Petros Pharmaceuticals (PTPI) 10-Q 15 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 15, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		2,113,570
Entity Central Index Key	0001815903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 8,320,068	$ 9,426,264
Accounts receivable, net	2,399,646	2,110,246
Inventories	2,037,747	1,815,113
Prepaid expenses and other current assets	1,146,005	1,316,282
Total current assets	13,903,466	14,667,905
Fixed assets, net	36,622	39,177
Intangible assets, net	11,420,244	12,244,484
API purchase commitment	4,883,175	5,111,176
Other assets	326,921	358,472
Total assets	30,570,428	32,421,214
Current liabilities:
Current portion of promissory note	1,106,028	1,089,683
Accounts payable	1,858,353	1,806,399
Accrued expenses	3,608,922	3,634,662
Other current liabilities	311,980	537,232
Total current liabilities	6,885,283	7,067,976
Promissory note, net of current portion	8,013,914	8,388,093
Other long-term liabilities	223,575	262,678
Total liabilities	15,122,772	15,718,747
Stockholders' Equity:
Common stock (par value $0.0001 per share, 150,000,000 shares authorized, 2,088,698 and 2,079,387shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)	209	208
Additional paid-in capital	107,558,987	107,428,652
Accumulated deficit	(92,111,540)	(90,726,393)
Total Stockholders' Equity	15,447,656	16,702,467
Total Liabilities and Stockholders' Equity	$ 30,570,428	$ 32,421,214

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	2,088,698	2,079,387
Common stock, shares outstanding	2,088,698	2,079,387

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 2,517,972	$ 2,465,169
Cost of goods sold	550,742	472,340
Gross profit	1,967,230	1,992,829
Operating expenses:
Selling, general and administrative	2,130,639	3,897,738
Gain on settlement with Vivus		(3,389,941)
Research and development expense	319,093	405,360
Depreciation and amortization expense	826,795	1,560,870
Total operating expenses	3,276,527	2,474,027
Loss from operations	(1,309,297)	(481,198)
Change in fair value of derivative liability		460,000
Interest income	(66,317)
Interest expense, promissory note	(142,167)	(153,026)
Net loss	$ (1,385,147)	$ (174,224)
Net loss per common share
Basic (in dollars per share)	$ (0.66)	$ (0.08)
Diluted (in dollars per share)	$ (0.66)	$ (0.08)
Weighted average common shares outstanding
Basic	2,088,698	2,068,472
Diluted	2,088,698	2,068,472

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2021	$ 207	$ 106,233,577	$ (70,688,820)	$ 35,544,964
Balance (in shares) at Dec. 31, 2021	2,068,472
Stock-based compensation expense		355,828		355,828
Net loss			(174,224)	(174,224)
Balance at Mar. 31, 2022	$ 207	106,589,405	(70,863,044)	35,726,568
Balance (in shares) at Mar. 31, 2022	2,068,472
Balance at Dec. 31, 2022	$ 208	107,428,652	(90,726,393)	16,702,467
Balance (in shares) at Dec. 31, 2022	2,079,387
Stock-based compensation expense		130,336		130,336
Non-employee exercise of restricted stock units (in shares)	9,311
Shares issued for vested RSU's	$ 1	(1)
Net loss			(1,385,147)	(1,385,147)
Balance at Mar. 31, 2023	$ 209	$ 107,558,987	$ (92,111,540)	$ 15,447,656
Balance (in shares) at Mar. 31, 2023	2,088,698

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (1,385,147)	$ (174,224)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	826,795	1,560,870
Bad debt expense (recoveries)	36,214	(115,364)
Inventory and sample inventory reserve	50,499	3,594
Lease expense	31,550	27,962
Derivative liability		(460,000)
Deferred revenue	(260,361)	(70,343)
Gain on settlement with Vivus		(3,389,941)
Stock-based compensation	130,336	355,828
Changes in operating assets and liabilities:
Accounts receivable	(325,614)	(1,170,025)
Inventories	(55,092)	(1,426,818)
Prepaid expenses and other current assets	180,237	237,502
Accounts payable	51,954	(857,643)
Accrued expenses	(25,740)	74,905
Other current liabilities	35,109	161,961
Other long-term liabilities	(39,103)	(33,965)
Net cash used in operating activities	(748,363)	(5,275,701)
Cash flows from financing activities:
Payment of promissory note	(357,833)	(900,000)
Net cash used in financing activities	(357,833)	(900,000)
Net decrease in cash	(1,106,196)	(6,175,701)
Cash, beginning of period	9,426,264	23,847,572	$ 23,847,572
Cash, end of period	8,320,068	17,671,871	$ 9,426,264
Supplemental cash flow information:
Cash paid for interest during the period	142,167
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		10,201,758
Noncash increase in inventory due to API reclass	(218,041)
Noncash decrease in API purchase commitment	228,001	$ 6,232,489
Noncash decrease in other current assets: API purchase commitment	$ (9,960)

