 through June 30, 2020 multiplied by the exchange ratio used in the transaction. The following is a reconciliation of the weighted average number of common shares outstanding used in calculating basic and diluted net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Numerator ​ ​ ​ ​ ​ Net income (loss) ​ $ (2,112,917) ​ $ (5,764,371) ​ $ 896,164 ​ $ (11,847,590) Denominator ​ ​ ​ ​ Weighted-average common shares for basic net income (loss) per share ​ 9,802,309 ​ 3,434,551 ​ 9,777,834 ​ 3,434,551 Effect of common share equivalents within common stock warrants ​ — ​ — ​ 1,501 ​ — Weighted-average common shares for dilutive net income (loss) per share ​ 9,802,309 ​ 3,434,551 ​ 9,779,335 ​ 3,434,551 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted net income (loss) per common share ​ $ (0.22) ​ $ (1.68) ​ $ 0.09 ​ $ (3.45) ​ The following table summarizes the potentially dilutive securities convertible into common shares that were excluded from the calculation of diluted net loss per share because their inclusion would have been antidilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Stock Options 1,213,301 — ​ 1,213,301 — Warrants 4,407,962 127,396 ​ 4,405,182 127,396 Total 5,621,263 127,396 ​ 5,618,483 127,396 ​

Marketing, Licensing and Distri

Marketing, Licensing and Distribution Agreements	6 Months Ended
	Jun. 30, 2021
Marketing, Licensing and Distribution Agreements
Marketing, Licensing and Distribution Agreements	14) Marketing, Licensing and Distribution Agreements (a) Vivus On September 30, 2016, the Company entered into a License and Commercialization Agreement (the “License Agreement”) with Vivus, Inc (“Vivus”) to purchase and receive the license for the commercialization and exploitation of Stendra® for a one-time fee of $70 million, and for an additional $0.8 million, the Company also acquired the current Stendra® product and sample inventories as of September 30, 2016 that were owned by Vivus. The License Agreement gives the Company the right to sell Stendra® in the U.S and its territories, Canada, South America, and India. In December 2000, Vivus originally was granted the license from Mitsubishi Tanabe Pharma Corporation (“MTPC”) to develop, market, and manufacture Stendra®. Stendra® was approved by the Food and Drug Administration (“FDA”) in April 2012 to treat male erectile dysfunction. The Company will pay MTPC a royalty of 5% on the first $500 million of net sales and 6% of net sales thereafter. In consideration for the trademark assignment and the use of the trademarks associated with the product and the Vivus technology, the Company shall (a) during the first, second, and third years following the expiration of the Royalty Period in a particular country in the Company’s territory, pay to Vivus a royalty equal to 2% of the net sales of products in such territory; and (b) following the fourth and fifth years following the end of the Royalty Period in such territory, pay to Vivus a royalty equal to 1% of the net sales of products in such territory. Thereafter, no further royalties shall be owed with respect to net sales of Stendra® in such territory. In addition, the Company will be responsible for a pro-rata portion of a $6 million milestone payment to be paid once $250 million in sales has been reached on the separate revenue stream of Stendra®. Should the $250 million of sales threshold be reached, the Company will be responsible for $3.2 million of the milestone payment. In connection with the License Agreement, the Company and Vivus also entered into a Supply Agreement on the effective date of the License Agreement. The Supply Agreement states that Vivus will initially manufacture, test, and supply the product to the Company or its designee, directly or through one or more third parties. The Supply Agreement is effective through December 31, 2021. The Company provided Vivus with notice of termination of the Supply Agreement on September 30, 2019, effective on September 30, 2021. On July 7, 2020, Vivus announced that it has completed the solicitation of an in-court prepackaged plan of reorganization, under which IEH Biopharma LLC will take 100% ownership of Vivus. The Company is required to make future minimum annual purchases of Stendra® under the Supply Agreement and the Company estimates the minimum purchase obligation for 2021 to be $4.1 million (based on current prices, however, subject to annual price increases) as of June 30, 2021. Stendra Stendra As of both June 30, 2021 and December 31, 2020, the Company has $14.2 million of accrued inventory purchases related to the Company’s minimum purchase obligations with Vivus for raw material or API inventory. As API inventory is not a finished good, the Company does not have title to the product and classifies API Inventory in either other current assets or other assets, depending on whether the Company expects to take title to the product within one year from the date of the financial statements. As of both June 30, 2021 and December 31, 2020, there was $1.3 million included in other current assets (see Note 5 Prepaid and Other Current Assets). As of both June 30, 2021 and December 31, 2020, $11.1 million is included in other assets on the accompanying condensed consolidated balance sheets. The Company reviews its inventory levels and purchase commitments for excess amounts that it is required to purchase but projects it will not be able to sell prior to product expiry. During the three and six months ended June 30, 2021 and 2020, the Company has not recorded any additional reserve to reduce the cost of API inventory. During the six months ended June 30, 2021 and 2020, the Company incurred royalties to MTPC for Stendra® of $233,481 and $76,927, respectively. During the three months ended June 30, 2021 and 2020, the Company incurred royalties to MTPC for Stendra® of $73,449 and $37,014, respectively. Royalties incurred were included in cost of goods sold in the condensed consolidated statements of operations. As of June 30, 2021 and December 31, 2020, the Company had a payable for royalties of $82,491 and $8,728, respectively, which is included in accrued expenses in the accompanying condensed consolidated balance sheets. The license agreement between MTPC and Vivus (“MTPC License”) contains certain termination rights that would allow MTPC to terminate the agreement if Vivus were to breach any of the terms of the MTPC License or become insolvent or bankrupt. In the event that MTPC terminates the MTPC License with Vivus because of any contractual breach the Company has step-in rights with MTPC, which would allow the Company to continue to sell Stendra (b) Hybrid In March 2020, the Company acquired the exclusive license to H100™ from Hybrid (the “Hybrid License”). H100™ is a topical candidate with at least one active ingredient and potentially a combination of ingredients responsible for the improvement of penile curvature during the acute phase of Peyronie’s disease. We paid an initial license fee of $100,000, with an additional $900,000 payment due upon obtainment of orphan indication for H100™ and termination of Hybrid’s existing agreement with a compounding pharmacy, and additional annual payments of $125,000, $150,000 and $200,000 due on each of the first, second and third anniversaries of the Hybrid License and $250,000 annual payments due thereafter. The Company is also required to make a $1,000,000 payment upon first commercial sale and a sliding scale of percentage payments on net sales in the low single digits. Annual anniversary payments will not be required after commercialization. The Company is also obligated to make royalty payments between 3-6% of any net sales. In addition, the Company may terminate at any time after first anniversary, without cause, upon ninety The initial license fee of $100,000 and an extension payment of $100,000 has been recorded in research and development during the year ended December 31, 2020. The Company has treated the acquisition as an asset acquisition and has concluded that the asset acquired, and the upfront payment should be expensed as it was considered an IPR&D asset with no alternative future uses. On September 24, 2020, the Company and Hybrid entered into a letter agreement, pursuant to which the term of the license agreement was extended for an additional six months to March 24, 2021. In consideration for the extension, the Company paid Hybrid $50,000 in October 2020 and an additional $100,000 in December 2020. On March 31, 2021, the Company and Hybrid, entered into a second letter agreement, pursuant to which the parties agreed to extend the Second Period (as defined in the Hybrid License) for an additional six seven

