$PTPI
Petros Pharmaceuticals, Inc.

2022 Q4 Form 10-Q Financial Statement

#000141057822003441 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $798.1K -$1.458M $2.145M
YoY Change -89.78% -167.95% -38.08%
Cost Of Revenue $881.3K $286.5K $319.2K
YoY Change -44.9% -10.22% -67.5%
Gross Profit -$83.23K -$1.744M $1.826M
YoY Change -101.34% -195.52% -26.45%
Gross Profit Margin -10.43% 85.12%
Selling, General & Admin $2.924M $2.171M $3.413M
YoY Change -81.25% -36.4% 9.36%
% of Gross Profit 186.92%
Research & Development $177.8K $735.9K $280.6K
YoY Change -90.06% 162.29% 661.86%
% of Gross Profit 15.37%
Depreciation & Amortization $916.3K $1.561M $1.729M
YoY Change -45.83% -9.72% 4.06%
% of Gross Profit 94.68%
Operating Expenses $4.018M $11.93M $5.423M
YoY Change -83.44% 119.96% 12.52%
Operating Profit -$4.101M -$13.67M -$3.597M
YoY Change -77.28% 280.14% 53.94%
Interest Expense -$130.8K -$147.7K $1.902M
YoY Change -101.44% -107.76%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.232M -$13.82M -$1.695M
YoY Change -52.91% 715.54% -48.75%
Income Tax -$10.50K $10.50K $2.345K
% Of Pretax Income
Net Earnings -$4.221M -$13.83M -$1.697M
YoY Change -53.03% 715.03% -48.58%
Net Earnings / Revenue -528.93% -79.1%
Basic Earnings Per Share -$0.67 -$0.17
Diluted Earnings Per Share -$2.04 -$0.67 -$0.17
COMMON SHARES
Basic Shares Outstanding 20.71M 20.68M 9.827M
Diluted Shares Outstanding 20.69M 9.827M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.426M $11.18M $8.135M
YoY Change -60.47% 37.45%
Cash & Equivalents $9.400M $11.20M $8.100M
Short-Term Investments $0.00
Other Short-Term Assets $138.2K $141.6K $612.7K
YoY Change 25.47% -76.89%
Inventory $1.815M $2.154M $518.5K
Prepaid Expenses
Receivables $2.110M $3.733M $1.952M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.67M $18.77M $13.35M
YoY Change -51.98% 40.57%
LONG-TERM ASSETS
Property, Plant & Equipment $39.18K $41.73K $51.95K
YoY Change -20.69% -19.67%
Goodwill
YoY Change
Intangibles $12.24M $13.16M $26.98M
YoY Change -51.59% -51.23%
Long-Term Investments
YoY Change
Other Assets $358.5K $389.1K $11.14M
YoY Change -96.75% -96.51%
Total Long-Term Assets $17.75M $18.92M $38.68M
YoY Change -51.82% -51.07%
TOTAL ASSETS
Total Short-Term Assets $14.67M $18.77M $13.35M
Total Long-Term Assets $17.75M $18.92M $38.68M
Total Assets $32.42M $37.70M $52.04M
YoY Change -51.89% -27.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.806M $2.085M $5.312M
YoY Change -60.37% -60.76%
Accrued Expenses $3.635M $4.482M $11.59M
YoY Change -69.6% -61.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.090M $906.1K $1.741M
YoY Change -47.95%
Total Short-Term Liabilities $7.068M $7.945M $33.50M
YoY Change -77.19% -76.29%
LONG-TERM LIABILITIES
Long-Term Debt $8.388M $8.757M $0.00
YoY Change
Other Long-Term Liabilities $262.7K $300.2K $437.7K
YoY Change -35.14% -31.43%
Total Long-Term Liabilities $262.7K $300.2K $437.7K
YoY Change -35.14% -31.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.068M $7.945M $33.50M
Total Long-Term Liabilities $262.7K $300.2K $437.7K
Total Liabilities $15.72M $17.00M $34.19M
YoY Change -50.64% -50.27%
SHAREHOLDERS EQUITY
Retained Earnings -$90.70M -$86.50M -$62.50M
YoY Change 28.31% 38.4%
Common Stock $208.00 $2.071K $983.00
YoY Change -89.94% 110.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.70M $20.69M $17.85M
YoY Change
Total Liabilities & Shareholders Equity $32.42M $37.70M $52.04M
YoY Change -51.89% -27.56%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$4.221M -$13.83M -$1.697M
YoY Change -53.03% 715.03% -48.58%
Depreciation, Depletion And Amortization $916.3K $1.561M $1.729M
YoY Change -45.83% -9.72% 4.06%
Cash From Operating Activities -$1.570M -$1.751M -$1.211M
YoY Change -81.09% 44.59%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -185.0K -362.0K -1.685M
YoY Change -100.77% -78.51%
NET CHANGE
Cash From Operating Activities -1.570M -1.751M -1.211M
Cash From Investing Activities 0.000
Cash From Financing Activities -185.0K -362.0K -1.685M
Net Change In Cash -1.755M -2.113M -2.896M
YoY Change -111.17% -27.02%
FREE CASH FLOW
Cash From Operating Activities -$1.570M -$1.751M -$1.211M
Capital Expenditures $0.00
Free Cash Flow -$1.211M
YoY Change