Nature of Operations, Basis of

Nature of Operations, Basis of Presentation, and Liquidity	3 Months Ended
	Mar. 31, 2023
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 and Basis of Presentation Petros 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”). Petros was organized as a Delaware corporation on May 14, 2020 for the purpose of effecting certain transactions between Petros, Metuchen, Neurotrope, and certain subsidiaries of Petros (collectively the “Mergers”). The Mergers were consummated on December 1, 2020. 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 had an exclusive global license to develop and commercialize H100™, a novel and patented topical formulation candidate for the treatment of acute Peyronie’s disease, which license was terminated by the Company on May 11, 2023. The Company manages its operations through two segments, Prescription Medications and Medical Devices, both of which focus on the treatment of male ED. The Prescription Medications segment consists primarily of Stendra®, which is sold generally in the United States. Expenses related to the development of H100™, prior to the license termination in May 2023, which was in the early stages of development and had not yet sought FDA approval to begin Phase 1 clinical trials, were categorized under the Prescription Medications segment. The Medical Devices segment consists primarily of vacuum erection devices, which are sold domestically and internationally. Business and Primary Marketed Products Petros 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, Neurotrope, Timm Medical Technologies, Inc. (“Timm Medical”), and Pos-T-Vac, LLC (“PTV”). We are 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 had acquired an exclusive global license (the “Hybrid License”) to develop and commercialize H100™, a novel and patented topical formulation candidate for the treatment of acute Peyronie’s disease, which we terminated in May 2023. The Company’s priority is the ability to sell Stendra® Over-The-Counter (“OTC”). All transactions between the consolidated entities have been eliminated in consolidation. 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, 2022. All transactions between the consolidated entities have been eliminated in consolidation. Liquidity and Going Concern We have experienced net losses and negative cash flows from operations since our inception. As of March 31, 2023, we had cash of $8.3 million, working capital of $7.0 million, and accumulated deficit of $92.1 million. To date, our principal sources of capital used to fund our operations have been the revenues from product sales, private sales, registered offerings and private placements of equity securities. 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 interim condensed 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 / OTC strategies related to Stendra®, which we believe has the potential to dramatically increase product sales in the future; 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	3 Months Ended
	Mar. 31, 2023
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. Concentration of Credit Risk Financial instruments that subject the Company to concentrations of credit risk includes cash. The Company maintains cash on deposit at U.S.-based banks in amounts which, at times, exceed insured limits. Segment Reporting Operating segments are components of a Company for which separate financial information is available and evaluated regularly by the chief operating decision maker in assessing performance and deciding how to allocate resources. 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. See Note 16 Segment Reporting. 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 March 31, 2023 and December 31, 2022, the reserves for sales deductions were $3.0 million and $3.0 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 March 31, 2023, December 31, 2022 and December 31, 2021, the reserves for product returns were $2.2 million, $2.3 million and $3.8 million, respectively, and are included as a component of accrued expenses. During the three months ended March 31, 2023 and 2022, respectively, the Company recorded $0.4 million and $0.7 million of returns as a reduction of gross revenue. 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. As of December 31, 2021, accrued contract rebates were $379,242. 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 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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022. Contract Liabilities Under Accounting Standards Codification Topic 606, Revenue Recognition, the Company recognizes revenue when its performance obligations with a customer has been satisfied. In the event it has not been satisfied, the Company records deferred revenue as a liability on the balance sheet. As of March 31, 2023, December 31, 2022, and December 31, 2021, deferred revenue was $21,011, $281,372 and $70,343 respectively. 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. 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 months ended March 31, 2023 and 2022. See Note 12 Basic and Diluted Net Loss per Common Share. Recent Accounting Pronouncements 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 has adopted the new guidance with its fiscal year beginning January 1, 2023. The adoption of ASC 326 had no material effect on the Company’s financial statements.

Accounts Receivable, net

Accounts Receivable, net	3 Months Ended
	Mar. 31, 2023
Accounts Receivable, net
Accounts Receivable, net	3) Accounts Receivable, net Accounts receivable, net is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ December 31, ​ 2023 2022 2021 Gross accounts receivables ​ $ 3,229,343 ​ $ 2,757,839 ​ $ 3,363,827 Distribution service fees ​ (477,627) ​ ​ (339,094) ​ (371,310) Chargebacks accrual ​ (1,970) ​ ​ (1,960) ​ — Cash discount allowances ​ (107,018) ​ ​ (99,671) ​ (159,446) Allowance for doubtful accounts ​ (243,082) ​ ​ (206,868) ​ (377,685) Total accounts receivable, net ​ $ 2,399,646 ​ $ 2,110,246 ​ $ 2,455,386 ​ For the three months ended March 31, 2023, gross billings to customers representing 10% or more of the Company’s total gross billings included four customers which represented approximately 23%, 19%, 15% and 13% of total gross billings, respectively. For the three months ended March 31, 2022, gross billings from customers representing 10% or more of the Company’s total gross billings included three customers which represented approximately 30%, 23%, and 22% of total gross billings, respectively. Receivables from customers representing 10% or more of the Company’s gross accounts receivable included three customers at March 31, 2023 equal to 27%, 23%, and 18%, respectively. Receivables from customers representing 10% or more of the Company’s gross accounts receivable included two customers at December 31, 2022 equal to 43% and 16%, respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventories
Inventories	4) Inventories Inventory is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Raw Materials ​ $ 1,912,250 ​ $ 1,574,683 Finished goods ​ 125,497 ​ 240,430 Total inventory ​ $ 2,037,747 ​ $ 1,815,113 ​ Finished goods are net of valuation reserves of $414,799 and $364,300 as of March 31, 2023 and December 31, 2022, respectively. Raw materials are net of valuation reserves of $2,872,977 as of March 31, 2023 and December 31, 2022, which is related to bulk inventory.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2023
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Prepaid insurance ​ $ 152,631 ​ $ 109,414 Prepaid coupon fees ​ 71,500 ​ 71,500 API purchase commitment asset (see Note 13) ​ 673,944 ​ 663,984 Other prepaid expenses ​ 176,187 ​ 333,158 Other current assets ​ 71,743 ​ 138,226 Total prepaid expenses and other current assets ​ $ 1,146,005 ​ $ 1,316,282 ​

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2023
Intangible Assets
Intangible Assets	6) Intangible Assets ​ ​ ​ ​ ​ Balance at December 31, 2021 ​ $ 25,293,149 Amortization expense ​ (5,588,665) Intangible Impairment ​ ​ (7,460,000) Balance at December 31, 2022 ​ 12,244,484 Amortization expense ​ ​ (824,240) Balance at March 31, 2023 ​ $ 11,420,244 ​ The future annual amortization related to the Company’s intangible assets is as follows as of March 31, 2023: ​ ​ ​ ​ ​ 2023 (remaining 9 months) $ 2,448,508 2024 ​ 2,800,623 2025 ​ 1,754,328 2026 ​ 1,442,186 2027 ​ ​ 1,212,871 Thereafter ​ 1,761,728 Total ​ $ 11,420,244 ​ 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 March 31, 2023 are $6.6 million, $3.8 million and $1.0 million, respectively. The carrying value of the Stendra® product, Timm Medical product, and PTV product as of December 31, 2022 were $7.2 million, $4.0 million and $1.1 million, respectively. During the year ended December 31, 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	3 Months Ended
	Mar. 31, 2023
Accrued Expenses
Accrued Expenses	7) Accrued Expenses Accrued expenses are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Accrued product returns ​ $ 2,215,215 ​ $ 2,311,647 Accrued contract rebates ​ 210,179 ​ 279,018 Due to 3PL/Wholesalers ​ 333,305 ​ 155,081 Accrued bonuses ​ ​ 572,557 ​ ​ 427,500 Accrued professional fees ​ 44,852 ​ 51,620 Other accrued expenses ​ 232,814 ​ 409,796 Total accrued expenses ​ $ 3,608,922 ​ $ 3,634,662 ​

Debt

Debt	3 Months Ended
	Mar. 31, 2023
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: ​ ​ ​ ​ ​ 2023 (remaining 9 months) $ 731,850 2024 ​ ​ 1,530,729 2025 ​ ​ 2,720,940 2026 ​ ​ 3,264,351 2027 ​ ​ 872,073 Total ​ $ 9,119,943 ​

