Petros Pharmaceuticals (PTPI) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 14, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
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, Address Line One	1185 Avenue of the Americas
Entity Address, Address Line Two	3rd Floor
Entity Address, City or Town	New York
Entity Address State Or Province	NY
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		20,708,024
Entity Central Index Key	0001815903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash	$ 11,181,662	$ 23,847,572
Accounts receivable, net	3,733,143	2,455,386
Inventories	2,154,031	519,649
Prepaid expenses and other current assets	1,702,784	3,720,088
Total current assets	18,771,620	30,542,695
Fixed assets, net	41,732	49,397
Intangible assets, net	13,158,203	25,293,149
API purchase commitment	5,335,808	11,029,260
Other assets	389,080	475,557
Total assets	37,696,443	67,390,058
Current liabilities:
Current portion of promissory note	906,092
Accounts payable	2,084,519	4,557,969
Accrued expenses	4,482,477	11,957,384
Accrued inventory purchases		14,203,905
Other current liabilities	471,478	260,818
Total current liabilities	7,944,566	30,980,076
Promissory note, net of current portion	8,756,742
Derivative liability		460,000
Other long-term liabilities	300,153	405,018
Total liabilities	17,001,461	31,845,094
Stockholders' Equity:
Preferred stock (par value $0.0001 per share, 50,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)
Common stock (par value $0.0001 per share, 150,000,000 shares authorized, 20,708,024 and 20,684,723 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	2,071	2,068
Additional paid-in capital	107,197,944	106,231,716
Accumulated deficit	(86,505,033)	(70,688,820)
Total Stockholders' Equity	20,694,982	35,544,964
Total Liabilities and Stockholders' Equity	$ 37,696,443	$ 67,390,058

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	20,708,024	20,684,723
Common stock, shares outstanding	20,708,024	20,684,723

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales		$ 2,145,169	$ 5,193,953	$ 8,678,424
Net sales	$ (1,457,732)
Cost of goods sold	286,525	319,158	1,408,086	1,355,838
Gross profit (loss)	(1,744,257)	1,826,011	3,785,867	7,322,586
Operating expenses:
Selling, general and administrative	2,170,975	3,413,223	9,285,317	11,411,113
Gain on settlement with Vivus			(3,389,941)
Research and development expense	735,916	280,576	1,562,518	799,803
Depreciation and amortization expense	1,560,870	1,728,829	4,682,610	5,186,486
Intangible asset impairment	7,460,000		7,460,000
Total operating expenses	11,927,761	5,422,628	19,600,504	17,397,402
Loss from operations	(13,672,018)	(3,596,617)	(15,814,637)	(10,074,816)
Change in fair value of derivative liability		1,970,000	460,000	9,640,000
Interest expense, senior debt		(67,936)		(356,873)
Interest expense, promissory note	(147,677)		(451,075)
Loss before income taxes	(13,819,695)	(1,694,553)	(15,805,712)	(791,689)
Income tax expense	10,501	2,345	10,501	9,045
Net Loss	$ (13,830,196)	$ (1,696,898)	$ (15,816,213)	$ (800,734)
Net Loss per common share
Basic (in dollars per share)	$ (0.67)	$ (0.17)	$ (0.76)	$ (0.08)
Diluted (in dollars per share)	$ (0.67)	$ (0.17)	$ (0.76)	$ (0.08)
Weighted average common shares outstanding
Basic	20,692,321	9,826,599	20,687,284	9,794,267
Diluted	20,692,321	9,826,599	20,687,284	9,794,267

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
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
Stock-based compensation expense			990,876		990,876
Non-employee stock-based compensation		$ 6	187,796		187,802
Non-employee stock-based compensation (in shares)		58,338
Net loss				(800,734)	(800,734)
Balance at Sep. 30, 2021		$ 983	80,348,891	(62,502,878)	17,846,996
Balance (in shares) at Sep. 30, 2021		9,826,599
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
Conversion of Preferred Stock to Common Stock			53,167		53,167
Stock-based compensation expense			80,348,891	(62,502,878)	17,846,996
Non-employee stock-based compensation				(1,696,898)	(1,696,898)
Net loss					(1,696,898)
Balance at Sep. 30, 2021		$ 983	80,348,891	(62,502,878)	17,846,996
Balance (in shares) at Sep. 30, 2021		9,826,599
Balance at Dec. 31, 2021		$ 2,068	106,231,716	(70,688,820)	35,544,964
Balance (in shares) at Dec. 31, 2021		20,684,723
Stock-based compensation expense			966,231		$ 966,231
Non-employee exercise of restricted stock units		$ 3	(3)
Non-employee exercise of restricted stock units (in shares)		23,301			23,301
Net loss				(15,816,213)	$ (15,816,213)
Balance at Sep. 30, 2022		$ 2,071	107,197,944	(86,505,033)	20,694,982
Balance (in shares) at Sep. 30, 2022		20,708,024
Balance at Jun. 30, 2022		$ 2,068	106,889,809	(72,674,836)	34,217,041
Balance (in shares) at Jun. 30, 2022		20,684,723
Stock-based compensation expense			308,138		308,138
Non-employee exercise of restricted stock units		$ 3	(3)
Non-employee exercise of restricted stock units (in shares)		23,301
Net loss				(13,830,196)	(13,830,196)
Balance at Sep. 30, 2022		$ 2,071	$ 107,197,944	$ (86,505,033)	$ 20,694,982
Balance (in shares) at Sep. 30, 2022		20,708,024

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (15,816,213)	$ (800,734)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,682,610	5,186,486
Intangible asset impairment	7,460,000
Bad debt expense (recoveries)	(103,651)	74,953
Inventory and sample inventory reserve	(14,688)	(90,844)
Amortization of deferred financing costs and debt discount		12,500
Lease expense	86,477	76,838
Derivative liability	(460,000)	(9,640,000)
Deferred revenue	56,274	70,343
Gain on settlement with Vivus	(3,389,941)
Employee stock-based compensation	966,231	990,876
Non-employee stock-based compensation		187,802
Changes in operating assets and liabilities:
Accounts receivable	(1,174,106)	3,125,595
Inventories	(1,619,694)	361,282
Prepaid expenses and other current assets	1,478,267	79,865
Accounts payable	(2,473,450)	(297,212)
Accrued expenses	(954,607)	(3,089,672)
Other current liabilities	154,370	357,361
Other long-term liabilities	(104,865)	(163,171)
Net cash used in operating activities	(11,226,985)	(3,557,732)
Cash flows from financing activities:
Payment of promissory note	(1,438,925)
Payment of senior debt		(4,912,541)
Payment of portion of senior dent end of term fee		(534,237)
Net cash used in financing activities	(1,438,925)	(5,446,778)
Net decrease in cash	(12,665,910)	(9,004,510)
Cash, beginning of period	23,847,572	17,139,694
Cash, end of period	11,181,662	8,135,184
Supplemental cash flow information:
Cash paid for interest during the period	451,075	$ 393,577
Noncash Items:
Noncash decrease in accrued expenses related to Vivus settlement	(6,520,283)
Noncash decrease in accrued inventory purchases related to Vivus Settlement	(14,203,905)
Noncash increase in promissory note related to Vivus settlement	9,662,834
Noncash decrease in API purchase commitment	6,232,489
Noncash issuance of common stock to non-employee	$ 3