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Risks and Uncertainties</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The World Health Organization (“WHO”) declared the coronavirus (“COVID-19”) a global pandemic on March 11, 2020, and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic, and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19. Accordingly, the COVID-19 pandemic may continue to have negative effects on the health of the U.S. economy for the foreseeable future. The Company cannot reasonably estimate the length or severity of the impact that the COVID-19 pandemic, including the emergence of any new variants will have on its financial results, and the Company may experience a material adverse impact on its sales, results of operations, and cash flows in fiscal 2022 and beyond.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">During 2020, government regulations and the voluntary business practices of the Company and prescribing physicians had prevented in-person visits by sales representatives to physicians’ offices. The Company had taken steps to mitigate the negative impact on its businesses of such restrictions. In March 2020, the Company reduced our sales representative head count to reflect the lack of in-person visits. The Company has maintained a core sales team which continued to contact physicians via telephone and videoconference as well as continuing to have webinars provided by the Company’s key opinion leaders to other physicians and pharmacists. In response to the spread of COVID-19, in March 2020, the Company closed its administrative offices. In January 2022, the Company sub-leased its Manalapan office and all administrative employees are working remotely for the foreseeable future. The Company has fully resumed in-person interactions by its customer-facing personnel in compliance with any local and state restrictions. The Company also continues </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">to engage with customers virtually as the Company seeks to continue to support healthcare professionals and patient care. Since the beginning of the COVID-19 pandemic, we have experienced a shift from in-person sales to online, telehealth-based sales. These online sales generally have lower gross margins than in-person sales, which has impacted our net revenues.</p>
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10629690
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5618483
CY2022Q1 ptpi Security Deposit For Sub Lease Received
SecurityDepositForSubLeaseReceived
14000
ptpi Operating Lease Expense Per Month
OperatingLeaseExpensePerMonth
7000
us-gaap Operating Lease Cost
OperatingLeaseCost
134435
us-gaap Operating Lease Cost
OperatingLeaseCost
134435
us-gaap Sublease Income
SubleaseIncome
63000
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
389079
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
475557
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
137596
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
125579
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
300152
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
437748
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
530597
us-gaap Interest Expense Debt
InterestExpenseDebt
451075
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10501
us-gaap Net Income Loss
NetIncomeLoss
-15816213
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8678424
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1355838
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11411113
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
799803
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5186486
CY2022Q3 ptpi Lessee Operating Lease Lease Not Yet Commenced Amount
LesseeOperatingLeaseLeaseNotYetCommencedAmount
0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5193953
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1408086
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9285317
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
3389941
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1562518
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4682610
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
7460000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
460000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
9640000
us-gaap Interest Expense Debt
InterestExpenseDebt
356873
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9045
us-gaap Net Income Loss
NetIncomeLoss
-800734
CY2022Q3 ptpi Revenue From Contract With Customers Excluding Assessed Taxes
RevenueFromContractWithCustomersExcludingAssessedTaxes
-1457732
CY2022Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
286525
CY2022Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2170975
CY2022Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
735916
CY2022Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1560870
CY2022Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
7460000
CY2022Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
147677
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10501
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-13830196
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2145169
CY2021Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
319158
CY2021Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3413223
CY2021Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
280576
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1728829
CY2021Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1970000
CY2021Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
67936
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2345
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-1696898
CY2022Q3 ptpi Revenue From Contract With Customers Excluding Assessed Taxes
RevenueFromContractWithCustomersExcludingAssessedTaxes
-1457732
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2145169
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5193953
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8678424
CY2022Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
13158203
CY2022Q3 us-gaap Assets
Assets
37696443
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
25293149
CY2021Q4 us-gaap Assets
Assets
67390058
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M24D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.126
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.126
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
46935
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
45942
us-gaap Operating Lease Payments
OperatingLeasePayments
140805
us-gaap Operating Lease Payments
OperatingLeasePayments
137826
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
46935
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
189374
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
155242
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
81107
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
82324
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
554982
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
117234
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
437748
CY2022Q3 ptpi Operating Leases Future Minimum Payments Receivable Sub Lease Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsReceivableSubLeaseRemainderOfFiscalYear
21000
CY2022Q3 ptpi Operating Leases Future Minimum Payments Receivable Sub Lease Current
OperatingLeasesFutureMinimumPaymentsReceivableSubLeaseCurrent
84000
CY2022Q3 ptpi Operating Leases Future Minimum Payments Receivable Sub Lease In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableSubLeaseInTwoYears
56000
CY2022Q3 ptpi Operating Leases Future Minimum Payments Receivable Sub Lease
OperatingLeasesFutureMinimumPaymentsReceivableSubLease
161000

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