{"url_path":"/sec/ptpi/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1815903/0001104659-26-060359-index.html","accession_number":"0001104659-26-060359","cik":"0001815903","ticker":"PTPI","issuer_name":"Petros Pharmaceuticals, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1815903/0001104659-26-060359-index.html","primary_entity_key":"0001815903","primary_entity_name":"Petros Pharmaceuticals, Inc."},"word_count":1339,"has_tables":true,"body_markdown":"Petros Pharmaceuticals, Inc._March 31, 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of Contents](#TOC)\n\n​\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, DC 20549**\n\n​\n\n**FORM ****10-Q**\n\n​\n\n**(Mark One)**\n\n​\n\n☒    **Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n​\n\n**for the quarterly period ended****March 31, 2026**\n\n​\n\n**Or**\n\n​\n\n☐    **Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n​\n\n**for the transition period from****                   ****  to****                  **\n\n​\n\n**Commission File Number:****001-39752**\n\n​\n\n**Petros Pharmaceuticals, Inc.**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Delaware**\n\n  ​ ​\n\n**85-1410058**\n\n(State of Incorporation)\n\n​\n\n(I. R. S. Employer Identification No.)\n\n​\n\n​\n\n​\n\n**1185 Avenue of the Americas****,****3rd Floor****,****New York****,****New York**\n\n​\n\n**10036**\n\n(Address of principal executive offices)\n\n​\n\n(Zip Code)\n\n​\n\n**(****973****)****242-0005**\n\n(Registrant’s telephone number, including area code)\n\n​\n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Title of each class**\n\n  ​ ​ ​\n\n**Trading Symbol(s)**\n\n  ​ ​ ​\n\n**Name of each exchange on which registered**\n\nNone\n\n​\n\nNone\n\n​\n\nNone\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒   No ☐\n\n​\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒    No ☐\n\n​\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\nLarge accelerated filer\n\n☐\n\n​\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\n​\n\nSmaller reporting company\n\n☒\n\n​\n\n​\n\n​\n\nEmerging growth company\n\n☒\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n​\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  ☐    No  ☒\n\n​\n\nAs of May 12, 2026, there were 42,372,260 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n​\n\nCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q may contain or incorporate by reference forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements are based upon management’s assumptions, expectations, projections, intentions and beliefs about future events. Except for historical information, the use of predictive, future-tense or forward-looking words such as “intend,” “plan,” “predict,” “may,” “will,” “project,” “target,” “strategy,” “estimate,” “anticipate,” “believe,” “expect,” “continue,” “potential,” “forecast,” “should” and similar expressions, whether in the negative or affirmative, that reflect our current views with respect to future events and operational, economic and financial performance are intended to identify such forward-looking statements. Such forward-looking statements are only predictions, and actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of risks and uncertainties, including, without limitation, Petros’ ability to execute on its business strategy, including its plans to develop and commercialize a proprietary Rx-to-OTC switch technology; Petros’ ability to comply with obligations as a public reporting company; the ability of Petros to timely and effectively implement controls and procedures required by Section 404 of the Sarbanes-Oxley Act of 2002; risks resulting from Petros’ status as an emerging growth company, including that reduced disclosure requirements may make shares of Petros’ common stock, par value $0.0001 per share (“Common Stock”), less attractive to investors; risks related to Petros’ ability to continue as a going concern; risks related to Petros’ history of incurring significant losses; risks related to Petros’ ability to obtain regulatory approvals for, or