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	15) Commitments and Contingencies (a) Employment Agreements The Company has employment agreements with certain executive officers and key employees that provide for, among other things, salary and performance bonuses. In connection with entry into the First Merger Agreement Amendment, Neurotrope, Neurotrope Bioscience, Inc. (a wholly owned subsidiary of Neurotrope) and Metuchen entered into an Employee Lease Agreement pursuant to which Neurotrope and Neurotrope Bioscience, Inc. agreed to lease the services of Dr. Charles Ryan to Metuchen prior to the Closing. Dr. Ryan was required to devote no more than 75% of his working time performing services to Metuchen under the Employee Lease Agreement and Metuchen paid 75% of the costs associated with Dr. Ryan’s employment from the period beginning on June 1, 2020 through the Closing, including but not limited to, the costs for all compensation and benefits paid to, for or on behalf of Dr. Ryan (the “Fees”). Upon consummation of the Mergers, Metuchen paid approximately $0.2 million for the Fees pursuant to the Employee Lease Agreement, which reduced the amount of cash that Petros retained following the Closing. In connection with the consummation of the Mergers, on December 24, 2020, the Company and Mr. Keith Lavan entered into a Separation Agreement (the “Separation Agreement”), pursuant to which Mr. Lavan resigned as Senior Vice President and Chief Financial Officer of the Company and agreed to serve as an advisor to the Company through December 31, 2020 (the “Separation Date”). Pursuant to the Separation Agreement, in addition to other benefits, Mr. Lavan received a stay-on bonus of $50,000 for continuing to remain employed by the Company through the Separation Date. For his services as an advisor, the Company agreed to pay Mr. Lavan an amount equal to 50% of his base salary as of immediately prior to the Separation Date. The Company paid 70% of such amount on January 15, 2021 and 30% of such amount in equal installments from the Separation Date through June 30, 2021. In addition, Mr. Lavan executed a general release of liabilities in favor of the Company. (b) Legal Proceedings On July 14, 2020, Greg Ford, the Chief Executive Officer of the Company, was terminated. On July 14, 2020, Mr. Ford, through his attorney, claimed that he was entitled to severance pay pursuant to an employment agreement following the termination of his employment on that same date. This claim is currently at an early stage where the Company is unable to determine the likelihood of any unfavorable outcome. The Company is not currently involved in any other significant claims or legal actions that, in the opinion of management, will have a material adverse impact on the Company’s operations, financial position or cash flows. (c) Operating Leases The Company has commitments under operating leases for office and warehouse space used in its operations. The Company’s leases have remaining lease terms ranging from 3.2 years to 5.5 years. The components of lease expense were consisted entirely of fixed lease costs related to operating leases. These costs were $44,812 for the three months ended June 30, 2021 and 2020, and $89,623 for the six months ended June 30, 2021 and 2020. ​ Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 As of December 31, 2020 Operating lease ROU asset: ​ ​ Other assets ​ $ 529,056 ​ $ 579,535 ​ ​ ​ ​ ​ ​ ​ Operating lease liability: ​ ​ Other current liabilities ​ $ 117,256 ​ $ 108,971 Other long-term liabilities ​ 469,571 ​ 530,597 Total operating lease liability ​ $ 586,827 ​ $ 639,568 ​ Supplemental lease term and discount rate information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ As of December 31, 2020 ​ Weighted-average remaining lease terms - operating leases 4.2 years 4.7 years ​ Weighted-average discount rate - operating leases 12.6 % 12.6 % ​ Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months For the Six Months ​ ​ Ended June 30, Ended June 30, ​ 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 45,942 ​ $ 45,042 ​ $ 91,884 ​ $ 91,319 ​ Future minimum lease payments under non-cancelable leases as of June 30, 2021 were as follows: ​ ​ ​ ​ ​ Lease Liability Maturity Analysis Operating Leases 2021 (remaining 6 months) ​ 92,355 2022 ​ 187,739 2023 ​ 189,374 2024 ​ 155,242 2025 ​ ​ 81,107 Thereafter ​ 82,326 Total lease payments ​ 788,143 Less: Imputed Interest ​ (201,316) Total ​ $ 586,827 ​ As of June 30, 2021, the Company had no operating leases that had not yet commenced.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Information
Segment Information	16) Segment Information The Company manages its operations through two segments. The Company’s two segments, Prescription Medications and Medical Devices, focus on the treatment of male erectile dysfunction. The Prescription Medications segment consists primarily of operations related to Stendra®, which is sold generally in the United States, and H100™ for the treatment of Peyronie’s disease. The Medical Devices segment consists primarily of operations related to vacuum erection devices, which are sold domestically and internationally. The Company separately presents the costs associated with certain corporate functions as Corporate, primarily consisting of unallocated operating expenses including costs that were not specific to a particular segment but are general to the group, expenses incurred for administrative and accounting staff, general liability and other insurance, professional fees and other similar corporate expenses. Interest and other income (expense), net is also not allocated to the operating segments. The Company’s results of operations by reportable segment for the six months ended June 30, 2021 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the six months ended June 30, 2021 ​ Medications ​ Devices ​ Corporate ​ Consolidated Net sales ​ $ 4,850,462 ​ $ 1,682,793 ​ $ — ​ $ 6,533,255 Cost of goods sold ​ 562,328 ​ 474,352 ​ — ​ 1,036,680 Selling, general and administrative expenses ​ 3,666,993 ​ 1,291,426 ​ 3,039,471 ​ 7,997,890 Research and development expenses ​ 519,227 ​ — ​ — ​ 519,227 Depreciation and amortization expense ​ 2,796,539 ​ 661,118 ​ — ​ 3,457,657 Change in fair value of derivative liability ​ — ​ — ​ (7,670,000) ​ (7,670,000) Interest expense ​ — ​ — ​ 288,937 ​ 288,937 Income tax expense ​ — ​ (6,700) ​ — ​ (6,700) Net income (loss) ​ $ (2,694,625) ​ $ (750,803) ​ $ 4,341,592 ​ $ 896,164 ​ The Company’s results of operations by reportable segment for the six months ended June 30, 2020, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the six months ended June 30, 2020 ​ Medications Devices Corporate Consolidated Net sales ​ $ 1,538,543 ​ $ 1,626,942 ​ $ — ​ $ 3,165,485 Cost of goods sold ​ 777,594 ​ 545,672 ​ — ​ 1,323,266 Selling, general and administrative expenses ​ 4,820,367 ​ 1,213,864 ​ 2,841,931 ​ 8,876,162 Research and development expense ​ 270,968 ​ — ​ — ​ 270,968 Depreciation and amortization expense ​ 2,707,181 ​ 615,541 ​ — ​ 3,322,722 Interest expense ​ — ​ — ​ 1,263,709 ​ 1,263,709 Income tax benefit ​ — ​ 43,752 ​ — ​ 43,752 Net loss ​ $ (7,037,567) ​ $ (704,383) ​ $ (4,105,640) ​ $ (11,847,590) ​ The Company’s results of operations by reportable segment for the three months ended June 30, 2021 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the three months ended June 30, 2021 ​ Medications ​ Devices ​ Corporate ​ Consolidated Net sales ​ $ 1,649,815 ​ $ 807,834 ​ $ — ​ $ 2,457,649 Cost of goods sold ​ 173,047 ​ 220,247 ​ — ​ 393,294 Selling, general and administrative expenses ​ 1,932,640 ​ 744,431 ​ 1,439,102 ​ 4,116,173 Research and development expenses ​ 500,046 ​ — ​ — ​ 500,046 Depreciation and amortization expense ​ 1,398,269 ​ 330,559 ​ — ​ 1,728,828 Change in fair value of derivative liability ​ — ​ — ​ (2,290,000) ​ (2,290,000) Interest expense ​ — ​ — ​ 115,525 ​ 115,525 Income tax expense ​ — ​ (6,700) ​ — ​ (6,700) Net income (loss) ​ $ (2,354,187) ​ $ (494,103) ​ $ 735,373 ​ $ (2,112,917) ​ The Company’s results of operations by reportable segment for the three months ended June 30, 2020 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the three months ended June 30, 2020 ​ Medications ​ Devices ​ Corporate ​ Consolidated Net sales ​ $ 740,286 ​ $ 633,278 ​ $ — ​ $ 1,373,564 Cost of goods sold ​ 276,176 ​ 263,055 ​ — ​ 539,231 Selling, general and administrative expenses ​ 1,689,952 ​ 470,051 ​ 1,899,695 ​ 4,059,698 Research and development expense ​ 131,583 ​ — ​ — ​ 131,583 Depreciation and amortization expense ​ 1,353,590 ​ 307,770 ​ — ​ 1,661,360 Interest expense ​ — ​ — ​ 759,844 ​ 759,844 Income tax benefit ​ — ​ 13,781 ​ — ​ 13,781 Net loss ​ $ (2,711,015) ​ $ (393,817) ​ $ (2,659,539) ​ $ (5,764,371) ​ The following table reflects net sales by geographic region for the three and six months ended June 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, Net sales 2021 2020 2021 2020 United States ​ $ 2,188,789 ​ $ 1,205,973 ​ $ 5,893,312 ​ $ 2,654,593 International ​ 268,860 ​ 167,591 ​ ​ 639,943 ​ ​ 510,892 ​ ​ $ 2,457,649 ​ $ 1,373,564 ​ $ 6,533,255 ​ $ 3,165,485 ​ No individual country other than the United States accounted for 10% of total sales for the three or six months ended June 30, 2021 and 2020. The Company’s assets by reportable segment and reconciliation of segment assets to consolidated assets as of June 30, 2021 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription ​ ​ ​ ​ ​ Medications Medical Devices Consolidated Intangible assets, net ​ $ 21,834,257 ​ $ 6,874,115 ​ $ 28,708,372 Total segment assets ​ $ 47,850,814 ​ $ 8,819,430 ​ $ 56,670,244 ​ The Company’s assets by reportable segment and reconciliation of segment assets to consolidated assets as of December 31, 2020 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription ​ ​ ​ ​ ​ ​ ​ Medications Medical Devices Consolidated Intangible assets, net ​ $ 24,625,686 ​ $ 7,535,233 ​ $ 32,160,919 Total segment assets ​ $ 60,725,191 ​ $ 9,128,823 ​ $ 69,854,014 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and reported amounts of revenue and expenses during the reporting periods. Such estimates include the adequacy of accounts receivable reserves, return reserves, inventory reserves, and assessment of long-lived assets, including intangible asset impairment and the determination of the fair value of the derivative liability, among others. Actual results could differ from these estimates and changes in these estimates are recorded when known.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks common to companies in the pharmaceutical industry including, but not limited to, uncertainties related to commercialization of competitor products, regulatory approvals, dependence on key products, dependence on key customers and suppliers, and protection of intellectual property rights. In January 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China ( “COVID-19”) and the risks to the international community. The WHO declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the health of the U.S. economy for the foreseeable future. The Company cannot reasonably estimate the length or severity of the impact that the COVID-19 pandemic will have on its financial results, and the Company may experience a material adverse impact on its sales, results of operations, and cash flows in fiscal 2021. During 2020, government regulations and the voluntary business practices of the Company and prescribing physicians have prevented in-person visits by sales representatives to physicians’ offices. The Company has taken steps to mitigate the negative impact on its businesses of such restrictions. In March 2020, the Company reduced its sales representative head count to reflect the lack of in-person visits. The Company has maintained a core sales team which continues to contact physicians via telephone and videoconference as well as continuing to have webinars provided by the Company’s key opinion leaders to other physicians and pharmacists. The Company anticipates rehiring and/or assigning representatives to cover sales territories as physician access resumes new normal levels. In response to the spread of COVID-19, in March 2020, the Company closed its administrative offices and as of June 30, 2021, they remain closed, with the Company’s employees continuing their work outside of the Company’s offices. The Company has selectively resumed in-person interactions by its customer-facing personnel in compliance with local and state restrictions. The Company also continues to engage with customers virtually as the Company seeks to continue to support healthcare professionals and patient care. However, the Company’s ability to engage in personal interactions with physicians and customers remains limited, and it is unknown when the Company’s offices will reopen, and these interactions will be fully resumed.
