Petros Pharmaceuticals (PTPI) 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 12, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		10,014,872
Entity Central Index Key	0001815903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 3,894,685	$ 13,336,975
Accounts receivable, net	1,948,613	2,226,151
Inventories	1,405,651	1,610,391
Prepaid inventory	1,649,212	1,182,899
Prepaid expenses and other current assets	1,826,319	2,033,980
Total current assets	10,724,480	20,390,396
Fixed assets, net	18,819	28,957
Intangible assets, net	6,825,887	8,971,737
API purchase commitment	2,999,514	4,178,446
Right of use assets	124,930	226,259
Total assets	20,693,630	33,795,795
Current liabilities:
Current portion of promissory note	2,326,050	1,156,550
Accounts payable	1,600,992	1,713,253
Accrued expenses	6,539,371	5,360,077
Accrued Series A Convertible Preferred payments payable	1,742,918	2,047,583
Other current liabilities	352,773	493,288
Total current liabilities	12,562,104	10,770,751
Promissory note, net of current portion	4,922,585	6,857,364
Derivative Liability		3,550,000
Other long-term liabilities	91,832	137,657
Total liabilities	17,576,521	21,315,772
Commitments and contingencies (see note 14)
Series A convertible redeemable preferred stock (par value $0.0001 per share and $1,000 stated value), 15,000 and 15,000 shares authorized at September 30, 2024, and December 31, 2023, respectively; 1,039 and 10,022 shares issued and outstanding at September 30, 2024, and December 31, 2023, respectively; Liquidation preference of $1,260,385 and $11,271,365, as of September 30, 2024, and December 31, 2023, respectively.	1,398	408,982
Stockholders' Equity:
Common stock (par value $0.0001 per share, 250,000,000 and 250,000,000 shares authorized at September 30, 2024, and December 31, 2023, respectively; 10,014,872 and 2,991,377 shares issued and outstanding as of September 30, 2024, and December 31, 2023, respectively)	1,002	298
Additional paid-in capital	107,049,640	110,960,324
Accumulated deficit	(103,934,931)	(98,889,581)
Total Stockholders' Equity	3,115,711	12,071,041
Total Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity	$ 20,693,630	$ 33,795,795

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, stated value	$ 1,000	$ 1,000
Redeemable convertible preferred stock, authorized (in shares)	15,000	15,000
Redeemable convertible preferred stock, issued (in shares)	1,039	10,022
Redeemable convertible preferred stock, outstanding (in shares)	1,039	10,022
Redeemable convertible preferred stock, Liquidation preference	$ 1,260,385	$ 11,271,365
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	10,014,872	2,991,377
Common stock, shares outstanding	10,014,872	2,991,377

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 1,576,366	$ 1,674,657	$ 4,386,640	$ 6,186,638
Cost of goods sold	287,005	408,475	947,946	1,473,073
Gross profit	1,289,361	1,266,182	3,438,694	4,713,565
Operating expenses:
Selling, general and administrative	2,301,305	2,001,935	7,299,391	6,382,166
Warrant issuance costs		2,855,000		2,855,000
Research and development expense	588,355	389,093	2,513,105	1,574,760
Depreciation and amortization expense	739,449	826,795	2,175,126	2,480,385
Total operating expenses	3,629,109	6,072,823	11,987,622	13,292,311
Loss from operations	(2,339,748)	(4,806,641)	(8,548,928)	(8,578,746)
Other income (expenses):
Change in fair value of derivative liability	202,000	(430,000)	3,550,000	(430,000)
Change in fair value of warrant liability		11,739,000		11,739,000
Interest income	75,817	168,481	347,028	287,722
Interest expense, promissory note	(158,730)	(131,351)	(393,450)	(410,317)
Loss on issuance of Series A Preferred Stock		(11,088,997)		(11,088,997)
Total other income	119,087	257,133	3,503,578	97,408
Net loss before income taxes	(2,220,661)	(4,549,508)	(5,045,350)	(8,481,338)
Net loss	(2,220,661)	(4,549,508)	(5,045,350)	(8,481,338)
Preferred Stock dividend and cash premiums	(1,051,695)	(339,232)	(1,863,998)	(339,232)
Preferred Stock accretion	(1,974,359)	(1,153,846)	(9,099,230)	(1,153,846)
Net loss attributable to common stockholders	$ (5,246,715)	$ (6,042,586)	$ (16,008,578)	$ (9,974,416)
Net loss per common share
Basic (in dollars per share)	$ (0.53)	$ (2.85)	$ (2.18)	$ (4.73)
Diluted (in dollars per share)	$ (0.53)	$ (2.85)	$ (2.18)	$ (4.73)
Weighted average common shares outstanding
Basic (in shares)	9,829,793	2,119,620	7,332,030	2,108,747
Diluted (in shares)	9,829,793	2,119,620	7,332,030	2,108,747

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY - USD ($)	Convertible Redeemable Preferred Stock Preferred Stock Private Placement	Convertible Redeemable Preferred Stock Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Increase (Decrease) in Temporary Equity
Issuance of Series A Preferred Stock in private placement, net of discount and transaction costs $15,000,003 (in shares)	15,000
Series A Preferred Stock accretion		$ 1,153,846
Series A Preferred Stock dividends		249,701
Preferred Stock redemption including cash premium		$ (1,279,016)
Preferred Stock redemption including cash premium (in shares)		(1,154)
Balance at the end at Sep. 30, 2023		$ 124,531
Balance at the end (in shares) at Sep. 30, 2023		13,846
Balance at the beginning at Dec. 31, 2022			$ 208	$ 107,428,652	$ (90,726,393)	$ 16,702,467
Balance at the beginning (in shares) at Dec. 31, 2022			2,079,387
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense				204,492		204,492
Shares issued for vested RSU's			$ 3	(3)
Shares issued for vested RSU's (in shares)			40,233
Series A Preferred Stock accretion				(1,153,846)		(1,153,846)
Series A Preferred Stock dividends				(249,701)		(249,701)
Preferred Stock redemption including cash premium				(89,531)		(89,531)
Net loss					(8,481,338)	(8,481,338)
Balance at the end at Sep. 30, 2023			$ 211	106,140,063	(99,207,731)	6,932,543
Balance at the end (in shares) at Sep. 30, 2023			2,119,620
Increase (Decrease) in Temporary Equity
Issuance of Series A Preferred Stock in private placement, net of discount and transaction costs $15,000,003 (in shares)	15,000
Series A Preferred Stock accretion		$ 1,153,846
Series A Preferred Stock dividends		249,701
Preferred Stock redemption including cash premium		$ (1,279,016)
Preferred Stock redemption including cash premium (in shares)		(1,154)
Balance at the end at Sep. 30, 2023		$ 124,531
Balance at the end (in shares) at Sep. 30, 2023		13,846
Balance at the beginning at Jun. 30, 2023			$ 211	107,602,301	(94,658,223)	12,944,289
Balance at the beginning (in shares) at Jun. 30, 2023			2,119,620
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense				30,840		30,840
Series A Preferred Stock accretion				(1,153,846)		(1,153,846)
Series A Preferred Stock dividends				(249,701)		(249,701)
Preferred Stock redemption including cash premium				(89,531)		(89,531)
Net loss					(4,549,508)	(4,549,508)
Balance at the end at Sep. 30, 2023			$ 211	106,140,063	(99,207,731)	6,932,543
Balance at the end (in shares) at Sep. 30, 2023			2,119,620
Balance at the beginning at Dec. 31, 2023		$ 408,982				$ 408,982
Balance at the beginning (in shares) at Dec. 31, 2023		10,022				10,022
Increase (Decrease) in Temporary Equity
Series A Preferred Stock accretion		$ 9,099,230
Series A Preferred Stock dividends		991,783
Preferred Stock redemption including cash premium		$ (10,498,597)
Preferred Stock redemption including cash premium (in shares)		(8,983)
Balance at the end at Sep. 30, 2024		$ 1,398				$ 1,398
Balance at the end (in shares) at Sep. 30, 2024		1,039				1,039
Balance at the beginning at Dec. 31, 2023			$ 298	110,960,324	(98,889,581)	$ 12,071,041
Balance at the beginning (in shares) at Dec. 31, 2023			2,991,377
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense				197,215		197,215
Common Stock issued for services			$ 47	269,953		270,000
Common Stock issued for services (in shares)			459,972
Series A Preferred Stock accretion				(9,099,230)		(9,099,230)
Series A Preferred Stock dividends				(991,783)		(991,783)
Preferred Stock redemption including cash premium			$ 657	6,585,376		6,586,033
Preferred Stock redemption including cash premium (in shares)			6,563,523
Deemed dividends on Preferred Stock				(872,215)		(872,215)
Net loss					(5,045,350)	(5,045,350)
Balance at the end at Sep. 30, 2024			$ 1,002	107,049,640	(103,934,931)	3,115,711
Balance at the end (in shares) at Sep. 30, 2024			10,014,872
Balance at the beginning at Jun. 30, 2024		$ 1,115,762
Balance at the beginning (in shares) at Jun. 30, 2024		4,039
Increase (Decrease) in Temporary Equity
Series A Preferred Stock accretion		$ 1,974,359
Series A Preferred Stock dividends		236,821
Preferred Stock redemption including cash premium		$ (3,325,544)
Preferred Stock redemption including cash premium (in shares)		(3,000)
Balance at the end at Sep. 30, 2024		$ 1,398				$ 1,398
Balance at the end (in shares) at Sep. 30, 2024		1,039				1,039
Balance at the beginning at Jun. 30, 2024			$ 930	109,783,623	(101,714,270)	$ 8,070,283
Balance at the beginning (in shares) at Jun. 30, 2024			9,297,538
Increase (Decrease) in Stockholders' Equity
Common Stock issued for services			$ 14	59,986		60,000
Common Stock issued for services (in shares)			136,986
Series A Preferred Stock accretion				(1,974,359)		(1,974,359)
Series A Preferred Stock dividends				(236,821)		(236,821)
Preferred Stock redemption including cash premium			$ 58	232,085		232,143
Preferred Stock redemption including cash premium (in shares)			580,348
Deemed dividends on Preferred Stock				(814,874)		(814,874)
Net loss					(2,220,661)	(2,220,661)
Balance at the end at Sep. 30, 2024			$ 1,002	$ 107,049,640	$ (103,934,931)	$ 3,115,711
Balance at the end (in shares) at Sep. 30, 2024			10,014,872

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Series A Preferred Stock
Issuance of Series A Preferred Stock in private placement, net of discount and transaction costs	$ 15,000,003	$ 15,000,003

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (5,045,350)	$ (8,481,338)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,175,126	2,480,385
Bad debt expense	16,579	32,516
Inventory and sample inventory reserve	(35,055)	41,195
Amortization of right of use asset	101,328	97,622
Derivative liability	(3,550,000)	430,000
Warrant liability		(11,739,000)
Loss on issuance of Series A Preferred Stock		11,088,997
Noncash Warrant expense		1,595,000
Employee stock-based compensation	197,215	204,492
Stock issued for services	270,000
Changes in operating assets and liabilities:
Accounts receivable	260,959	(897,289)
Inventories	239,795	(63,191)
Prepaid inventory	(466,313)
Prepaid expenses and other current assets	1,386,593	359,492
Accounts payable	(112,287)	(451,338)
Accrued expenses	1,179,294	234,364
Deferred revenue	(46,895)	(281,372)
Other current liabilities	(93,620)	94,113
Other long-term liabilities	(45,825)	(111,283)
Net cash used in operating activities	(3,568,456)	(5,366,635)
Cash flows from investing activities:
Acquisition of fixed assets	(19,138)
Net cash used in investing activities	(19,138)
Cash flows from financing activities:
Payment of promissory note	(765,279)	(1,089,683)
Proceeds from Private Placement, net of transactions costs		15,000,003
Redemption of Series A Preferred Stock	(5,089,417)
Net cash provided by (used in) financing activities	(5,854,696)	13,910,320
Net increase (decrease) in cash	(9,442,290)	8,543,685
Cash, beginning of period	13,336,975	9,426,264
Cash, end of period	3,894,685	17,969,949
Supplemental cash flow information:
Cash paid for interest during the period	234,721	410,317
Noncash Items:
Noncash increase in inventory due to API reclass		(663,984)
Noncash decrease in API purchase commitment		694,314
Noncash decrease in other current assets: API purchase commitment		(30,330)
Noncash issuance of common stock to non-employee		3
Noncash initial fair value of warrant liability pursuant to private placement		21,544,000
Noncash initial fair value of derivative liability pursuant to private placement		6,140,000
Noncash redemption of Series A Preferred Stock	6,586,033
Accrued Series A Convertible Preferred payments payable	1,742,918	1,368,546
Accretion of Series A convertible preferred stock to redemption value	9,099,230	1,153,846
Accrual of Series convertible preferred stock dividends	$ 991,783	$ 339,232