Operating Leases

Operating Leases	3 Months Ended
	Mar. 31, 2023
Operating Leases
Operating Leases	9) 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 1.4 years to 3.8 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 $44,812 and $44,812 for the three months ended March 31, 2023 and 2022. Fixed lease costs for the three months ended March 31, 2023 were offset by sublease income of $21,000. ​ Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 As of December 31, 2022 Operating lease ROU asset: ​ ​ Other assets ​ $ 326,921 ​ $ 358,471 ​ ​ ​ ​ ​ ​ ​ Operating lease liability: ​ ​ ​ ​ Other current liabilities ​ ​ 147,480 ​ ​ 142,340 Other long-term liabilities ​ 223,573 ​ 262,677 Total operating lease liability ​ $ 371,053 ​ $ 405,017 ​ Supplemental lease term and discount rate information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 As of December 31, 2022 ​ Weighted-average remaining lease terms - operating leases 2.4 years 2.7 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 ​ ​ Ended March 31, ​ 2023 2022 Operating cash flows from operating leases ​ $ 47,226 ​ $ 46,935 ​ Future minimum lease payments under non-cancelable leases as of March 31, 2023, were as follows: ​ ​ ​ ​ ​ Lease Liability Maturity Analysis Operating Leases 2023 (remaining 9 months) $ 142,149 2024 ​ 155,242 2025 ​ 81,107 2026 ​ ​ 82,324 Thereafter ​ — Total lease payments ​ 460,822 Less: Imputed Interest ​ (89,769) Total ​ $ 371,053 ​ Future minimum sublease income under non-cancelable leases as of March 31, 2023, were as follows: ​ ​ ​ ​ ​ Sublease income ​ Operating Leases 2023 (remaining 9 months) ​ ​ 63,000 2024 ​ 56,000 Total ​ $ 119,000 ​ As of March 31, 2023, the Company had no operating leases that had not yet commenced.

Stock Options and Restricted St

Stock Options and Restricted Stock Units ("RSU's")	3 Months Ended
	Mar. 31, 2023
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 152,166 shares to a total of 260,000 shares of common stock. As of March 31, 2023, there were 260,000 shares authorized and 163,369 shares available for issuance under the 2020 Plan. ​ The following is a summary of stock options for the three months ended March 31, 2023 and for the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ Weighted- ​ Remaining ​ Aggregate Intrinsic ​ ​ Number of ​ Average ​ Contractual ​ Value ​ Shares Exercise Price Term (Years) ($ in thousands) Options outstanding at December 31, 2022 59,067 ​ ​ 34.02 8.29 ​ ​ — Options granted — ​ — — ​ — Less: options forfeited — ​ — — ​ — Less: options expired/cancelled (5,000) ​ 33.40 — ​ — Less: options exercised ​ — ​ ​ — ​ — ​ ​ — Options outstanding at March 31, 2023 54,067 ​ $ 34.08 7.98 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options exercisable at March 31, 2023 51,067 ​ $ 34.19 7.97 ​ $ — ​ The following is a summary of RSU’s for the three months ended March 31, 2023 and for the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Weighted- ​ Remaining ​ ​ Number of ​ Average ​ Contractual ​ ​ Shares ​ Fair Value at Grant Date ​ Term (Years) RSU’s outstanding at December 31, 2022 40,238 ​ $ 16.87 9.20 RSU’s granted — ​ ​ — — Less: RSU’s forfeited — ​ — — Less: RSU’s expired/cancelled (5) ​ 11.90 — Less: RSU’s vested (9,311) ​ 33.40 — RSU’s outstanding at March 31, 2023 30,922 ​ $ 11.90 9.02 ​ On January 4, 2022, pursuant to a consulting agreement, the Company awarded a grant of 5,000 options to purchase shares of common stock of the Company at an exercise price of $33.40 per share. The shares of common stock underlying the options vested 100% upon issuance. These options were canceled pursuant to the cancellation of this consulting agreement. On April 7, 2022, the Company awarded the four Directors grants of 24,876 total RSU’s with a stock price of $11.90 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 6,051 RSUs with a stock price of $11.90 per share. The RSU’s vested 100% on the one-year anniversary of the date of grant. ​ On April 10, 2023, the Company awarded each of the four Directors a grant of 39,000 options to purchase shares of common stock of the Company at an exercise price of $0.99 per share. The shares of common stock underlying the options vested 100% on the one-year anniversary of the date of grant. Stock-based compensation expense recognized for the three months ended March 31, 2023 and 2022 was $130,336 and $355,828, respectively, and is recorded in general and administrative expenses in the consolidated statements of operations. The Company expects all RSU’s to vest.

Common Stock Warrants

Common Stock Warrants	3 Months Ended
	Mar. 31, 2023
Common Stock Warrants
Common Stock Warrants	11) Common Stock Warrants The following is a summary of warrants for the three months ended March 31, 2023 and for the year ended December 31, 2022: ​ ​ ​ ​ ​ Number of Shares Warrants outstanding at December 31, 2021 1,004,115 Warrants issued — Warrants exercised — Warrants expired ​ — Warrants outstanding at December 31, 2022 and March 31, 2023 1,004,115 ​ As of March 31, 2023, the Company’s warrants by expiration date were as follows: ​ ​ ​ ​ ​ ​ Number of Warrants Exercise Price (in Dollars) Expiration Date 278 ​ 16.00 ​ August 23, 2023 2,279 ​ 356.50 ​ June 1, 2024 7,492 ​ 218.50 ​ June 17, 2024 1,997 ​ 312.50 ​ June 19, 2024 2,279 ​ 265.50 ​ September 1, 2024 1,050 ​ 127.40 ​ September 16, 2024 2,279 ​ 43.00 ​ December 1, 2024 2,800 ​ 56.50 ​ March 2, 2025 2,800 ​ 73.00 ​ June 1, 2025 2,800 ​ 55.00 ​ September 1, 2025 2,800 ​ 47.05 ​ December 1, 2025 222,189 ​ 75.00 ​ December 1, 2025 90,880 ​ 175.00 ​ December 1, 2025 62,429 ​ 512.50 ​ December 1, 2025 15,856 ​ 1,250.00 ​ December 1, 2025 175,132 ​ 17.15 ​ October 18, 2026 233,775 ​ 35.00 ​ December 12, 2026 175,000 ​ 35.00 ​ December 27, 2026 1,004,115 ​ ​ ​

Basic and Diluted Net Income (L

Basic and Diluted Net Income (Loss) per Common Share	3 Months Ended
	Mar. 31, 2023
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 ​ ​ March 31, ​ 2023 2022 Numerator ​ ​ Net loss ​ $ (1,385,147) ​ $ (174,224) Denominator ​ ​ ​ ​ Weighted-average common shares for basic net income (loss) per share ​ 2,088,698 ​ 2,068,472 Basic and diluted net income (loss) per common share ​ $ (0.66) ​ $ (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 ​ ​ March 31, ​ 2023 2022 Stock Options 54,067 66,566 RSUs ​ 30,927 ​ 11,642 Warrants 1,004,115 1,004,115 Total 1,089,109 1,082,323 ​