Revenue Recognition	Revenue Recognition Prescription Medication Sales The Company’s prescription medication sales consist of sales of Stendra® in the U.S. for the treatment of male erectile dysfunction. Under ASC Topic 606, Revenue Recognition In determining the transaction price, a significant financing component does not exist since the timing from when the Company delivers Stendra® to when the customers pay for the product is typically less than one year. The Company records prescription medication sales net of any variable consideration, including but not limited to discounts, rebates, returns, chargebacks, and distribution fees. The Company uses the expected value method when estimating its variable consideration, unless terms are specified within contracts. The identified variable consideration is recorded as a reduction of revenue at the time revenues from sales of Stendra® are recognized. The Company recognizes revenue to the extent that it is probable that a significant revenue reversal will not occur in a future period. These estimates may differ from actual consideration received. The Company evaluates these estimates each reporting period to reflect known changes. As of June 30, 2021 and December 31, 2020, the reserves for sales deductions were $7.2 million and $8.6 million, respectively. The most significant sales deductions included in this reserve relate to returns, contract rebates, and distribution service (“DSA”) fees. Our estimates are based on factors such as our direct and indirect customers’ buying patterns and the estimated resulting contractual deduction rates, historical experience, specific known market events and estimated future trends, current contractual and statutory requirements, industry data, estimated customer inventory levels, current contract sales terms with our direct and indirect customers, and other competitive factors. Significant judgment and estimation is required in developing the foregoing and other relevant assumptions. The most significant sales deductions are further described below. Product Returns Consistent with industry practice, the Company maintains a return policy that generally allows its customers to return Stendra® and receive credit for product within six months prior to expiration date and up to one year after expiration date. The provision for returns is based upon the Company’s estimates for future Stendra® returns and historical experience. The provision of returns is part of the variable consideration recorded at the time revenue is recognized. As of June 30, 2021 and December 31, 2020, the reserves for product returns were $5.7 million and $7.1 million, respectively, and are included as a component of accrued expenses. Contract Rebates, Coupon Redemptions and DSA Fees The Company establishes contracts with wholesalers, chain stores, and indirect customers that provide for rebates, sales incentives, DSA fees and other allowances. Some customers receive rebates upon attaining established sales volumes. Direct rebates are generally rebates paid to direct purchasing customers based on a percentage applied to a direct customer’s purchases from us, including fees paid to wholesalers under our DSAs, as described below. Indirect rebates are rebates paid to indirect customers that have purchased our products from a wholesaler under a contract with us. The Company has entered into DSAs with certain of our significant wholesaler customers that obligate the wholesalers, in exchange for fees paid by us, to: (i) manage the variability of their purchases and inventory levels within specified limits based on product demand and (ii) provide us with specific services, including the provision of periodic retail demand information and current inventory levels for our pharmaceutical products held at their warehouse locations. Medical Device Sales The Company’s medical device sales consist of domestic and international sales of men’s health products for the treatment of erectile dysfunction. The men’s health products do not require a prescription and include vacuum erection devices, VenoSeal, and other related accessories. Under Topic 606, the Company recognizes revenue from medical device sales when its performance obligations with its customers have been satisfied. In the contracts with its customers, the Company has identified a single performance obligation to provide medical devices upon receipt of a customer order. The performance obligation is satisfied at a point in time when the Company’s customers obtain control of the medical device, which is typically upon shipment. The Company invoices its customers after the medical devices have been shipped and invoice payments are generally due within 30 days of invoice date for domestic customers and 90 days for international customers. In determining the transaction price, a significant financing component Product Returns Consistent with industry practice, the Company maintains a return policy that generally allows its customers to return medical devices and receive credit for products within 90 days of the sale. The provision for returns is based upon the Company’s estimates for future product returns and historical experience. The Company has not made significant changes to the judgments made in applying Topic 606. As of June 30, 2021 and December 31, 2020, the reserves for product returns for medical devices were not significant. Contract Costs In relation to customer contracts, the Company incurs costs to fulfill a contract but does not incur costs to obtain a contract. These costs to fulfill a contract do not meet the criteria for capitalization and are expensed as incurred. As such, the Company did not have any contract assets at June 30, 2021and December 31, 2020.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by an observable market. Level 3 — Unobservable inputs which are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. Financial instruments recognized at historical amounts in the condensed consolidated balance sheets consist of cash, accounts receivable, other current assets, accounts payable, accrued expenses, other current liabilities, and senior debt. The Company believes that the carrying value of cash, accounts receivable, other current assets, accounts payable, accrued expenses, and other current liabilities approximates their fair values due to the short-term nature of these instruments. The carrying value of senior debt as of June 30, 2021 and December 31, 2020, approximated fair value. The fair value of the senior debt was estimated by discounting to present value the scheduled coupon payments and principal repayment, using an appropriate fair market yield and is considered Level 3 in the fair value hierarchy. In connection with the Mergers in December 2020, each security holder of Metuchen received an earnout consideration classified as a derivative liability to be paid in the form of Petros Common Stock. The Company estimated their fair value using a Monte Carlo Simulation approach. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. The fair value of the derivative liability as of June 30, 2021 and December 31, 2020, was $2.2 million and $9.9 million, respectively. See Note 10 Stockholders’ Equity.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based awards to employees and consultants in accordance with applicable accounting principles, which requires compensation expense related to stock-based transactions, including employee stock options and consultant warrants, to be measured and recognized in the financial statements based on a determination of the fair value of the stock options or warrants. The grant date fair value is determined using the Black-Scholes-Merton (“Black-Scholes”) pricing model. Employee stock option and consulting expenses are recognized over the employee’s or consultant’s requisite service period (generally the vesting period of the equity grant). The Company’s option pricing model requires the input of highly subjective assumptions, including the volatility and expected term. Any changes in these highly subjective assumptions can significantly impact stock-based compensation expense. See Note 11 Stock Options.
Income Taxes	Income Taxes Prior to the consummation of the Mergers, Metuchen was a limited liability company (“LLC”) for federal income tax purposes and had elected to be treated as a Partnership for federal and state income tax purposes. PTV is a disregarded entity for federal income tax purposes. As such, all income tax consequences resulting from the operations were reported on the member’s income tax return. In addition, Timm Medical was included in the Company’s structure where taxes were paid at the entity level. Subsequent to the Mergers, Metuchen’s activity is included in the Company’s consolidated group. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize deferred tax assets in the future in excess of its net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with FASB ASC No. 740 Income Taxes The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying condensed consolidated statement of operations. As of June 30, 2021 and December 31, 2020 no accrued interest or penalties are recorded in the condensed consolidated balance sheets.
Basic and Diluted Net Loss per Common Share	Basic and Diluted Net Loss per Common Share The Company computes basic net loss per common share by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding during the period, excluding the dilutive effects of stock options and warrants to purchase common shares. The Company computes diluted net loss per common share by dividing the net loss applicable to common share by the sum of the weighted-average number of common shares outstanding during the period plus the potential dilutive effects of its convertible preferred stocks, stock options and warrants to purchase common shares, but such items are excluded if their effect is anti-dilutive. See Note 13 Basic and Diluted Net Loss per Common Share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pending Adoption as of June 30, 2021 In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	6 Months Ended
	Jun. 30, 2021
Accounts Receivable, net
Summary of accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Gross accounts receivables ​ $ 3,292,674 ​ $ 6,560,291 Distribution service fees ​ (940,505) ​ (972,652) Chargebacks accrual ​ (17,653) ​ (121,269) Cash discount allowances ​ (67,060) ​ (84,601) Allowance for doubtful accounts ​ (246,541) ​ (228,800) Total accounts receivable, net ​ $ 2,020,915 ​ $ 5,152,969