Nature of Operations, Basis of

Nature of Operations, Basis of Presentation, Liquidity and Going Concern	9 Months Ended
	Sep. 30, 2024
Nature of Operations, Basis of Presentation, Liquidity and Going Concern
Nature of Operations, Basis of Presentation, Liquidity and Going Concern	1) Nature of Operations, Basis of Presentation, Liquidity and Going Concern Nature of Operations Petros Pharmaceuticals, Inc. (“Petros” or the “Company”) was incorporated in Delaware on May 14, 2020, for the purpose of effecting the transactions contemplated by that certain Agreement and Plan of Merger, dated as of May 17, 2020 (as amended, the “Merger Agreement”), by and between Petros, Neurotrope, Inc., a Nevada corporation (“Neurotrope”), Metuchen Pharmaceuticals LLC, a Delaware limited liability company (“Metuchen”), and certain subsidiaries of Petros and Neurotrope. Petros consists of wholly owned subsidiaries: Metuchen, Neurotrope, Timm Medical Technologies, Inc. (“Timm Medical”), and Pos-T-Vac, LLC (“PTV”). The Company is engaged in the commercialization and development of Stendra®, a U.S. Food and Drug Administration (“FDA”) approved PDE-5 inhibitor prescription medication for the treatment of erectile dysfunction (“ED”), which the Company has 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. Petros is committed to the goal of becoming a leading innovator in the emerging self-care market driving expanded access to key prescription pharmaceuticals as Over-The-Counter (“OTC”) treatment options. Currently, Petros is pursuing increased access for its flagship prescription ED therapy, Stendra®, via potential OTC designation. If ultimately approved by the FDA for OTC access, Stendra® may be the first in its class to achieve this marketing status, also establishing company know how as a proven platform for other prospective prescription therapeutics. The Company manages its operations through two segments, Prescription Medications and Medical Devices, both of which focus on the treatment of ED. The Prescription Medications segment consists primarily of Stendra®, which is sold generally in the United States. The Medical Devices segment consists primarily of vacuum erection devices, which are sold domestically and internationally. The Company’s priority is the ability to develop Stendra® OTC and its commercialization. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. In the opinion of management, the unaudited condensed consolidated financial statements included herein contain all adjustments necessary to present fairly the Company’s financial position and the results of its operations and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The results of operations for the nine months ended September 30, 2024, may not be indicative of results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes to those statements for the year ended December 31, 2023, included in the Company’s 2023 Form 10-K. All transactions between the consolidated entities have been eliminated in consolidation. Liquidity, Going Concern and Other Uncertainties In accordance with Financial Accounting Standards Board (the “FASB”) Accounting Standards Update (“ASU”) ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are issued. To date, the Company’s principal sources of capital used to fund operations have been the revenues from product sales, private sales, registered offerings and private placements of equity securities. The Company has experienced net losses and negative cash flows from operations since inception. As of September 30, 2024, the Company had cash of $3.9 million, negative working capital of $1.8 million, and accumulated deficit of $103.9 million. The Company’s plans include, or may include, utilizing cash on hand, as well as exploring additional ways to raise capital in addition to increasing cash flows from operations. In January 2022, the Company executed a promissory note in favor of Vivus in connection with the Vivus Settlement Agreement (as defined herein) in the principal amount of $10,201,758 (the “Settlement Agreement”). As of September 30, 2024, the principal balance of the note is $7.2 million. The terms of this promissory note are discussed in Note 8 and Note 13. 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 unaudited condensed consolidated financial statements are issued. The accompanying interim unaudited condensed consolidated financial statements do not include any adjustments that might result from these uncertainties. The unaudited condensed 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. 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, including the gross proceeds of $15 million raised in the Private Placement (as defined herein), as well as by exploring additional ways to raise capital and increasing cash flows from operations. The Company intends to use the proceeds from the Private Placement to fund its OTC progress throughout 2024. 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 the Company’s Non-Prescription / OTC strategies related to Stendra®, which the Company believes 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 the Company’s current assumptions that negatively impact the Company’s financing strategy, the Company may have to further reduce expenditures or significantly delay, scale back or discontinue the development or commercialization of Stendra® OTC in order to extend its cash resources. NASDAQ Capital Market Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard On May 15, 2024, the Company received notice from the Listing Qualifications Staff of Nasdaq (the “Staff”) indicating that, based upon the closing bid price of the Company’s common stock for the 30 consecutive business day period between April 3, 2024, through May 14, 2024, the Company did not meet the minimum bid price of $1.00 per share required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Rule”). The letter also indicated that the Company was provided with a compliance period until November 11, 2024, in which to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A). On November 12, 2024, the Company received notice from the Staff granting the Company’s request for a 180-day extension to regain compliance with the Rule, or, until May 12, 2025 (the “Compliance Period”).In order to regain compliance with Nasdaq’s minimum bid price requirement, the Company’s common stock must maintain a minimum closing bid price of $1.00 for at least ten consecutive business days during the Compliance Period. However, if it appears to Nasdaq that the Company will be unable to cure the deficiency Nasdaq will provide notice that the Company’s common stock will be subject to delisting. There can be no assurance that the Nasdaq staff would grant the Company’s request for continued listing subsequent to any delisting notification. In the event of such a notification, the Company may appeal the Nasdaq staff’s determination to delist its securities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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, may be in excess of insured limits of $250,000. 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 ED. 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. See Note 15 Segment Information. Revenue Recognition Prescription Medication Sales The Company’s prescription medication sales consist of sales of Stendra® in the U.S. for the treatment of ED. Under Accounting Standards Codification (“ASC”) Topic 606, Revenue Recognition In determining the transaction price, a significant financing component does not exist since the timing from when the Company delivers Stendra® to when the customers pay for the product is typically less than one year. The Company records prescription medication sales net of any variable consideration, including but not limited to discounts, rebates, returns, chargebacks, and distribution service fees (“DSA”). The Company uses the expected value method when estimating its variable consideration, unless terms are specified within contracts. The identified variable consideration is recorded as a reduction of revenue at the time revenues from sales of Stendra® are recognized. The Company recognizes revenue to the extent that it is probable that a significant revenue reversal will not occur in a future period. These estimates may differ from actual consideration received. The Company evaluates these estimates each reporting period to reflect known changes. As of September 30, 2024, and December 31, 2023, the reserves for sales deductions were $5.5 million and $4.7 million, respectively. The most significant sales deductions included in this reserve relate to returns, contract rebates, and DSA fees. The Company’s estimates are based on factors such as 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 the Company’s direct and indirect customers, and other competitive factors. Significant judgment and estimation are required in developing the foregoing and other relevant assumptions. The most significant sales deductions are further described below. Product Returns Consistent with industry practice, the Company maintains a return policy that generally allows its customers to return Stendra® and receive credit for product within six months prior to expiration date and up to one year after expiration date. The provision for returns is based upon the Company’s estimates for future Stendra® returns and historical experience. The provision of returns is part of the variable consideration recorded at the time revenue is recognized. As of September 30, 2024, and December 31, 2023, the reserves for product returns were $5.3 million and $4.2 million, respectively, and are included as a component of accrued expenses. During the nine months ended September 30, 2024, and 2023, the Company recorded $1.2 million and $1.3 million, respectively, of returns as a reduction of gross revenue. During the three months ended September 30, 2024, and 2023, the Company recorded $0.4 million and $0.5 million, respectively, 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 the Company’s DSAs, as described below. Indirect rebates are rebates paid to indirect customers that have purchased the Company’s products from a wholesaler under a contract with us. The Company has entered into DSAs with certain 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 the Company’s pharmaceutical products held at their warehouse locations. See Note 3 Accounts Receivable, net for further discussion of these reserves. Medical Device Sales The Company’s medical device sales consist of domestic and international sales of men’s health products for the treatment of ED. The men’s health products do not require a prescription and include vacuum erection devices, PreBoost, VenoSeal, penile injections (Rx), and urinary tract infection tests. Under Topic 606, the Company recognizes revenue from medical device sales when its performance obligations with its customers have been satisfied. In the contracts with its customers, the Company has identified a single performance obligation to provide medical devices upon receipt of a customer order. The performance obligation is satisfied at a point in time when the Company’s customers obtain control of the medical device, which is typically upon shipment. The Company invoices its customers after the medical devices have been shipped and invoice payments are generally due within 30 days of invoice date for domestic customers and 90 days for international customers. In determining the transaction price, a significant financing component Product Returns Consistent with industry practice, the Company maintains a return policy that generally allows its customers to return medical devices and receive credit for products within 90 days of the sale. The provision for returns is based upon the Company’s estimates for future product returns and historical experience. The Company has not made significant changes to the judgments made in applying Topic 606. As of September 30, 2024, and December 31, 2023, the reserves for product returns for medical devices were not significant. Contract Costs In relation to customer contracts, the Company incurs costs to fulfill a contract but does not incur costs to obtain a contract. These costs to fulfill a contract do not meet the criteria for capitalization and are expensed as incurred. As such, the Company did not have any contract assets at September 30, 2024, and December 31, 2023. 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 September 30, 2024, and December 31, 2023, deferred revenue was $0.1 million and $0.1 million, respectively. Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market. Level 3 – Unobservable inputs which are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. Financial instruments recognized at historical amounts in the consolidated balance sheets consist of cash, accounts receivable, other current assets, accounts payable, accrued expenses, and other current liabilities. The Company believes that the carrying values of cash, accounts receivable, other current assets, accounts payable, accrued expenses, note payable, and other current liabilities approximate their fair values due to the short-term nature of these instruments. In connection with the Private Placement (as defined herein), the Company incurred liabilities related to derivatives arising from embedded features that were not clearly and closely related to the host instruments. The Company estimated the fair value of derivative liability utilizing Monte Carlo Simulation approach. These fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value hierarchy. See Notes 16 and 17. Intangible Assets The Company accounts for recognized intangible assets at cost. Intangible assets with finite useful lives are amortized over the useful life that 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. The Company’s prepared projections including the undiscounted cash flows of the remaining estimated useful lives through December 2031 for the medical device products. Management continued to analyze the Company’s intangible assets during 2024. Management noted that the Company’s financial results were consistent with previous projections. Based on its analysis, Management concluded that there were no triggering events noted that would indicate a potential impairment for long-lived assets for any of the two asset groups, Metuchen Pharmaceuticals and TIMM/PTV. Derivative Financial Instruments The Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives per ASC 815, Derivatives and Hedging Preferred Stock The Company records shares of convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The Company concluded that the Series A Preferred Stock is more akin to a debt-type instrument than an equity-type instrument, therefore certain conversion features associated with the convertible preferred stock were deemed to not be clearly and closely related to the host instrument and were bifurcated as a derivative under ASC 815. The Company has applied the guidance in ASC 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities Recent Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance will be effective for the annual periods beginning the year ended December 31, 2024, and for interim periods beginning January 1, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating segment disclosures related to its annual report for fiscal year 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating income tax disclosures related to its annual report for fiscal year 2025. In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements and related disclosures.

Accounts Receivable, net

Accounts Receivable, net	9 Months Ended
	Sep. 30, 2024
Accounts Receivable, net
Accounts Receivable, net	3) Accounts Receivable, net Accounts receivable, net is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 Gross accounts receivables ​ $ 2,299,300 ​ $ 2,887,317 Distribution service fees ​ (114,073) ​ ​ (398,968) Chargebacks accrual ​ (2,946) ​ ​ (2,462) Cash discount allowances ​ (26,066) ​ ​ (24,639) Allowance for credit losses ​ (207,602) ​ ​ (235,097) Total accounts receivable, net ​ $ 1,948,613 ​ $ 2,226,151 ​ For the nine months ended September 30, 2024, gross billings to customers representing 10% or more of the Company’s total gross billings included three customers which represented approximately 28%, 25%, and 14% of total gross billings, respectively. For the nine months ended September 30, 2023, gross billings to customers representing 10% or more of the Company’s total gross billings included three customers which represented approximately 23%, 19%, and 17% of total gross billings, respectively. For the three months ended September 30, 2024, gross billings to customers representing 10% or more of the Company’s total gross billings included three customers which represented approximately 30%, 25%, and 14% of total gross billings, respectively. For the three months ended September 30, 2023, gross billings to customers representing 10% or more of the Company’s total gross billings included three customers which represented approximately 24%, 21%, and 18% of total gross billings, respectively. Receivables from customers representing 10% or more of the Company’s gross accounts receivable included three customers at September 30, 2024, equal to 53%, 25%, and 22%, respectively. Receivables from customers representing 10% or more of the Company’s gross accounts receivable included three customers at December 31, 2023, equal to 36%, 24% and 16%, respectively. Effective November 1, 2024, the Company determined to discontinue sales of Stendra® to wholesalers to mitigate the risk of returns associated with expired or near-expired prescription medication due to Stendra® having less than a six-month shelf life. Sales of Stendra® to wholesalers collectively accounted for approximately 94% and 95% of net sales for the three months ended and nine months ended September 30, 2024, respectively.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventories
Inventories	4) Inventories Inventory is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Raw Materials ​ $ 1,257,152 ​ $ 1,430,139 Finished goods ​ 148,499 ​ ​ 180,252 Total inventory ​ $ 1,405,651 ​ $ 1,610,391 ​ Finished goods are net of valuation reserves of $260,356 and $295,411 as of September 30, 2024, and December 31, 2023, respectively.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2024
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	5) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Prepaid insurance ​ $ 94,030 ​ $ 45,664 Prepaid FDA fees ​ — ​ 937,652 Prepaid R&D expenses ​ 208,900 ​ ​ 115,755 API purchase commitment asset (see Note 13) ​ 1,417,348 ​ ​ 704,729 Other prepaid expenses ​ 101,281 ​ ​ 118,704 Other current assets ​ 4,760 ​ ​ 111,476 Total prepaid expenses and other current assets ​ $ 1,826,319 ​ $ 2,033,980 ​