Marketing, Licensing and Distri

Marketing, Licensing and Distribution Agreements	3 Months Ended
	Mar. 31, 2023
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 Active Pharmaceutical Ingredient (“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 100% of the quantity of bulk Stendra® tablets by the end of the first quarter 2022. 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 year ended December 31, 2022. As of March 31, 2023 and December 31, 2022, the Company has During the three months ended March 31, 2023 and 2022, the Company incurred royalties to MTPC for Stendra® of $75,314 and $76,238, respectively. Royalties incurred were included in cost of goods sold in the consolidated statements of operations. As of March 31, 2023 and December 31, 2022, the Company had a receivable for royalties of $30,801 and $106,115, 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 terminated its exclusive license to H100™ from Hybrid on May 11, 2023.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	14) Commitments and Contingencies (a) 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
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. 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 three months ended March 31, 2023 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Three Months Ended March 31, 2023 Medications Devices Corporate Consolidated Net sales ​ $ 1,506,278 ​ $ 1,011,693 ​ $ — ​ $ 2,517,971 Cost of goods sold ​ 174,270 ​ 376,471 ​ — ​ 550,741 Selling, general and administrative expenses ​ 496,847 ​ 423,871 ​ 1,209,921 ​ 2,130,639 Research and development expenses ​ 265,216 ​ 53,877 ​ — ​ 319,093 Depreciation and amortization expense ​ 575,470 ​ 251,325 ​ — ​ 826,795 Interest income ​ ​ — ​ ​ — ​ ​ (66,317) ​ ​ (66,317) Interest expense ​ — ​ — ​ 142,167 ​ 142,167 Net loss ​ $ (5,525) ​ $ (93,851) ​ $ (1,285,771) ​ $ (1,385,147) ​ The Company’s results of operations by reportable segment for the three months ended March 31, 2022 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Three Months Ended March 31, 2022 Medications Devices Corporate Consolidated Net sales ​ $ 1,524,768 ​ $ 940,401 ​ $ — ​ $ 2,465,169 Cost of goods sold ​ 138,181 ​ 334,159 ​ — ​ 472,340 Selling, general and administrative expenses ​ 1,711,019 ​ 663,591 ​ 1,523,128 ​ 3,897,738 Gain on settlement with Vivus ​ ​ (3,389,941) ​ ​ — ​ ​ — ​ ​ (3,389,941) Research and development expenses ​ 405,360 ​ — ​ — ​ 405,360 Depreciation and amortization expense ​ 1,269,663 ​ 291,207 ​ — ​ 1,560,870 Change in fair value of derivative liability ​ — ​ — ​ (460,000) ​ (460,000) Interest expense ​ — ​ — ​ 153,026 ​ 153,026 Net income (loss) ​ $ 1,390,486 ​ $ (348,556) ​ $ (1,216,154) ​ $ (174,224) ​ The following table reflects net sales by geographic region for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, Net Sales 2023 2022 United States ​ $ 2,158,770 ​ $ 2,045,624 International ​ ​ 359,202 ​ 419,545 ​ ​ $ 2,517,972 ​ $ 2,465,169 ​ No individual country other than the United States accounted for 10% of total sales for the three months ended March 31, 2023 and 2022. The Company’s assets by reportable segment and reconciliation of segment assets to consolidated assets as of March 31, 2023, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ Medications Devices Consolidated Intangible assets, net ​ $ 6,605,790 ​ $ 4,814,454 ​ $ 11,420,244 Total segment assets ​ $ 24,000,222 ​ $ 6,570,206 ​ $ 30,570,428 ​ The Company’s assets by reportable segment and reconciliation of segment assets to consolidated assets as of December 31, 2022, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription ​ Medical ​ ​ ​ ​ Medications Devices Consolidated Intangible assets, net ​ $ 7,178,704 ​ $ 5,065,780 ​ $ 12,244,484 Total segment assets ​ $ 25,831,048 ​ $ 6,590,166 ​ $ 32,421,214 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that subject the Company to concentrations of credit risk includes cash. The Company maintains cash on deposit at U.S.-based banks in amounts which, at times, exceed insured limits.
Segment Reporting	Segment Reporting Operating segments are components of a Company for which separate financial information is available and evaluated regularly by the chief operating decision maker in assessing performance and deciding how to allocate resources. 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. See Note 16 Segment Reporting.
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 March 31, 2023 and December 31, 2022, the reserves for sales deductions were $3.0 million and $3.0 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 March 31, 2023, December 31, 2022 and December 31, 2021, the reserves for product returns were $2.2 million, $2.3 million and $3.8 million, respectively, and are included as a component of accrued expenses. During the three months ended March 31, 2023 and 2022, respectively, the Company recorded $0.4 million and $0.7 million of returns as a reduction of gross revenue. 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. As of December 31, 2021, accrued contract rebates were $379,242. 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 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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022. Contract Liabilities Under Accounting Standards Codification Topic 606, Revenue Recognition, the Company recognizes revenue when its performance obligations with a customer has been satisfied. In the event it has not been satisfied, the Company records deferred revenue as a liability on the balance sheet. As of March 31, 2023, December 31, 2022, and December 31, 2021, deferred revenue was $21,011, $281,372 and $70,343 respectively.
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.
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 months ended March 31, 2023 and 2022. See Note 12 Basic and Diluted Net Loss per Common Share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 has adopted the new guidance with its fiscal year beginning January 1, 2023. The adoption of ASC 326 had no material effect on the Company’s financial statements.

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	3 Months Ended
	Mar. 31, 2023
Accounts Receivable, net
Schedule of accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ December 31, ​ 2023 2022 2021 Gross accounts receivables ​ $ 3,229,343 ​ $ 2,757,839 ​ $ 3,363,827 Distribution service fees ​ (477,627) ​ ​ (339,094) ​ (371,310) Chargebacks accrual ​ (1,970) ​ ​ (1,960) ​ — Cash discount allowances ​ (107,018) ​ ​ (99,671) ​ (159,446) Allowance for doubtful accounts ​ (243,082) ​ ​ (206,868) ​ (377,685) Total accounts receivable, net ​ $ 2,399,646 ​ $ 2,110,246 ​ $ 2,455,386 ​

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventories
Schedule of Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Raw Materials ​ $ 1,912,250 ​ $ 1,574,683 Finished goods ​ 125,497 ​ 240,430 Total inventory ​ $ 2,037,747 ​ $ 1,815,113 ​

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Prepaid Expenses and Other Current Assets.
Schedule of Prepaid Expenses and Other Current Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Prepaid insurance ​ $ 152,631 ​ $ 109,414 Prepaid coupon fees ​ 71,500 ​ 71,500 API purchase commitment asset (see Note 13) ​ 673,944 ​ 663,984 Other prepaid expenses ​ 176,187 ​ 333,158 Other current assets ​ 71,743 ​ 138,226 Total prepaid expenses and other current assets ​ $ 1,146,005 ​ $ 1,316,282