Nature of Operations, Basis of

Nature of Operations, Basis of Presentation, and Liquidity	9 Months Ended
	Sep. 30, 2022
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”) is a pharmaceutical company focused on men’s health therapeutics with a full range of commercial capabilities including sales, marketing, regulatory and medical affairs, finance, trade relations, pharmacovigilance, market access relations, manufacturing, and distribution. Petros consists of wholly owned subsidiaries, Metuchen Pharmaceuticals LLC, a Delaware limited liability company (“Metuchen”), Neurotrope, Inc., a Nevada corporation (“Neurotrope”), Timm Medical Technologies, Inc. (“Timm Medical”), and Pos-T-Vac, LLC (“PTV”). The Company is engaged in the commercialization and development of Stendra®, a U.S. Food and Drug Administration (“FDA”) approved PDE-5 inhibitor prescription medication for the treatment of erectile dysfunction (“ED”), which we have licensed from Vivus, Inc. (“Vivus”). Petros also markets its own line of ED products in the form of vacuum erection device products through its subsidiaries, Timm Medical and PTV. In addition to ED products, we have acquired an exclusive global license to develop and commercialize H100™, a novel and patented topical formulation candidate for the treatment of acute Peyronie’s disease. The Company was organized as a Delaware corporation 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 “Merger Agreement”), by and between Petros, 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. 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. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. In the opinion of management, the accompanying unaudited interim 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 unaudited interim consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and footnote disclosures 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, 2021. All transactions between the consolidated entities have been eliminated in consolidation. Liquidity and Going Concern The Company has experienced net losses and negative cash flows from operations since our inception. As of September 30, 2022, the Company had cash of approximately $11.2 million, positive working capital of $10.8 million, an accumulated deficit of approximately $86.5 million and used cash in operations during the nine months ended September 30, 2022 of approximately $11.2 million. In January 2022, the Company executed a promissory note in favor of Vivus in connection with the Vivus Settlement Agreement in the principal amount of $10,201,758. The terms of this promissory note are discussed in Note 8. The Company does not currently have sufficient available liquidity to fund its operations for at least the next 12 months. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these unaudited interim consolidated financial statements are issued. In response to these conditions and events, the Company is evaluating various financing strategies to obtain sufficient additional liquidity to meet its operating, debt service and capital requirements for the next twelve months following the date of this Quarterly Report. The potential sources of financing that the Company is evaluating include one or any combination of secured or unsecured debt, convertible debt and equity in both public and private offerings. The Company also plans to finance near-term operations with its cash on hand, as well by as exploring additional ways to raise capital in addition to increasing cash flows from operations. There is no assurance the Company will manage to raise additional capital or otherwise increase cash flows, if required. The sources of financing described above that could be available to the Company and the timing and probability of obtaining sufficient capital depend, in part, on expanding the use of Stendra® and continuing to invest in research and development pursuant to our Non-Prescription / Over-The-Counter (“OTC”) strategies related to Stendra®, which we believe has the potential to dramatically increase product sales in the future; further developing and commercializing H100; and future capital market conditions. If the Company’s current assumptions regarding timing of these events are incorrect or if there are any other changes or differences in our current assumptions that negatively impact our financing strategy, the Company may have to further reduce expenditures or significantly delay, scale back or discontinue the development or commercialization of Stendra® OTC or H100 in order to extend its cash resources. The Consolidated Financial Statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2) Summary of Significant Accounting Policies Use of Estimates The preparation of 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 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, assessment of long-lived assets, including intangible asset impairment and the valuation 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. The World Health Organization (“WHO”) declared the coronavirus (“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. 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, including the emergence of any new variants 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 2022 and beyond. During 2020, government regulations and the voluntary business practices of the Company and prescribing physicians had prevented in-person visits by sales representatives to physicians’ offices. The Company had taken steps to mitigate the negative impact on its businesses of such restrictions. In March 2020, the Company reduced our sales representative head count to reflect the lack of in-person visits. The Company has maintained a core sales team which continued 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. In response to the spread of COVID-19, in March 2020, the Company closed its administrative offices. In January 2022, the Company sub-leased its Manalapan office and all administrative employees are working remotely for the foreseeable future. The Company has fully resumed in-person interactions by its customer-facing personnel in compliance with any 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. Since the beginning of the COVID-19 pandemic, we have experienced a shift from in-person sales to online, telehealth-based sales. These online sales generally have lower gross margins than in-person sales, which has impacted our net revenues. 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 Accounting Standards Codification (“ASC”) Topic 606, Revenue Recognition (“Topic 606”), the Company recognizes revenue from prescription medication sales when its performance obligations with a customer has been satisfied. In the contracts with its customers, the Company has identified a single performance obligation to provide Stendra® upon receipt of a customer order. The performance obligation is satisfied at a point in time when the Company’s customers obtain control of Stendra®, which is typically upon delivery. The Company invoices its customers after Stendra® has been delivered and invoice payments are generally due within 30 to 75 days of invoice date. 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 September 30, 2022 and December 31, 2021, the reserves for sales deductions were $4.1 million and $4.7 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 September 30, 2022 and December 31, 2021, the reserves for product returns were $3.5 million and $3.8 million, respectively, and are included as a component of accrued expenses. During the three months ended September 30, 2022, the Company revised and increased its estimate of reserves for product returns by $2.7 million. Higher than estimated wholesaler returns of Stendra® during the third quarter was primarily related to the return of short-dated product sold in prior periods above our initial estimates. Throughout each quarter, we regularly seek to obtain periodic retail demand information and current inventory levels from our significant wholesalers. As part of this process, certain wholesalers indicated an increased ability to sell short-dated product before expiration because prescription demand for Stendra was strong at that time. Citing the demand of wholesalers at that time, management expected the short-dated product would sell through to end customers. Because sell through was below that estimated by the wholesalers, the Company had to increase its current return exposure. 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. See Note 3 Accounts Receivable, net for further discussion of these reserves. 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, PreBoost, VenoSeal, penile injections (Rx), and urinary tract infection tests. 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. As of September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021. 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 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 consolidated balance sheets consist of cash, accounts receivable, other current assets, accounts payable, accrued expenses, and other current liabilities. The Company believes that the carrying values of cash, accounts receivable, other current assets, accounts payable, accrued expenses, and other current liabilities approximate their fair values due to the short-term nature of these instruments. 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 September 30, 2022 and December 31, 2021 was $0 million and $0.5 million, respectively. See Note 9 Stockholders’ Equity. Intangible Assets The Company accounts for recognized intangible assets at cost. Intangible assets with finite useful lives are amortized over the useful life which the assets are expected to contribute directly or indirectly to future cash flows. Intangible assets are amortized using an accelerated method based on the pattern in which the economic benefits of the assets are consumed. The Company reviews the carrying value and useful lives of its intangible assets with definite lives whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable or the period over which they should be amortized has changed. When indicators of impairment exist, the Company determines whether the estimated undiscounted sum of the future cash flows of such assets is less than their carrying amounts. If less, an impairment loss is recognized in the amount, if any, by which the carrying amount of such assets exceeds their respective fair values. The Company evaluates the remaining useful life of each intangible asset that is being amortized during each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of the intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. During the three months ended September 30, 2022, the Company noted that indicators of impairment existed and prepared an undiscounted cash flow analysis, which indicated, for the Stendra® product an impairment. The Company then prepared a discounted cash flow analysis resulting in an impairment of approximately $7.5 million. 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 10 Stock Options. Income Taxes 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 that includes the enactment date. 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 ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. As of September 30, 2022 and December 31, 2021, no accrued interest or penalties are recorded in the consolidated balance sheet. 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 shares of common stocks outstanding during the period, excluding the anti-dilutive effects of stock options and warrants to purchase common stocks. The Company computes diluted net loss per common stock by dividing the net loss applicable to common stocks by the sum of the weighted-average number of common stocks outstanding during the period plus the potential dilutive effects of its convertible preferred stocks, stock options and warrants to purchase common stocks, but such items are excluded if their effect is anti-dilutive. Because the impact of these items is anti-dilutive during periods of net loss, there was no difference between the Company’s basic and diluted net loss per stock of common stock for the three and nine months ended September 30, 2022 and 2021. See Note 13 Basic and Diluted Net Loss per Common Share. Recent Accounting Pronouncements Pending Adoption as of September 30, 2022 In June 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments. ASU 2016-13, together with a series of subsequently issued related ASUs, has been codified in Topic 326. Topic 326 establishes new requirements for companies to estimate expected credit losses when measuring certain financial assets, including accounts receivables. The new guidance is effective for fiscal years beginning after December 15, 2022. The Company is currently evaluating the effect that the new guidance will have on its consolidated financial statements and related disclosures.

Accounts Receivable, net

Accounts Receivable, net	9 Months Ended
	Sep. 30, 2022
Accounts Receivable, net
Accounts Receivable, net	3) Accounts Receivable, net Accounts receivable, net is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2022 2021 Gross accounts receivables ​ $ 4,318,139 ​ $ 3,363,827 Distribution service fees ​ (211,521) ​ (371,310) Chargebacks accrual ​ (11,455) ​ — Cash discount allowances ​ (87,986) ​ (159,446) Allowance for doubtful accounts ​ (274,034) ​ (377,685) Total accounts receivable, net ​ $ 3,733,143 ​ $ 2,455,386 ​ For the nine months ended September 30, 2022, gross sales from customers representing 10% or more of the Company’s total gross billings included four customers which represented approximately 27%, 22%, and 18% and 15% of total gross sales, respectively. For the nine months ended September 30, 2021, gross billings from customers representing 10% or more of the Company’s total gross billings included four customers which represented approximately 78% of total gross sales. Receivables from customers representing 10% or more of the Company’s gross accounts receivable included three customers at September 30, 2022 equal to 32%, 31%, and 11%, respectively, of the Company’s total gross accounts receivables. Receivables from customers representing 10% or more of the Company’s gross accounts receivable included two customers at December 31, 2021 equal to 40%, 19% and 15%, of the Company’s total gross accounts receivables.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventories
Inventories	4) Inventories Inventory is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Raw Materials ​ $ 1,480,047 ​ $ 359,741 Finished goods ​ 673,984 ​ 159,908 Total inventory ​ $ 2,154,031 ​ $ 519,649 ​ Finished goods are net of valuation reserves of $368,610 and $383,298 as of September 30, 2022 and December 31, 2021, respectively. Raw materials are net of valuation reserves of $2,872,977 as of September 30, 2022 and December 31, 2021, which is related to bulk inventory.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2022
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Prepaid insurance ​ ​ 241,663 ​ ​ 73,223 Prepaid FDA fees ​ — ​ 831,179 Prepaid coupon fees ​ 71,500 ​ 71,500 API purchase commitment asset (see Note 13) ​ 552,114 ​ 1,419,538 Due from wholesalers ​ ​ 104,059 ​ ​ 609,059 Other prepaid expenses ​ 591,861 ​ 605,422 Other current assets ​ 141,587 ​ 110,167 Total prepaid expenses and other current assets ​ $ 1,702,784 ​ $ 3,720,088 ​

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2022
Intangible Assets
Intangible Assets	6) Intangible Assets ​ ​ ​ ​ ​ Balance at December 31, 2020 $ 32,160,919 Amortization expense ​ (6,867,770) Balance at December 31, 2021 ​ ​ 25,293,149 Amortization expense ​ (4,674,946) Intangible Impairment ​ ​ (7,460,000) Balance at September 30, 2022 ​ $ 13,158,203 ​ The future annual amortization related to the Company’s intangible assets is as follows as of September 30, 2022: ​ ​ ​ ​ ​ 2022 (remaining 3 months) $ 913,720 2023 ​ 3,272,747 2024 ​ 2,800,622 2025 ​ 1,754,328 2026 ​ ​ 1,442,186 Thereafter ​ 2,974,600 Total ​ $ 13,158,203 ​ 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 September 30, 2022 are $7.8 million, $4.2 million and $1.2 million, respectively. The carrying value of the Stendra® product, Timm Medical product, and PTV product as of December 31, 2021 were $19.1 million, $4.9 million and $1.4 million, respectively. During the three months ended September 30, 2022, the Company determined that the intangible asset related to the Stendra® product was impaired resulting in an impairment charge of approximately $7.5 million.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2022
Accrued Expenses
Accrued Expenses	7) Accrued Expenses Accrued expenses are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Accrued price protection (see Note 13) ​ $ — ​ $ 1,853,979 Accrued product returns ​ 3,463,597 ​ 6,192,845 Accrued contract rebates ​ 278,670 ​ 379,242 Due to Vivus (see Note 13) ​ — ​ 2,267,523 Due to 3PL/Wholesalers ​ 133,177 ​ 479,178 Accrued bonuses ​ ​ 532,797 ​ ​ 527,563 Accrued professional fees ​ 1,164 ​ 125,392 Other accrued expenses ​ 73,072 ​ 131,662 Total accrued expenses ​ $ 4,482,477 ​ $ 11,957,384 ​

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt
Debt	8) Debt Promissory Note In connection with the Settlement Agreement entered into with Vivus (see Note 13), Petros executed an interest-bearing promissory note (the “Note”) in favor of Vivus in the principal amount of $10,201,758. The parties also entered into a Security Agreement to secure Petros’ obligations under the Note. Under the terms of the Note, the original principal amount of $10,201,758 is payable in consecutive quarterly installments of principal and interest beginning on April 1, 2022 through January 1, 2027. Interest on the principal amount will accrue at a rate of 6% per year. The Company may prepay the Note, in whole or in part, at any time, with no premium or penalty. In the event that the Company defaults under the Security Agreement, all principal outstanding under the Note at the time of the default will bear interest at a rate of 9% per year until the full and final payment of all principal and interest under the Note (regardless of whether any default is waived or cured). Pursuant to the Security Agreement, dated January 18, 2022, the Company granted to Vivus a continuing security interest in all of its Stendra® API and products and its rights under the License Agreement. Future minimum principal payments of the promissory note are as follows: ​ ​ ​ ​ ​ 2022 (remaining 3 months) $ — 2023 ​ ​ 1,274,741 2024 ​ ​ 1,530,729 2025 ​ ​ 2,720,940 2026 ​ ​ 3,264,351 2027 ​ ​ 872,074 Total ​ $ 9,662,835 ​ Senior Debt ​ The Company did not have any senior indebtedness as of September 30, 2022 and December 31, 2021. ​ On September 30, 2016, the Company entered into a loan agreement with Hercules, a third party, for a $35 million term loan (“Senior Debt”) with a stated interest rate of the greater of either (i) Prime plus 7.25% or (ii) 10.75%. The Senior Debt included an additional Paid-In-Kind (“PIK”) interest that increased the outstanding principal on a monthly basis at an annual rate of 1.35% and a $787,500 end of term charge. On November 22, 2017, the Company amended its loan agreement with Hercules (“First Amendment”). 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 (1:1 to 0.9:1) were reduced. The Company was also required to prepay $10,000,000 in principal. Monthly principal payments, including interest, commenced November 1, 2018 with the outstanding balance of the Senior Debt due in full on November 1, 2020. The end of term charge was being recognized as interest expense and accreted over the term of the Senior Debt using the effective interest method. On April 13, 2020, the Company amended its loan agreement with Hercules. The amendment waived all financial covenant defaults for all periods since inception through the period ending March 31, 2020. The amendment also included the following changes: ● Removed the Adjusted EBITDA and Fixed Cost Coverage Ratio Covenants. ● Extended the maturity date from October 1, 2020 to April 2021, which was 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 Loan and Security Agreement (“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., 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 had a maturity date of December 1, 2021. On November 3, 2021, the Company repaid $1,179,651 towards the senior debt. This payment satisfied the remaining balance of the senior debt as of that date. Interest expense on the Senior Debt was $356,873 and $67,936 for the nine and three months ended September 30, 2021, respectively. As of December 31, 2021.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity
Stockholders' Equity	9) Stockholders’ Equity 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 “CoreIRAgreement”) with CorProminence, LLC (the “Consultant”) for certain shareholder information and relation services. The term of the CoreIRAgreement 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 “CoreIR Grant Date”). The restricted shares vested immediately on the CoreIR 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, a related party, 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. On April 7, 2022, the Company issued an additional grant of 60,505 RSU’s of the Company’s common stock with a value of $72,001 as of the date of the grant. The RSU’s vest and settle in full on the one-year anniversary of the additional grant date. Effective June 4, 2021, the Company entered into a Service Agreement with IRTH Communications, LLC (“IRTH”) for certain investor relations services (the “IRTH Agreement”). The term of the IRTH Agreement 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 Grant Date”). The restricted shares vest immediately on the IRTH Agreement Grant Date. The company has elected not to renew the IRTH Agreement as of June 2022. 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 shares 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. Market Capitalization/Gross Proceeds Earnout Payments In connection with the Mergers, each security holder of Metuchen received the right to receive earnout consideration, which was 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 was 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 September 30, 2022, the milestones have not been achieved. The fair value of the derivative liability was $0 and $0.5 million as of September 30, 2022 and December 31, 2021, respectively. Metuchen equity holders will have the opportunity to receive the following during the period ending December 2022: 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