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2024
Intangible Assets
Intangible Assets	6) Intangible Assets ​ Intangible Assets are comprised of the following: ​ ​ ​ ​ ​ Balance at December 31, 2022 $ 12,244,484 Amortization expense ​ (3,272,747) Balance at December 31, 2023 ​ 8,971,737 Amortization expense ​ ​ (2,145,850) Balance at September 30, 2024 ​ $ 6,825,887 ​ The future annual amortization related to the Company’s intangible assets is as follows as of September 30, 2024: ​ ​ ​ ​ ​ 2024 (remaining 3 months) $ 654,774 2025 ​ 1,754,329 2026 ​ 1,442,186 2027 ​ 1,212,871 2028 ​ ​ 996,636 Thereafter ​ 765,091 Total ​ $ 6,825,887 ​ The intangible assets held by the Company are the Stendra® product, Timm Medical product, and PTV product and are being amortized over their estimated useful lives of 10 years, 12 years, and 12 years, respectively. The carrying value of the Stendra® product, Timm Medical product, and PTV product as of September 30, 2024, are $3.4 million, $2.7 million and $0.7 million, respectively. The carrying value of the Stendra® product, Timm Medical product, and PTV product as of December 31, 2023, were $4.9 million, $3.2 million and $0.9 million, respectively. During the nine months ended September 30, 2024, and 2023, respectively, the Company recorded $2.1 million and $2.5 million of amortization expense. During the three months ended September 30, 2024, and 2023, respectively, the Company recorded $0.7 million and $0.8 million of amortization expense.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2024
Accrued Expenses
Accrued Expenses	7) Accrued Expenses Accrued expenses are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Accrued product returns ​ $ 5,299,261 ​ $ 4,178,176 Accrued contract rebates ​ 96,465 ​ ​ 128,562 Due to 3PL/Wholesalers ​ 62,284 ​ ​ 75,727 Accrued bonuses ​ ​ 501,988 ​ ​ 665,184 Accrued professional fees ​ — ​ ​ 15,000 Accrued R&D fees ​ ​ 354,908 ​ ​ 100,668 Other accrued expenses ​ 224,465 ​ ​ 196,760 Total accrued expenses ​ $ 6,539,371 ​ $ 5,360,077 ​

Debt

Debt	9 Months Ended
	Sep. 30, 2024
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, dated January 18, 2022, (the “Security Agreement”) pursuant to which the Company granted to Vivus a continuing security interest in all of its Stendra® API and products and its rights under the License Agreement to secure the Company’s obligations under the Note (the “Collateral”). 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 accrues 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 of a default 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). For the nine months ended September 30, 2024, and 2023, the Company paid Vivus $1.0 million and $1.5 million, respectively. As of September 30, 2024, and December 31, 2023, the principal balance on the Note is $7.2 million and $8.0 million, respectively. On October 1, 2024, the Company failed to make the required payment due pursuant to the Note and related Security Agreement with Vivus in the amount of $0.5 million, constituting an Event of Default (as defined in the Note) under the Note and Security Agreement. As a result of the Event of Default, the Company accrued an additional $50,000 of interest expense. Future minimum principal payments of the Note are as follows: ​ ​ ​ ​ ​ 2024 (remaining 3 months) $ 391,271 2025 ​ ​ 2,720,940 2026 ​ ​ 3,264,351 2027 ​ ​ 872,073 Total ​ $ 7,248,635 Less: current portion ​ ​ (2,326,050) Promissory note, net of current portion ​ $ 4,922,585 ​

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity
Stockholders' Equity	9) Stockholders’ Equity On December 21, 2023, the Company approved and accrued for the issuance of $200,000 of common stock, payable in two equal installments, with the first installment to be paid upon approval by the Board and the second installment six months after the first installment, to CorProminence, LLC (“CoreIR”) for services rendered pursuant to a Marketing and Consulting Agreement. The first installment of 70,922 shares was issued on February 29, 2024. The second installment of 245,158 shares was issued on June 21, 2024. On January 5, 2024, the Company executed an advisory agreement (“Maxim Agreement”) with Maxim Group LLC (“Maxim”) that included the issuance of $10,000 of the Company’s restricted common stock per month and issued every six months starting upon the execution of the agreement. The first installment of 6,906 shares was issued on January 5, 2024. The second installment of 136,986 shares was issued on August 13, 2024. On August 20, 2024, the Company delivered written notice of termination of the Maxim Agreement, effective September 30, 2024. Accordingly, the Maxim Agreement terminated in accordance with its terms on September 30, 2024.

Stock Options

Stock Options	9 Months Ended
	Sep. 30, 2024
Stock Options.
Stock Options	10) Stock Options The following is a summary of stock options for the nine months ended September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ Weighted- ​ Remaining ​ Aggregate Intrinsic ​ ​ Number of ​ Average ​ Contractual ​ Value ​ Shares Exercise Price Term (Years) ($ in thousands) Options outstanding at December 31, 2023 509,133 ​ $ 4.75 ​ 9.46 ​ $ 66 Options granted — ​ ​ — ​ — ​ ​ — Less: options forfeited — ​ ​ — ​ — ​ ​ — Less: options expired/cancelled — ​ ​ — ​ — ​ ​ — Less: options exercised ​ — ​ ​ — ​ — ​ ​ — Options outstanding at September 30, 2024 509,133 ​ $ 4.75 ​ 8.71 ​ $ — Options exercisable at September 30, 2024 454,600 ​ $ 5.15 ​ 8.65 ​ $ — ​ Stock-based compensation expense recognized for the nine months ended September 30, 2024, and 2023 was $197,215 and $204,492, respectively, and is recorded in general and administrative expenses in the consolidated statements of operations. As of September 30, 2024, there is no unrecognized stock-based compensation expense (excluding performance awards). Stock-based compensation expense recognized for the three months ended September 30, 2024, and 2023 was $0 and $30,840, respectively.

Common Stock Warrants

Common Stock Warrants	9 Months Ended
	Sep. 30, 2024
Common Stock Warrants
Common Stock Warrants	11) Common Stock Warrants The following is a summary of warrants for the nine months ended September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate ​ ​ ​ ​ ​ ​ ​ ​ ​ Intrinsic ​ ​ ​ ​ Weighted-Average ​ Remaining ​ Value ($ in ​ ​ Number of Warrants Exercise Price Contractual Term thousands) Warrants outstanding - December 31, 2023 8,203,839 ​ $ 14.93 ​ 4.3 ​ $ — Warrants issued — ​ ​ — ​ — ​ ​ — Warrants exercised — ​ ​ — ​ — ​ ​ — Warrants expired (15,097) ​ ​ 252.53 ​ — ​ ​ — Warrants outstanding and exercisable- September 30, 2024 8,188,742 ​ $ 14.49 ​ 3.5 ​ $ — ​

Dilutive convertible securities

Dilutive convertible securities	9 Months Ended
	Sep. 30, 2024
Dilutive convertible securities
Dilutive convertible securities	12) Dilutive convertible securities The following table summarizes the potentially dilutive securities convertible into common shares that were excluded from the calculation of diluted net income (loss) per share because their inclusion would have been antidilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2024 2023 2024 2023 Stock Options 509,133 210,067 ​ 509,133 ​ 210,067 Series A Convertible Preferred stock ​ 560,171 ​ 6,762,090 ​ 560,171 ​ 6,762,090 Warrants 8,188,742 ​ 8,204,117 ​ 8,188,742 ​ 8,204,117 Total 9,258,046 ​ 15,176,274 ​ 9,258,046 ​ 15,176,274 ​