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Intangible Assets
Schedule of intangible assets	​ ​ ​ ​ ​ Balance at December 31, 2021 ​ $ 25,293,149 Amortization expense ​ (5,588,665) Intangible Impairment ​ ​ (7,460,000) Balance at December 31, 2022 ​ 12,244,484 Amortization expense ​ ​ (824,240) Balance at March 31, 2023 ​ $ 11,420,244 ​
Schedule of future annual amortization related to the company's of intangible assets	​ ​ ​ ​ ​ 2023 (remaining 9 months) $ 2,448,508 2024 ​ 2,800,623 2025 ​ 1,754,328 2026 ​ 1,442,186 2027 ​ ​ 1,212,871 Thereafter ​ 1,761,728 Total ​ $ 11,420,244 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Accrued product returns ​ $ 2,215,215 ​ $ 2,311,647 Accrued contract rebates ​ 210,179 ​ 279,018 Due to 3PL/Wholesalers ​ 333,305 ​ 155,081 Accrued bonuses ​ ​ 572,557 ​ ​ 427,500 Accrued professional fees ​ 44,852 ​ 51,620 Other accrued expenses ​ 232,814 ​ 409,796 Total accrued expenses ​ $ 3,608,922 ​ $ 3,634,662

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt
Schedule of future principal payments of the promissory note	​ ​ ​ ​ ​ 2023 (remaining 9 months) $ 731,850 2024 ​ ​ 1,530,729 2025 ​ ​ 2,720,940 2026 ​ ​ 3,264,351 2027 ​ ​ 872,073 Total ​ $ 9,119,943

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Summary of supplemental balance sheet information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 As of December 31, 2022 Operating lease ROU asset: ​ ​ Other assets ​ $ 326,921 ​ $ 358,471 ​ ​ ​ ​ ​ ​ ​ Operating lease liability: ​ ​ ​ ​ Other current liabilities ​ ​ 147,480 ​ ​ 142,340 Other long-term liabilities ​ 223,573 ​ 262,677 Total operating lease liability ​ $ 371,053 ​ $ 405,017 ​
Summary of supplemental lease term and discount rate information related to leases	​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 As of December 31, 2022 ​ Weighted-average remaining lease terms - operating leases 2.4 years 2.7 years ​ Weighted-average discount rate - operating leases 12.6 % 12.6 % ​
Summary of supplemental cash flow information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months ​ ​ Ended March 31, ​ 2023 2022 Operating cash flows from operating leases ​ $ 47,226 ​ $ 46,935 ​
Summary of future minimum lease payments under non-cancelable leases	Future minimum lease payments under non-cancelable leases as of March 31, 2023, were as follows: ​ ​ ​ ​ ​ Lease Liability Maturity Analysis Operating Leases 2023 (remaining 9 months) $ 142,149 2024 ​ 155,242 2025 ​ 81,107 2026 ​ ​ 82,324 Thereafter ​ — Total lease payments ​ 460,822 Less: Imputed Interest ​ (89,769) Total ​ $ 371,053 ​
Schedule of future minimum sublease income under non-cancelable leases	Future minimum sublease income under non-cancelable leases as of March 31, 2023, were as follows: ​ ​ ​ ​ ​ Sublease income ​ Operating Leases 2023 (remaining 9 months) ​ ​ 63,000 2024 ​ 56,000 Total ​ $ 119,000 ​

Stock Options and Restricted _2

Stock Options and Restricted Stock Units ("RSU's") (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 59,067 ​ ​ 34.02 8.29 ​ ​ — Options granted — ​ — — ​ — Less: options forfeited — ​ — — ​ — Less: options expired/cancelled (5,000) ​ 33.40 — ​ — Less: options exercised ​ — ​ ​ — ​ — ​ ​ — Options outstanding at March 31, 2023 54,067 ​ $ 34.08 7.98 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options exercisable at March 31, 2023 51,067 ​ $ 34.19 7.97 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Weighted- ​ Remaining ​ ​ Number of ​ Average ​ Contractual ​ ​ Shares ​ Fair Value at Grant Date ​ Term (Years) RSU’s outstanding at December 31, 2022 40,238 ​ $ 16.87 9.20 RSU’s granted — ​ ​ — — Less: RSU’s forfeited — ​ — — Less: RSU’s expired/cancelled (5) ​ 11.90 — Less: RSU’s vested (9,311) ​ 33.40 — RSU’s outstanding at March 31, 2023 30,922 ​ $ 11.90 9.02 ​

Common Stock Warrants (Tables)

Common Stock Warrants (Tables)	3 Months Ended
	Mar. 31, 2023
Common Stock Warrants
Schedule of warrants	​ ​ ​ ​ ​ Number of Shares Warrants outstanding at December 31, 2021 1,004,115 Warrants issued — Warrants exercised — Warrants expired ​ — Warrants outstanding at December 31, 2022 and March 31, 2023 1,004,115 ​
Schedule of warrants by expiration date	​ ​ ​ ​ ​ ​ Number of Warrants Exercise Price (in Dollars) Expiration Date 278 ​ 16.00 ​ August 23, 2023 2,279 ​ 356.50 ​ June 1, 2024 7,492 ​ 218.50 ​ June 17, 2024 1,997 ​ 312.50 ​ June 19, 2024 2,279 ​ 265.50 ​ September 1, 2024 1,050 ​ 127.40 ​ September 16, 2024 2,279 ​ 43.00 ​ December 1, 2024 2,800 ​ 56.50 ​ March 2, 2025 2,800 ​ 73.00 ​ June 1, 2025 2,800 ​ 55.00 ​ September 1, 2025 2,800 ​ 47.05 ​ December 1, 2025 222,189 ​ 75.00 ​ December 1, 2025 90,880 ​ 175.00 ​ December 1, 2025 62,429 ​ 512.50 ​ December 1, 2025 15,856 ​ 1,250.00 ​ December 1, 2025 175,132 ​ 17.15 ​ October 18, 2026 233,775 ​ 35.00 ​ December 12, 2026 175,000 ​ 35.00 ​ December 27, 2026 1,004,115 ​ ​

Basic and Diluted Net Income _2

Basic and Diluted Net Income (Loss) per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 ​ ​ March 31, ​ 2023 2022 Numerator ​ ​ Net loss ​ $ (1,385,147) ​ $ (174,224) Denominator ​ ​ ​ ​ Weighted-average common shares for basic net income (loss) per share ​ 2,088,698 ​ 2,068,472 Basic and diluted net income (loss) per common share ​ $ (0.66) ​ $ (0.08) ​
Summary of Computation of Basic and Diluted Net Loss per Share	​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2023 2022 Stock Options 54,067 66,566 RSUs ​ 30,927 ​ 11,642 Warrants 1,004,115 1,004,115 Total 1,089,109 1,082,323

