$PTPI
Petros Pharmaceuticals, Inc.

2023 Q3 Form 10-Q Financial Statement

#000141057823001921 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.675M $1.994M
YoY Change -214.88% -52.37%
Cost Of Revenue $408.5K $513.9K
YoY Change 42.56% -20.85%
Gross Profit $1.266M $1.480M
YoY Change -172.59% -58.16%
Gross Profit Margin 75.61% 74.23%
Selling, General & Admin $2.002M $2.250M
YoY Change -7.79% -30.06%
% of Gross Profit 158.11% 151.98%
Research & Development $389.1K $866.6K
YoY Change -47.13% 105.72%
% of Gross Profit 30.73% 58.55%
Depreciation & Amortization $826.8K $826.8K
YoY Change -47.03% -47.03%
% of Gross Profit 65.3% 55.86%
Operating Expenses $6.073M $3.943M
YoY Change -49.09% -24.16%
Operating Profit -$4.807M -$2.463M
YoY Change -64.84% 48.24%
Interest Expense -$392.9K -$80.00K
YoY Change 166.03% -46.8%
% of Operating Profit
Other Income/Expense, Net $650.0K -$83.88K
YoY Change
Pretax Income -$4.550M -$2.550M
YoY Change -67.08% 40.74%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$4.550M -$2.547M
YoY Change -67.1% 40.56%
Net Earnings / Revenue -271.67% -127.72%
Basic Earnings Per Share -$2.31 -$1.20
Diluted Earnings Per Share -$2.31 -$1.20
COMMON SHARES
Basic Shares Outstanding 2.114M 2.114M
Diluted Shares Outstanding 2.120M 2.118M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.97M $7.380M
YoY Change 60.71% -44.49%
Cash & Equivalents $18.00M $7.400M
Short-Term Investments
Other Short-Term Assets $57.56K $31.74K
YoY Change -59.34% -75.53%
Inventory $2.501M $2.180M
Prepaid Expenses
Receivables $2.975M $2.577M
Other Receivables $0.00 $0.00
Total Short-Term Assets $24.43M $13.15M
YoY Change 30.16% -42.46%
LONG-TERM ASSETS
Property, Plant & Equipment $31.51K $34.07K
YoY Change -24.49% -23.08%
Goodwill
YoY Change
Intangibles $9.772M $10.60M
YoY Change -25.74% -52.22%
Long-Term Investments
YoY Change
Other Assets $4.417M $294.4K
YoY Change 1035.21% -94.7%
Total Long-Term Assets $14.48M $15.58M
YoY Change -23.48% -44.76%
TOTAL ASSETS
Total Short-Term Assets $24.43M $13.15M
Total Long-Term Assets $14.48M $15.58M
Total Assets $38.91M $28.73M
YoY Change 3.23% -43.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.355M $1.784M
YoY Change -34.99% -6.34%
Accrued Expenses $3.869M $4.779M
YoY Change -13.69% 19.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.139M $1.120M
YoY Change 25.76% 23.78%
Total Short-Term Liabilities $8.082M $7.965M
YoY Change 1.73% 7.98%
LONG-TERM LIABILITIES
Long-Term Debt $7.249M $7.630M
YoY Change -17.22% -16.34%
Other Long-Term Liabilities $151.4K $183.3K
YoY Change -49.56% -45.46%
Total Long-Term Liabilities $151.4K $183.3K
YoY Change -49.56% -45.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.082M $7.965M
Total Long-Term Liabilities $151.4K $183.3K
Total Liabilities $31.86M $15.78M
YoY Change 87.38% -6.24%
SHAREHOLDERS EQUITY
Retained Earnings -$99.20M -$94.70M
YoY Change 14.68% 29.73%
Common Stock $211.00 $211.00
YoY Change -89.81% -89.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.933M $12.94M
YoY Change
Total Liabilities & Shareholders Equity $38.91M $28.73M
YoY Change 3.23% -43.73%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$4.550M -$2.547M
YoY Change -67.1% 40.56%
Depreciation, Depletion And Amortization $826.8K $826.8K
YoY Change -47.03% -47.03%
Cash From Operating Activities -$4.047M -$570.0K
YoY Change 131.04% -86.43%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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 14.63M -360.0K
YoY Change -4141.97% 103.42%
NET CHANGE
Cash From Operating Activities -4.047M -570.0K
Cash From Investing Activities
Cash From Financing Activities 14.63M -360.0K
Net Change In Cash 10.58M -930.0K
YoY Change -600.78% -78.75%
FREE CASH FLOW
Cash From Operating Activities -$4.047M -$570.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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ptpi Noncash Decrease In Accrued Expenses Related To Vivus Settlement
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ptpi Noncash Decrease In Accrued Inventory Purchases Related To Vivus Settlement
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ptpi Noncash Increase In Promissory Note Related To Vivus Settlement
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10024785
ptpi Non Cash Acquisition Active Pharmaceutical Ingredient Of Purchase Agreement
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ptpi Noncash Decrease In Api Purchase Commitment Related To Vivus Settlement
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ptpi Noncash Decrease In Api Purchase Commitment Related To Vivus Settlement
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ptpi Noncash Decrease In Other Current Assets Api Purchase Commitment
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ptpi Noncash Issuance Of Common Stock To Non Employee
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CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q2 ptpi Working Capital
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CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
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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>
CY2023Q2 ptpi Inventory Raw Materials Valuation Reserves
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CY2022Q4 ptpi Inventory Raw Materials Valuation Reserves
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us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Concentration of Credit Risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financial instruments that subject the Company to concentrations of credit risk includes cash. The Company maintains cash on deposit at U.S.-based banks in amounts which, at times, exceed insured limits.</p>
CY2023Q2 us-gaap Contract With Customer Refund Liability Current
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CY2022Q4 us-gaap Contract With Customer Refund Liability Current
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CY2021Q4 us-gaap Contract With Customer Refund Liability Current
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us-gaap Increase Decrease In Contract With Customer Liability
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CY2021Q4 us-gaap Accrued Exchange Fee Rebate Current And Noncurrent
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CY2023Q2 us-gaap Deferred Revenue
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CY2022Q4 us-gaap Deferred Revenue
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CY2021Q4 us-gaap Deferred Revenue
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CY2022Q4 us-gaap Accounts Receivable Gross
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CY2021Q4 us-gaap Accounts Receivable Gross
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CY2023Q2 ptpi Accounts Receivable Distribution Service Fees
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CY2022Q4 ptpi Accounts Receivable Distribution Service Fees
AccountsReceivableDistributionServiceFees
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CY2021Q4 ptpi Accounts Receivable Distribution Service Fees
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CY2023Q2 ptpi Accounts Receivable Chargebacks Accruals
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2462