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventories
Schedule of Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Raw materials ​ $ 261,157 ​ $ 325,932 Finished goods ​ 178,075 ​ 434,598 Total inventory ​ $ 439,232 ​ $ 760,530

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Prepaid Expenses and Other Current Assets
Schedule of Prepaid Expenses and Other Current Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Prepaid samples ​ $ — ​ $ 58,483 Prepaid insurance ​ 188,209 ​ 149,452 Prepaid FDA fees ​ 252,324 ​ 756,972 Prepaid coupon fees ​ 71,500 ​ 71,500 API purchase commitment asset (see Note 14) ​ 1,304,541 ​ 1,304,541 Other prepaid expenses ​ 789,794 ​ 391,552 Other current assets ​ 136,360 ​ 114,784 Total prepaid expenses and other current assets ​ $ 2,742,728 ​ $ 2,847,284

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Intangible Assets
Schedule of intangible assets	​ ​ ​ ​ ​ Balance at December 31, 2019 $ 38,811,137 Amortization expense ​ (6,650,218) Balance at December 31, 2020 ​ ​ 32,160,919 Amortization expense ​ (3,452,547) Balance at June 30, 2021 ​ $ 28,708,372
Schedule of future annual amortization of intangible assets	​ ​ ​ ​ ​ 2021 (remaining 6 months) ​ 3,415,225 2022 ​ 6,191,740 2023 ​ 5,445,729 2024 ​ 4,650,787 Thereafter ​ 9,004,891 Total ​ $ 28,708,372

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2021
Accrued Expenses
Summary of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Accrued price protection ​ $ 1,853,979 ​ $ 1,853,979 Accrued product returns ​ 8,107,386 ​ 9,452,248 Accrued contract rebates ​ 506,229 ​ 412,046 Due to Vivus (see Note 14) ​ 2,267,523 ​ 2,267,523 Due to third-party logistic provider ​ 532,321 ​ — Accrued severance ​ 75,436 ​ 519,609 Accrued professional fees ​ 23,479 ​ — Other accrued expenses ​ 398,504 ​ 178,381 Total accrued expenses ​ $ 13,764,857 ​ $ 14,683,786

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt
Summary of senior indebtedness	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Principal balance ​ $ 3,425,378 ​ $ 6,653,292 Plus: End of term fee ​ — ​ 534,237 Less: Debt issuance costs ​ — ​ (12,500) Total senior debt ​ $ 3,425,378 ​ $ 7,175,029
Summary of interest expense on the Senior Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Interest expense for term loan ​ $ 115,525 ​ $ 340,477 ​ $ 276,437 ​ $ 728,043 Amortization of debt issuance costs ​ — ​ 12,500 ​ 12,500 ​ 12,500 PIK interest ​ — ​ 4,432 ​ — ​ 44,449 ​ ​ $ 115,525 ​ $ 357,409 ​ $ 288,937 ​ $ 784,992

Stock Options and Restricted _2

Stock Options and Restricted Stock Units ("RSU's") (Tables)	6 Months Ended
	Jun. 30, 2021
Stock Options
Summary of stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ Weighted- ​ Remaining ​ Aggregate Intrinsic ​ ​ Number of ​ Average ​ Contractual ​ Value ​ Shares Exercise Price Term (Years) ($ in thousands) Options outstanding and exercisable at December 31, 2020 574,331 ​ $ 51.43 0.9 ​ $ — Options granted 638,970 ​ 3.37 9.4 ​ — Less: options and RSU’s forfeited — ​ — — ​ — Less: options and RSU’s expired/cancelled — ​ — — ​ — Less: options and RSU’s exercised — ​ — — ​ — Options and RSU’s outstanding at June 30, 2021 1,213,301 ​ 26.57 5.3 ​ — Options and RSU’s exercisable at June 30, 2021 852,166 ​ 34.25 3.5 ​ —

Common Stock Warrants (Tables)

Common Stock Warrants (Tables)	6 Months Ended
	Jun. 30, 2021
Common Stock Warrants
Summary of warrants	​ ​ ​ ​ ​ Number of Shares Warrants outstanding at December 31, 2020 4,407,962 Warrants issued — Warrants exercised — Warrants outstanding at June 30, 2021 4,407,962
Summary of warrants by expiration date	​ ​ ​ ​ ​ ​ ​ Number of Warrants Exercise Price Expiration Date 76,569 ​ $ 32.00 ​ November 17, 2021 131,344 ​ 64.00 ​ November 17, 2021 2,780 ​ 1.60 ​ August 23, 2023 18,000 ​ 35.65 ​ June 1, 2024 4,800 ​ 35.60 ​ June 5, 2024 74,864 ​ 21.85 ​ June 17, 2024 20,043 ​ 31.25 ​ June 19, 2024 22,800 ​ 26.55 ​ September 1, 2024 10,500 ​ 12.74 ​ September 16, 2024 22,800 ​ 4.30 ​ December 1, 2024 28,000 ​ 5.65 ​ March 2, 2025 28,000 ​ 7.30 ​ June 1, 2025 28,000 ​ 5.50 ​ September 1, 2025 28,000 ​ 4.71 ​ December 1, 2025 2,221,829 ​ 7.50 ​ December 1, 2025 908,498 ​ 17.50 ​ December 1, 2025 623,303 ​ 51.25 ​ December 1, 2025 157,832 ​ 125.00 ​ December 1, 2025 4,407,962 ​ ​

Basic and Diluted Net Loss pe_2

Basic and Diluted Net Loss per Common Share (Tables)	6 Months Ended
	Jun. 30, 2021
Basic and Diluted Net Loss per Common Share
Summary of Computation of Basic and Diluted Net Loss per Share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Numerator ​ ​ ​ ​ ​ Net income (loss) ​ $ (2,112,917) ​ $ (5,764,371) ​ $ 896,164 ​ $ (11,847,590) Denominator ​ ​ ​ ​ Weighted-average common shares for basic net income (loss) per share ​ 9,802,309 ​ 3,434,551 ​ 9,777,834 ​ 3,434,551 Effect of common share equivalents within common stock warrants ​ — ​ — ​ 1,501 ​ — Weighted-average common shares for dilutive net income (loss) per share ​ 9,802,309 ​ 3,434,551 ​ 9,779,335 ​ 3,434,551 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted net income (loss) per common share ​ $ (0.22) ​ $ (1.68) ​ $ 0.09 ​ $ (3.45)
Summary of Computation of Basic and Diluted Net Loss per Share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Stock Options 1,213,301 — ​ 1,213,301 — Warrants 4,407,962 127,396 ​ 4,405,182 127,396 Total 5,621,263 127,396 ​ 5,618,483 127,396

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies
Summary of supplemental balance sheet information related to leases	Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 As of December 31, 2020 Operating lease ROU asset: ​ ​ Other assets ​ $ 529,056 ​ $ 579,535 ​ ​ ​ ​ ​ ​ ​ Operating lease liability: ​ ​ Other current liabilities ​ $ 117,256 ​ $ 108,971 Other long-term liabilities ​ 469,571 ​ 530,597 Total operating lease liability ​ $ 586,827 ​ $ 639,568
Summary of supplemental lease term and discount rate information related to leases	Supplemental lease term and discount rate information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ As of December 31, 2020 ​ Weighted-average remaining lease terms - operating leases 4.2 years 4.7 years ​ Weighted-average discount rate - operating leases 12.6 % 12.6 %
Summary of supplemental cash flow information related to leases	Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months For the Six Months ​ ​ Ended June 30, Ended June 30, ​ 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 45,942 ​ $ 45,042 ​ $ 91,884 ​ $ 91,319
Summary of future minimum lease payments under non-cancelable leases	Future minimum lease payments under non-cancelable leases as of June 30, 2021 were as follows: ​ ​ ​ ​ ​ Lease Liability Maturity Analysis Operating Leases 2021 (remaining 6 months) ​ 92,355 2022 ​ 187,739 2023 ​ 189,374 2024 ​ 155,242 2025 ​ ​ 81,107 Thereafter ​ 82,326 Total lease payments ​ 788,143 Less: Imputed Interest ​ (201,316) Total ​ $ 586,827