Marketing, Licensing and Distri

Marketing, Licensing and Distribution Agreements	9 Months Ended
	Sep. 30, 2024
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 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. Vivus was originally granted the license in December 2000 from Mitsubishi Tanabe Pharma Corporation (“MTPC”) to develop, market, and manufacture Stendra®. Stendra® was approved by the FDA in April 2012 to treat ED. 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 expiration 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. 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. API inventory is not a finished good. The additional API inventory that the Company does not have title to is classified as API Inventory in either other current assets or other assets, depending on whether the Company expects to take title to the product within one year from the date of the financial statements. As of September 30, 2024, and December 31, 2023, there was $1.4 million and $0.7 million respectively, included in other current assets (see Note 5 Prepaid Expenses and Other Current Assets). As of September 30, 2024, and December 31, 2023, there was $3.0 million and $4.2 million, respectively,included as other assets on the accompanying consolidated balance sheets, respectively. The Company reviews its inventory levels and purchase commitments for excess amounts that it is required to purchase but projects it will not be able to sell prior to product expiry. The Company did not record any reserve for the three and nine months ended September 30, 2024, and 2023. During the nine months ended September 30, 2024, and 2023, the Company incurred royalties to MTPC for Stendra® of $104,309 and $170,822, respectively. During the three months ended September 30, 2024, and 2023, the Company incurred royalties to MTPC for Stendra® of $42,903 and $46,288, respectively. Royalties incurred were included in cost of goods sold in the consolidated statements of operations. As of September 30, 2024, the Company had a payable for royalties of $42,903, which is included in accrued expenses in the accompanying consolidated balance sheets. As of December 31, 2023, the Company had a receivable for royalties of $56,503, which is included in other current assets. (see Note 7 Accrued Expenses and Note 5 Prepaid Expenses 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies.
Commitments and Contingencies	14) Commitments and Contingencies (a) Legal Proceedings On July 14, 2020, Greg Ford, the former 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. From time to time, the Company is involved in various legal matters arising in the normal course of business. The Company does not expect the outcome of such proceedings, either individually or in the aggregate, to have a material effect on the Company’s financial position, cash flows or results of operations. (b) Contract Research The Company is currently conducting non-clinical consumer studies in connection with the pursuit of potential FDA approval for Stendra® Non-Prescription OTC use in treating ED. The Company has contracted with a leading Contract Research Organization (“CRO”) in the conduct of Rx-to-OTC Switch development including self-selection studies, human factors studies and various web app studies. The Company has committed approximately $1.8 million through multiple task orders/statements of work with the CRO to perform these studies. As of September 30, 2024, these projects are approximately 91% complete. The Company expects the CRO to complete these studies during the fourth quarter of 2024.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2024
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 ED. 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 nine months ended September 30, 2024, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Nine Months Ended September 30, 2024 Medications Devices Corporate Consolidated Net sales ​ $ 2,086,180 ​ $ 2,300,460 ​ $ — ​ $ 4,386,640 Cost of goods sold ​ 194,035 ​ ​ 753,911 ​ ​ — ​ ​ 947,946 Selling, general and administrative expenses ​ 1,774,594 ​ ​ 1,673,122 ​ ​ 3,851,675 ​ ​ 7,299,391 Research and development expenses ​ 2,513,105 ​ ​ — ​ ​ — ​ ​ 2,513,105 Depreciation and amortization expense ​ 1,522,207 ​ ​ 652,919 ​ ​ — ​ ​ 2,175,126 Change in fair value of derivative liability ​ ​ — ​ ​ — ​ ​ (3,550,000) ​ ​ (3,550,000) Interest income ​ ​ — ​ ​ — ​ ​ (347,028) ​ ​ (347,028) Interest expense ​ — ​ ​ — ​ ​ 393,450 ​ ​ 393,450 Net loss ​ $ (3,917,761) ​ $ (779,492) ​ $ (348,097) ​ $ (5,045,350) ​ The Company’s results of operations by reportable segment for the nine months ended September 30, 2023, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Nine Months Ended September 30, 2023 Medications Devices Corporate Consolidated Net sales ​ $ 3,416,444 ​ $ 2,770,194 ​ $ — ​ $ 6,186,638 Cost of goods sold ​ 343,109 ​ ​ 1,129,964 ​ ​ — ​ ​ 1,473,073 Selling, general and administrative expenses ​ 1,006,666 ​ ​ 1,398,890 ​ ​ 3,976,610 ​ ​ 6,382,166 Warrant issuance costs ​ ​ — ​ ​ — ​ ​ 2,855,000 ​ ​ 2,855,000 Research and development expenses ​ 1,499,842 ​ ​ 74,918 ​ ​ — ​ ​ 1,574,760 Depreciation and amortization expense ​ ​ 1,726,409 ​ ​ 753,976 ​ ​ — ​ ​ 2,480,385 Change in fair value of derivative liability ​ — ​ ​ — ​ ​ 430,000 ​ ​ 430,000 Change in fair value of warrant liability ​ ​ — ​ ​ — ​ ​ (11,739,000) ​ ​ (11,739,000) Interest income ​ ​ — ​ ​ — ​ ​ (287,722) ​ ​ (287,722) Interest expense ​ — ​ ​ — ​ ​ 410,317 ​ ​ 410,317 Loss on issuance of Series A Preferred Stock ​ ​ — ​ ​ — ​ ​ 11,088,997 ​ ​ 11,088,997 Net loss ​ $ (1,159,582) ​ $ (587,554) ​ $ (6,734,202) ​ $ (8,481,338) ​ The Company’s results of operations by reportable segment for the three months ended September 30, 2024, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Three Months Ended September 30, 2024 ​ Medications ​ Devices ​ Corporate ​ Consolidated Net sales ​ $ 858,063 ​ $ 718,303 ​ $ — ​ $ 1,576,366 Cost of goods sold ​ 48,707 ​ ​ 238,298 ​ ​ — ​ ​ 287,005 Selling, general and administrative expenses ​ 471,669 ​ ​ 600,565 ​ ​ 1,229,071 ​ ​ 2,301,305 Research and development expenses ​ 588,355 ​ ​ — ​ ​ — ​ ​ 588,355 Depreciation and amortization expense ​ 521,597 ​ ​ 217,852 ​ ​ — ​ ​ 739,449 Change in fair value of derivative liability ​ — ​ ​ — ​ ​ (202,000) ​ ​ (202,000) Interest income ​ — ​ ​ — ​ ​ (75,817) ​ ​ (75,817) Interest expense ​ — ​ ​ — ​ ​ 158,730 ​ ​ 158,730 Net loss ​ $ (772,265) ​ $ (338,412) ​ $ (1,109,984) ​ $ (2,220,661) ​ The Company’s results of operations by reportable segment for the three months ended September 30, 2023, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Three Months Ended September 30, 2023 ​ Medications ​ Devices ​ Corporate ​ Consolidated Net sales ​ $ 925,759 ​ $ 748,898 ​ $ — ​ $ 1,674,657 Cost of goods sold ​ 85,388 ​ ​ 323,087 ​ ​ — ​ ​ 408,475 Selling, general and administrative expenses ​ 251,674 ​ ​ 493,447 ​ ​ 1,256,814 ​ ​ 2,001,935 Warrant issuance costs ​ ​ — ​ ​ — ​ ​ 2,855,000 ​ ​ 2,855,000 Research and development expenses ​ 369,505 ​ ​ 19,588 ​ ​ — ​ ​ 389,093 Depreciation and amortization expense ​ 575,470 ​ ​ 251,325 ​ ​ — ​ ​ 826,795 Change in fair value of derivative liability ​ ​ — ​ ​ — ​ ​ 430,000 ​ ​ 430,000 Change in fair value of warrant liability ​ ​ — ​ ​ — ​ ​ (11,739,000) ​ ​ (11,739,000) Interest income ​ — ​ ​ — ​ ​ (168,481) ​ ​ (168,481) Interest expense ​ — ​ ​ — ​ ​ 131,351 ​ ​ 131,351 Loss on issuance of Series A Preferred Stock ​ ​ — ​ ​ — ​ ​ 11,088,997 ​ ​ 11,088,997 Net loss ​ $ (356,278) ​ $ (338,549) ​ $ (3,854,681) ​ $ (4,549,508) ​ The following table reflects net sales by geographic region for the three and nine months ended September 30, 2024, and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, Net sales 2024 2023 2024 2023 United States ​ $ 1,397,969 ​ $ 1,496,988 ​ $ 3,682,248 ​ $ 5,253,587 International ​ ​ 178,397 ​ ​ 177,669 ​ ​ 704,392 ​ ​ 933,051 ​ ​ $ 1,576,366 ​ $ 1,674,657 ​ $ 4,386,640 ​ $ 6,186,638 ​ No individual country other than the United States accounted for 10% of total sales for the three and nine months ended September 30, 2024, and 2023. The Company’s assets by reportable segment and reconciliation of segment assets to consolidated assets as of September 30, 2024, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ Medications Devices Consolidated Intangible assets, net ​ $ 3,410,499 ​ $ 3,415,388 ​ $ 6,825,887 Total segment assets ​ $ 15,640,046 ​ $ 5,053,584 ​ $ 20,693,630 ​ The Company’s assets by reportable segment and reconciliation of segment assets to consolidated assets as of December 31, 2023, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription ​ Medical ​ ​ ​ ​ Medications Devices Consolidated Intangible assets, net ​ $ 4,903,749 ​ $ 4,067,988 ​ $ 8,971,737 Total segment assets ​ $ 27,891,180 ​ $ 5,904,615 ​ $ 33,795,795 ​

Private Placement

Private Placement	9 Months Ended
	Sep. 30, 2024
Private Placement.
Private Placement	16) Private Placement On July 13, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which the Company agreed to sell in a private placement to the Investors (i) an aggregate of 15,000 shares of the Company’s newly-designated Series A Convertible Preferred Stock, with a par value of $0.0001 per share and a stated value (“Stated Value”) of $1,000 per share (the “Series A Preferred Stock”), initially convertible into up to 6,666,668 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at an initial conversion price of $2.25 per share (the “Series A Preferred Shares”), and (ii) warrants to acquire up to an aggregate of 6,666,668 shares of Common Stock (the “Warrants”) at an initial exercise price of $2.25 per share (collectively, the “Private Placement”). Pursuant to the terms of the Certificate of Designations of Series A Convertible Preferred Stock (the “Certificate of Designations”) and the Warrants, each of the Conversion Price (as defined below) and the exercise price and the number of shares underlying the Warrants is subject to customary adjustments for stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Conversion Price (subject to certain exceptions). As of September 30, 2024, the Conversion Price and the exercise price of the Warrants was equal to $2.25 per share. On March 21, 2024, the Company entered into Omnibus Waiver and Amendments with the investors named therein, effective December 31, 2023 (the “Waiver and Amendment”). The Waiver and Amendment provides that certain equity awards granted to directors, officers, employees of the Company under the Company’s 2020 Omnibus Incentive Compensation Plan are deemed to constitute “Excluded Securities” under the Transaction Documents (as such term is defined in the Purchase Agreement) and waives the applicability of certain other provisions of the Transaction Documents with respect to such grants. The Waiver and Amendment also amended certain terms of the Warrants relating to the rights of the holders of the Warrants to provide that, in the event of a Fundamental Transaction (as defined in the Warrants) that is not within the Company’s control, including not approved by the Company’s Board of Directors, the holder of a Warrant shall only be entitled to receive from the Company or any successor entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of such Warrant, that is being offered and paid to the holders of the Company’s Common Stock in connection with the Fundamental Transaction. Series A Preferred Stock The terms of the Series A Preferred Shares are as set forth in the form of Certificate of Designations. The Series A Preferred Shares will be convertible into shares of Common Stock (the “Conversion Shares”) at the election of the holder at any time at an initial conversion price of $2.25 (the “Conversion Price”). The Conversion Price is subject to customary adjustments for stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Conversion Price (subject to certain exceptions). The Company is required to redeem the Series A Preferred Shares in 13 equal monthly installments, commencing on November thirty The holders of the Series A Preferred Shares are entitled to dividends of 8% per annum, compounded monthly, which are payable, at the Company’s option, in cash or shares of Common Stock, or in a combination thereof, in accordance with the terms of the Certificate of Designations. On September 29, 2023, the Company filed an amendment to the Certificate of Designations with the Secretary of State of the State of Delaware, pursuant to which the terms of the Series A Preferred Stock were amended to permit certain additional procedures for the payment of redemptions and conversions Upon the occurrence and during the continuance of a Triggering Event (as defined in the Certificate of Designations), the Series A Preferred Shares will accrue dividends at the rate of 15% per annum. In connection with a Triggering Event, each holder of Series A Preferred Shares will be able to require us to redeem in cash any or all of the holder’s Series A Preferred Shares at a premium set forth in the Certificate of Designations. Upon conversion or redemption, the holders of the Series A Preferred Shares are also entitled to receive a dividend make-whole payment. Prior to the Certificate of Amendment (defined below), the holders of the Series A Preferred Shares did not have voting rights, other than with respect to certain matters affecting the rights of the Series A Preferred Shares. On October 11, 2024, the Company entered into an Amendment Agreement with the Required Holders (as defined in the Certificate of Designations), pursuant to which, the Required Holders agreed to amend the Certificate of Designations of the Company’s Series A Preferred Stock, as described below, by filing a Certificate of Amendment to the Certificate of Designations (the “October 2024 Certificate of Amendment”) with the Secretary of State of the State of Delaware. The October 2024 Certificate of Amendment amends the Certificate of Designations to, among other things, provide that, except as required by applicable law, the holders of the Series A Preferred Stock will be entitled to vote with holders of the Common Stock on an as converted basis, with the number of votes to which each holder of Series A Preferred Stock is entitled to be determined by dividing the Stated Value by a conversion price equal to $2.25 per share, which was the “Minimum Price” (as defined in Nasdaq Listing Rule 5635(d)) applicable immediately before the execution and delivery of the Purchase Agreement, subject to certain beneficial ownership limitations and adjustments for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions, as set forth in the Certificate of Designations. The October 2024 Certificate of Amendment was filed with the Secretary of State of the State of Delaware, effective as of October 11, 2024. On November 13, 2024, the Company entered into an Amendment Agreement with the Required Holders (as defined in the Certificate of Designations), pursuant to which, the Required Holders agreed to (i) amend the Certificate of Designations of the Company’s Series A Preferred Stock, as described below, by filing a Certificate of Amendment to the Certificate of Designations (the “November 2024 Certificate of Amendment”) with the Secretary of State of the State of Delaware, (ii) defer any payment amounts that have accrued and that are unpaid as of November 13, 2024 pursuant to the Certificate of Designations, to January 15, 2025, and (iii) waive any breach or violation of the Purchase Agreement, the Certificate of Designations, or the Warrants resulting from the Company’s failure to pay such outstanding amounts. The November 2024 Certificate of Amendment amends the Certificate of Designations to, (i) extend the maturity date to January 15, 2025, (ii) modify the schedule of Installment Dates (as defined in the Certificate of Designations), and (iii) adds an additional restrictive covenant to the Certificate of Designations requiring the Company from November 13, 2024 until January 15, 2025, to maintain unencumbered, unrestricted cash and cash equivalents on hand in amount equal to at least $1,500,000. The November 2024 Certificate of Amendment was filed with the Secretary of State of the State of Delaware, effective as of November 13, 2024. During December 2023, the Company issued as equity awards, shares of Common Stock and options to purchase shares of Common Stock representing an aggregate of 348,711 shares of Common Stock and shares of Common Stock issuable upon exercise of the options to certain directors, officers, and employees of the Company, representing an aggregate number of shares of Common Stock in excess of 5% of the shares of Common Stock issued and outstanding immediately prior to the date of the Purchase Agreement (the “December Issuances”). Under the terms of the Certificate of Designations, the Conversion Price of the Series A Preferred Shares was required to be adjusted as a result of the December Issuances. The Series A Preferred Shares were determined to be more akin to a debt-like host than an equity-like host. The Company identified the following embedded features that are not clearly and closely related to the debt host instrument: 1) make-whole interest upon a contingent redemption event, 2) make-whole interest upon a conversion event, 3) an installment redemption upon an Equity Conditions Failure (as defined in the Certificate of Designation), and 4) variable share-settled installment conversion. These features were bundled together, assigned probabilities of being affected and measured at fair value. Subsequent changes in fair value of these features are recognized in the unaudited condensed consolidated statements of operations. During the three and nine months ended September 30, 2024, the Company recorded a gain of $202,000 and $3,550,000, respectively, related to the change in fair value of the derivative liability which is recorded in other income (expense) on the unaudited consolidated statements of operations. The Company estimated the $0 fair value of the bifurcated embedded derivative at September 30, 2024 using a Monte Carlo simulation model, with the following inputs the fair value of the Company’s Common Stock of $0.36 on the valuation date, estimated equity volatility of 60.0%, estimated traded volume volatility of 230.0%, the time to maturity of 0.17 years, risk free rate of 4.83%, a discounted market interest rate of 12.5%, dividend rate of 8.0%, a penalty dividend rate of 15.0%, and probability of default of 4.0%. As of September 30, 2024, the Company has notified the investors of its intention to redeem the upcoming installment due in cash and recorded a liability of $1,144,582 representing the cash payable to investors which includes $965,006 of the stated value of the Series A Preferred Shares, $104,693 of accrued dividends payable, and $74,883 for the cash premium which was recognized as a deemed dividend. During the three months ended September 30, 2024, the Company experienced an Equity Conditions Failure in which the Company’s average stock price during the Installment Conversion Price Measuring Period (as defined in the Certificate of Designations) corresponding to the September 1, 2024, and October 1, 2024, installments (the “Affected Installments”) was below the Floor Price (as defined in the Certificate of Designations) (the “Floor Price Condition”). As a result of the Floor Price Condition, the Company is required to redeem the Affected Installments as well as any previously deferred installment amounts at a 125% premium. Accordingly, the Company recorded a liability for penalty premiums totaling $598,336 as of September 30, 2024, related to the Floor Price Condition, which is included in Accrued Series A Convertible Preferred payments payable on the accompanying condensed consolidated balance sheet, and a corresponding reduction in additional paid-in capital for the three and nine months ended September 30, 2024, which was recognized as a deemed dividend. During the three months ended September 30, 2024, the Company redeemed a total of 3,000 Series A Preferred Shares in cash for $2,389,478 and issued 580,348 shares of Common Stock pursuant to the terms of the Certificate of Designations, equal to $232,143. During the three months ended September 30, 2024, the Company recognized a total of $453,359 of preferred dividends consisting of $236,821 of preferred dividends at the stated dividend rate, and $216,538 of cash premiums recognized as deemed dividends. During the nine months ended September 30, 2024, the Company redeemed a total of 8,983 Series A Preferred Shares for cash equal to $5,089,417 and issued 6,563,523 shares of Common Stock, elected pursuant to the terms of the Certificate of Designations, equal to $6,586,033. During the nine months ended September 30, 2024, the Company recognized a total of $1,265,662 of preferred dividends consisting of $991,783 of preferred dividends at the stated dividend rate, and $273,879 of cash premium recognized as a deemed dividend.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Measurements
Fair Value Measurements	17) Fair Value Measurements Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of and during the quarter ended September 30, 2024. The carrying amounts of cash equivalents, accounts receivable, other current assets, other assets, accounts payable, and accrued expenses approximated their fair values as of September 30, 2024, due to their short-term nature. The fair value of the bifurcated embedded derivative related to the convertible preferred stock was estimated using a Monte Carlo simulation model, which uses as inputs the fair value of the Company’s Common Stock and estimates for the equity volatility and traded volume volatility of the Company’s Common Stock, the time to maturity of the convertible preferred stock, the risk-free interest rate for a period that approximates the time to maturity, dividend rate, a penalty dividend rate, and the Company’s probability of default. Fair Value on a Recurring Basis The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of the warrant liability and bifurcated embedded derivatives represent Level 3 measurements. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, Description ​ Level ​ 2024 Liabilities: ​ Bifurcated embedded derivative liability 3 ​ $ — ​ The following table sets forth a summary of the change in the fair value of the bifurcated embedded derivative liability that is measured at fair value on a recurring basis: ​ ​ ​ ​ ​ Balance on December 31, 2023 $ 3,550,000 Change in fair value of bifurcated embedded derivative ​ (3,550,000) Balance on September 30, 2024 ​ $ — ​