Stock Options and Restricted St

Stock Options and Restricted Stock Units ("RSU's")	9 Months Ended
	Sep. 30, 2022
Stock Options and Restricted Stock Units ("RSU's")
Stock Options and Restricted Stock Units ("RSU's")	10) 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, stock units and other stock-based awards and cash-based awards. On December 22, 2021, our stockholders approved the Second Amendment to the 2020 Plan to increase the total number of shares of common stock issuable under the 2020 Plan by 1,521,654 shares to a total of 2,600,000 shares of common stock. As of September 30, 2022, there were 2,600,000 shares authorized and 1,583,701 shares available for issuance under the 2020 Plan. ​ The following is a summary of stock options for the nine months ended September 30, 2022 and for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ Weighted- ​ Remaining ​ Aggregate Intrinsic ​ ​ Number of ​ Average ​ Contractual ​ Value ​ Shares Exercise Price Term (Years) ($ in thousands) Options outstanding at December 31, 2020 574,331 ​ $ 51.43 0.9 ​ $ — Options granted 615,669 ​ 3.38 9.23 ​ — Less: options forfeited — ​ — — ​ — Less: options expired/cancelled (574,331) ​ 51.43 — ​ — Less: options exercised — ​ — — ​ — Options outstanding at December 31, 2021 ​ 615,669 ​ ​ 3.38 ​ 9.23 ​ ​ — Options granted ​ 50,000 ​ ​ 3.34 ​ 9.26 ​ ​ — Less: options forfeited ​ (75,000) ​ ​ (3.21) ​ — ​ ​ — Less: options expired/cancelled ​ — ​ ​ — ​ — ​ ​ — Less: options exercised ​ — ​ ​ — ​ — ​ ​ — Options outstanding at September 30, 2022 590,669 ​ $ 3.40 8.55 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options exercisable at September 30, 2022 475,502 ​ $ 3.39 8.57 ​ $ — ​ The following is a summary of RSU’s for the nine months ended September 30, 2022 and for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ Weighted- ​ Remaining ​ Aggregate Intrinsic ​ ​ Number of ​ Average ​ Contractual ​ Value ​ ​ Shares ​ Exercise Price ​ Term (Years) ​ ($ in thousands) RSU’s outstanding at December 31, 2020 — ​ ​ — — ​ — RSU’s granted 116,383 ​ $ 3.29 9.84 ​ — Less: RSU’s forfeited — ​ — — ​ — Less: RSU’s expired/cancelled — ​ — — ​ — Less: RSU’s exercised — ​ — — ​ — RSU’s outstanding at December 31, 2021 116,383 ​ $ 3.29 9.84 ​ — RSU’s granted 309,247 ​ $ 1.19 9.52 ​ — Less: RSU’s forfeited — ​ — — ​ — Less: RSU’s expired/cancelled — ​ — — ​ — Less: RSU’s exercised (23,301) ​ $ (3.09) — ​ — RSU’s outstanding at September 30, 2022 402,329 ​ $ 1.69 9.45 ​ — RSU’s exercisable at September 30, 2022 — ​ ​ — — ​ — ​ On January 4, 2022, pursuant to a consulting agreement, the Company awarded a grant of 50,000 options to purchase shares of common stock of the Company at an exercise price of $3.34 per share. The shares of common stock underlying the options vested 100% upon issuance. On April 7, 2022, the Company awarded the four Directors grants of 248,742 total RSU’s with a stock price of $1.19 per share. The RSU’s shall vest 100% on the one-year anniversary of the date of grant. Also on April 7, 2022, Tania King, an employee of Juggernaut Capital Partners LLP, pursuant to her contract, was granted 60,505 RSUs with a stock price of $1.19 per share. The RSU’s shall vest 100% on the one-year anniversary of the date of grant. Total stock-based compensation expense recognized for the nine months ended September 30, 2022 and 2021 was $966,231 and $1,178,678, respectively and, for the three months ended September 30, 2022 and 2021 was $308,138 and $53,167, respectively, and is recorded in general and administrative expenses in the consolidated statements of operations.

Common Stock Warrants

Common Stock Warrants	9 Months Ended
	Sep. 30, 2022
Common Stock Warrants
Common Stock Warrants	11) Common Stock Warrants The following is a summary of warrants for the nine months ended September 30, 2022 and for the year ended December 31, 2021: ​ ​ ​ ​ ​ Number of Shares Warrants outstanding at December 31, 2020 4,407,962 Warrants issued 7,853,558 Warrants exercised (2,014,586) Warrants expired ​ (207,913) Warrants outstanding at December 31, 2021 and September 30, 2022 10,039,021 ​ As of September 30, 2022, the Company’s warrants by expiration date were as follows: ​ ​ ​ ​ ​ ​ ​ Number of Warrants Exercise Price Expiration Date 2,780 ​ $ 1.60 ​ August 23, 2023 22,800 ​ 35.65 ​ June 1, 2024 74,864 ​ 21.85 ​ June 17, 2024 20,043 ​ 31.25 ​ June 19, 2024 22,800 ​ 26.55 ​ September 1, 2024 10,500 ​ 12.738 ​ 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 ​ 4.705 ​ 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 1,751,311 ​ ​ 1.715 ​ October 19, 2026 2,337,719 ​ ​ 3.50 ​ December 2, 2026 1,749,942 ​ ​ 3.50 ​ December 27, 2026 10,039,021 ​ ​ ​

Basic and Diluted Net Income (L

Basic and Diluted Net Income (Loss) per Common Share	9 Months Ended
	Sep. 30, 2022
Basic and Diluted Net Income (Loss) per Common Share
Basic and Diluted Net Income (Loss) per Common Share	12) Basic and Diluted Net Income (Loss) per Common Share 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 Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Numerator ​ ​ ​ ​ ​ Net loss ​ $ (13,830,196) ​ $ (1,696,898) ​ $ (15,816,213) ​ $ (800,734) Denominator ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares for basic net income (loss) per share ​ 20,692,321 ​ 9,826,599 ​ 20,687,284 ​ 9,794,267 Basic and diluted net income (loss) per common share ​ $ (0.67) ​ $ (0.17) ​ $ (0.76) ​ $ (0.08) ​ The following table summarizes the potentially dilutive securities convertible into common shares that were excluded from the calculation of diluted net income (loss) per share because their inclusion would have been antidilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Stock Options 590,669 1,213,301 ​ 590,669 1,213,301 Warrants 10,039,021 4,405,182 ​ 10,039,021 4,405,182 Total 10,629,690 5,618,483 ​ 10,629,690 5,618,483 ​