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Information
Summary of results of operations by reportable segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the six months ended June 30, 2021 ​ Medications ​ Devices ​ Corporate ​ Consolidated Net sales ​ $ 4,850,462 ​ $ 1,682,793 ​ $ — ​ $ 6,533,255 Cost of goods sold ​ 562,328 ​ 474,352 ​ — ​ 1,036,680 Selling, general and administrative expenses ​ 3,666,993 ​ 1,291,426 ​ 3,039,471 ​ 7,997,890 Research and development expenses ​ 519,227 ​ — ​ — ​ 519,227 Depreciation and amortization expense ​ 2,796,539 ​ 661,118 ​ — ​ 3,457,657 Change in fair value of derivative liability ​ — ​ — ​ (7,670,000) ​ (7,670,000) Interest expense ​ — ​ — ​ 288,937 ​ 288,937 Income tax expense ​ — ​ (6,700) ​ — ​ (6,700) Net income (loss) ​ $ (2,694,625) ​ $ (750,803) ​ $ 4,341,592 ​ $ 896,164 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the six months ended June 30, 2020 ​ Medications Devices Corporate Consolidated Net sales ​ $ 1,538,543 ​ $ 1,626,942 ​ $ — ​ $ 3,165,485 Cost of goods sold ​ 777,594 ​ 545,672 ​ — ​ 1,323,266 Selling, general and administrative expenses ​ 4,820,367 ​ 1,213,864 ​ 2,841,931 ​ 8,876,162 Research and development expense ​ 270,968 ​ — ​ — ​ 270,968 Depreciation and amortization expense ​ 2,707,181 ​ 615,541 ​ — ​ 3,322,722 Interest expense ​ — ​ — ​ 1,263,709 ​ 1,263,709 Income tax benefit ​ — ​ 43,752 ​ — ​ 43,752 Net loss ​ $ (7,037,567) ​ $ (704,383) ​ $ (4,105,640) ​ $ (11,847,590)
Summary of net sales by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, Net sales 2021 2020 2021 2020 United States ​ $ 2,188,789 ​ $ 1,205,973 ​ $ 5,893,312 ​ $ 2,654,593 International ​ 268,860 ​ 167,591 ​ ​ 639,943 ​ ​ 510,892 ​ ​ $ 2,457,649 ​ $ 1,373,564 ​ $ 6,533,255 ​ $ 3,165,485
Summary of assets by reportable segment and reconciliation of segment assets to consolidated assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription ​ ​ ​ ​ ​ Medications Medical Devices Consolidated Intangible assets, net ​ $ 21,834,257 ​ $ 6,874,115 ​ $ 28,708,372 Total segment assets ​ $ 47,850,814 ​ $ 8,819,430 ​ $ 56,670,244 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription ​ ​ ​ ​ ​ ​ ​ Medications Medical Devices Consolidated Intangible assets, net ​ $ 24,625,686 ​ $ 7,535,233 ​ $ 32,160,919 Total segment assets ​ $ 60,725,191 ​ $ 9,128,823 ​ $ 69,854,014

Nature of Operations, Basis o_2

Nature of Operations, Basis of Presentation, and Liquidity (Details) - USD ($)	Jun. 30, 2021	Dec. 07, 2020
Nature of Operations, Basis of Presentation, and Liquidity [Line Items]
Cash in excess of certain limit, subject to adjustment as provided in the Merger Agreement		$ 20,000,000
Metuchen Securityholders
Nature of Operations, Basis of Presentation, and Liquidity [Line Items]
Percentage of equity securities held	51.00%

Nature of Operations, Basis o_3

Nature of Operations, Basis of Presentation, and Liquidity - Additional information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Nature of Operations, Basis of Presentation, and Liquidity
Cash	$ 11,031,177	$ 17,139,694
Negative working capital	18,300,000
Debt	3,425,378	7,175,029
Sustained cumulative losses attributable to common stockholders	$ (60,805,980)	$ (61,702,144)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Reserves for product returns	$ 5.7	$ 7.1
Revenue, Practical Expedient, Financing Component [true false]	true
Prescription Medication Sales
Disaggregation of Revenue [Line Items]
Reserves for sales deductions	$ 7.2	$ 8.6
Medical Device Sales
Disaggregation of Revenue [Line Items]
Right to return and receive credit for product	90 days
Minimum | Prescription Medication Sales
Disaggregation of Revenue [Line Items]
Due period for invoice payments	30 days
Right to return and receive credit for product	6 months
Minimum | Medical Device Sales | Domestic customers
Disaggregation of Revenue [Line Items]
Due period for invoice payments	30 days
Maximum | Prescription Medication Sales
Disaggregation of Revenue [Line Items]
Due period for invoice payments	75 days
Right to return and receive credit for product	1 year
Maximum | Medical Device Sales | International Customers [Member]
Disaggregation of Revenue [Line Items]
Due period for invoice payments	90 days

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Fair Value of Financial Instruments
Fair value of the derivative liability	$ 2,200,000	$ 9,900,000
Income Taxes
Accrued interest or penalties	$ 0	$ 0

Accounts Receivable, net (Detai

Accounts Receivable, net (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Accounts Receivable, net
Gross accounts receivables	$ 3,292,674	$ 6,560,291
Distribution service fees	(940,505)	(972,652)
Chargebacks accrual	(17,653)	(121,269)
Cash discount allowances	(67,060)	(84,601)
Allowance for doubtful accounts	(246,541)	(228,800)
Total accounts receivable, net	$ 2,020,915	$ 5,152,969

Accounts Receivable, net - Addi

Accounts Receivable, net - Additional information (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Gross sales from customers | Customer concentration risk
Concentration Risk [Line Items]
Concentration risk percentage	62.00%	79.00%
Receivables from customers | Credit concentration risk
Concentration Risk [Line Items]
Concentration risk percentage	64.00%		93.00%

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Inventories
Raw materials	$ 261,157	$ 325,932
Finished goods	178,075	434,598
Total inventory	$ 439,232	$ 760,530

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Inventories
Finished goods are net of valuation reserves	$ 546,668	$ 935,866
Raw materials are net of valuation reserves	$ 2,872,977	$ 2,872,977

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Prepaid Expenses and Other Current Assets
Prepaid samples		$ 58,483
Prepaid insurance	$ 188,209	149,452
Prepaid FDA fees	252,324	756,972
Prepaid coupon fees	71,500	71,500
API purchase commitment asset (see Note 14)	1,304,541	1,304,541
Other prepaid expenses	789,794	391,552
Other current assets	136,360	114,784
Total prepaid expenses and other current assets	$ 2,742,728	$ 2,847,284

Prepaid Expenses and Other Cu_4

Prepaid Expenses and Other Current Assets - Additional Information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Prepaid Expenses and Other Current Assets
prepaid samples reserve amount	$ 379,908	$ 351,224

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Finite-lived Intangible Assets [Roll Forward]
Amortization expense	$ (3,452,547)	$ (6,650,218)

Intangible Assets - Future annu

Intangible Assets - Future annual amortization (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets
2021 (remaining 6 months)	$ 3,415,225
2022	6,191,740
2023	5,445,729
2024	4,650,787
Thereafter	9,004,891
Total	$ 28,708,372	$ 32,160,919	$ 38,811,137

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Carrying value of intangible assets	$ 28,708,372	$ 32,160,919	$ 38,811,137
Stendra Product
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	10 years
Carrying value of intangible assets	$ 21,800,000	24,600,000
Timm Medical product
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	12 years
Carrying value of intangible assets	$ 5,400,000	5,900,000
PTV product
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	12 years
Carrying value of intangible assets	$ 1,500,000	$ 1,600,000

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Accrued Expenses
Accrued price protection	$ 1,853,979	$ 1,853,979
Accrued product returns	8,107,386	9,452,248
Accrued contract rebates	506,229	412,046
Due to Vivus (see Note 14)	2,267,523	2,267,523
Due to third-party logistic provider	532,321
Accrued severance	75,436	519,609
Accrued professional fees	23,479
Other accrued expenses	398,504	178,381
Total accrued expenses	$ 13,764,857	$ 14,683,786

Debt - Senior indebtedness (Det

Debt - Senior indebtedness (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt
Principal balance	$ 3,425,378	$ 6,653,292
Plus: End of term fee		534,237
Less: Debt issuance costs		(12,500)
Total senior debt	$ 3,425,378	$ 7,175,029

Debt - Senior debt (Details)