Restatement of Previously Issue

Restatement of Previously Issued Financial Statements	9 Months Ended
	Sep. 30, 2024
Restatement of Previously Issued Financial Statements
Restatement of Previously Issued Financial Statements	18) Restatement of Previously Issued Financial Statements The Company identified certain errors related to the omission of the accretion of the Company’s Series A convertible preferred stock (the “Preferred Stock”) to its redemption value that was recognized during the three months ended September 30, 2023, from the calculation of net loss per share, which resulted in the following misstatements in the financial statements as of and for the three and nine months ended September 30, 2023: ● Omission of the Preferred Stock accretion in the calculation of net income attributable to common stockholders as presented on the condensed consolidated statements of operations for the three and nine months ended September 30, 2023, and a resulting error in the calculation of basic and diluted earnings per share. The Company’s prior accounting for the Preferred Stock accretion did not have any effect on the Company’s previously reported cash flows or cash. The following tables summarize the effect of the restatement on each financial statement line item as of the dates, and for the period, indicated: For the three months ended, September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED September 30, ​ ​ September 30, STATEMENTS OF OPERATIONS ​ 2023 ​ ​ ​ ​ 2023 ​ As Reported Adjustment As Restated Accretion of Series A convertible preferred stock to redemption value ​ $ — ​ $ (1,153,846) ​ $ (1,153,846) Net loss attributable to common stockholders ​ (4,888,740) ​ (1,153,846) ​ (6,042,586) Net loss per share, basic and diluted ​ $ (2.31) ​ $ (0.54) ​ $ (2.85) ​ For the nine months ended, September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED September 30, ​ ​ September 30, STATEMENTS OF OPERATIONS ​ 2023 ​ ​ ​ ​ 2023 ​ As Reported Adjustment As Restated Accretion of Series A convertible preferred stock to redemption value ​ $ — ​ $ (1,153,846) ​ $ (1,153,846) Net loss attributable to common stockholders ​ (8,820,570) ​ (1,153,846) ​ (9,974,416) Net loss per share, basic and diluted ​ $ (4.18) ​ $ (0.55) ​ $ (4.73) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED September 30, ​ ​ September 30, STATEMENTS OF CASH FLOWS ​ 2023 ​ ​ ​ ​ 2023 ​ As Reported Adjustment As Restated Supplemental disclosure of cash flows information ​ ​ ​ Accretion of Series A convertible preferred stock to redemption value ​ $ 1,250,000 ​ $ (96,154) ​ $ 1,153,846 ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events
Subsequent Events	19) Subsequent Events On October 1, 2024, the Company failed to make the required payment due pursuant to the Note and related Security Agreement with Vivus in the amount of $0.5 million, constituting an Event of Default (as defined in the Note) under the Note and Security Agreement. Pursuant to the terms of the Note, upon and at all times after the occurrence of any Event of Default, all principal outstanding under the Note will bear interest at a rate of 9% per year until the full and final payment of all principal and interest under the Note is paid (regardless of whether any default is waived or cured). Further, Vivus, at its option, may declare any or all amounts owing under the Note (whether principal, interest, or otherwise), to be due and payable, and, subject to the terms of the Security Agreement, foreclose on the Collateral, which includes the Company’s Stendra® API and products and the Company’s rights under the License Agreement. As a result of the Event of Default, the Company accrued an additional $50,000 of interest expense. On October 1, 2024, John Shulman, who served as a member of the Board, tendered his resignation from his role as director of the Company, effective as of October 1, 2024. Mr. Shulman’s resignation from the Board was not in connection with any disagreement between Mr. Shulman and the Company, its management, the Board or any committee of the Board on any matter relating to the Company’s operations, policies or practices, or any other matter. On October 2, 2024, Greg Bradley, who served as a member of the Board tendered his resignation from his role as director of the Company, effective as of October 2, 2024. Mr. Bradley’s resignation from the Board was not in connection with any disagreement between Mr. Bradley and the Company, its management, the Board or any committee of the Board on any matter relating to the Company’s operations, policies or practices, or any other matter. On October 11, 2024, the Company entered into an Amendment Agreement with the Required Holders (as defined in the Certificate of Designations), pursuant to which, the Required Holders agreed to amend the Certificate of Designations of the Company’s Series A Preferred Stock, as described below, by filing a Certificate of Amendment with the Secretary of State of the State of Delaware . The October 2024 Certificate of Amendment amends the Certificate of Designations to, among other things, provide that, except as required by applicable law, the holders of the Series A Preferred Stock will be entitled to vote with holders of the Common Stock on an as converted basis, with the number of votes to which each holder of Series A Preferred Stock is entitled to be determined by dividing the Stated Value by a conversion price equal to $2.25 per share, which was the “Minimum Price” (as defined in Nasdaq Listing Rule 5635(d)) applicable immediately before the execution and delivery of the Purchase Agreement, subject to certain beneficial ownership limitations and adjustments for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions, as set forth in the Certificate of Designations. The October 2024 Certificate of Amendment was filed with the Secretary of State of the State of Delaware, effective as of October 11, 2024. On October 16, 2024, the Company entered into an Offer Letter Amendment (the “Amendment”), effective as of October 16, 2024 (the “Effective Date”), with Fady Boctor (“Boctor”), the Company’s President and Chief Commercial Officer, for the purpose of amending that certain Employment Offer Letter, effective February 19, 2021, by and between the Company and Boctor (the “Offer Letter”). The Amendment, among other things: (i) allows Boctor to engage in other consulting or employment activities for direct or indirect remuneration, so long as such engagement or service does not create a conflict of interest with, or interfere with the performance of, his duties under the Offer Letter or conflict with any covenants with the Company; (ii) amends the term of the Offer Letter, which shall terminate on December 31, 2024; and (iii) adjusts Boctor’s base salary from an annual rate of $350,000 to an annual rate of $280,000 effective as of the Effective Date. In October 2024, the Company experienced an Equity Conditions Failure in which the Company’s average stock price during the Installment Conversion Price Measuring Period relating to the November 1, 2024, installment (the “November Installment”) was below the Floor Price (the “November Installment Floor Price Condition”). As a result of the November Installment Floor Price Condition, the Company is required to redeem the November Installment at a 125% premium. Accordingly, the Company incurred penalty premiums totaling $207,201 related to the November Installment Floor Price Condition. On November 13, 2024, the Company entered into an Amendment Agreement with the Required Holders (as defined in the Certificate of Designations), pursuant to which, the Required Holders agreed to (i) amend the Certificate of Designations of the Company’s Series A Preferred Stock, as described below, by filing the November 2024 Certificate of Amendment with the Secretary of State of the State of Delaware, (ii) defer any payment amounts that have accrued and that are unpaid as of November 13, 2024 pursuant to the Certificate of Designations, to January 15, 2025, and (iii) waive any breach or violation of the Purchase Agreement, the Certificate of Designations, or the Warrants resulting from the Company’s failure to pay such outstanding amounts. The November 2024 Certificate of Amendment amends the Certificate of Designations to, (i) extend the maturity date to January 15, 2025, (ii) modify the schedule of Installment Dates (as defined in the Certificate of Designations), and (iii) adds an additional restrictive covenant to the Certificate of Designations requiring the Company from November 13, 2024 until January 15, 2025, to maintain unencumbered, unrestricted cash and cash equivalents on hand in amount equal to at least $1,500,000. The November 2024 Certificate of Amendment was filed with the Secretary of State of the State of Delaware, effective as of November 13, 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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, may be in excess of insured limits of $250,000.
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 ED. 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. See Note 15 Segment Information.
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 ED. Under Accounting Standards Codification (“ASC”) Topic 606, Revenue Recognition In determining the transaction price, a significant financing component does not exist since the timing from when the Company delivers Stendra® to when the customers pay for the product is typically less than one year. The Company records prescription medication sales net of any variable consideration, including but not limited to discounts, rebates, returns, chargebacks, and distribution service fees (“DSA”). The Company uses the expected value method when estimating its variable consideration, unless terms are specified within contracts. The identified variable consideration is recorded as a reduction of revenue at the time revenues from sales of Stendra® are recognized. The Company recognizes revenue to the extent that it is probable that a significant revenue reversal will not occur in a future period. These estimates may differ from actual consideration received. The Company evaluates these estimates each reporting period to reflect known changes. As of September 30, 2024, and December 31, 2023, the reserves for sales deductions were $5.5 million and $4.7 million, respectively. The most significant sales deductions included in this reserve relate to returns, contract rebates, and DSA fees. The Company’s estimates are based on factors such as 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 the Company’s direct and indirect customers, and other competitive factors. Significant judgment and estimation are required in developing the foregoing and other relevant assumptions. The most significant sales deductions are further described below. Product Returns Consistent with industry practice, the Company maintains a return policy that generally allows its customers to return Stendra® and receive credit for product within six months prior to expiration date and up to one year after expiration date. The provision for returns is based upon the Company’s estimates for future Stendra® returns and historical experience. The provision of returns is part of the variable consideration recorded at the time revenue is recognized. As of September 30, 2024, and December 31, 2023, the reserves for product returns were $5.3 million and $4.2 million, respectively, and are included as a component of accrued expenses. During the nine months ended September 30, 2024, and 2023, the Company recorded $1.2 million and $1.3 million, respectively, of returns as a reduction of gross revenue. During the three months ended September 30, 2024, and 2023, the Company recorded $0.4 million and $0.5 million, respectively, 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 the Company’s DSAs, as described below. Indirect rebates are rebates paid to indirect customers that have purchased the Company’s products from a wholesaler under a contract with us. The Company has entered into DSAs with certain 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 the Company’s pharmaceutical products held at their warehouse locations. See Note 3 Accounts Receivable, net for further discussion of these reserves. Medical Device Sales The Company’s medical device sales consist of domestic and international sales of men’s health products for the treatment of ED. The men’s health products do not require a prescription and include vacuum erection devices, PreBoost, VenoSeal, penile injections (Rx), and urinary tract infection tests. Under Topic 606, the Company recognizes revenue from medical device sales when its performance obligations with its customers have been satisfied. In the contracts with its customers, the Company has identified a single performance obligation to provide medical devices upon receipt of a customer order. The performance obligation is satisfied at a point in time when the Company’s customers obtain control of the medical device, which is typically upon shipment. The Company invoices its customers after the medical devices have been shipped and invoice payments are generally due within 30 days of invoice date for domestic customers and 90 days for international customers. In determining the transaction price, a significant financing component Product Returns Consistent with industry practice, the Company maintains a return policy that generally allows its customers to return medical devices and receive credit for products within 90 days of the sale. The provision for returns is based upon the Company’s estimates for future product returns and historical experience. The Company has not made significant changes to the judgments made in applying Topic 606. As of September 30, 2024, and December 31, 2023, the reserves for product returns for medical devices were not significant. Contract Costs In relation to customer contracts, the Company incurs costs to fulfill a contract but does not incur costs to obtain a contract. These costs to fulfill a contract do not meet the criteria for capitalization and are expensed as incurred. As such, the Company did not have any contract assets at September 30, 2024, and December 31, 2023. 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 September 30, 2024, and December 31, 2023, deferred revenue was $0.1 million and $0.1 million, respectively.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market. Level 3 – Unobservable inputs which are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. Financial instruments recognized at historical amounts in the consolidated balance sheets consist of cash, accounts receivable, other current assets, accounts payable, accrued expenses, and other current liabilities. The Company believes that the carrying values of cash, accounts receivable, other current assets, accounts payable, accrued expenses, note payable, and other current liabilities approximate their fair values due to the short-term nature of these instruments. In connection with the Private Placement (as defined herein), the Company incurred liabilities related to derivatives arising from embedded features that were not clearly and closely related to the host instruments. The Company estimated the fair value of derivative liability utilizing Monte Carlo Simulation approach. These fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value hierarchy. See Notes 16 and 17.
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 that 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. The Company’s prepared projections including the undiscounted cash flows of the remaining estimated useful lives through December 2031 for the medical device products. Management continued to analyze the Company’s intangible assets during 2024. Management noted that the Company’s financial results were consistent with previous projections. Based on its analysis, Management concluded that there were no triggering events noted that would indicate a potential impairment for long-lived assets for any of the two asset groups, Metuchen Pharmaceuticals and TIMM/PTV.
Derivative Financial Instruments	Derivative Financial Instruments The Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives per ASC 815, Derivatives and Hedging
Preferred Stock	Preferred Stock The Company records shares of convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The Company concluded that the Series A Preferred Stock is more akin to a debt-type instrument than an equity-type instrument, therefore certain conversion features associated with the convertible preferred stock were deemed to not be clearly and closely related to the host instrument and were bifurcated as a derivative under ASC 815. The Company has applied the guidance in ASC 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance will be effective for the annual periods beginning the year ended December 31, 2024, and for interim periods beginning January 1, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating segment disclosures related to its annual report for fiscal year 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating income tax disclosures related to its annual report for fiscal year 2025. In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements and related disclosures.