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Information
Summary of results of operations by reportable segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Three Months Ended March 31, 2023 Medications Devices Corporate Consolidated Net sales ​ $ 1,506,278 ​ $ 1,011,693 ​ $ — ​ $ 2,517,971 Cost of goods sold ​ 174,270 ​ 376,471 ​ — ​ 550,741 Selling, general and administrative expenses ​ 496,847 ​ 423,871 ​ 1,209,921 ​ 2,130,639 Research and development expenses ​ 265,216 ​ 53,877 ​ — ​ 319,093 Depreciation and amortization expense ​ 575,470 ​ 251,325 ​ — ​ 826,795 Interest income ​ ​ — ​ ​ — ​ ​ (66,317) ​ ​ (66,317) Interest expense ​ — ​ — ​ 142,167 ​ 142,167 Net loss ​ $ (5,525) ​ $ (93,851) ​ $ (1,285,771) ​ $ (1,385,147) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Three Months Ended March 31, 2022 Medications Devices Corporate Consolidated Net sales ​ $ 1,524,768 ​ $ 940,401 ​ $ — ​ $ 2,465,169 Cost of goods sold ​ 138,181 ​ 334,159 ​ — ​ 472,340 Selling, general and administrative expenses ​ 1,711,019 ​ 663,591 ​ 1,523,128 ​ 3,897,738 Gain on settlement with Vivus ​ ​ (3,389,941) ​ ​ — ​ ​ — ​ ​ (3,389,941) Research and development expenses ​ 405,360 ​ — ​ — ​ 405,360 Depreciation and amortization expense ​ 1,269,663 ​ 291,207 ​ — ​ 1,560,870 Change in fair value of derivative liability ​ — ​ — ​ (460,000) ​ (460,000) Interest expense ​ — ​ — ​ 153,026 ​ 153,026 Net income (loss) ​ $ 1,390,486 ​ $ (348,556) ​ $ (1,216,154) ​ $ (174,224) ​
Summary of net sales by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, Net Sales 2023 2022 United States ​ $ 2,158,770 ​ $ 2,045,624 International ​ ​ 359,202 ​ 419,545 ​ ​ $ 2,517,972 ​ $ 2,465,169 ​
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 March 31, 2023, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ Medications Devices Consolidated Intangible assets, net ​ $ 6,605,790 ​ $ 4,814,454 ​ $ 11,420,244 Total segment assets ​ $ 24,000,222 ​ $ 6,570,206 ​ $ 30,570,428 ​ The Company’s assets by reportable segment and reconciliation of segment assets to consolidated assets as of December 31, 2022, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription ​ Medical ​ ​ ​ ​ Medications Devices Consolidated Intangible assets, net ​ $ 7,178,704 ​ $ 5,065,780 ​ $ 12,244,484 Total segment assets ​ $ 25,831,048 ​ $ 6,590,166 ​ $ 32,421,214

Nature of Operations, Basis o_2

Nature of Operations, Basis of Presentation, and Liquidity - Additional information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Nature of Operations, Basis of Presentation, and Liquidity
Cash	$ 8,300,000
Working capital	7,000,000
Accumulated deficit	$ (92,111,540)	$ (90,726,393)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Accrued contract rebates				$ 379,242
Reserves for product returns	$ 2,200,000		$ 2,300,000	$ 3,800,000
Increase in estimates of reserve	$ 400,000	$ 700,000
Revenue practical expedient, financing component	true
Prescription Medications
Summary of Significant Accounting Policies
Reserves for sales deductions	$ 3,000,000		$ 3,000,000
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 ($)	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2023	Dec. 31, 2021
Fair Value of Financial Instruments
Deferred Revenue	$ 281,372	$ 21,011	$ 70,343
Impairment charge of approximate	$ 7,460,000

Accounts Receivable, net (Detai

Accounts Receivable, net (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, net
Gross accounts receivables	$ 3,229,343	$ 2,757,839	$ 3,363,827
Distribution service fees	(477,627)	(339,094)	(371,310)
Chargebacks accrual	(1,970)	(1,960)
Cash discount allowances	(107,018)	(99,671)	(159,446)
Allowance for doubtful accounts	(243,082)	(206,868)	(377,685)
Total accounts receivable, net	$ 2,399,646	$ 2,110,246	$ 2,455,386

Accounts Receivable, net - Addi

Accounts Receivable, net - Additional information (Details) - customer	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Gross billings from customers | Customer concentration risk
Accounts Receivable, net
Number of customers	4	3
Gross billings from customers | Customer concentration risk | One customers
Accounts Receivable, net
Concentration risk percentage	23%	30%
Gross billings from customers | Customer concentration risk | Two customers
Accounts Receivable, net
Concentration risk percentage	19%	23%
Gross billings from customers | Customer concentration risk | Three customers
Accounts Receivable, net
Concentration risk percentage	15%	22%
Gross billings from customers | Customer concentration risk | Four customers
Accounts Receivable, net
Concentration risk percentage	13%
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	27%		43%
Account receivables | Credit concentration risk | Two customers
Accounts Receivable, net
Concentration risk percentage	23%		16%
Account receivables | Credit concentration risk | Three customers
Accounts Receivable, net
Concentration risk percentage	18%

Inventories (Details)

Inventories (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Inventories
Raw Materials	$ 1,912,250	$ 1,574,683
Finished goods	125,497	240,430
Total inventory	$ 2,037,747	$ 1,815,113

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Inventories
Finished goods are net of valuation reserves	$ 414,799	$ 364,300
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 ($)	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expenses and Other Current Assets.
Prepaid insurance	$ 152,631	$ 109,414
Prepaid coupon fees	71,500	71,500
API purchase commitment asset	673,944	663,984
Other prepaid expenses	176,187	333,158
Other current assets	71,743	138,226
Total prepaid expenses and other current assets	$ 1,146,005	$ 1,316,282

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Intangible Assets
Balance	$ 12,244,484	$ 25,293,149
Amortization expense	(824,240)	(5,588,665)
Intangible Impairment		(7,460,000)
Balance	$ 11,420,244	$ 12,244,484

Intangible Assets - Future annu

Intangible Assets - Future annual amortization (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets
2023 (remaining 9 months)	$ 2,448,508
2024	2,800,623
2025	1,754,328
2026	1,442,186
2027	1,212,871
Thereafter	1,761,728
Total	$ 11,420,244	$ 12,244,484	$ 25,293,149