Marketing, Licensing and Distri

Marketing, Licensing and Distribution Agreements	9 Months Ended
	Sep. 30, 2022
Marketing, Licensing and Distribution Agreements.
Marketing, Licensing and Distribution Agreements	13) 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. 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. Under the License Agreement, 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. The Supply Agreement was terminated, effective September 30, 2021. On January 18, 2022, Petros and Vivus entered into a Settlement Agreement (the “Vivus Settlement Agreement”) related to the minimum purchase requirements under the Vivus Supply Agreement in 2018, 2019 and 2020 and certain reimbursement rights asserted by a third-party retailer in connection with quantities of the Company’s Stendra® product that were delivered to the third-party retailer and later returned. In connection with the Vivus Settlement Agreement, Petros retained approximately $7.3 million of API inventory under the Vivus Supply Agreement. In exchange for the API and reduction of current liabilities after prepayment of $900,000, Petros executed an interest-bearing promissory note (the “Note”) in favor of Vivus in the original principal amount of $10,201,758, which the Company believes approximates fair value (See Note 8). In addition to the payments to be made in accordance with the Note, the Company further agreed in the Vivus Settlement Agreement to (i) grant to Vivus a right of first refusal to provide certain types of debt and convertible equity (but not preferred equity) until the Note is paid in full, and (ii) undertake to make certain regulatory submissions to effectuate Vivus’ ability to exercise its rights under the License Agreement. On January 18, 2022, the Company made a prepayment of the obligations under the Note in the amount of $900,000, and a payment of $1,542,904 with respect to a purchase order made in 2021 to Vivus. In consideration of these payments and upon the Company’s satisfaction of certain regulatory submissions, Vivus released 50% of the quantity of bulk Stendra® tablets on January 18, 2022 under the Company’s existing open purchase order (the “Open Purchase Order”) being held by Vivus, which represents approximately a six-month supply of inventory. Pursuant to the Vivus Settlement Agreement, Vivus also released the remaining 50% of the quantity of bulk Stendra® tablets under the Open Purchase Order, later during the first quarter of 2022, upon the Company’s satisfaction of the remaining regulatory submission requirements. As a result of entering into the Vivus Settlement Agreement, the Company decreased accrued expenses by $6.5 million and decreased accrued inventory purchases by $14.2 million; which were partially offset by a decrease in API purchase commitments of $6.2 million and an increase to liabilities for the Note of $10.2 million (which is net of the $0.9 million prepayment on the Note). As a result, the Company recorded a $3.4 million gain on settlement for the nine months ended September 30, 2022. As of September 30, 2022 and December 31, 2021, the Company has API inventory is not a finished good. The Company has $0.2 million of API inventory which it has title to and is classified as raw materials inventory. The additional API inventory that the Company does not have title to is classified as 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 September 30, 2022 and December 31, 2021, there was $0.6 million and $1.4 million respectively included in other current assets (see Note 5 Prepaid and Other Current Assets). As of September 30, 2022 and December 31, 2021, there was $5.3 million and $11.0 million included as other assets on the accompanying consolidated balance sheets, respectively. 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. The Company did not record any reserve for the three and nine months ended September 30, 2022 and 2021. During the nine months ended September 30, 2022 and 2021, the Company incurred royalties to MTPC for Stendra® of $135,816 and $302,346, respectively. Royalties incurred were included in cost of goods sold in the consolidated statements of operations. As of September 30, 2022 and December 31, 2021, the Company had a receivable for royalties of $107,031 and $81,136, which are included in other current assets. (see Note 7 Accrued Expenses and Note 5 Prepaid and other Current Assets). 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) Patheon Following the termination of the Vivus Supply Agreement, Petros, through its subsidiary Metuchen, entered into a Technology Transfer Service Agreement on January 20, 2022 with Patheon Pharmaceuticals Inc., part of Thermo Fisher Scientific (“Patheon”), pursuant to which the Company and Patheon agreed to collaborate as strategic partners for commercial production of Stendra® tablets at Patheon’s facilities in Cincinnati, Ohio. Under the Agreement, Patheon or one of its affiliates will provide pharmaceutical development and technology transfer services in order to establish and validate its ability to manufacture supply of the Company’s Stendra® product. Any commercial sale of product manufactured during the performance of the Agreement must be subject to a subsequent commercial manufacturing services agreement (with associated quality agreement) between the parties before it can be offered for commercial sale. (c) Hybrid In March 2020, the Company acquired the exclusive license to H100™ from Hybrid. 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. The Company 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 license agreement 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 its first anniversary, without cause, upon ninety 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	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies
Commitments and Contingencies	14) 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 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 1.9 years to 4.3 years. On November 30, 2021, the Company entered into a sublease with respect to its entire headquarters facility. The sublessor delivered a $14,000 security deposit to the Company on the lease commencement date and also agreed to pay $7,000 per month for the term beginning January 10, 2022 and continuing until the expiration of the head lease on August 30, 2024. The Company will account for this sublease as an operating lease in accordance with the lessor accounting guidance within ASC 842. The components of lease expense consisted entirely of fixed lease costs related to operating leases. These costs were $134,435 and $134,435 for the nine months ended September 30, 2022 and 2021. Fixed lease costs for the nine months ended September 30, 2022 were offset by sublease income of $63,000. ​ Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 As of December 31, 2021 Operating lease ROU asset: ​ ​ Other assets ​ $ 389,079 ​ $ 475,557 ​ ​ ​ ​ ​ ​ ​ Operating lease liability: ​ ​ ​ ​ Other current liabilities ​ ​ 137,596 ​ ​ 125,579 Other long-term liabilities ​ 300,152 ​ 405,018 Total operating lease liability ​ $ 437,748 ​ $ 530,597 ​ Supplemental lease term and discount rate information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 As of December 31, 2021 ​ Weighted-average remaining lease terms - operating leases 2.9 years 3.7 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 Nine Months ​ ​ Ended September 30, Ended September 30, ​ 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 46,935 ​ $ 45,942 ​ $ 140,805 ​ $ 137,826 ​ Future minimum lease payments under non-cancelable leases as of September 30, 2022, were as follows: ​ ​ ​ ​ ​ Lease Liability Maturity Analysis Operating Leases 2022 (remaining 3 months) ​ 46,935 2023 ​ 189,374 2024 ​ 155,242 2025 ​ 81,107 2026 ​ ​ 82,324 Thereafter ​ — Total lease payments ​ 554,982 Less: Imputed Interest ​ (117,234) Total ​ $ 437,748 ​ Future minimum sublease income under non-cancelable leases as of September 30, 2022, were as follows: ​ ​ ​ ​ ​ Sublease income ​ Operating Leases 2022 (remaining 3 months) ​ ​ 21,000 2023 ​ ​ 84,000 2024 ​ 56,000 Total ​ $ 161,000 ​ As of September 30, 2022, the Company had no operating leases that had not yet commenced.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
Segment Information
Segment Information	15) 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 nine months ended September 30, 2022 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Nine Months Ended September 30, 2022 Medications Devices Corporate Consolidated Net sales ​ $ 2,716,311 ​ $ 2,477,642 ​ $ — ​ $ 5,193,953 Cost of goods sold ​ 525,073 ​ 883,013 ​ — ​ 1,408,086 Selling, general and administrative expenses ​ 3,933,295 ​ 1,352,239 ​ 3,999,783 ​ 9,285,317 Gain on settlement of contingent liability ​ ​ (3,389,941) ​ ​ — ​ ​ — ​ ​ (3,389,941) Research and development expenses ​ 1,428,848 ​ 133,670 ​ — ​ 1,562,518 Depreciation and amortization expense ​ 3,808,991 ​ 873,619 ​ — ​ 4,682,610 Intangible asset impairment ​ ​ 7,460,000 ​ ​ — ​ ​ — ​ ​ 7,460,000 Change in fair value of derivative liability ​ — ​ — ​ (460,000) ​ (460,000) Interest expense ​ — ​ — ​ 451,075 ​ 451,075 Income tax expense ​ — ​ (10,501) ​ — ​ (10,501) Net loss ​ $ (11,049,955) ​ $ (775,400) ​ $ (3,990,858) ​ $ (15,816,213) ​ The Company’s results of operations by reportable segment for the nine months ended September 30, 2021 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 Medications Devices Corporate Consolidated Net sales ​ $ 6,227,753 ​ $ 2,450,671 ​ $ — ​ $ 8,678,424 Cost of goods sold ​ 607,582 ​ 748,256 ​ — ​ 1,355,838 Selling, general and administrative expenses ​ 4,985,603 ​ 2,014,424 ​ 4,411,086 ​ 11,411,113 Gain on settlement of contingent liability ​ ​ — ​ ​ — ​ ​ — ​ ​ — Research and development expenses ​ 799,803 ​ — ​ — ​ 799,803 Depreciation and amortization expense ​ 4,194,809 ​ 991,677 ​ — ​ 5,186,486 Change in fair value of derivative liability ​ — ​ — ​ (9,640,000) ​ (9,640,000) Interest expense ​ — ​ — ​ 356,873 ​ 356,873 Income tax expense ​ — ​ (9,045) ​ — ​ (9,045) Net income (loss) ​ $ (4,360,044) ​ $ (1,312,731) ​ $ 4,872,041 ​ $ (800,734) ​ The Company’s results of operations by reportable segment for the three months ended September 30, 2022 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Three Months Ended September 30, 2022 ​ Medications ​ Devices ​ Corporate ​ Consolidated Net sales ​ $ (2,140,629) ​ $ 682,897 ​ $ — ​ $ (1,457,732) Cost of goods sold ​ 36,067 ​ 250,458 ​ — ​ 286,525 Selling, general and administrative expenses ​ 493,128 ​ 467,701 ​ 1,210,147 ​ 2,170,975 Research and development expenses ​ 678,552 ​ 57,364 ​ — ​ 735,916 Depreciation and amortization expense ​ 1,269,664 ​ 291,206 ​ — ​ 1,560,870 Intangible asset impairment ​ ​ 7,460,000 ​ ​ — ​ ​ — ​ ​ 7,460,000 Interest expense ​ — ​ — ​ 147,677 ​ 147,677 Income tax expense ​ — ​ (10,501) ​ — ​ (10,501) Net loss ​ $ (12,078,040) ​ $ (394,332) ​ $ (1,357,824) ​ $ (13,830,196) ​ The Company’s results of operations by reportable segment for the three months ended September 30, 2021 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Three Months Ended September 30, 2021 Medications Devices Corporate Consolidated Net sales ​ $ 1,377,291 ​ $ 767,878 ​ $ — ​ $ 2,145,169 Cost of goods sold ​ 45,254 ​ 273,904 ​ — ​ 319,158 Selling, general and administrative expenses ​ 1,318,610 ​ 722,998 ​ 1,371,615 ​ 3,413,223 Research and development expenses ​ 280,576 ​ — ​ — ​ 280,576 Depreciation and amortization expense ​ 1,398,270 ​ 330,559 ​ — ​ 1,728,829 Change in fair value of derivative liability ​ ​ — ​ ​ — ​ ​ (1,970,000) ​ ​ (1,970,000) Interest expense ​ — ​ — ​ 67,936 ​ 67,936 Income tax expense ​ — ​ (2,345) ​ — ​ (2,345) Net income (loss) ​ $ (1,665,419) ​ $ (561,928) ​ $ 530,449 ​ $ (1,696,898) ​ The following table reflects net sales by geographic region for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, Net Sales 2022 2021 2022 2021 United States ​ $ (1,647,367) ​ $ 1,861,222 ​ $ 4,260,171 ​ $ 7,754,534 International ​ 189,635 ​ 283,947 ​ ​ 933,782 ​ ​ 923,890 ​ ​ $ (1,457,732) ​ $ 2,145,169 ​ $ 5,193,953 ​ $ 8,678,424 ​ No individual country other than the United States accounted for 10% of total sales for the three and nine months ended September 30, 2022 and 2021. The Company’s assets by reportable segment and reconciliation of segment assets to consolidated assets as of September 30, 2022, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ Medications Devices Consolidated Intangible assets, net ​ $ 7,810,080 ​ $ 5,348,123 ​ $ 13,158,203 Total segment assets ​ $ 30,614,587 ​ $ 7,081,856 ​ $ 37,696,443 ​ The Company’s assets by reportable segment and reconciliation of segment assets to consolidated assets as of December 31, 2021, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription ​ Medical ​ ​ ​ ​ Medications Devices Consolidated Intangible assets, net ​ $ 19,071,407 ​ $ 6,221,742 ​ $ 25,293,149 Total segment assets ​ $ 59,657,514 ​ $ 7,732,544 ​ $ 67,390,058 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of 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 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, assessment of long-lived assets, including intangible asset impairment and the valuation 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. The World Health Organization (“WHO”) declared the coronavirus (“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. 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, including the emergence of any new variants 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 2022 and beyond. During 2020, government regulations and the voluntary business practices of the Company and prescribing physicians had prevented in-person visits by sales representatives to physicians’ offices. The Company had taken steps to mitigate the negative impact on its businesses of such restrictions. In March 2020, the Company reduced our sales representative head count to reflect the lack of in-person visits. The Company has maintained a core sales team which continued 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. In response to the spread of COVID-19, in March 2020, the Company closed its administrative offices. In January 2022, the Company sub-leased its Manalapan office and all administrative employees are working remotely for the foreseeable future. The Company has fully resumed in-person interactions by its customer-facing personnel in compliance with any 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. Since the beginning of the COVID-19 pandemic, we have experienced a shift from in-person sales to online, telehealth-based sales. These online sales generally have lower gross margins than in-person sales, which has impacted our net revenues.
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 Accounting Standards Codification (“ASC”) Topic 606, Revenue Recognition (“Topic 606”), the Company recognizes revenue from prescription medication sales when its performance obligations with a customer has been satisfied. In the contracts with its customers, the Company has identified a single performance obligation to provide Stendra® upon receipt of a customer order. The performance obligation is satisfied at a point in time when the Company’s customers obtain control of Stendra®, which is typically upon delivery. The Company invoices its customers after Stendra® has been delivered and invoice payments are generally due within 30 to 75 days of invoice date. 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 September 30, 2022 and December 31, 2021, the reserves for sales deductions were $4.1 million and $4.7 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 September 30, 2022 and December 31, 2021, the reserves for product returns were $3.5 million and $3.8 million, respectively, and are included as a component of accrued expenses. During the three months ended September 30, 2022, the Company revised and increased its estimate of reserves for product returns by $2.7 million. Higher than estimated wholesaler returns of Stendra® during the third quarter was primarily related to the return of short-dated product sold in prior periods above our initial estimates. Throughout each quarter, we regularly seek to obtain periodic retail demand information and current inventory levels from our significant wholesalers. As part of this process, certain wholesalers indicated an increased ability to sell short-dated product before expiration because prescription demand for Stendra was strong at that time. Citing the demand of wholesalers at that time, management expected the short-dated product would sell through to end customers. Because sell through was below that estimated by the wholesalers, the Company had to increase its current return exposure. 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. See Note 3 Accounts Receivable, net for further discussion of these reserves. 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, PreBoost, VenoSeal, penile injections (Rx), and urinary tract infection tests. 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. As of September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021.
Intangible Assets	Intangible Assets The Company accounts for recognized intangible assets at cost. Intangible assets with finite useful lives are amortized over the useful life which the assets are expected to contribute directly or indirectly to future cash flows. Intangible assets are amortized using an accelerated method based on the pattern in which the economic benefits of the assets are consumed. The Company reviews the carrying value and useful lives of its intangible assets with definite lives whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable or the period over which they should be amortized has changed. When indicators of impairment exist, the Company determines whether the estimated undiscounted sum of the future cash flows of such assets is less than their carrying amounts. If less, an impairment loss is recognized in the amount, if any, by which the carrying amount of such assets exceeds their respective fair values. The Company evaluates the remaining useful life of each intangible asset that is being amortized during each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of the intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. During the three months ended September 30, 2022, the Company noted that indicators of impairment existed and prepared an undiscounted cash flow analysis, which indicated, for the Stendra® product an impairment. The Company then prepared a discounted cash flow analysis resulting in an impairment of approximately $7.5 million.
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 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 consolidated balance sheets consist of cash, accounts receivable, other current assets, accounts payable, accrued expenses, and other current liabilities. The Company believes that the carrying values of cash, accounts receivable, other current assets, accounts payable, accrued expenses, and other current liabilities approximate their fair values due to the short-term nature of these instruments. 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 September 30, 2022 and December 31, 2021 was $0 million and $0.5 million, respectively. See Note 9 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 10 Stock Options.
Income Taxes	Income Taxes 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 that includes the enactment date. 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 ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. As of September 30, 2022 and December 31, 2021, no accrued interest or penalties are recorded in the consolidated balance sheet.
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 shares of common stocks outstanding during the period, excluding the anti-dilutive effects of stock options and warrants to purchase common stocks. The Company computes diluted net loss per common stock by dividing the net loss applicable to common stocks by the sum of the weighted-average number of common stocks outstanding during the period plus the potential dilutive effects of its convertible preferred stocks, stock options and warrants to purchase common stocks, but such items are excluded if their effect is anti-dilutive. Because the impact of these items is anti-dilutive during periods of net loss, there was no difference between the Company’s basic and diluted net loss per stock of common stock for the three and nine months ended September 30, 2022 and 2021. See Note 13 Basic and Diluted Net Loss per Common Share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pending Adoption as of September 30, 2022 In June 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments. ASU 2016-13, together with a series of subsequently issued related ASUs, has been codified in Topic 326. Topic 326 establishes new requirements for companies to estimate expected credit losses when measuring certain financial assets, including accounts receivables. The new guidance is effective for fiscal years beginning after December 15, 2022. The Company is currently evaluating the effect that the new guidance will have on its consolidated financial statements and related disclosures.