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	9 Months Ended
	Sep. 30, 2024
Accounts Receivable, net
Schedule of accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 Gross accounts receivables ​ $ 2,299,300 ​ $ 2,887,317 Distribution service fees ​ (114,073) ​ ​ (398,968) Chargebacks accrual ​ (2,946) ​ ​ (2,462) Cash discount allowances ​ (26,066) ​ ​ (24,639) Allowance for credit losses ​ (207,602) ​ ​ (235,097) Total accounts receivable, net ​ $ 1,948,613 ​ $ 2,226,151

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Raw Materials ​ $ 1,257,152 ​ $ 1,430,139 Finished goods ​ 148,499 ​ ​ 180,252 Total inventory ​ $ 1,405,651 ​ $ 1,610,391

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Prepaid insurance ​ $ 94,030 ​ $ 45,664 Prepaid FDA fees ​ — ​ 937,652 Prepaid R&D expenses ​ 208,900 ​ ​ 115,755 API purchase commitment asset (see Note 13) ​ 1,417,348 ​ ​ 704,729 Other prepaid expenses ​ 101,281 ​ ​ 118,704 Other current assets ​ 4,760 ​ ​ 111,476 Total prepaid expenses and other current assets ​ $ 1,826,319 ​ $ 2,033,980 ​

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Intangible Assets
Schedule of intangible assets	​ ​ ​ ​ ​ Balance at December 31, 2022 $ 12,244,484 Amortization expense ​ (3,272,747) Balance at December 31, 2023 ​ 8,971,737 Amortization expense ​ ​ (2,145,850) Balance at September 30, 2024 ​ $ 6,825,887
Schedule of future annual amortization related to the company's intangible assets	The future annual amortization related to the Company’s intangible assets is as follows as of September 30, 2024: ​ ​ ​ ​ ​ 2024 (remaining 3 months) $ 654,774 2025 ​ 1,754,329 2026 ​ 1,442,186 2027 ​ 1,212,871 2028 ​ ​ 996,636 Thereafter ​ 765,091 Total ​ $ 6,825,887

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Accrued product returns ​ $ 5,299,261 ​ $ 4,178,176 Accrued contract rebates ​ 96,465 ​ ​ 128,562 Due to 3PL/Wholesalers ​ 62,284 ​ ​ 75,727 Accrued bonuses ​ ​ 501,988 ​ ​ 665,184 Accrued professional fees ​ — ​ ​ 15,000 Accrued R&D fees ​ ​ 354,908 ​ ​ 100,668 Other accrued expenses ​ 224,465 ​ ​ 196,760 Total accrued expenses ​ $ 6,539,371 ​ $ 5,360,077 ​

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt
Schedule of future principal payments of the promissory note	​ ​ ​ ​ ​ 2024 (remaining 3 months) $ 391,271 2025 ​ ​ 2,720,940 2026 ​ ​ 3,264,351 2027 ​ ​ 872,073 Total ​ $ 7,248,635 Less: current portion ​ ​ (2,326,050) Promissory note, net of current portion ​ $ 4,922,585 ​

Stock Options (Tables)

Stock Options (Tables)	9 Months Ended
	Sep. 30, 2024
Stock Options.
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, 2023 509,133 ​ $ 4.75 ​ 9.46 ​ $ 66 Options granted — ​ ​ — ​ — ​ ​ — Less: options forfeited — ​ ​ — ​ — ​ ​ — Less: options expired/cancelled — ​ ​ — ​ — ​ ​ — Less: options exercised ​ — ​ ​ — ​ — ​ ​ — Options outstanding at September 30, 2024 509,133 ​ $ 4.75 ​ 8.71 ​ $ — Options exercisable at September 30, 2024 454,600 ​ $ 5.15 ​ 8.65 ​ $ —

Common Stock Warrants (Tables)

Common Stock Warrants (Tables)	9 Months Ended
	Sep. 30, 2024
Common Stock Warrants
Summary of warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate ​ ​ ​ ​ ​ ​ ​ ​ ​ Intrinsic ​ ​ ​ ​ Weighted-Average ​ Remaining ​ Value ($ in ​ ​ Number of Warrants Exercise Price Contractual Term thousands) Warrants outstanding - December 31, 2023 8,203,839 ​ $ 14.93 ​ 4.3 ​ $ — Warrants issued — ​ ​ — ​ — ​ ​ — Warrants exercised — ​ ​ — ​ — ​ ​ — Warrants expired (15,097) ​ ​ 252.53 ​ — ​ ​ — Warrants outstanding and exercisable- September 30, 2024 8,188,742 ​ $ 14.49 ​ 3.5 ​ $ — ​

Dilutive convertible securiti_2

Dilutive convertible securities (Tables)	9 Months Ended
	Sep. 30, 2024
Dilutive convertible securities
Summary of potentially dilutive securities convertible into common shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2024 2023 2024 2023 Stock Options 509,133 210,067 ​ 509,133 ​ 210,067 Series A Convertible Preferred stock ​ 560,171 ​ 6,762,090 ​ 560,171 ​ 6,762,090 Warrants 8,188,742 ​ 8,204,117 ​ 8,188,742 ​ 8,204,117 Total 9,258,046 ​ 15,176,274 ​ 9,258,046 ​ 15,176,274 ​

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Information
Schedule of results of operations by reportable segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Nine Months Ended September 30, 2024 Medications Devices Corporate Consolidated Net sales ​ $ 2,086,180 ​ $ 2,300,460 ​ $ — ​ $ 4,386,640 Cost of goods sold ​ 194,035 ​ ​ 753,911 ​ ​ — ​ ​ 947,946 Selling, general and administrative expenses ​ 1,774,594 ​ ​ 1,673,122 ​ ​ 3,851,675 ​ ​ 7,299,391 Research and development expenses ​ 2,513,105 ​ ​ — ​ ​ — ​ ​ 2,513,105 Depreciation and amortization expense ​ 1,522,207 ​ ​ 652,919 ​ ​ — ​ ​ 2,175,126 Change in fair value of derivative liability ​ ​ — ​ ​ — ​ ​ (3,550,000) ​ ​ (3,550,000) Interest income ​ ​ — ​ ​ — ​ ​ (347,028) ​ ​ (347,028) Interest expense ​ — ​ ​ — ​ ​ 393,450 ​ ​ 393,450 Net loss ​ $ (3,917,761) ​ $ (779,492) ​ $ (348,097) ​ $ (5,045,350) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Nine Months Ended September 30, 2023 Medications Devices Corporate Consolidated Net sales ​ $ 3,416,444 ​ $ 2,770,194 ​ $ — ​ $ 6,186,638 Cost of goods sold ​ 343,109 ​ ​ 1,129,964 ​ ​ — ​ ​ 1,473,073 Selling, general and administrative expenses ​ 1,006,666 ​ ​ 1,398,890 ​ ​ 3,976,610 ​ ​ 6,382,166 Warrant issuance costs ​ ​ — ​ ​ — ​ ​ 2,855,000 ​ ​ 2,855,000 Research and development expenses ​ 1,499,842 ​ ​ 74,918 ​ ​ — ​ ​ 1,574,760 Depreciation and amortization expense ​ ​ 1,726,409 ​ ​ 753,976 ​ ​ — ​ ​ 2,480,385 Change in fair value of derivative liability ​ — ​ ​ — ​ ​ 430,000 ​ ​ 430,000 Change in fair value of warrant liability ​ ​ — ​ ​ — ​ ​ (11,739,000) ​ ​ (11,739,000) Interest income ​ ​ — ​ ​ — ​ ​ (287,722) ​ ​ (287,722) Interest expense ​ — ​ ​ — ​ ​ 410,317 ​ ​ 410,317 Loss on issuance of Series A Preferred Stock ​ ​ — ​ ​ — ​ ​ 11,088,997 ​ ​ 11,088,997 Net loss ​ $ (1,159,582) ​ $ (587,554) ​ $ (6,734,202) ​ $ (8,481,338) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Three Months Ended September 30, 2024 ​ Medications ​ Devices ​ Corporate ​ Consolidated Net sales ​ $ 858,063 ​ $ 718,303 ​ $ — ​ $ 1,576,366 Cost of goods sold ​ 48,707 ​ ​ 238,298 ​ ​ — ​ ​ 287,005 Selling, general and administrative expenses ​ 471,669 ​ ​ 600,565 ​ ​ 1,229,071 ​ ​ 2,301,305 Research and development expenses ​ 588,355 ​ ​ — ​ ​ — ​ ​ 588,355 Depreciation and amortization expense ​ 521,597 ​ ​ 217,852 ​ ​ — ​ ​ 739,449 Change in fair value of derivative liability ​ — ​ ​ — ​ ​ (202,000) ​ ​ (202,000) Interest income ​ — ​ ​ — ​ ​ (75,817) ​ ​ (75,817) Interest expense ​ — ​ ​ — ​ ​ 158,730 ​ ​ 158,730 Net loss ​ $ (772,265) ​ $ (338,412) ​ $ (1,109,984) ​ $ (2,220,661) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ ​ For the Three Months Ended September 30, 2023 ​ Medications ​ Devices ​ Corporate ​ Consolidated Net sales ​ $ 925,759 ​ $ 748,898 ​ $ — ​ $ 1,674,657 Cost of goods sold ​ 85,388 ​ ​ 323,087 ​ ​ — ​ ​ 408,475 Selling, general and administrative expenses ​ 251,674 ​ ​ 493,447 ​ ​ 1,256,814 ​ ​ 2,001,935 Warrant issuance costs ​ ​ — ​ ​ — ​ ​ 2,855,000 ​ ​ 2,855,000 Research and development expenses ​ 369,505 ​ ​ 19,588 ​ ​ — ​ ​ 389,093 Depreciation and amortization expense ​ 575,470 ​ ​ 251,325 ​ ​ — ​ ​ 826,795 Change in fair value of derivative liability ​ ​ — ​ ​ — ​ ​ 430,000 ​ ​ 430,000 Change in fair value of warrant liability ​ ​ — ​ ​ — ​ ​ (11,739,000) ​ ​ (11,739,000) Interest income ​ — ​ ​ — ​ ​ (168,481) ​ ​ (168,481) Interest expense ​ — ​ ​ — ​ ​ 131,351 ​ ​ 131,351 Loss on issuance of Series A Preferred Stock ​ ​ — ​ ​ — ​ ​ 11,088,997 ​ ​ 11,088,997 Net loss ​ $ (356,278) ​ $ (338,549) ​ $ (3,854,681) ​ $ (4,549,508)
Schedule of net sales by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, Net sales 2024 2023 2024 2023 United States ​ $ 1,397,969 ​ $ 1,496,988 ​ $ 3,682,248 ​ $ 5,253,587 International ​ ​ 178,397 ​ ​ 177,669 ​ ​ 704,392 ​ ​ 933,051 ​ ​ $ 1,576,366 ​ $ 1,674,657 ​ $ 4,386,640 ​ $ 6,186,638
Schedule of assets by reportable segment and reconciliation of segment assets to consolidated assets	The Company’s assets by reportable segment and reconciliation of segment assets to consolidated assets as of September 30, 2024, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription Medical ​ ​ ​ Medications Devices Consolidated Intangible assets, net ​ $ 3,410,499 ​ $ 3,415,388 ​ $ 6,825,887 Total segment assets ​ $ 15,640,046 ​ $ 5,053,584 ​ $ 20,693,630 ​ The Company’s assets by reportable segment and reconciliation of segment assets to consolidated assets as of December 31, 2023, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prescription ​ Medical ​ ​ ​ ​ Medications Devices Consolidated Intangible assets, net ​ $ 4,903,749 ​ $ 4,067,988 ​ $ 8,971,737 Total segment assets ​ $ 27,891,180 ​ $ 5,904,615 ​ $ 33,795,795 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Measurements
Schedule of fair value of financial liabilities on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, Description ​ Level ​ 2024 Liabilities: ​ Bifurcated embedded derivative liability 3 ​ $ —
Summary of the change in the fair value of financial liabilities	​ ​ ​ ​ ​ Balance on December 31, 2023 $ 3,550,000 Change in fair value of bifurcated embedded derivative ​ (3,550,000) Balance on September 30, 2024 ​ $ — ​