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets
Carrying value of intangible assets	$ 11,420,244	$ 12,244,484	$ 25,293,149
Impairment charge of approximate		7,460,000
Stendra product
Intangible Assets
Estimated useful lives of intangible assets	10 years
Carrying value of intangible assets	$ 6,600,000	7,200,000
Impairment charge of approximate		7,500,000
Timm Medical product
Intangible Assets
Estimated useful lives of intangible assets	12 years
Carrying value of intangible assets	$ 3,800,000	4,000,000
PTV product
Intangible Assets
Estimated useful lives of intangible assets	12 years
Carrying value of intangible assets	$ 1,000,000	$ 1,100,000

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses
Accrued product returns	$ 2,215,215	$ 2,311,647
Accrued contract rebates	210,179	279,018
Due to 3PL/Wholesalers	333,305	155,081
Accrued bonuses	572,557	427,500
Accrued professional fees	44,852	51,620
Other accrued expenses	232,814	409,796
Total accrued expenses	$ 3,608,922	$ 3,634,662

Debt - Promissory Note (Details

Debt - Promissory Note (Details) - Note	3 Months Ended
	Mar. 31, 2023 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)	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Instrument
Interest Amount	$ 9,119,943
2023 (remaining 9 months)
Debt Instrument
Interest Amount	731,850
2024
Debt Instrument
Interest Amount	1,530,729
2025
Debt Instrument
Interest Amount	2,720,940
2026
Debt Instrument
Interest Amount	3,264,351
2027
Debt Instrument
Interest Amount	$ 872,073

Operating Leases - (Details)

Operating Leases - (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	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 4 months 24 days
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	3 years 9 months 18 days

Operating Leases - Lease expens

Operating Leases - Lease expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Lease Cost:
Fixed lease cost	$ 44,812	$ 44,812
Amount of fixed lease cost which are offset by sublease income	$ 21,000

Operating Leases - Supplemental

Operating Leases - Supplemental balance sheet information related to leases (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Supplemental balance sheet information related to leases
Operating lease ROU asset:	$ 326,921	$ 358,471
Other assets	Other assets	Other assets
Operating lease liability:
Operating lease liability, current	$ 147,480	$ 142,340
Other current liabilities	Other current liabilities	Other current liabilities
Operating lease liability, noncurrent	$ 223,573	$ 262,677
Other long-term liabilities	Other long-term liabilities	Other long-term liabilities
Total	$ 371,053	$ 405,017

Operating Leases - Supplement_2

Operating Leases - Supplemental lease term and discount rate information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating Leases
Weighted-average remaining lease terms - operating leases	2 years 4 months 24 days		2 years 8 months 12 days
Weighted-average discount rate - operating leases	12.60%		12.60%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 47,226	$ 46,935

Operating Leases - Future minim

Operating Leases - Future minimum lease payments under non-cancelable leases (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Lease Liability Maturity Analysis
2023 (remaining 9 months)	$ 142,149
2024	155,242
2025	81,107
2026	82,324
Total lease payments	460,822
Less: Imputed Interest	(89,769)
Total	$ 371,053	$ 405,017

Operating Leases - Future min_2

Operating Leases - Future minimum sublease income under non-cancelable leases (Details)	Mar. 31, 2023 USD ($)
Sublease income
2023 (remaining 9 months)	$ 63,000
2024	56,000
Total	$ 119,000

Operating Leases - Additional i

Operating Leases - Additional information (Details)	Mar. 31, 2023 USD ($)
Operating Leases
Operating leases that had not yet commenced	$ 0

Stock Options and Restricted _3

Stock Options and Restricted Stock Units ("RSU's") (Details) - shares	Dec. 22, 2021	Mar. 31, 2023
Stock Options and Restricted Stock Units ("RSU's")
Number of shares authorized		260,000
Number of shares available for issuance	260,000	163,369
Number of shares increased for issuance	152,166

Stock Options and Restricted _4

Stock Options and Restricted Stock Units ("RSU's") - Summary of stock options (Details) - $ / shares			3 Months Ended	12 Months Ended
	Apr. 07, 2022	Jan. 04, 2022	Mar. 31, 2023	Dec. 31, 2022
Number of Shares
Options outstanding and exercisable on beginning			59,067
Options granted		5,000
Less: options and RSU's expired/cancelled			(5,000)
Options and RSU's outstanding at the end			54,067	59,067
Options and RSU's exercisable at the end			51,067
Weighted-Average Fair Value at Grant Date
Options outstanding and exercisable at the beginning (in dollars per share)			$ 34.02
Options granted (in dollars per share)		$ 33.40
Less: options expired/cancelled (in dollars per share)			33.40
Options outstanding at the end (in dollars per share)			34.08	$ 34.02
Options exercisable at the end (in dollars per share)			$ 34.19
Weighted-Average Remaining Contractual Term (Years) and Aggregate Intrinsic Value
Options and RSU's outstanding at the beginning (in years)			7 years 11 months 23 days	8 years 3 months 14 days
Options and RSU's outstanding at the ending (in years)			7 years 11 months 23 days	8 years 3 months 14 days
Options exercisable at the end (in years)			7 years 11 months 19 days
Restricted Stock Units
Number of Shares
Options outstanding and exercisable on beginning			40,238
Options granted	24,876
Less: options and RSU's expired/cancelled			(5)
Less: RSU's vested			(9,311)
Options and RSU's outstanding at the end			30,922	40,238
Weighted-Average Fair Value at Grant Date
Options outstanding and exercisable at the beginning (in dollars per share)			$ 16.87
Options granted (in dollars per share)	$ 11.90
Less: options expired/cancelled (in dollars per share)			11.90
Less: RSU's vested			33.40
Options outstanding at the end (in dollars per share)			$ 11.90	$ 16.87
Weighted-Average Remaining Contractual Term (Years) and Aggregate Intrinsic Value
Options and RSU's outstanding at the beginning (in years)			9 years 7 days	9 years 2 months 12 days
Options and RSU's outstanding at the ending (in years)			9 years 7 days	9 years 2 months 12 days

Stock Options and Restricted _5

Stock Options and Restricted Stock Units ("RSU's") - Additional Information (Details)				3 Months Ended
	Apr. 10, 2023 director $ / shares shares	Apr. 07, 2022 director $ / shares shares	Jan. 04, 2022 $ / shares shares	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Number of directors to whom option is granted | director	4
Number of options granted | shares			5,000
Exercise price | $ / shares			$ 33.40
Vesting percentage	100%		100%
Vesting period	1 year
Options to purchase shares of common stock | shares	39,000
Options to exercise price of common stock | $ / shares	$ 0.99
Stock-based compensation expense | $				$ 130,336	$ 355,828
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		24,876
Exercise price | $ / shares		$ 11.90
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		6,051
Exercise price | $ / shares		$ 11.90
Vesting percentage		100%
Vesting period		1 year