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	9 Months Ended
	Sep. 30, 2022
Accounts Receivable, net
Schedule of accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2022 2021 Gross accounts receivables ​ $ 4,318,139 ​ $ 3,363,827 Distribution service fees ​ (211,521) ​ (371,310) Chargebacks accrual ​ (11,455) ​ — Cash discount allowances ​ (87,986) ​ (159,446) Allowance for doubtful accounts ​ (274,034) ​ (377,685) Total accounts receivable, net ​ $ 3,733,143 ​ $ 2,455,386

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventories
Schedule of Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Raw Materials ​ $ 1,480,047 ​ $ 359,741 Finished goods ​ 673,984 ​ 159,908 Total inventory ​ $ 2,154,031 ​ $ 519,649

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Prepaid Expenses and Other Current Assets.
Schedule of Prepaid Expenses and Other Current Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Prepaid insurance ​ ​ 241,663 ​ ​ 73,223 Prepaid FDA fees ​ — ​ 831,179 Prepaid coupon fees ​ 71,500 ​ 71,500 API purchase commitment asset (see Note 13) ​ 552,114 ​ 1,419,538 Due from wholesalers ​ ​ 104,059 ​ ​ 609,059 Other prepaid expenses ​ 591,861 ​ 605,422 Other current assets ​ 141,587 ​ 110,167 Total prepaid expenses and other current assets ​ $ 1,702,784 ​ $ 3,720,088

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Intangible Assets
Schedule of intangible assets	​ ​ ​ ​ ​ Balance at December 31, 2020 $ 32,160,919 Amortization expense ​ (6,867,770) Balance at December 31, 2021 ​ ​ 25,293,149 Amortization expense ​ (4,674,946) Intangible Impairment ​ ​ (7,460,000) Balance at September 30, 2022 ​ $ 13,158,203
Schedule of future annual amortization related to the company's of intangible assets	​ ​ ​ ​ ​ 2022 (remaining 3 months) $ 913,720 2023 ​ 3,272,747 2024 ​ 2,800,622 2025 ​ 1,754,328 2026 ​ ​ 1,442,186 Thereafter ​ 2,974,600 Total ​ $ 13,158,203

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Accrued price protection (see Note 13) ​ $ — ​ $ 1,853,979 Accrued product returns ​ 3,463,597 ​ 6,192,845 Accrued contract rebates ​ 278,670 ​ 379,242 Due to Vivus (see Note 13) ​ — ​ 2,267,523 Due to 3PL/Wholesalers ​ 133,177 ​ 479,178 Accrued bonuses ​ ​ 532,797 ​ ​ 527,563 Accrued professional fees ​ 1,164 ​ 125,392 Other accrued expenses ​ 73,072 ​ 131,662 Total accrued expenses ​ $ 4,482,477 ​ $ 11,957,384

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt
Schedule of future principal payments of the promissory note	​ ​ ​ ​ ​ 2022 (remaining 3 months) $ — 2023 ​ ​ 1,274,741 2024 ​ ​ 1,530,729 2025 ​ ​ 2,720,940 2026 ​ ​ 3,264,351 2027 ​ ​ 872,074 Total ​ $ 9,662,835

Stock Options and Restricted _2

Stock Options and Restricted Stock Units ("RSU's") (Tables)	9 Months Ended
	Sep. 30, 2022
Stock Options and Restricted Stock Units ("RSU's")
Schedule of stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ Weighted- ​ Remaining ​ Aggregate Intrinsic ​ ​ Number of ​ Average ​ Contractual ​ Value ​ Shares Exercise Price Term (Years) ($ in thousands) Options outstanding at December 31, 2020 574,331 ​ $ 51.43 0.9 ​ $ — Options granted 615,669 ​ 3.38 9.23 ​ — Less: options forfeited — ​ — — ​ — Less: options expired/cancelled (574,331) ​ 51.43 — ​ — Less: options exercised — ​ — — ​ — Options outstanding at December 31, 2021 ​ 615,669 ​ ​ 3.38 ​ 9.23 ​ ​ — Options granted ​ 50,000 ​ ​ 3.34 ​ 9.26 ​ ​ — Less: options forfeited ​ (75,000) ​ ​ (3.21) ​ — ​ ​ — Less: options expired/cancelled ​ — ​ ​ — ​ — ​ ​ — Less: options exercised ​ — ​ ​ — ​ — ​ ​ — Options outstanding at September 30, 2022 590,669 ​ $ 3.40 8.55 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options exercisable at September 30, 2022 475,502 ​ $ 3.39 8.57 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ Weighted- ​ Remaining ​ Aggregate Intrinsic ​ ​ Number of ​ Average ​ Contractual ​ Value ​ ​ Shares ​ Exercise Price ​ Term (Years) ​ ($ in thousands) RSU’s outstanding at December 31, 2020 — ​ ​ — — ​ — RSU’s granted 116,383 ​ $ 3.29 9.84 ​ — Less: RSU’s forfeited — ​ — — ​ — Less: RSU’s expired/cancelled — ​ — — ​ — Less: RSU’s exercised — ​ — — ​ — RSU’s outstanding at December 31, 2021 116,383 ​ $ 3.29 9.84 ​ — RSU’s granted 309,247 ​ $ 1.19 9.52 ​ — Less: RSU’s forfeited — ​ — — ​ — Less: RSU’s expired/cancelled — ​ — — ​ — Less: RSU’s exercised (23,301) ​ $ (3.09) — ​ — RSU’s outstanding at September 30, 2022 402,329 ​ $ 1.69 9.45 ​ — RSU’s exercisable at September 30, 2022 — ​ ​ — — ​ —

Common Stock Warrants (Tables)

Common Stock Warrants (Tables)	9 Months Ended
	Sep. 30, 2022
Common Stock Warrants
Schedule of warrants	​ ​ ​ ​ ​ Number of Shares Warrants outstanding at December 31, 2020 4,407,962 Warrants issued 7,853,558 Warrants exercised (2,014,586) Warrants expired ​ (207,913) Warrants outstanding at December 31, 2021 and September 30, 2022 10,039,021
Schedule of warrants by expiration date	​ ​ ​ ​ ​ ​ ​ Number of Warrants Exercise Price Expiration Date 2,780 ​ $ 1.60 ​ August 23, 2023 22,800 ​ 35.65 ​ June 1, 2024 74,864 ​ 21.85 ​ June 17, 2024 20,043 ​ 31.25 ​ June 19, 2024 22,800 ​ 26.55 ​ September 1, 2024 10,500 ​ 12.738 ​ 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 ​ 4.705 ​ 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 1,751,311 ​ ​ 1.715 ​ October 19, 2026 2,337,719 ​ ​ 3.50 ​ December 2, 2026 1,749,942 ​ ​ 3.50 ​ December 27, 2026 10,039,021 ​ ​

Basic and Diluted Net Income _2

Basic and Diluted Net Income (Loss) per Common Share (Tables)	9 Months Ended
	Sep. 30, 2022
Basic and Diluted Net Income (Loss) per Common Share
Summary of Computation of Basic and Diluted Net Loss per Share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Numerator ​ ​ ​ ​ ​ Net loss ​ $ (13,830,196) ​ $ (1,696,898) ​ $ (15,816,213) ​ $ (800,734) Denominator ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares for basic net income (loss) per share ​ 20,692,321 ​ 9,826,599 ​ 20,687,284 ​ 9,794,267 Basic and diluted net income (loss) per common share ​ $ (0.67) ​ $ (0.17) ​ $ (0.76) ​ $ (0.08)
Summary of Computation of Basic and Diluted Net Loss per Share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Stock Options 590,669 1,213,301 ​ 590,669 1,213,301 Warrants 10,039,021 4,405,182 ​ 10,039,021 4,405,182 Total 10,629,690 5,618,483 ​ 10,629,690 5,618,483