CY2022Q4 ptpi Accounts Receivable Chargebacks Accruals
AccountsReceivableChargebacksAccruals
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CY2023Q2 ptpi Accounts Receivable Cash Discount Allowances
AccountsReceivableCashDiscountAllowances
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CY2022Q4 ptpi Accounts Receivable Cash Discount Allowances
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CY2021Q4 ptpi Accounts Receivable Cash Discount Allowances
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CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Accounts Receivable Net
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CY2021Q4 us-gaap Accounts Receivable Net
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CY2023Q2 us-gaap Inventory Raw Materials Net Of Reserves
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CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2023Q2 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
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CY2023Q2 ptpi Inventory Finished Goods Valuation Reserves
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CY2022Q4 ptpi Inventory Finished Goods Valuation Reserves
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CY2023Q2 us-gaap Prepaid Insurance
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CY2022Q4 us-gaap Prepaid Insurance
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CY2023Q2 ptpi Prepaid Purchase Commitment Asset Current
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CY2022Q4 ptpi Prepaid Purchase Commitment Asset Current
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CY2022Q4 us-gaap Other Prepaid Expense Current
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CY2023Q2 us-gaap Other Assets Current
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CY2022Q4 us-gaap Other Assets Current
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CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
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CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2021Q4 us-gaap Finite Lived Intangible Assets Net
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CY2022 us-gaap Amortization Of Intangible Assets
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CY2022 us-gaap Impairment Of Intangible Assets Finitelived
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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us-gaap Amortization Of Intangible Assets
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CY2023Q2 us-gaap Finite Lived Intangible Assets Net
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CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2023Q2 ptpi Finite Lived Intangible Asset Expected Amortization After Year Four
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CY2023Q2 us-gaap Finite Lived Intangible Assets Net
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CY2023Q2 ptpi Accrued Product Returns
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CY2022Q4 ptpi Accrued Product Returns
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CY2023Q2 ptpi Accrued Contract Rebates
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CY2022Q4 ptpi Accrued Contract Rebates
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CY2023Q2 ptpi Due To Third Party Logistic Provider
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CY2022Q4 ptpi Due To Third Party Logistic Provider
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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CY2022Q1 ptpi Security Deposit For Sub Lease Received
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ptpi Operating Lease Expense Per Month
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2023Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Operating Lease Cost
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us-gaap Sublease Income
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CY2023Q1 us-gaap Sublease Income
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CY2023Q2 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2023Q2 us-gaap Operating Lease Liability Noncurrent
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q2 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Liability
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023Q2 us-gaap Operating Lease Payments
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CY2022Q2 us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q2 us-gaap Operating Lease Liability
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CY2023Q2 ptpi Operating Leases Future Minimum Payments Receivable Sub Lease Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsReceivableSubLeaseRemainderOfFiscalYear
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CY2023Q2 ptpi Operating Leases Future Minimum Payments Receivable Sub Lease In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableSubLeaseInTwoYears
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CY2023Q2 ptpi Operating Leases Future Minimum Payments Receivable Sub Lease
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CY2023Q2 ptpi Lessee Operating Lease Lease Not Yet Commenced Amount
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CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Number Of Shares Period Increase Decrease
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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ptpi Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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us-gaap Share Based Compensation
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CY2022Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Earnings Per Share Basic
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CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Cost Of Goods And Services Sold
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us-gaap Research And Development Expense
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us-gaap Depreciation Depletion And Amortization
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us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Interest Expense Debt
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us-gaap Net Income Loss
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CY2023Q2 us-gaap Cost Of Goods And Services Sold
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CY2023Q2 us-gaap Selling General And Administrative Expense
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CY2023Q2 us-gaap Interest Expense Debt
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CY2022Q2 us-gaap Interest Expense Debt
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CY2022Q2 us-gaap Net Income Loss
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
10596004
CY2023Q2 us-gaap Assets
Assets
28727108
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
12244484
CY2022Q4 us-gaap Assets
Assets
32421214

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
0001410578-23-001921-index-headers.html Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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tmb-20230630x10q_htm.xml Edgar Link completed