Restatement of Previously Iss_2

Restatement of Previously Issued Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2024
Restatement of Previously Issued Financial Statements
Schedule of effect of the restatement on each financial statement line item	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED September 30, ​ ​ September 30, STATEMENTS OF OPERATIONS ​ 2023 ​ ​ ​ ​ 2023 ​ As Reported Adjustment As Restated Accretion of Series A convertible preferred stock to redemption value ​ $ — ​ $ (1,153,846) ​ $ (1,153,846) Net loss attributable to common stockholders ​ (4,888,740) ​ (1,153,846) ​ (6,042,586) Net loss per share, basic and diluted ​ $ (2.31) ​ $ (0.54) ​ $ (2.85) ​ For the nine months ended, September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED September 30, ​ ​ September 30, STATEMENTS OF OPERATIONS ​ 2023 ​ ​ ​ ​ 2023 ​ As Reported Adjustment As Restated Accretion of Series A convertible preferred stock to redemption value ​ $ — ​ $ (1,153,846) ​ $ (1,153,846) Net loss attributable to common stockholders ​ (8,820,570) ​ (1,153,846) ​ (9,974,416) Net loss per share, basic and diluted ​ $ (4.18) ​ $ (0.55) ​ $ (4.73) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED September 30, ​ ​ September 30, STATEMENTS OF CASH FLOWS ​ 2023 ​ ​ ​ ​ 2023 ​ As Reported Adjustment As Restated Supplemental disclosure of cash flows information ​ ​ ​ Accretion of Series A convertible preferred stock to redemption value ​ $ 1,250,000 ​ $ (96,154) ​ $ 1,153,846 ​

Nature of Operations, Basis o_2

Nature of Operations, Basis of Presentation, Liquidity and Going Concern (Details)		1 Months Ended	9 Months Ended
	May 15, 2024 D	Jul. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2022 USD ($)
Nature of Operations, Basis of Presentation, Liquidity and Going Concern
Cash			$ 3,900,000
Working capital			1,800,000
Accumulated deficit			103,934,931		$ 98,889,581
Principal amount of notes payable			10,201,758
Interest Amount			$ 7,200,000
Proceeds from Private Placement, net of transactions costs		$ 15,000,000		$ 15,000,003
Consecutive business days for maintaining bid price requirement | D	30
Vivus, Inc | Settlement Agreement
Nature of Operations, Basis of Presentation, Liquidity and Going Concern
Principal amount of notes payable						$ 10,201,758

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Summary of Significant Accounting Policies
Number of operating segments | segment			2
Contract with Customer, Refund Liability, Current	$ 5.3		$ 5.3		$ 4.2
Amount Of Returns As Reduction Of Gross Revenue	0.4	$ 0.5	$ 1.2	$ 1.3
Revenue, Practical Expedient, Financing Component [true false]			true
Deferred revenue	0.1		$ 0.1		0.1
Prescription Medications
Summary of Significant Accounting Policies
Contract With Customer, Sales Deduction	$ 5.5		$ 5.5		$ 4.7
Medical Devices
Summary of Significant Accounting Policies
Contract With Customer, 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
Contract With Customer, 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
Contract With Customer, 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

Accounts Receivable, net (Detai

Accounts Receivable, net (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Accounts Receivable, net
Gross accounts receivables	$ 2,299,300	$ 2,887,317
Distribution service fees	(114,073)	(398,968)
Chargebacks accrual	(2,946)	(2,462)
Cash discount allowances	(26,066)	(24,639)
Allowance for credit losses	(207,602)	(235,097)
Total accounts receivable, net	$ 1,948,613	$ 2,226,151

Accounts Receivable, net - Addi

Accounts Receivable, net - Additional information (Details) - customer	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Accounts Receivable, net
Number of customers	3	3	3	3
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | One customers
Accounts Receivable, net
Concentration risk percentage	30%	24%	28%	23%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Two customers
Accounts Receivable, net
Concentration risk percentage	25%	21%	25%	19%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Three customers
Accounts Receivable, net
Concentration risk percentage	14%	18%	14%	17%
Accounts Receivable | Credit Concentration Risk
Accounts Receivable, net
Number of customers			3		3
Accounts Receivable | Credit Concentration Risk | One customers
Accounts Receivable, net
Concentration risk percentage			53%		36%
Accounts Receivable | Credit Concentration Risk | Two customers
Accounts Receivable, net
Concentration risk percentage			25%		24%
Accounts Receivable | Credit Concentration Risk | Three customers
Accounts Receivable, net
Concentration risk percentage			22%		16%
Net sales | Stendra | One customers
Accounts Receivable, net
Concentration risk percentage	94%		95%

Inventories (Details)

Inventories (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Inventories
Raw Materials	$ 1,257,152	$ 1,430,139
Finished goods	148,499	180,252
Total inventory	$ 1,405,651	$ 1,610,391

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Inventories
Finished goods are net of valuation reserves	$ 260,356	$ 295,411

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expenses and Other Current Assets
Prepaid insurance	$ 94,030	$ 45,664
Prepaid FDA fees		937,652
Prepaid R&D expenses	208,900	115,755
API purchase commitment asset (see Note 13)	1,417,348	704,729
Other prepaid expenses	101,281	118,704
Other current assets	4,760	111,476
Total prepaid expenses and other current assets	$ 1,826,319	$ 2,033,980

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Intangible Assets
Balance			$ 8,971,737	$ 12,244,484	$ 12,244,484
Amortization expense	$ (700,000)	$ (800,000)	(2,145,850)	$ (2,500,000)	(3,272,747)
Balance	$ 6,825,887		$ 6,825,887		$ 8,971,737

Intangible Assets - Future annu

Intangible Assets - Future annual amortization (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets
2024 (remaining 3 months)	$ 654,774
2025	1,754,329
2026	1,442,186
2027	1,212,871
2028	996,636
Thereafter	765,091
Total	$ 6,825,887	$ 8,971,737	$ 12,244,484

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets
Carrying value of intangible assets	$ 6,825,887		$ 6,825,887		$ 8,971,737	$ 12,244,484
Amortization expense	$ 700,000	$ 800,000	$ 2,145,850	$ 2,500,000	3,272,747
Stendra product
Intangible Assets
Estimated useful lives of intangible assets	10 years		10 years
Carrying value of intangible assets	$ 3,400,000		$ 3,400,000		4,900,000
Timm Medical product
Intangible Assets
Estimated useful lives of intangible assets	12 years		12 years
Carrying value of intangible assets	$ 2,700,000		$ 2,700,000		3,200,000
PTV product
Intangible Assets
Estimated useful lives of intangible assets	12 years		12 years
Carrying value of intangible assets	$ 700,000		$ 700,000		$ 900,000

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Accrued Expenses
Accrued product returns	$ 5,299,261	$ 4,178,176
Accrued contract rebates	96,465	128,562
Due to 3PL/Wholesalers	62,284	75,727
Accrued bonuses	501,988	665,184
Accrued professional fees		15,000
Accrued R&D fees	354,908	100,668
Other accrued expenses	224,465	196,760
Total accrued expenses	$ 6,539,371	$ 5,360,077

Debt - Promissory Note (Details

Debt - Promissory Note (Details) - USD ($)		9 Months Ended
	Oct. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument
Principal amount of notes payable		$ 10,201,758
Subsequent Event [Member]
Debt Instrument
Additional interest expense accrued	$ 50,000
Notes payable
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%
Repayments of notes payable		$ 1,000,000	$ 1,500,000
Principal balance		$ 7,200,000		$ 8,000,000
Notes payable | Subsequent Event [Member]
Debt Instrument
Interest rate at the time of default (in percent)	9%
Payment due pursuant to the note and security agreement	$ 500,000
Additional interest expense accrued	$ 50,000

Debt - Future minimum principal

Debt - Future minimum principal payments (Details) - Promissory note	Sep. 30, 2024 USD ($)
Debt Instrument
2024 (remaining 3 months)	$ 391,271
2025	2,720,940
2026	3,264,351
2027	872,073
Total	7,248,635
Less: current portion	(2,326,050)
Promissory note, net of current portion	$ 4,922,585

Stockholders' Equity - Number o

Stockholders' Equity - Number of shares held (Details)						1 Months Ended
	Aug. 13, 2024 shares	Jun. 21, 2024 shares	Feb. 29, 2024 shares	Jan. 05, 2024 USD ($) shares	Dec. 21, 2023 USD ($) installment	Dec. 31, 2023 shares
Stockholders' Equity
Common Stock issued for services (in shares)						348,711
CorProminence, LLC
Stockholders' Equity
Issuance of common stock | $					$ 200,000
Number of installments | installment					2
Common Stock issued for services (in shares)		245,158	70,922
Maxim Group LLC
Stockholders' Equity
Common Stock issued for services (in shares)	136,986			6,906
Restricted common stock per month | $				$ 10,000

Stock Options - Summary of stoc

Stock Options - Summary of stock options (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Shares
Options outstanding at the beginning	509,133
Options outstanding at the end	509,133	509,133
Options exercisable at the end	454,600
Weighted-Average Fair Value at Grant Date
Options outstanding at the beginning (in dollars per share)	$ 4.75
Options outstanding at the end (in dollars per share)	4.75	$ 4.75
Options exercisable at the end (in dollars per share)	$ 5.15
Weighted-Average Remaining Contractual Term (Years) and Aggregate Intrinsic Value
Options outstanding at the beginning (in years)	8 years 8 months 15 days	9 years 5 months 15 days
Options outstanding and exercisable at the beginning (in dollars)		$ 66
Options outstanding at the ending (in years)	8 years 8 months 15 days	9 years 5 months 15 days
Options exercisable at the end (in years)	8 years 7 months 24 days
Options outstanding at the end (in dollars)		$ 66

Stock Options - Additional Info

Stock Options - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock Options.
Stock-based compensation expense	$ 0	$ 30,840	$ 197,215	$ 204,492
Unrecognized stock-based compensation expense	$ 0		$ 0

Common Stock Warrants - Summary

Common Stock Warrants - Summary of warrants (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Warrants
Warrants outstanding at the beginning	8,203,839
Warrants expired	(15,097)
Warrants outstanding and exercisable at the end	8,188,742	8,203,839
Weighted Average Exercise Price
Weighted-Average Exercise Price at the beginning (in dollars per share)	$ 14.93
Warrants expired (in dollars per share)	252.53
Weighted-Average Exercise Price at the ending (in dollars per share)	$ 14.49	$ 14.93
Remaining Contractual Term
Warrants outstanding (in years)	3 years 6 months	4 years 3 months 18 days