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies
Summary of supplemental balance sheet information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 As of December 31, 2021 Operating lease ROU asset: ​ ​ Other assets ​ $ 389,079 ​ $ 475,557 ​ ​ ​ ​ ​ ​ ​ Operating lease liability: ​ ​ ​ ​ Other current liabilities ​ ​ 137,596 ​ ​ 125,579 Other long-term liabilities ​ 300,152 ​ 405,018 Total operating lease liability ​ $ 437,748 ​ $ 530,597
Summary of supplemental lease term and discount rate information related to leases	​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 As of December 31, 2021 ​ Weighted-average remaining lease terms - operating leases 2.9 years 3.7 years ​ Weighted-average discount rate - operating leases 12.6 % 12.6 %
Summary of supplemental cash flow information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months For the Nine Months ​ ​ Ended September 30, Ended September 30, ​ 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 46,935 ​ $ 45,942 ​ $ 140,805 ​ $ 137,826
Summary of future minimum lease payments under non-cancelable leases	Future minimum lease payments under non-cancelable leases as of September 30, 2022, were as follows: ​ ​ ​ ​ ​ Lease Liability Maturity Analysis Operating Leases 2022 (remaining 3 months) ​ 46,935 2023 ​ 189,374 2024 ​ 155,242 2025 ​ 81,107 2026 ​ ​ 82,324 Thereafter ​ — Total lease payments ​ 554,982 Less: Imputed Interest ​ (117,234) Total ​ $ 437,748
Schedule of future minimum sublease income under non-cancelable leases	Future minimum sublease income under non-cancelable leases as of September 30, 2022, were as follows: ​ ​ ​ ​ ​ Sublease income ​ Operating Leases 2022 (remaining 3 months) ​ ​ 21,000 2023 ​ ​ 84,000 2024 ​ 56,000 Total ​ $ 161,000

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Information
Summary of results of operations by reportable segment	The Company’s results of operations by reportable segment for the nine months ended September 30, 2022 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Nine Months Ended September 30, 2022 Medications Devices Corporate Consolidated Net sales ​ $ 2,716,311 ​ $ 2,477,642 ​ $ — ​ $ 5,193,953 Cost of goods sold ​ 525,073 ​ 883,013 ​ — ​ 1,408,086 Selling, general and administrative expenses ​ 3,933,295 ​ 1,352,239 ​ 3,999,783 ​ 9,285,317 Gain on settlement of contingent liability ​ ​ (3,389,941) ​ ​ — ​ ​ — ​ ​ (3,389,941) Research and development expenses ​ 1,428,848 ​ 133,670 ​ — ​ 1,562,518 Depreciation and amortization expense ​ 3,808,991 ​ 873,619 ​ — ​ 4,682,610 Intangible asset impairment ​ ​ 7,460,000 ​ ​ — ​ ​ — ​ ​ 7,460,000 Change in fair value of derivative liability ​ — ​ — ​ (460,000) ​ (460,000) Interest expense ​ — ​ — ​ 451,075 ​ 451,075 Income tax expense ​ — ​ (10,501) ​ — ​ (10,501) Net loss ​ $ (11,049,955) ​ $ (775,400) ​ $ (3,990,858) ​ $ (15,816,213) ​ The Company’s results of operations by reportable segment for the nine months ended September 30, 2021 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 Medications Devices Corporate Consolidated Net sales ​ $ 6,227,753 ​ $ 2,450,671 ​ $ — ​ $ 8,678,424 Cost of goods sold ​ 607,582 ​ 748,256 ​ — ​ 1,355,838 Selling, general and administrative expenses ​ 4,985,603 ​ 2,014,424 ​ 4,411,086 ​ 11,411,113 Gain on settlement of contingent liability ​ ​ — ​ ​ — ​ ​ — ​ ​ — Research and development expenses ​ 799,803 ​ — ​ — ​ 799,803 Depreciation and amortization expense ​ 4,194,809 ​ 991,677 ​ — ​ 5,186,486 Change in fair value of derivative liability ​ — ​ — ​ (9,640,000) ​ (9,640,000) Interest expense ​ — ​ — ​ 356,873 ​ 356,873 Income tax expense ​ — ​ (9,045) ​ — ​ (9,045) Net income (loss) ​ $ (4,360,044) ​ $ (1,312,731) ​ $ 4,872,041 ​ $ (800,734) ​ The Company’s results of operations by reportable segment for the three months ended September 30, 2022 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Three Months Ended September 30, 2022 ​ Medications ​ Devices ​ Corporate ​ Consolidated Net sales ​ $ (2,140,629) ​ $ 682,897 ​ $ — ​ $ (1,457,732) Cost of goods sold ​ 36,067 ​ 250,458 ​ — ​ 286,525 Selling, general and administrative expenses ​ 493,128 ​ 467,701 ​ 1,210,147 ​ 2,170,975 Research and development expenses ​ 678,552 ​ 57,364 ​ — ​ 735,916 Depreciation and amortization expense ​ 1,269,664 ​ 291,206 ​ — ​ 1,560,870 Intangible asset impairment ​ ​ 7,460,000 ​ ​ — ​ ​ — ​ ​ 7,460,000 Interest expense ​ — ​ — ​ 147,677 ​ 147,677 Income tax expense ​ — ​ (10,501) ​ — ​ (10,501) Net loss ​ $ (12,078,040) ​ $ (394,332) ​ $ (1,357,824) ​ $ (13,830,196) ​ The Company’s results of operations by reportable segment for the three months ended September 30, 2021 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Three Months Ended September 30, 2021 Medications Devices Corporate Consolidated Net sales ​ $ 1,377,291 ​ $ 767,878 ​ $ — ​ $ 2,145,169 Cost of goods sold ​ 45,254 ​ 273,904 ​ — ​ 319,158 Selling, general and administrative expenses ​ 1,318,610 ​ 722,998 ​ 1,371,615 ​ 3,413,223 Research and development expenses ​ 280,576 ​ — ​ — ​ 280,576 Depreciation and amortization expense ​ 1,398,270 ​ 330,559 ​ — ​ 1,728,829 Change in fair value of derivative liability ​ ​ — ​ ​ — ​ ​ (1,970,000) ​ ​ (1,970,000) Interest expense ​ — ​ — ​ 67,936 ​ 67,936 Income tax expense ​ — ​ (2,345) ​ — ​ (2,345) Net income (loss) ​ $ (1,665,419) ​ $ (561,928) ​ $ 530,449 ​ $ (1,696,898) ​
Summary of net sales by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, Net Sales 2022 2021 2022 2021 United States ​ $ (1,647,367) ​ $ 1,861,222 ​ $ 4,260,171 ​ $ 7,754,534 International ​ 189,635 ​ 283,947 ​ ​ 933,782 ​ ​ 923,890 ​ ​ $ (1,457,732) ​ $ 2,145,169 ​ $ 5,193,953 ​ $ 8,678,424
Summary of assets by reportable segment and reconciliation of segment assets to consolidated assets	The Company’s assets by reportable segment and reconciliation of segment assets to consolidated assets as of September 30, 2022, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ Medications Devices Consolidated Intangible assets, net ​ $ 7,810,080 ​ $ 5,348,123 ​ $ 13,158,203 Total segment assets ​ $ 30,614,587 ​ $ 7,081,856 ​ $ 37,696,443 ​ The Company’s assets by reportable segment and reconciliation of segment assets to consolidated assets as of December 31, 2021, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription ​ Medical ​ ​ ​ ​ Medications Devices Consolidated Intangible assets, net ​ $ 19,071,407 ​ $ 6,221,742 ​ $ 25,293,149 Total segment assets ​ $ 59,657,514 ​ $ 7,732,544 ​ $ 67,390,058

Nature of Operations, Basis o_2

Nature of Operations, Basis of Presentation, and Liquidity (Details)	Dec. 07, 2020 USD ($)
Nature of Operations, Basis of Presentation, and Liquidity
Cash in excess of certain limit, subject to adjustment as provided in the Merger Agreement	$ 20,000,000

Nature of Operations, Basis o_3

Nature of Operations, Basis of Presentation, and Liquidity - Additional information (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jan. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Nature of Operations, Basis of Presentation, and Liquidity
Cash		$ 11,200,000
Working capital		10,800,000
Accumulated deficit		(86,505,033)		$ (70,688,820)
Cash in operations		$ (11,226,985)	$ (3,557,732)
Number of shares issued	$ 10,201,758

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Reserves for product returns	$ 3.5	$ 3.5	$ 3.8
Increase in estimates of reserve	2.7
Revenue practical expedient, financing component		true
Prescription Medications
Summary of Significant Accounting Policies
Reserves for sales deductions	$ 4.1	$ 4.1	$ 4.7
Medical Devices
Summary of Significant Accounting Policies
Right to return and receive credit for product		90 days
Minimum | Prescription Medications
Summary of Significant Accounting Policies
Due period for invoice payments		30 days
Right to return and receive credit for product		6 months
Minimum | Medical Devices | Domestic customers
Summary of Significant Accounting Policies
Due period for invoice payments		30 days
Maximum | Prescription Medications
Summary of Significant Accounting Policies
Due period for invoice payments		75 days
Right to return and receive credit for product		1 year
Maximum | Medical Devices | International customers
Summary of Significant Accounting Policies
Due period for invoice payments		90 days

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Fair Value of Financial Instruments
Fair value of the derivative liability	$ 0	$ 0	$ 500,000
Income Taxes
Accrued interest or penalties	0	0	$ 0
Impairment charge of approximate	$ 7,460,000	$ 7,460,000

Accounts Receivable, net (Detai

Accounts Receivable, net (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accounts Receivable, net
Gross accounts receivables	$ 4,318,139	$ 3,363,827
Distribution service fees	(211,521)	(371,310)
Chargebacks accrual	(11,455)
Cash discount allowances	(87,986)	(159,446)
Allowance for doubtful accounts	(274,034)	(377,685)
Total accounts receivable, net	$ 3,733,143	$ 2,455,386

Accounts Receivable, net - Addi

Accounts Receivable, net - Additional information (Details) - customer	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Gross billings from customers | Customer concentration risk
Accounts Receivable, net
Number of customers	4	4
Gross billings from customers | Customer concentration risk | One customers
Accounts Receivable, net
Concentration risk percentage	27%	78%
Gross billings from customers | Customer concentration risk | Two customers
Accounts Receivable, net
Concentration risk percentage	22%
Gross billings from customers | Customer concentration risk | Three customers
Accounts Receivable, net
Concentration risk percentage	18%
Gross billings from customers | Customer concentration risk | Four customers
Accounts Receivable, net
Concentration risk percentage	15%
Account receivables | Credit concentration risk
Accounts Receivable, net
Number of customers	3		2
Account receivables | Credit concentration risk | One customers
Accounts Receivable, net
Concentration risk percentage	32%		40%
Account receivables | Credit concentration risk | Two customers
Accounts Receivable, net
Concentration risk percentage	31%		19%
Account receivables | Credit concentration risk | Three customers
Accounts Receivable, net
Concentration risk percentage	11%		15%

Inventories (Details)

Inventories (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Inventories
Raw Materials	$ 1,480,047	$ 359,741
Finished goods	673,984	159,908
Total inventory	$ 2,154,031	$ 519,649

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Inventories
Finished goods are net of valuation reserves	$ 368,610	$ 383,298
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 ($)	Sep. 30, 2022	Dec. 31, 2021
Prepaid Expenses and Other Current Assets.
Prepaid insurance	$ 241,663	$ 73,223
Prepaid FDA fees		831,179
Prepaid coupon fees	71,500	71,500
API purchase commitment asset	552,114	1,419,538
Due from wholesalers	104,059	609,059
Other prepaid expenses	591,861	605,422
Other current assets	141,587	110,167
Total prepaid expenses and other current assets	$ 1,702,784	$ 3,720,088

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Finite-lived Intangible Assets [Roll Forward]
Balance		$ 25,293,149	$ 32,160,919
Amortization expense		(4,674,946)	(6,867,770)
Intangible Impairment	$ (7,460,000)	(7,460,000)
Balance	$ 13,158,203	$ 13,158,203	$ 25,293,149