market acceptance of, its Rx-to-OTC switch technology. Additional factors that could cause actual results to differ materially from the results anticipated in these forward-looking statements are described in this Quarterly Report on Form 10-Q, in “Risk Factor Summary” and in Part I, Item 1A., “Risk Factors,” in Petros’ [Annual Report on Form 10-K for the year ended December 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1815903/000110465926043822/tmb-20251231x10k.htm), and in our other reports filed with the Securities and Exchange Commission (the “SEC”). We advise you to carefully review the reports and documents we file from time to time with the SEC, particularly our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our current reports on Form 8-K. Petros cautions readers that the forward-looking statements included in, or incorporated by reference into, this Quarterly Report on Form 10-Q represent our beliefs, expectations, estimates and assumptions only as of the date hereof and are not intended to give any assurance as to future results. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, Petros cannot assess the effect of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.\n\nReaders are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. We disclaim any obligation to update the forward-looking statements contained in, or incorporated by reference into, this Quarterly Report on Form 10-Q to reflect any new information or future events or circumstances or otherwise, except as required by the federal securities laws.\n\nOTHER INFORMATION\n\nAll references to “Petros,” the “Company,” “we,” “us” and “our” in this Quarterly Report on Form 10-Q refer to Petros Pharmaceuticals, Inc. and its subsidiaries.\n\n​\n\n[Table of Contents](#TOC)\n\n​\n\nTABLE OF CONTENTS\n\n​\n\n  ​ ​ ​\n\nPage\n\n​\n\n​\n\n​\n\n[PART I—FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_522375)\n\n​\n\n4\n\n​\n\n​\n\n​\n\n[Item 1. Unaudited Financial Statements](#ITEM1FINANCIALSTATEMENTS_747703)\n\n​\n\n4\n\n​\n\n​\n\n​\n\n[Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026, and December 31, 2025](#CONSOLIDATEDBALANCESHEETS_282994)\n\n​\n\n4\n\n​\n\n​\n\n​\n\n[Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026, and 2025](#CONSOLIDATEDSTATEMENTSOFOPERATIONS_22262)\n\n​\n\n5\n\n​\n\n​\n\n​\n\n[Unaudited Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders’ Equity for the three months ended March 31, 2026, and 2025](#CONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHO)\n\n​\n\n6\n\n​\n\n​\n\n​\n\n[Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026, and 2025](#CONSOLIDATEDSTATEMENTSOFCASHFLOWS_347107)\n\n​\n\n7\n\n​\n\n​\n\n​\n\n[Notes to Unaudited Condensed Consolidated Financial Statements](#NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS_7)\n\n​\n\n8\n\n​\n\n​\n\n​\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.](#ITEM2MANAGEMENTSDISCUSSIONANDANALYSISOFF)\n\n​\n\n18\n\n​\n\n​\n\n​\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk.](#ITEM3QUANTITATIVEANDQUALITATIVEDISCLOSUR)\n\n​\n\n27\n\n​\n\n​\n\n​\n\n[Item 4. Controls and Procedures.](#ITEM4CONTROLSANDPROCEDURES_268415)\n\n​\n\n27\n\n​\n\n​\n\n​\n\n[PART II—OTHER INFORMATION](#PARTIIOTHERINFORMATION_691240)\n\n​\n\n28\n\n​\n\n​\n\n​\n\n[Item 1. Legal Proceedings.](#ITEM1LEGALPROCEEDINGS_287145)\n\n​\n\n28\n\n​\n\n​\n\n​\n\n[Item 1A. Risk Factors.](#ITEM1ARISKFACTORS_428491)\n\n​\n\n28\n\n​\n\n​\n\n​\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.](#ITEM2UNREGISTEREDSALESOFEQUITYSECURITIES)\n\n​\n\n28\n\n​\n\n​\n\n​\n\n[Item 3. Defaults Upon Senior Securities.](#ITEM3DEFAULTSUPONSENIORSECURITIES_668607)\n\n​\n\n28\n\n​\n\n​\n\n​\n\n[Item 4. Mine Safety Disclosures.](#ITEM4MINESAFETYDISCLOSURES_985597)\n\n​\n\n28\n\n​\n\n​\n\n​\n\n[Item 5. Other Information.](#ITEM5OTHERINFORMATION_54435)\n\n​\n\n28\n\n​\n\n​\n\n​\n\n[Item 6. Exhibits.](#ITEM6EXHIBITS_398792)\n\n​\n\n29\n\n​\n\n​\n\n​\n\n[Signatures.](#SIGNATURES_191725)\n\n​\n\n30\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n​\n\nPART I—FINANCIAL INFORMATION"}