Debt - Senior debt (Details)	Apr. 13, 2020	Mar. 31, 2020	Nov. 22, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
End of term charge					$ 534,237
Senior debt
Debt Instrument [Line Items]
Face amount of debt			$ 1,068,750	$ 35,000,000
Stated interest rate	11.50%	10.75%
Paid-In-Kind ("PIK") interest rate				1.35%
End of term charge			1,068,750	$ 787,500
Amount of principal prepaid			$ 10,000,000
Senior debt | Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio			0.9
Senior debt | Maximum
Debt Instrument [Line Items]
Fixed charge coverage ratio			1
Senior debt | Prime rate
Debt Instrument [Line Items]
Spread on variable rate	4.25%	4.50%

Debt - Financial covenant (Deta

Debt - Financial covenant (Details) - USD ($)	Feb. 01, 2021	Oct. 01, 2020	Apr. 13, 2020	Mar. 31, 2020	Dec. 31, 2020	Nov. 22, 2017	Sep. 30, 2016
Debt Instrument [Line Items]
End of term charge					$ 534,237
Senior debt
Debt Instrument [Line Items]
Stated interest rate			11.50%	10.75%
End of term fee paid	$ 534,375	$ 534,375
End of term charge						$ 1,068,750	$ 787,500
Senior debt | Prime rate
Debt Instrument [Line Items]
Spread on variable rate			4.25%	4.50%

Debt - Third Amendment (Details

Debt - Third Amendment (Details) - Senior debt $ in Millions	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
Required cash proceeds through an equity or debt financing or other transaction	$ 25
Escrow fund	$ 1.5

Debt - Interest Expenses (Detai

Debt - Interest Expenses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt
Interest expense for term loan	$ 115,525	$ 340,477	$ 276,437	$ 728,043
Amortization of debt issuance costs		12,500	12,500	12,500
PIK interest		4,432		44,449
Interest expense, senior debt	115,525	$ 357,409	288,937	$ 784,992
Accrued and unpaid interest	$ 32,825		$ 32,825		$ 65,885

Debt - Subordinated Related Par

Debt - Subordinated Related Party Term Loans (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Outstanding principal balance of the subordinated promissory note and accrued PIK interest		$ 0		$ 0
Interest expense	$ 402,435		$ 478,717
First Subordinated Promissory Note
Related Party Transaction [Line Items]
Principal amount of notes payable				$ 15,500,000
Paid-In-Kind ("PIK") interest rate		20.00%

Members' Capital (Details)

Members' Capital (Details) - shares	Aug. 26, 2019	Sep. 16, 2019
Class A Common Units
Limited Partners' Capital Account [Line Items]
Number of common units authorized		100
Common Units
Limited Partners' Capital Account [Line Items]
Number of common units per class A unit	10,000
Class B Units
Limited Partners' Capital Account [Line Items]
Number of common units issued		0

Stockholders' Equity - Consumma

Stockholders' Equity - Consummation of the Mergers (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Preferred stock, par value	0.0001	$ 0.0001
Common Stock | Metuchen
Class of Stock [Line Items]
Common stock, par value	0.0001
Exchange rate per share	$ 0.4968
Number of shares of Common Stock issued to the holders in exchange	4,949,610
Common Stock | Neurotrope
Class of Stock [Line Items]
Common stock, par value	$ 0.0001
Number of shares issued for every share of old entity	1
Number of shares exchanged for every share of of new entity	5
Number of warrants issued for every warrants to purchase share of Common Stock of old entity	1
Number of warrants exchanged for every warrants to purchase share of Common Stock of new entity	5
Preferred Stock | Neurotrope
Class of Stock [Line Items]
Preferred stock, par value	$ 0.001

Stockholders' Equity - Number o

Stockholders' Equity - Number of shares held (Details) - shares	Jan. 26, 2021	Jun. 30, 2021
Neurotrope
Class of Stock [Line Items]
Ownership interest taken		51.00%
Metuchen
Class of Stock [Line Items]
Number of shares held		4,949,610
Ownership interest taken		49.00%
Common Stock
Class of Stock [Line Items]
Number of common stock issued upon conversion	60,606
Common Stock | Neurotrope
Class of Stock [Line Items]
Number of shares held		4,758,045
Preferred Stock
Class of Stock [Line Items]
Number of preferred stock converted	500
Preferred Stock | Neurotrope
Class of Stock [Line Items]
Number of shares held		500

Stockholders' Equity - Marketin

Stockholders' Equity - Marketing and Consulting Agreement (Details) - USD ($)	Jun. 04, 2021	May 11, 2021	Apr. 01, 2021	Jan. 01, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Vesting period		2 years
Marketing and Consulting Agreement | CorProminence, LLC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of agreement				1 year
Renewal term of agreement				1 year
Monthly retainer amount				$ 7,500,000
Number of restricted shares issued				30,000
Consulting and Advisory Agreement | Tania King
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Monthly retainer amount			$ 4,000,000
Additional payment included with the first monthly fee			12,000,000
Restricted share cash value			$ 72,000,000
Vesting period			1 year
Service Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of agreement	1 year
Renewal term of agreement	1 year
Monthly retainer amount	$ 6,750
Number of restricted shares issued	28,338
Restricted share cash value	$ 90,002

Stockholders' Equity - Backstop

Stockholders' Equity - Backstop Agreement (Details) - Backstop Agreement - Juggernaut	6 Months Ended
	Jun. 30, 2021USD ($)D$ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Commitment Cap for working capital shortfall amount	$ 6,000,000
Number of consecutive trading days for stock price trigger | D	10
Reduction in post-closing commitments (as a percent)	50.00%
Post-closing commitments	$ 0
Working Capital Shortfall Amount	$ 2,600,000
Stock price equals or exceeds $2.175
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock price trigger | $ / shares	$ 2.175
Stock price equals or exceeds $2.5375
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock price trigger | $ / shares	$ 2.5375

Stockholders' Equity - Continge

Stockholders' Equity - Contingent Consideration (Details)	6 Months Ended
	Jun. 30, 2021shares
Stockholders' Equity
Common Stock potentially issuable upon the achievement of certain milestones	14,232,090
Milestones term for achievement of stock price and market capitalization	2 years

Stockholders' Equity - Mileston

Stockholders' Equity - Milestone Earnout Payments (Details) - Milestone Earnout Payments	6 Months Ended
	Jun. 30, 2021D$ / sharesshares
Maximum | Metuchen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone earnout payments (in shares)	4,000,000
Closing price any time prior to the one-year anniversary of the Closing
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of trading days for stock price trigger | D	20
Number of consecutive trading days for stock price trigger | D	30
Closing Price per share of $8.00
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock price trigger | $ / shares	$ 8
Milestone earnout payments (in shares)	1,000,000
Closing Price per share of $10.00
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock price trigger | $ / shares	$ 10
Milestone earnout payments (in shares)	1,000,000
Closing Price per share of $13.00
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock price trigger | $ / shares	$ 13
Milestone earnout payments (in shares)	1,000,000
Closing Price per share of $15.00
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock price trigger | $ / shares	$ 15
Milestone earnout payments (in shares)	1,000,000
Closing price any time within the twelve month period following the one-year anniversary of the Closing
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of trading days for stock price trigger | D	20
Number of consecutive trading days for stock price trigger | D	30
Closing Price per share of $10.00
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock price trigger | $ / shares	$ 10
Milestone earnout payments (in shares)	1,000,000
Closing Price per share of $12.50
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock price trigger | $ / shares	$ 12.50
Milestone earnout payments (in shares)	1,000,000
Closing Price per share of $16.25
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock price trigger | $ / shares	$ 16.25
Milestone earnout payments (in shares)	1,000,000
Closing Price per share of $18.75
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock price trigger | $ / shares	$ 18.75
Milestone earnout payments (in shares)	1,000,000