Intangible Assets - Future annu

Intangible Assets - Future annual amortization (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets
2022 (remaining 3 months)	$ 913,720
2023	3,272,747
2024	2,800,622
2025	1,754,328
2026	1,442,186
Thereafter	2,974,600
Total	$ 13,158,203	$ 25,293,149	$ 32,160,919

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets
Carrying value of intangible assets	$ 13,158,203	$ 13,158,203	$ 25,293,149	$ 32,160,919
Impairment charge of approximate	7,460,000	$ 7,460,000
Stendra product
Intangible Assets
Estimated useful lives of intangible assets		10 years
Carrying value of intangible assets	7,800,000	$ 7,800,000	19,100,000
Timm Medical product
Intangible Assets
Estimated useful lives of intangible assets		12 years
Carrying value of intangible assets	4,200,000	$ 4,200,000	4,900,000
PTV product
Intangible Assets
Estimated useful lives of intangible assets		12 years
Carrying value of intangible assets	$ 1,200,000	$ 1,200,000	$ 1,400,000

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accrued Expenses
Accrued price protection		$ 1,853,979
Accrued product returns	$ 3,463,597	6,192,845
Accrued contract rebates	278,670	379,242
Due to Vivus		2,267,523
Due to 3PL/Wholesalers	133,177	479,178
Accrued bonuses	532,797	527,563
Accrued professional fees	1,164	125,392
Other accrued expenses	73,072	131,662
Total accrued expenses	$ 4,482,477	$ 11,957,384

Debt - Promissory Note (Details

Debt - Promissory Note (Details) - Note	9 Months Ended
	Sep. 30, 2022 USD ($)
Debt Instrument
Principal amount of notes payable	$ 10,201,758
Interest rate (in percent)	6%
Interest rate at the time of default (in percent)	9%

Debt - Future minimum principal

Debt - Future minimum principal payments (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)
Debt Instrument
Payment Amount	$ 9,662,835
2023
Debt Instrument
Payment Amount	1,274,741
2024
Debt Instrument
Payment Amount	1,530,729
2025
Debt Instrument
Payment Amount	2,720,940
2026
Debt Instrument
Payment Amount	3,264,351
2027
Debt Instrument
Payment Amount	$ 872,074

Debt - Financial covenant (Deta

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

Debt - Senior debt (Details)

Debt - Senior debt (Details) - Senior debt	Nov. 22, 2017 USD ($)	Sep. 30, 2016 USD ($)	Apr. 13, 2020	Mar. 31, 2020
Debt Instrument
Face amount of debt	$ 1,068,750	$ 35,000,000
Stated interest rate		10.75%	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
Prime rate
Debt Instrument
Stated interest rate		7.25%
Minimum
Debt Instrument
Fixed charge coverage ratio	0.9
Maximum
Debt Instrument
Fixed charge coverage ratio	1

Debt - Interest Expenses (Detai

Debt - Interest Expenses (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Debt
Interest expense, senior debt	$ 67,936	$ 356,873

Debt - Third Amendment (Details

Debt - Third Amendment (Details) - USD ($)	Nov. 03, 2021	Sep. 30, 2020
Debt Instrument
Repayment of senior debt	$ 1,179,651
Senior debt
Debt Instrument
Required cash proceeds through an equity or debt financing or other transaction		$ 25,000,000
Escrow fund		$ 1,500,000

Stockholders' Equity - Number o

Stockholders' Equity - Number of shares held (Details)	Jan. 26, 2021 shares
Common Stock
Class of Stock
Number of common stock issued upon conversion	60,606
Preferred Stock
Class of Stock
Number of preferred stock converted	500

Stockholders' Equity - Marketin

Stockholders' Equity - Marketing and Consulting Agreement (Details) - USD ($)	Apr. 07, 2022	Jun. 04, 2021	Apr. 01, 2021	Jan. 01, 2021
Marketing and Consulting Agreement | CorProminence, LLC
Collaborative Arrangement and Arrangement Other than Collaborative
Term of agreement				1 year
Renewal term of agreement				1 year
Monthly retainer amount				$ 7,500
Number of restricted shares issued				30,000
Consulting and Advisory Agreement | Tania King
Collaborative Arrangement and Arrangement Other than Collaborative
Monthly retainer amount			$ 4,000
Additional payment included with the first monthly fee			12,000
Restricted share cash value			$ 72,000
Vesting period			1 year
Issued additional grants	60,505
Amount of additional grant	$ 72,001
Service Agreement
Collaborative Arrangement and Arrangement Other than Collaborative
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 - Continge

Stockholders' Equity - Contingent Consideration (Details)	9 Months Ended
	Sep. 30, 2022 shares
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 - Market C

Stockholders' Equity - Market Capitalization (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) D $ / shares shares	Dec. 31, 2021 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative
Fair value of the derivative liability	$ 0	$ 500,000
Market Capitalization/Gross Proceeds Earnout Payments | Metuchen
Collaborative Arrangement and Arrangement Other than Collaborative
Fair value of the derivative liability	$ 0	$ 500,000
Market Capitalization/Gross Proceeds Earnout Payments | Maximum | Metuchen
Collaborative Arrangement and Arrangement Other than Collaborative
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
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
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
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
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) - shares	Dec. 22, 2021	Sep. 30, 2022
Stock Options and Restricted Stock Units ("RSU's")
Number of shares authorized		2,600,000
Number of shares available for issuance	2,600,000	1,583,701
Number of shares increased for issuance	1,521,654

Stock Options and Restricted _4

Stock Options and Restricted Stock Units ("RSU's") - Summary of stock options (Details) - $ / shares			9 Months Ended	12 Months Ended
	Apr. 07, 2022	Jan. 04, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Options outstanding and exercisable on beginning			615,669	574,331
Options granted		50,000	50,000	615,669
Less: options and RSU's forfeited			(75,000)
Less: options and RSU's expired/cancelled				(574,331)
Less: options and RSU's exercised			(23,301)
Options and RSU's outstanding at the end			590,669	615,669	574,331
Options and RSU's exercisable at the end			475,502
Weighted-Average Exercise Price
Options outstanding and exercisable at the beginning (in dollars per share)			$ 3.38	$ 51.43
Options granted (in dollars per share)		$ 3.34	3.34	3.38
Less: options forfeited (in dollars per share)			(3.21)
Less: options expired/cancelled (in dollars per share)				51.43
Less: options exercised (in dollars per share)			(3.09)
Options outstanding at the end (in dollars per share)			3.40	$ 3.38	$ 51.43
Options exercisable at the end (in dollars per share)			$ 3.39
Weighted-Average Remaining Contractual Term (Years) and Aggregate Intrinsic Value
Options outstanding and exercisable at the beginning (in years)			8 years 6 months 18 days	9 years 2 months 23 days	10 months 24 days
Options granted (in years)			9 years 3 months 3 days	9 years 2 months 23 days
Options outstanding at the end (in years)			8 years 6 months 18 days	9 years 2 months 23 days	10 months 24 days
Options exercisable at the end (in years)			8 years 6 months 25 days
Restricted Stock Units
Number of Shares
Options outstanding and exercisable on beginning			116,383	0
Options granted	248,742		309,247	116,383
Options and RSU's outstanding at the end			402,329	116,383	0
Weighted-Average Exercise Price
Options outstanding and exercisable at the beginning (in dollars per share)			$ 3.29	$ 0
Options granted (in dollars per share)	$ 1.19		1.19	3.29
Options outstanding at the end (in dollars per share)			$ 1.69	$ 3.29	$ 0
Weighted-Average Remaining Contractual Term (Years) and Aggregate Intrinsic Value
Options outstanding and exercisable at the beginning (in years)			9 years 5 months 12 days	9 years 10 months 2 days	0 years
Options granted (in years)			9 years 6 months 7 days	9 years 10 months 2 days
Options outstanding at the end (in years)			9 years 5 months 12 days	9 years 10 months 2 days	0 years

Stock Options and Restricted _5

Stock Options and Restricted Stock Units ("RSU's") - Additional Information (Details)			3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 07, 2022 director $ / shares shares	Jan. 04, 2022 $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award
Number of options granted | shares		50,000			50,000		615,669
Exercise price | $ / shares		$ 3.34			$ 3.34		$ 3.38
Vesting percentage		100%
Stock-based compensation expense | $			$ 308,138	$ 53,167	$ 966,231	$ 1,178,678
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of directors to whom option is granted | director	4
Number of options granted | shares	248,742				309,247		116,383
Exercise price | $ / shares	$ 1.19				$ 1.19		$ 3.29
Vesting percentage	100%
Vesting period	1 year
Tania King | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of options granted | shares	60,505
Exercise price | $ / shares	$ 1.19
Vesting percentage	100%
Vesting period	1 year

Common Stock Warrants - Summary

Common Stock Warrants - Summary of warrants (Details)	21 Months Ended
	Sep. 30, 2022 shares
Common Stock Warrants
Warrants outstanding at the beginning	4,407,962
Warrants issued	7,853,558
Warrants exercised	(2,014,586)
Warrants expired	(207,913)
Warrants outstanding at the end	10,039,021

Common Stock Warrants - Company

Common Stock Warrants - Company's warrants by expiration date (Details) - $ / shares	Sep. 30, 2022	Dec. 31, 2020
Class of Warrant or Right
Number of Warrants	10,039,021	4,407,962
Expiration Date of August 23, 2023
Class of Warrant or Right
Number of Warrants	2,780
Exercise Price	$ 1.60
Expiration Date of June 1, 2024
Class of Warrant or Right
Number of Warrants	22,800
Exercise Price	$ 35.65
Expiration Date of June 17, 2024
Class of Warrant or Right
Number of Warrants	74,864
Exercise Price	$ 21.85
Expiration Date of June 19, 2024
Class of Warrant or Right
Number of Warrants	20,043
Exercise Price	$ 31.25
Expiration Date of September 1, 2024
Class of Warrant or Right
Number of Warrants	22,800
Exercise Price	$ 26.55
Expiration Date of September 16, 2024
Class of Warrant or Right
Number of Warrants	10,500
Exercise Price	$ 12.738
Expiration Date of December 1, 2024
Class of Warrant or Right
Number of Warrants	22,800
Exercise Price	$ 4.30
Expiration Date of March 2, 2025
Class of Warrant or Right
Number of Warrants	28,000
Exercise Price	$ 5.65
Expiration Date of June 1, 2025
Class of Warrant or Right
Number of Warrants	28,000
Exercise Price	$ 7.30
Expiration Date of September 1, 2025
Class of Warrant or Right
Number of Warrants	28,000
Exercise Price	$ 5.50
Expiration Date of December 1, 2025, One
Class of Warrant or Right
Number of Warrants	28,000
Exercise Price	$ 4.705
Expiration Date of December 1, 2025, Two
Class of Warrant or Right
Number of Warrants	2,221,829
Exercise Price	$ 7.50
Expiration Date of December 1, 2025, Three
Class of Warrant or Right
Number of Warrants	908,498
Exercise Price	$ 17.50
Expiration Date of December 1, 2025, Four
Class of Warrant or Right
Number of Warrants	623,303
Exercise Price	$ 51.25
Expiration Date of December 1, 2025, Five
Class of Warrant or Right
Number of Warrants	157,832
Exercise Price	$ 125
Expiration Date Of October 19 2026
Class of Warrant or Right
Number of Warrants	1,751,311
Exercise Price	$ 1.715
Expiration Date of December 2, 2026
Class of Warrant or Right
Number of Warrants	2,337,719
Exercise Price	$ 3.50
Expiration Date of December 27, 2026
Class of Warrant or Right
Number of Warrants	1,749,942
Exercise Price	$ 3.50

