$PTPI
Petros Pharmaceuticals, Inc.

2024 Q2 Form 10-Q Financial Statement

#000141057824000885 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $1.421M $1.389M $2.518M
YoY Change -28.71% -44.84% 2.14%
Cost Of Revenue $329.1K $331.8K $550.7K
YoY Change -35.95% -39.75% 16.6%
Gross Profit $1.092M $1.057M $1.967M
YoY Change -26.2% -46.27% -1.28%
Gross Profit Margin 76.85% 76.11% 78.13%
Selling, General & Admin $2.287M $2.711M $2.131M
YoY Change 1.65% 27.26% -45.34%
% of Gross Profit 209.33% 256.53% 108.31%
Research & Development $368.8K $1.556M $319.1K
YoY Change -57.44% 387.62% -21.28%
% of Gross Profit 33.76% 147.21% 16.22%
Depreciation & Amortization $717.8K $717.8K $826.8K
YoY Change -13.18% -13.18% -47.03%
% of Gross Profit 65.71% 67.91% 42.03%
Operating Expenses $3.373M $4.985M $3.277M
YoY Change -14.45% 52.15% 32.44%
Operating Profit -$2.281M -$3.928M -$1.309M
YoY Change -7.39% 200.03% 172.09%
Interest Expense $1.619M $1.766M -$75.85K
YoY Change -2123.6% -2427.77% -124.71%
% of Operating Profit
Other Income/Expense, Net $1.619M $1.766M -$75.85K
YoY Change -2030.11% -2427.77%
Pretax Income -$662.0K -$2.163M -$1.385M
YoY Change -74.04% 56.13% 695.06%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$662.0K -$2.163M -$1.385M
YoY Change -74.0% 56.13% 695.04%
Net Earnings / Revenue -46.57% -155.72% -55.01%
Basic Earnings Per Share -$0.37 -$1.69 -$0.66
Diluted Earnings Per Share -$0.37 -$1.69 -$0.66
COMMON SHARES
Basic Shares Outstanding 7.000M 6.876M 2.089M
Diluted Shares Outstanding 7.388M 4.757M 2.089M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.460M $11.08M $8.320M
YoY Change 1.08% 33.18% -52.92%
Cash & Equivalents $7.500M $11.10M $8.300M
Short-Term Investments
Other Short-Term Assets $86.55K $81.08K $71.74K
YoY Change 172.65% 13.01% -5.03%
Inventory $1.433M $1.557M $2.038M
Prepaid Expenses
Receivables $1.777M $1.957M $2.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.98M $17.90M $13.90M
YoY Change 6.3% 28.76% -48.2%
LONG-TERM ASSETS
Property, Plant & Equipment $23.85K $26.40K $36.62K
YoY Change -30.0% -27.91% -21.82%
Goodwill
YoY Change
Intangibles $7.541M $8.256M $11.42M
YoY Change -28.83% -27.7% -51.88%
Long-Term Investments
YoY Change
Other Assets $3.625M $4.127M $326.9K
YoY Change 1131.43% 1162.39% -93.18%
Total Long-Term Assets $11.19M $12.41M $16.67M
YoY Change -28.16% -25.54% -42.58%
TOTAL ASSETS
Total Short-Term Assets $13.98M $17.90M $13.90M
Total Long-Term Assets $11.19M $12.41M $16.67M
Total Assets $25.17M $30.31M $30.57M
YoY Change -12.38% -0.84% -45.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $791.1K $2.137M $1.858M
YoY Change -55.65% 15.01% -49.78%
Accrued Expenses $6.674M $6.326M $3.609M
YoY Change 39.66% 75.29% -34.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.937M $1.554M $1.106M
YoY Change 72.95% 40.47% 52.77%
Total Short-Term Liabilities $9.976M $11.22M $6.885M
YoY Change 25.25% 62.95% -33.08%
LONG-TERM LIABILITIES
Long-Term Debt $5.697M $6.460M $8.014M
YoY Change -25.33% -19.39% -15.45%
Other Long-Term Liabilities $107.8K $123.0K $223.6K
YoY Change -41.22% -44.98% -39.75%
Total Long-Term Liabilities $107.8K $123.0K $223.6K
YoY Change -41.22% -44.98% -39.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.976M $11.22M $6.885M
Total Long-Term Liabilities $107.8K $123.0K $223.6K
Total Liabilities $15.98M $19.62M $15.12M
YoY Change 1.27% 29.73% -24.9%
SHAREHOLDERS EQUITY
Retained Earnings -$101.7M -$101.1M -$92.10M
YoY Change 7.39% 9.77% 29.9%
Common Stock $930.00 $688.00 $209.00
YoY Change 340.76% 229.19% -89.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.070M $9.787M $15.45M
YoY Change
Total Liabilities & Shareholders Equity $25.17M $30.31M $30.57M
YoY Change -12.38% -0.84% -45.28%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$662.0K -$2.163M -$1.385M
YoY Change -74.0% 56.13% 695.04%
Depreciation, Depletion And Amortization $717.8K $717.8K $826.8K
YoY Change -13.18% -13.18% -47.03%
Cash From Operating Activities -$1.662M -$1.135M -$748.4K
YoY Change 191.64% 51.64% -85.88%
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 -1.958M -1.121M -357.8K
YoY Change 443.98% 213.39% -60.24%
NET CHANGE
Cash From Operating Activities -1.662M -1.135M -748.4K