Common Stock Warrants - Summary

Common Stock Warrants - Summary of warrants (Details)	12 Months Ended
	Dec. 31, 2022 shares
Common Stock Warrants
Warrants outstanding at the beginning	1,004,115
Warrants issued	0
Warrants exercised	0
Warrants expired	0
Warrants outstanding at the end	1,004,115

Common Stock Warrants - Company

Common Stock Warrants - Company's warrants by expiration date (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Warrant or Right
Number of Warrants	1,004,115	1,004,115	1,004,115
Expiration Date of August 23, 2023
Class of Warrant or Right
Number of Warrants	278
Exercise Price	$ 16
Expiration Date of June 1, 2024
Class of Warrant or Right
Number of Warrants	2,279
Exercise Price	$ 356.50
Expiration Date of June 17, 2024
Class of Warrant or Right
Number of Warrants	7,492
Exercise Price	$ 218.50
Expiration Date of June 19, 2024
Class of Warrant or Right
Number of Warrants	1,997
Exercise Price	$ 312.50
Expiration Date of September 1, 2024
Class of Warrant or Right
Number of Warrants	2,279
Exercise Price	$ 265.50
Expiration Date of September 16, 2024
Class of Warrant or Right
Number of Warrants	1,050
Exercise Price	$ 127.40
Expiration Date of December 1, 2024
Class of Warrant or Right
Number of Warrants	2,279
Exercise Price	$ 43
Expiration Date of March 2, 2025
Class of Warrant or Right
Number of Warrants	2,800
Exercise Price	$ 56.50
Expiration Date of June 1, 2025
Class of Warrant or Right
Number of Warrants	2,800
Exercise Price	$ 73
Expiration Date of September 1, 2025
Class of Warrant or Right
Number of Warrants	2,800
Exercise Price	$ 55
Expiration Date of December 1, 2025, One
Class of Warrant or Right
Number of Warrants	2,800
Exercise Price	$ 47.05
Expiration Date of December 1, 2025, Two
Class of Warrant or Right
Number of Warrants	222,189
Exercise Price	$ 75
Expiration Date of December 1, 2025, Three
Class of Warrant or Right
Number of Warrants	90,880
Exercise Price	$ 175
Expiration Date of December 1, 2025, Four
Class of Warrant or Right
Number of Warrants	62,429
Exercise Price	$ 512.50
Expiration Date of December 1, 2025, Five
Class of Warrant or Right
Number of Warrants	15,856
Exercise Price	$ 1,250
Expiration Date of October 18, 2026
Class of Warrant or Right
Number of Warrants	175,132
Exercise Price	$ 17.15
Expiration Date of December 12, 2026
Class of Warrant or Right
Number of Warrants	233,775
Exercise Price	$ 35
Expiration Date of December 27, 2026
Class of Warrant or Right
Number of Warrants	175,000
Exercise Price	$ 35

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
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net loss	$ (1,385,147)	$ (174,224)
Weighted average common shares outstanding
Weighted-average common shares for basic net income ( loss) per unit	2,088,698	2,068,472
Weighted-average common shares for diluted net income ( loss) per unit	2,088,698	2,068,472
Basic net income (loss) per common share	$ (0.66)	$ (0.08)
Diluted net income (loss) per common share	$ (0.66)	$ (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
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,089,109	1,082,323
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	54,067	66,566
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	30,927	11,642
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,004,115	1,004,115

Marketing, Licensing and Dist_2

Marketing, Licensing and Distribution Agreements - Vivus (Details)		3 Months Ended		12 Months Ended
	Sep. 30, 2016 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jan. 18, 2022 USD ($)
Marketing, Licensing and Distribution Agreements
Noncash decrease in accrued expenses related to Vivus settlement			$ (6,520,283)
Noncash decrease in API purchase commitment		$ 228,001	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		673,944		$ 663,984
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		$ 75,314	76,238
Royalty receivable		$ 30,801		106,115
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					100
Gain on settlement with Vivus				3,400,000
Accrued inventory purchases		0		0
Raw materials inventory		500,000
Settlement Agreement | Vivus, Inc | Other Current Assets
Marketing, Licensing and Distribution Agreements
API purchase commitment asset		700,000		700,000
Settlement Agreement | Vivus, Inc | Other Noncurrent Assets
Marketing, Licensing and Distribution Agreements
Accrued inventory purchases, other assets		4,900,000		$ 5,100,000
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

Segment Information (Details)

Segment Information (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Results of operations by reportable segment
Net sales	$ 2,517,972	$ 2,465,169
Cost of goods sold	550,742	472,340
Selling, general and administrative expenses	2,130,639	3,897,738
Gain on settlement with Vivus		(3,389,941)
Research and development expenses	319,093	405,360
Depreciation and amortization expense	826,795	1,560,870
Change in fair value of derivative liability		(460,000)
Interest income	(66,317)
Interest expense	142,167	153,026
Net loss	$ (1,385,147)	(174,224)
Operating segments
Segment Information
Number of Operating Segments | segment	2
Corporate
Results of operations by reportable segment
Selling, general and administrative expenses	$ 1,209,921	1,523,128
Change in fair value of derivative liability		(460,000)
Interest income	(66,317)
Interest expense	142,167	153,026
Net loss	(1,285,771)	(1,216,154)
Prescription Medications
Results of operations by reportable segment
Net sales	1,506,278	1,524,768
Cost of goods sold	174,270	138,181
Selling, general and administrative expenses	496,847	1,711,019
Gain on settlement with Vivus		(3,389,941)
Research and development expenses	265,216	405,360
Depreciation and amortization expense	575,470	1,269,663
Net loss	(5,525)	1,390,486
Medical Devices
Results of operations by reportable segment
Net sales	1,011,693	940,401
Cost of goods sold	376,471	334,159
Selling, general and administrative expenses	423,871	663,591
Research and development expenses	53,877
Depreciation and amortization expense	251,325	291,207
Net loss	$ (93,851)	$ (348,556)

Segment Information - Net Sales

Segment Information - Net Sales by Geographic region (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets
Net sales	$ 2,517,972	$ 2,465,169
United States
Revenues from External Customers and Long-Lived Assets
Net sales	2,158,770	2,045,624
International
Revenues from External Customers and Long-Lived Assets
Net sales	$ 359,202	$ 419,545

Segment Information - Segment a

Segment Information - Segment assets (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item
Intangible assets, net	$ 11,420,244	$ 12,244,484
Total segment assets	30,570,428	32,421,214
Prescription Medications
Segment Reporting, Asset Reconciling Item
Intangible assets, net	6,605,790	7,178,704
Total segment assets	24,000,222	25,831,048
Medical Devices
Segment Reporting, Asset Reconciling Item
Intangible assets, net	4,814,454	5,065,780
Total segment assets	$ 6,570,206	$ 6,590,166