Basic and Diluted Net Income _3

Basic and Diluted Net Income (Loss) per Common Share - Summary of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net loss	$ (13,830,196)	$ (1,696,898)	$ (15,816,213)	$ (800,734)
Weighted average common shares outstanding
Weighted-average common shares for basic net income ( loss) per unit	20,692,321	9,826,599	20,687,284	9,794,267
Weighted-average common shares for diluted net income ( loss) per unit	20,692,321	9,826,599	20,687,284	9,794,267
Basic net income (loss) per common share	$ (0.67)	$ (0.17)	$ (0.76)	$ (0.08)
Diluted net income (loss) per common share	$ (0.67)	$ (0.17)	$ (0.76)	$ (0.08)

Basic and Diluted Net Income _4

Basic and Diluted Net Income (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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	10,629,690	5,618,483	10,629,690	5,618,483
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	590,669	1,213,301	590,669	1,213,301
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	10,039,021	4,405,182	10,039,021	4,405,182

Marketing, Licensing and Dist_2

Marketing, Licensing and Distribution Agreements - Vivus (Details)		9 Months Ended
	Sep. 30, 2016 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jan. 18, 2022 USD ($)	Dec. 31, 2021 USD ($)
Marketing, Licensing and Distribution Agreements
Noncash decrease in accrued expenses related to Vivus settlement		$ (6,520,283)
Noncash decrease in API purchase commitment		6,232,489
Noncash decrease in accrued inventory purchases related to Vivus Settlement		(14,203,905)
Gain on settlement with Vivus		3,389,941
API purchase commitment asset		552,114			$ 1,419,538
License Agreement | Royalty on the first $500 million of net sales
Marketing, Licensing and Distribution Agreements
Threshold net sales		500,000,000
License Agreement | Milestone payment to be paid once $250 million in sales has been reached
Marketing, Licensing and Distribution Agreements
Threshold net sales		250,000,000
Milestone payment		6,000,000
License Agreement | Milestone payment to be paid after $250 million in sales has been reached
Marketing, Licensing and Distribution Agreements
Threshold net sales		250,000,000
Milestone payment		$ 3,200,000
License Agreement | Vivus, Inc
Marketing, Licensing and Distribution Agreements
One-time fee to purchase and receive the license for the commercialization and exploitation of Stendra	$ 70,000,000
License Agreement | Vivus, Inc | Royalty during the first, second, and third years following the expiration of the Royalty Period
Marketing, Licensing and Distribution Agreements
Royalty percentage		2%
License Agreement | Vivus, Inc | Royalty following the fourth and fifth years following the end of the Royalty Period
Marketing, Licensing and Distribution Agreements
Royalty percentage		1%
License Agreement | MTPC
Marketing, Licensing and Distribution Agreements
Royalty incurred		$ 135,816	$ 302,346
Royalty receivable		$ 107,031			81,136
License Agreement | MTPC | Royalty on the first $500 million of net sales
Marketing, Licensing and Distribution Agreements
Royalty percentage		5%
License Agreement | MTPC | Royalty on net sales after $500 million
Marketing, Licensing and Distribution Agreements
Royalty percentage		6%
Settlement Agreement | Vivus, Inc
Marketing, Licensing and Distribution Agreements
Inventory amount retained - API				$ 7,300,000
Prepayment amount				900,000
Noncash decrease in accrued expenses related to Vivus settlement		$ 6,500,000
Noncash decrease in API purchase commitment		6,200,000
Noncash decrease in accrued inventory purchases related to Vivus Settlement		14,200,000
Payment made for purchase order				$ 1,542,904
Percentage of stendra tablets released				50
Gain on settlement with Vivus		3,400,000
Accrued inventory purchases		0			14,200,000
Raw materials inventory		200,000
Settlement Agreement | Vivus, Inc | Other Current Assets
Marketing, Licensing and Distribution Agreements
API purchase commitment asset		600,000			1,400,000
Settlement Agreement | Vivus, Inc | Other Noncurrent Assets
Marketing, Licensing and Distribution Agreements
Accrued inventory purchases, other assets		5,300,000			$ 11,000,000
Settlement Agreement | Vivus, Inc | Promissory Note
Marketing, Licensing and Distribution Agreements
Prepayment amount				$ 900,000
Principal amount of notes payable		$ 10,200,000		$ 10,201,758

Marketing, Licensing and Dist_3

Marketing, Licensing and Distribution Agreements - Hybrid (Details) - Hybrid - USD ($)								1 Months Ended
	Mar. 24, 2022	Dec. 23, 2021	Dec. 01, 2021	Oct. 31, 2021	Oct. 01, 2021	Mar. 31, 2021	Sep. 24, 2020	Dec. 31, 2020	Oct. 31, 2020	Mar. 31, 2020
Exclusive license to H100
Marketing, Licensing and Distribution Agreements
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 term of license agreement						6 months	6 months
Extension payment of license agreement								$ 100,000	$ 50,000
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
Exclusive license to H100 | Minimum
Marketing, Licensing and Distribution Agreements
Royalty percentage										3%
Exclusive license to H100 | Maximum
Marketing, Licensing and Distribution Agreements
Royalty percentage										6%
Amended license agreement of H100
Marketing, Licensing and Distribution Agreements
Payment of License Fees	$ 150,000	$ 200,000	$ 200,000	$ 200,000	$ 150,000

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Separation Agreement - Mr. Keith Lavan - USD ($)	Jun. 30, 2021	Jan. 15, 2021	Dec. 31, 2020
Commitments And Contingencies [Line Items]
Stay-on bonus			$ 50,000
Percentage of base salary to be paid as an advisor			50%
Percentage of fees as an advisor paid		70%
Percentage of fees as an advisor to be paid in equal installments	30%

Commitments and Contingencies -

Commitments and Contingencies - Operating Leases (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Jan. 10, 2022
Lessee, Lease, Description [Line Items]
Security deposit received for sublease		$ 14,000
Operating lease expense per month	$ 7,000
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year 10 months 24 days
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	4 years 3 months 18 days

Commitments and Contingencies_3

Commitments and Contingencies - Lease expense (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Lease Cost:
Fixed lease cost	$ 134,435	$ 134,435
Amount of fixed lease cost which are offset by sublease income	$ 63,000

Commitments and Contingencies_4

Commitments and Contingencies - Supplemental balance sheet (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Supplemental balance sheet information related to leases
Operating lease ROU asset: Other assets	$ 389,079	$ 475,557
Operating lease ROU asset	Other assets	Other assets
Operating lease liability:
Operating lease liability, current	$ 137,596	$ 125,579
Other current liabilities	Other current liabilities	Other current liabilities
Operating lease liability, noncurrent	$ 300,152	$ 405,018
Other long-term liabilities	Other long-term liabilities	Other long-term liabilities
Total operating lease liability	$ 437,748	$ 530,597

Commitments and Contingencies_5

Commitments and Contingencies - Lease term and discount (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Commitments and Contingencies
Weighted-average remaining lease terms - operating leases	2 years 10 months 24 days		2 years 10 months 24 days		3 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	$ 46,935	$ 45,942	$ 140,805	$ 137,826

Commitments and Contingencies_6

Commitments and Contingencies - Minimum lease payments (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Future minimum lease payments under non-cancelable leases
2022 (remaining 3 months)	$ 46,935
2023	189,374
2024	155,242
2025	81,107
2026	82,324
Total lease payments	554,982
Less: Imputed Interest	(117,234)
Total operating lease liability	$ 437,748	$ 530,597

Commitments and Contingencies_7

Commitments and Contingencies - Future Minimum Sublease Income (Details)	Sep. 30, 2022 USD ($)
Sublease income
2022 (remaining 3 months)	$ 21,000
2023	84,000
2024	56,000
Total	$ 161,000

Commitments and Contingencies_8

Commitments and Contingencies - Additional information (Details)	Sep. 30, 2022 USD ($)
Commitments and Contingencies
Operating leases that had not yet commenced	$ 0

Segment Information (Details)

Segment Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Results of operations by reportable segment
Net sales		$ 2,145,169	$ 5,193,953	$ 8,678,424
Net sales	$ (1,457,732)
Cost of goods sold	286,525	319,158	1,408,086	1,355,838
Selling, general and administrative expenses	2,170,975	3,413,223	9,285,317	11,411,113
Gain on settlement of contingent liability			(3,389,941)
Research and development expenses	735,916	280,576	1,562,518	799,803
Depreciation and amortization expense	1,560,870	1,728,829	4,682,610	5,186,486
Intangible asset impairment	7,460,000		7,460,000
Change in fair value of derivative liability		(1,970,000)	(460,000)	(9,640,000)
Interest expense	147,677	67,936	451,075	356,873
Income tax expense	(10,501)	(2,345)	(10,501)	(9,045)
Net loss	(13,830,196)	(1,696,898)	$ (15,816,213)	(800,734)
Operating segments
Segment Information
Number of Operating Segments | segment			2
Corporate
Results of operations by reportable segment
Selling, general and administrative expenses	1,210,147	1,371,615	$ 3,999,783	4,411,086
Change in fair value of derivative liability		(1,970,000)	(460,000)	(9,640,000)
Interest expense	147,677	67,936	451,075	356,873
Net loss	(1,357,824)	530,449	(3,990,858)	4,872,041
Prescription Medications
Results of operations by reportable segment
Net sales	(2,140,629)	1,377,291	2,716,311	6,227,753
Cost of goods sold	36,067	45,254	525,073	607,582
Selling, general and administrative expenses	493,128	1,318,610	3,933,295	4,985,603
Gain on settlement of contingent liability			(3,389,941)
Research and development expenses	678,552	280,576	1,428,848	799,803
Depreciation and amortization expense	1,269,664	1,398,270	3,808,991	4,194,809
Intangible asset impairment	7,460,000		7,460,000
Net loss	(12,078,040)	(1,665,419)	(11,049,955)	(4,360,044)
Medical Devices
Results of operations by reportable segment
Net sales	682,897	767,878	2,477,642	2,450,671
Cost of goods sold	250,458	273,904	883,013	748,256
Selling, general and administrative expenses	467,701	722,998	1,352,239	2,014,424
Research and development expenses	57,364		133,670
Depreciation and amortization expense	291,206	330,559	873,619	991,677
Income tax expense	(10,501)	(2,345)	(10,501)	(9,045)
Net loss	$ (394,332)	$ (561,928)	$ (775,400)	$ (1,312,731)

Segment Information - Net Sales

Segment Information - Net Sales by Geographic region (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues from External Customers and Long-Lived Assets
Net sales		$ 2,145,169	$ 5,193,953	$ 8,678,424
Net sales	$ (1,457,732)
United States
Revenues from External Customers and Long-Lived Assets
Net sales	(1,647,367)	1,861,222	4,260,171	7,754,534
International
Revenues from External Customers and Long-Lived Assets
Net sales	$ 189,635	$ 283,947	$ 933,782	$ 923,890

Segment Information - Segment a

Segment Information - Segment assets (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item
Intangible assets, net	$ 13,158,203	$ 25,293,149
Total segment assets	37,696,443	67,390,058
Prescription Medications
Segment Reporting, Asset Reconciling Item
Intangible assets, net	7,810,080	19,071,407
Total segment assets	30,614,587	59,657,514
Medical Devices
Segment Reporting, Asset Reconciling Item
Intangible assets, net	5,348,123	6,221,742
Total segment assets	$ 7,081,856	$ 7,732,544