Stockholders' Equity - Market C

Stockholders' Equity - Market Capitalization (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)D$ / sharesshares	Dec. 31, 2020USD ($)shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fair value of the derivative liability	$ 2,200,000	$ 9,900,000
Market Capitalization/Gross Proceeds Earnout Payments | Metuchen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone earnout payments (in shares) | shares	2,200,000	9,900,000
Market Capitalization/Gross Proceeds Earnout Payments | Maximum | Metuchen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone earnout payments (in shares) | shares	10,232,090
Market Capitalization/Gross Proceeds Earnout Payments | Market Capitalization is greater than or equal to $250,000,000 | Metuchen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone earnout payments (in shares) | shares	2,000,000
Market Capitalization	$ 250,000,000
Number of trading days for stock price trigger | D	20
Number of consecutive trading days for stock price trigger | D	30
Stock price | $ / shares	$ 17.50
Aggregate gross proceeds	$ 25,000,000
Term to receive gross proceeds	60 days
Market Capitalization/Gross Proceeds Earnout Payments | Market Capitalization is greater than or equal to $300,000,000 | Metuchen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone earnout payments (in shares) | shares	2,000,000
Market Capitalization	$ 300,000,000
Number of trading days for stock price trigger | D	20
Number of consecutive trading days for stock price trigger | D	30
Stock price | $ / shares	$ 18.75
Aggregate gross proceeds	$ 30,000,000
Term to receive gross proceeds	60 days
Market Capitalization/Gross Proceeds Earnout Payments | Market Capitalization is greater than or equal to $400,000,000 | Metuchen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone earnout payments (in shares) | shares	3,000,000
Market Capitalization	$ 400,000,000
Number of trading days for stock price trigger | D	20
Number of consecutive trading days for stock price trigger | D	30
Stock price | $ / shares	$ 22.50
Aggregate gross proceeds	$ 40,000,000
Term to receive gross proceeds	60 days
Market Capitalization/Gross Proceeds Earnout Payments | Market Capitalization is greater than or equal to $500,000,000 | Metuchen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone earnout payments (in shares) | shares	3,232,090
Market Capitalization	$ 500,000,000
Number of trading days for stock price trigger | D	20
Number of consecutive trading days for stock price trigger | D	30
Stock price | $ / shares	$ 23.75
Aggregate gross proceeds	$ 50,000,000
Term to receive gross proceeds	60 days

Stock Options and Restricted _3

Stock Options and Restricted Stock Units ("RSU's") (Details)	Jun. 30, 2021shares
Stock Options
Number of shares authorized	1,213,301
Number of shares available for issuance	0

Stock Options and Restricted _4

Stock Options and Restricted Stock Units ("RSU's") - Summary of stock options (Details) - $ / shares	May 11, 2021	Jun. 30, 2021	Dec. 31, 2020
Number of Shares
Options outstanding and exercisable at the beginning		574,331
Options granted	150,000	638,970
Options and RSU's outstanding at the end		1,213,301	574,331
Options and RSU's exercisable at the end		852,166
Weighted-Average Exercise Price
Options outstanding and exercisable at the beginning (in dollars per share)		$ 51.43
Options granted (in dollars per share)	$ 3.21	3.37
Options outstanding at the end (in dollars per share)		26.57	$ 51.43
Options exercisable at the end (in dollars per share)		$ 34.25
Weighted-Average Remaining Contractual Term (Years) and Aggregate Intrinsic Value
Options outstanding and exercisable at the beginning (in years)		5 years 3 months 18 days	10 months 24 days
Options granted (in years)		9 years 4 months 24 days
Options outstanding at the end (in years)		5 years 3 months 18 days	10 months 24 days
Options exercisable at the end (in years)		3 years 6 months

Stock Options and Restricted _5

Stock Options and Restricted Stock Units ("RSU's") - Term of exercise stock options (Details)	6 Months Ended
	Jun. 30, 2021
Neurotrope
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term for exercise the stock options	1 year

Stock Options and Restricted _6

Stock Options and Restricted Stock Units ("RSU's") - Fady Boctor, the President and Chief Commercial Officer (Details) - $ / shares	May 11, 2021	Feb. 19, 2021	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted	150,000		638,970
Exercise price	$ 3.21		$ 3.37
Vesting percentage	30.00%
Fady Boctor, the President and Chief Commercial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted		215,669
Exercise price		$ 3.74
Vesting percentage		50.00%

Stock Options and Restricted _7

Stock Options and Restricted Stock Units ("RSU's") - Additional Information (Details)	May 11, 2021$ / sharesshares	Apr. 23, 2021USD ($)$ / sharesshares	Apr. 08, 2021USD ($)director$ / sharesshares	Jun. 30, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted	150,000			638,970
Exercise price | $ / shares	$ 3.21			$ 3.37
Vesting percentage	30.00%
Vesting period	2 years
Option grants	134,955
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted		23,301	93,802
Stock issued During period, Value gross | $		$ 72,000	$ 296,000
Exercise price | $ / shares		$ 3.09
Vesting percentage		100.00%
Vesting period		1 year
Vesting upon six-month anniversary of the date of grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	30.00%
Vesting period	1 year
Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of directors to whom option is granted | director			5
Number of options granted			50,000
Exercise price | $ / shares			$ 3.18
Directors | Vesting on the date of grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Directors | Vesting upon six-month anniversary of the date of grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Vesting period			6 months
Directors | Vesting in equal installments over the following four fiscal quarters
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			12 months

Common Stock Warrants - Summary

Common Stock Warrants - Summary of warrants (Details)	6 Months Ended
	Jun. 30, 2021shares
Common Stock Warrants
Warrants outstanding at December 31, 2020	4,407,962
Warrants issued	0
Warrants exercised	0
Warrants outstanding at March 31, 2021	4,407,962

Common Stock Warrants - Company

Common Stock Warrants - Company's warrants by expiration date (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Number of Warrants	4,407,962	4,407,962
Expiration Date of November 17, 2021, One
Class of Warrant or Right [Line Items]
Number of Warrants	76,569
Exercise Price	$ 32
Expiration Date of November 17, 2021, Two
Class of Warrant or Right [Line Items]
Number of Warrants	131,344
Exercise Price	$ 64
Expiration Date of August 23, 2023
Class of Warrant or Right [Line Items]
Number of Warrants	2,780
Exercise Price	$ 1.60
Expiration Date of June 1, 2024
Class of Warrant or Right [Line Items]
Number of Warrants	18,000
Exercise Price	$ 35.65
Expiration Date of June 5, 2024
Class of Warrant or Right [Line Items]
Number of Warrants	4,800
Exercise Price	$ 35.60
Expiration Date of June 17, 2024
Class of Warrant or Right [Line Items]
Number of Warrants	74,864
Exercise Price	$ 21.85
Expiration Date of June 19, 2024
Class of Warrant or Right [Line Items]
Number of Warrants	20,043
Exercise Price	$ 31.25
Expiration Date of September 1, 2024
Class of Warrant or Right [Line Items]
Number of Warrants	22,800
Exercise Price	$ 26.55
Expiration Date of September 16, 2024
Class of Warrant or Right [Line Items]
Number of Warrants	10,500
Exercise Price	$ 12.74
Expiration Date of December 1, 2024
Class of Warrant or Right [Line Items]
Number of Warrants	22,800
Exercise Price	$ 4.30
Expiration Date of March 2, 2025
Class of Warrant or Right [Line Items]
Number of Warrants	28,000
Exercise Price	$ 5.65
Expiration Date of June 1, 2025
Class of Warrant or Right [Line Items]
Number of Warrants	28,000
Exercise Price	$ 7.30
Expiration Date of September 1, 2025
Class of Warrant or Right [Line Items]
Number of Warrants	28,000
Exercise Price	$ 5.50
Expiration Date of December 1, 2025, One
Class of Warrant or Right [Line Items]
Number of Warrants	28,000
Exercise Price	$ 4.71
Expiration Date of December 1, 2025, Two
Class of Warrant or Right [Line Items]
Number of Warrants	2,221,829
Exercise Price	$ 7.50
Expiration Date of December 1, 2025, Three
Class of Warrant or Right [Line Items]
Number of Warrants	908,498
Exercise Price	$ 17.50
Expiration Date of December 1, 2025, Four
Class of Warrant or Right [Line Items]
Number of Warrants	623,303
Exercise Price	$ 51.25
Expiration Date of December 1, 2025, Five
Class of Warrant or Right [Line Items]
Number of Warrants	157,832
Exercise Price	$ 125

Basic and Diluted Net Loss pe_3

Basic and Diluted Net Loss per Common Share - Summary of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net income (loss)	$ (2,112,917)	$ (5,764,371)	$ 896,164	$ (11,847,590)
Denominator
Weighted-average common shares for basic net income (loss) per share	9,802,309	3,434,551	9,777,834	3,434,551
Effect of common share equivalents within common stock warrants	0	0	1,501	0
Weighted-average common shares for dilutive net income (loss) per share	9,802,309	3,434,551	9,779,335	3,434,551
Basic and diluted net income (loss) per common share	$ (0.22)	$ (1.68)	$ 0.09	$ (3.45)

Basic and Diluted Net Loss pe_4

Basic and Diluted Net Loss per Common Share - Summary of Potentially Dilutive Securities Convertible Into Common Shares Excluded from Calculation of Net Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	5,621,263	127,396	5,618,483	127,396
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,407,962	127,396	4,405,182	127,396
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,213,301		1,213,301