Dilutive convertible securiti_3

Dilutive convertible securities - Potentially dilutive securities convertible into common shares that were excluded from the calculation of diluted net income (loss) per share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic and Diluted Net Loss per Common Share
Total	9,258,046	15,176,274	9,258,046	15,176,274
Stock Options
Basic and Diluted Net Loss per Common Share
Total	509,133	210,067	509,133	210,067
Series A Convertible Preferred stock
Basic and Diluted Net Loss per Common Share
Total	560,171	6,762,090	560,171	6,762,090
Warrants
Basic and Diluted Net Loss per Common Share
Total	8,188,742	8,204,117	8,188,742	8,204,117

Marketing, Licensing and Dist_2

Marketing, Licensing and Distribution Agreements - Vivus (Details)			3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 18, 2022 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2022 USD ($)
Marketing, Licensing and Distribution Agreements
Principal amount of notes payable			$ 10,201,758		$ 10,201,758
Noncash decrease in API purchase commitment						$ 694,314
API purchase commitment asset			1,417,348		1,417,348			$ 704,729
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		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		$ 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			42,903	$ 46,288	$ 104,309	$ 170,822
Royalty receivable								56,503
License Agreement | MTPC | Accrued liabilities
Marketing, Licensing and Distribution Agreements
Royalty payable			42,903		$ 42,903
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
Principal amount of notes payable									$ 10,201,758
Payment made for purchase order	$ 1,542,904
Percentage of stendra tablets released	100
Noncash decrease in accrued expenses related to Vivus settlement	$ 6,500,000
Noncash decrease in accrued inventory purchases related to Vivus Settlement	14,200,000
Noncash decrease in API purchase commitment	6,200,000
Gain on settlement with Vivus							$ 3,400,000
Settlement Agreement | Vivus, Inc | Other Current Assets
Marketing, Licensing and Distribution Agreements
API purchase commitment asset			1,400,000		$ 1,400,000			700,000
Settlement Agreement | Vivus, Inc | Other Noncurrent Assets
Marketing, Licensing and Distribution Agreements
Accrued inventory purchases, other assets			$ 3,000,000		$ 3,000,000			$ 4,200,000
Settlement Agreement | Vivus, Inc | Promissory Note
Marketing, Licensing and Distribution Agreements
Prepayment amount	900,000
Principal amount of notes payable	$ 10,201,758

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies
Percentage Of Project work completed	91%
Contract Research Organization (CRO)
Commitments and Contingencies
Amount paid for Research contract	$ 1.8

Segment Information (Details)

Segment Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Statements
Number of operating segments | segment			2
Results of operations by reportable segment
Net sales	$ 1,576,366	$ 1,674,657	$ 4,386,640	$ 6,186,638
Cost of goods sold	287,005	408,475	947,946	1,473,073
Selling, general and administrative expenses	2,301,305	2,001,935	7,299,391	6,382,166
Warrant issuance costs		2,855,000		2,855,000
Research and development expenses	588,355	389,093	2,513,105	1,574,760
Depreciation and amortization expense	739,449	826,795	2,175,126	2,480,385
Change in fair value of derivative liability	(202,000)	430,000	(3,550,000)	430,000
Gain from change in fair value of the warrant liability		(11,739,000)		(11,739,000)
Interest income	(75,817)	(168,481)	(347,028)	(287,722)
Interest expense	158,730	131,351	393,450	410,317
Loss on issuance of Series A Preferred Stock		11,088,997		11,088,997
Net loss	(2,220,661)	(4,549,508)	(5,045,350)	(8,481,338)
Corporate
Results of operations by reportable segment
Selling, general and administrative expenses	1,229,071	1,256,814	3,851,675	3,976,610
Warrant issuance costs		2,855,000		2,855,000
Change in fair value of derivative liability	(202,000)	430,000	(3,550,000)	430,000
Gain from change in fair value of the warrant liability		(11,739,000)		(11,739,000)
Interest income	(75,817)	(168,481)	(347,028)	(287,722)
Interest expense	158,730	131,351	393,450	410,317
Loss on issuance of Series A Preferred Stock		11,088,997		11,088,997
Net loss	(1,109,984)	(3,854,681)	(348,097)	(6,734,202)
Prescription Medications | Operating segments
Results of operations by reportable segment
Net sales	858,063	925,759	2,086,180	3,416,444
Cost of goods sold	48,707	85,388	194,035	343,109
Selling, general and administrative expenses	471,669	251,674	1,774,594	1,006,666
Research and development expenses	588,355	369,505	2,513,105	1,499,842
Depreciation and amortization expense	521,597	575,470	1,522,207	1,726,409
Net loss	(772,265)	(356,278)	(3,917,761)	(1,159,582)
Medical Devices | Operating segments
Results of operations by reportable segment
Net sales	718,303	748,898	2,300,460	2,770,194
Cost of goods sold	238,298	323,087	753,911	1,129,964
Selling, general and administrative expenses	600,565	493,447	1,673,122	1,398,890
Research and development expenses		19,588		74,918
Depreciation and amortization expense	217,852	251,325	652,919	753,976
Net loss	$ (338,412)	$ (338,549)	$ (779,492)	$ (587,554)

Segment Information - Net Sales

Segment Information - Net Sales by Geographic region (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statements
Net sales	$ 1,576,366	$ 1,674,657	$ 4,386,640	$ 6,186,638
United States
Statements
Net sales	1,397,969	1,496,988	3,682,248	5,253,587
International
Statements
Net sales	$ 178,397	$ 177,669	$ 704,392	$ 933,051

Segment Information - Segment a

Segment Information - Segment assets (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Statements
Intangible assets, net	$ 6,825,887	$ 8,971,737
Total segment assets	20,693,630	33,795,795
Prescription Medications
Statements
Intangible assets, net	3,410,499	4,903,749
Total segment assets	15,640,046	27,891,180
Medical Devices
Statements
Intangible assets, net	3,415,388	4,067,988
Total segment assets	$ 5,053,584	$ 5,904,615

Private Placement (Details)

Private Placement (Details)		1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 13, 2023 USD ($) installment $ / shares shares	Dec. 31, 2023 $ / shares shares	Sep. 30, 2024 USD ($) Y $ / shares shares	Sep. 30, 2024 USD ($) Y $ / shares shares	Nov. 13, 2024 USD ($)	Oct. 13, 2024 USD ($)	Oct. 11, 2024 $ / shares
Private Placement
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001	$ 0.0001
Exercise price of warrants | $ / shares	$ 2.25	$ 14.93	$ 14.49	$ 14.49
Common Stock issued for services (in shares) | shares		348,711
Aggregate common shares in percent		5%
Embedded Derivative Liability, Measurement Input			0.125	0.125
Preferred dividends at the stated dividend rate			$ 236,821	$ 991,783
Dividends, Preferred Stock			453,359	1,265,662
Reversal dividends payable of temporary equity at stated value			216,538	273,879
Subsequent Events
Private Placement
Cash and cash equivalents					$ 1,500,000	$ 1,500,000
Embedded derivative instrument
Private Placement
Fair value of the bifurcated embedded derivative			0	0
Derivative, Gain on Derivative			$ 202,000	$ 3,550,000
Fair value of our common stock
Private Placement
Embedded Derivative Liability, Measurement Input			0.0036	0.0036
Equity volatility | Embedded derivative instrument
Private Placement
Embedded Derivative Liability, Measurement Input			0.600	0.600
Traded volume volatility
Private Placement
Embedded Derivative Liability, Measurement Input			2.300	2.300
Expected term
Private Placement
Embedded Derivative Liability, Measurement Input | Y			0.17	0.17
Risk-free interest rate
Private Placement
Embedded Derivative Liability, Measurement Input			0.0483	0.0483
Dividend yield
Private Placement
Embedded Derivative Liability, Measurement Input			0.080	0.080
Penalty dividend rate
Private Placement
Embedded Derivative Liability, Measurement Input			0.150	0.150
Probability of default
Private Placement
Embedded Derivative Liability, Measurement Input			0.040	0.040
Series A Preferred Stock
Private Placement
Number of equal monthly installments for redemption of preferred stock | installment	13
Minimum trading days after the date that initial registration statement for considering first trading day of the calendar month	25 days
Percentage of redemptions payable in cash on installment redemption amount	107%
Percentage of the average of three lowest closing prices of common stock during the thirty trading day period immediately prior to amortization payment is due	80%
Number of trading days immediately prior to amortization payment is due considered for calculating conversion price	30 days
Conversion price for valuation of common stock | $ / shares	$ 0.396
Percentage of minimum price	20%
Common stock closing price per share limit for conversion of stock for 20 consecutive trading days | $ / shares	$ 6.75
Number of trading day considered for calculation of closing price limit of common stock for conversion	20 days
Daily dollar trading volume of common stock limit for conversion of stock	$ 2,000,000
Dividend rate	8%
Preferred stock, dividend accrued rate per annum	15%
Cash payable to investors			$ 1,144,582	$ 1,144,582
Stated value of the Series A Preferred Shares			965,006	965,006
Accrued dividends payable			$ 104,693	104,693
Cash premium				$ 74,883
Number of stock redeemed | shares			3,000	8,983
Amount of stock redeemed for cash			$ 2,389,478	$ 5,089,417
Percentage of deferred premium installment				125%
Amount of penalty premiums			$ 598,336	$ 598,336
Number of common stock issued upon conversion | shares			580,348	6,563,523
Value of common stock issued for conversion			$ 232,143	$ 6,586,033
Series A Preferred Stock | Subsequent Events
Private Placement
Initial conversion price | $ / shares							$ 2.25
Purchase Agreement | Private Placement
Private Placement
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001
Purchase Agreement | Series A Preferred Stock
Private Placement
Initial conversion price | $ / shares	$ 2.25		$ 2.25	$ 2.25
Purchase Agreement | Series A Preferred Stock | Private Placement
Private Placement
Aggregate shares agreed to sell | shares	15,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001
Preferred stock, stated value | $ / shares	$ 1,000
Maximum shares issuable upon conversion | shares	6,666,668
Warrants to purchase shares of common stock | shares	6,666,668
Exercise price of warrants | $ / shares	$ 2.25

Fair Value Measurements (Detail

Fair Value Measurements (Details)	Sep. 30, 2024 USD ($)
Level 3 | Bifurcated embedded derivative liability
Fair Value Measurements
Total liabilities	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Change in the fair value of financial liabilities (Details) - Bifurcated embedded derivative liability	9 Months Ended
	Sep. 30, 2024 USD ($)
Change in the fair value of financial liabilities
Beginning Balance	$ 3,550,000
Change in fair value of bifurcated embedded derivative	(3,550,000)
Ending Balance	$ 0

Restatement of Previously Iss_3

Restatement of Previously Issued Financial Statements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Accretion of Series A convertible preferred stock to redemption value		$ (1,153,846)		$ (1,153,846)
Net loss attributable to common stockholders	$ (5,246,715)	$ (6,042,586)	$ (16,008,578)	$ (9,974,416)
Basic (in dollars per share)	$ (0.53)	$ (2.85)	$ (2.18)	$ (4.73)
Diluted (in dollars per share)	$ (0.53)	$ (2.85)	$ (2.18)	$ (4.73)
Supplemental disclosure of cash flows information
Accretion of Series A Convertible Preferred Stock To Redemption Value			$ 9,099,230	$ 1,153,846
As reported
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net loss attributable to common stockholders		$ (4,888,740)		$ (8,820,570)
Basic (in dollars per share)		$ (2.31)		$ (4.18)
Diluted (in dollars per share)		$ (2.31)		$ (4.18)
Supplemental disclosure of cash flows information
Accretion of Series A Convertible Preferred Stock To Redemption Value				$ 1,250,000
Adjustment
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Accretion of Series A convertible preferred stock to redemption value		$ (1,153,846)		(1,153,846)
Net loss attributable to common stockholders		$ (1,153,846)		$ (1,153,846)
Basic (in dollars per share)		$ (0.54)		$ (0.55)
Diluted (in dollars per share)		$ (0.54)		$ (0.55)
Supplemental disclosure of cash flows information
Accretion of Series A Convertible Preferred Stock To Redemption Value				$ (96,154)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)				1 Months Ended	9 Months Ended
	Oct. 16, 2024	Oct. 15, 2024	Oct. 01, 2024	Oct. 31, 2024	Sep. 30, 2024	Nov. 13, 2024	Oct. 13, 2024	Oct. 11, 2024
Notes payable
Subsequent Events
Interest rate at the time of default (in percent)					9%
Subsequent Events
Subsequent Events
Additional interest expense accrued			$ 50,000
Redemption premium percentage of installments				$ 125
Total penalty premium				$ 207,201
Cash and cash equivalents						$ 1,500,000	$ 1,500,000
Subsequent Events | Series A Preferred Stock
Subsequent Events
Initial conversion price								$ 2.25
Subsequent Events | President and Chief Commercial Officer
Subsequent Events
Annual salary	$ 280,000	$ 350,000
Subsequent Events | Notes payable
Subsequent Events
Additional interest expense accrued			50,000
Payment for notes and security agreement			$ 500,000
Interest rate at the time of default (in percent)			9%