Marketing, Licensing and Dist_2

Marketing, Licensing and Distribution Agreements - Vivus (Details) - USD ($)	Sep. 30, 2016	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Jul. 07, 2020
IEH Biopharma LLC | Vivus, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest taken								100.00%
License Agreement | Royalty on the first $500 million of net sales
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Threshold net sales				$ 500,000,000
License Agreement | Milestone payment to be paid once $250 million in sales has been reached
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Threshold net sales				250,000,000
Milestone payment		$ 6,000,000		6,000,000
License Agreement | Milestone payment to be paid after $250 million in sales has been reached
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Threshold net sales				250,000,000
Milestone payment		3,200,000		3,200,000
License Agreement | Vivus, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
One-time fee to purchase and receive the license for the commercialization and exploitation of Stendra	$ 70,000,000
Additional fee to purchase and receive the license for the commercialization and exploitation of Stendra	$ 800,000
Minimum purchase obligation		$ 4,100,000		$ 4,100,000
Threshold period of written purchase orders to purchase Stendra				125 days
Minimum percentage of forecasted quantities for which entity is required to submit purchase orders		90.00%		90.00%
Maximum forecasted quantity of strenda that can be supplied (as a percent)		120.00%		120.00%
Accrued inventory purchases						$ 14,200,000	$ 14,200,000
License Agreement | Vivus, Inc | Other Current Assets [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accrued inventory purchases, current						1,300,000	1,300,000
License Agreement | Vivus, Inc | Other Noncurrent Assets [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accrued inventory purchases, non-current						$ 11,100,000	11,100,000
License Agreement | Vivus, Inc | Royalty during the first, second, and third years following the expiration of the Royalty Period
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percentage				2.00%
License Agreement | Vivus, Inc | Royalty following the fourth and fifth years following the end of the Royalty Period
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percentage				1.00%
License Agreement | MTPC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty incurred		$ 73,449	$ 37,014	$ 233,481	$ 76,927
Royalty payables		$ 82,491		$ 82,491			$ 8,728
License Agreement | MTPC | Royalty on the first $500 million of net sales
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percentage				5.00%
License Agreement | MTPC | Royalty on net sales after $500 million
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percentage				6.00%

Marketing, Licensing and Dist_3

Marketing, Licensing and Distribution Agreements - Hybrid (Details) - Exclusive license to H100 - Hybrid - USD ($)	Mar. 31, 2021	Sep. 24, 2020	Dec. 31, 2020	Oct. 31, 2020	Mar. 31, 2020	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Initial license fee					$ 100,000
Additional payment due upon obtainment of orphan indication for H100					900,000
Annual payments due on first anniversary of the license agreement					125,000
Annual payments due on second anniversary of the license agreement					150,000
Annual payments due on third anniversary of the license agreement					200,000
Annual payments due after third anniversary of the license agreement					250,000
Payments upon first commercial sale and a sliding scale of percentage payments on net sales					$ 1,000,000
Threshold period of notice required to terminate agreement at any time after first anniversary					90 days
Extension payment of license agreement			$ 100,000	$ 50,000		$ 100,000
Extension term of license agreement	6 months	6 months
One-time, non-creditable and non-refundable payment	$ 200,000
Threshold period for payments of one-time, non-creditable and non-refundable payment	7 days
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percentage					3.00%
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percentage					6.00%

Commitments and Contingencies_2

Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Employee Lease Agreement
Commitments And Contingencies [Line Items]
Percentage of payments for costs associated with employment	75.00%
Amount of fees paid under agreement	$ 200,000
Employee Lease Agreement | Maximum | Dr. Charles Ryan
Commitments And Contingencies [Line Items]
Percentage Of Working Time Performing Services	75.00%
Separation Agreement | Mr. Keith Lavan
Commitments And Contingencies [Line Items]
Stay-on bonus	$ 50,000
Percentage of base salary to be paid as an advisor	50.00%
Percentage of fees as an advisor paid	70.00%
Percentage of fees as an advisor to be paid in equal installments	30.00%

Commitments and Contingencies -

Commitments and Contingencies - Operating Leases (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Fixed lease cost	$ 44,812	$ 44,812	$ 89,623	$ 89,623
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	3 years 2 months 12 days		3 years 2 months 12 days
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	5 years 6 months		5 years 6 months

Commitments and Contingencies_3

Commitments and Contingencies - Lease expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Lease Cost:
Fixed lease cost	$ 44,812	$ 44,812	$ 89,623	$ 89,623

Commitments and Contingencies_4

Commitments and Contingencies - Supplemental balance sheet (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Supplemental balance sheet information related to leases
Operating lease ROU asset: Other assets	$ 529,056	$ 579,535
Operating lease ROU asset	Other assets
Operating lease liability:
Operating lease liability, current	$ 117,256	108,971
Other current liabilities	Other current liabilities
Operating lease liability, noncurrent	$ 469,571	530,597
Other long-term liabilities	Other long-term liabilities
Total operating lease liability	$ 586,827	$ 639,568

Commitments and Contingencies_5

Commitments and Contingencies - Lease term and discount (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Commitments and Contingencies
Weighted-average remaining lease terms - operating leases	4 years 2 months 12 days		4 years 2 months 12 days		4 years 8 months 12 days
Weighted-average discount rate - operating leases	12.60%		12.60%		12.60%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 45,942	$ 45,042	$ 91,884	$ 91,319

Commitments and Contingencies_6

Commitments and Contingencies - Minimum lease payments (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Future minimum lease payments under non-cancelable leases
2021 (remaining 6 months)	$ 92,355
2022	187,739
2023	189,374
2024	155,242
2025	81,107
Thereafter	82,326
Total lease payments	788,143
Less: Imputed Interest	(201,316)
Total operating lease liability	$ 586,827	$ 639,568

Commitments and Contingencies_7

Commitments and Contingencies - Additional information (Details)	Jun. 30, 2021USD ($)
Commitments and Contingencies
Operating leases that had not yet commenced	$ 0

Segment Information (Details)

Segment Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
Results of operations by reportable segment
Net sales	$ 2,457,649	$ 1,373,564	$ 6,533,255	$ 3,165,485
Cost of goods sold	393,294	539,231	1,036,680	1,323,266
Selling, general and administrative expenses	4,116,173	4,059,698	7,997,890	8,876,162
Research and development expenses	500,046	131,583	519,227	270,968
Depreciation and amortization expense	1,728,828	1,661,360	3,457,657	3,322,722
Change in fair value of derivative liability	(2,290,000)		(7,670,000)
Interest expense	115,525	759,844	288,937	1,263,709
Income tax expense	(6,700)	13,781	(6,700)	43,752
Net income (loss)	(2,112,917)	(5,764,371)	896,164	(11,847,590)
Prescription Medication Sales
Results of operations by reportable segment
Net sales	1,649,815	740,286	4,850,462	1,538,543
Cost of goods sold	173,047	276,176	562,328	777,594
Selling, general and administrative expenses	1,932,640	1,689,952	3,666,993	4,820,367
Research and development expenses	500,046	131,583	519,227	270,968
Depreciation and amortization expense	1,398,269	1,353,590	2,796,539	2,707,181
Net income (loss)	(2,354,187)	(2,711,015)	(2,694,625)	(7,037,567)
Medical Device Sales
Results of operations by reportable segment
Net sales	807,834	633,278	1,682,793	1,626,942
Cost of goods sold	220,247	263,055	474,352	545,672
Selling, general and administrative expenses	744,431	470,051	1,291,426	1,213,864
Depreciation and amortization expense	330,559	307,770	661,118	615,541
Income tax expense	(6,700)	13,781	(6,700)	43,752
Net income (loss)	(494,103)	(393,817)	$ (750,803)	(704,383)
Operating segments
Segment Reporting Information [Line Items]
Number of Operating Segments | segment			2
Corporate
Results of operations by reportable segment
Selling, general and administrative expenses	1,439,102	1,899,695	$ 3,039,471	2,841,931
Change in fair value of derivative liability	(2,290,000)		(7,670,000)
Interest expense	115,525	759,844	288,937	1,263,709
Net income (loss)	$ 735,373	$ (2,659,539)	$ 4,341,592	$ (4,105,640)

Segment Information - Net Sales

Segment Information - Net Sales by Geographic region (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 2,457,649	$ 1,373,564	$ 6,533,255	$ 3,165,485
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	2,188,789	1,205,973	5,893,312	2,654,593
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 268,860	$ 167,591	$ 639,943	$ 510,892

Segment Information - Segment a

Segment Information - Segment assets (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Intangible assets, net	$ 28,708,372	$ 32,160,919
Total segment assets	56,670,244	69,854,014
Prescription Medication Sales
Segment Reporting, Asset Reconciling Item [Line Items]
Intangible assets, net	21,834,257	24,625,686
Total segment assets	47,850,814	60,725,191
Medical Device Sales
Segment Reporting, Asset Reconciling Item [Line Items]
Intangible assets, net	6,874,115	7,535,233
Total segment assets	$ 8,819,430	$ 9,128,823