Cash From Investing Activities
Cash From Financing Activities -1.958M -1.121M -357.8K
Net Change In Cash -3.621M -2.256M -1.106M
YoY Change 289.32% 103.97% -82.09%
FREE CASH FLOW
Cash From Operating Activities -$1.662M -$1.135M -$748.4K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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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>
CY2024Q1 us-gaap Concentration Risk Credit Risk
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CY2024Q1 us-gaap Number Of Operating Segments
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CY2023Q4 us-gaap Accounts Receivable Net
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CY2024Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
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CY2024Q1 us-gaap Finite Lived Intangible Assets Net
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2024Q1 us-gaap Finite Lived Intangible Assets Net
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CY2024Q1 ptpi Accrued Product Returns
AccruedProductReturns
4570172
CY2023Q4 ptpi Accrued Product Returns
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CY2024Q1 ptpi Accrued Contract Rebates
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56182
CY2023Q4 ptpi Accrued Contract Rebates
AccruedContractRebates
128562
CY2024Q1 ptpi Due To Third Party Logistic Provider
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62284
CY2023Q4 ptpi Due To Third Party Logistic Provider
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CY2024Q1 us-gaap Accrued Bonuses Current
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CY2023Q4 us-gaap Accrued Bonuses Current
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CY2024Q1 us-gaap Accrued Professional Fees Current
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CY2024Q1 us-gaap Other Accrued Liabilities Current
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CY2024Q1 us-gaap Accrued Liabilities Current
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CY2024Q1 us-gaap Debt Instrument Face Amount
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2024Q1 ptpi Sharebasedcompensationarrangementbysharebasedpaymentawardoptionsgrantedintrinsicvalue
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
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CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2023 ptpi Class Of Warrant Or Right Remaining Contractual Term
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CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
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CY2024Q1 ptpi Class Of Warrant Or Right Remaining Contractual Term
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CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q1 ptpi Percentage Of Project Work Completed Under Research Contract
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CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2024Q1 us-gaap Cost Of Goods And Services Sold
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CY2024Q1 us-gaap Selling General And Administrative Expense
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CY2024Q1 us-gaap Research And Development Expense
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CY2024Q1 us-gaap Depreciation Depletion And Amortization
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CY2024Q1 us-gaap Derivative Gain Loss On Derivative Net
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CY2024Q1 us-gaap Interest Income Operating
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CY2024Q1 ptpi Interest Expense On Promissory Notes
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CY2024Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q1 us-gaap Cost Of Goods And Services Sold
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CY2023Q1 us-gaap Research And Development Expense
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CY2023Q1 us-gaap Depreciation Depletion And Amortization
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CY2023Q1 us-gaap Interest Income Operating
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CY2023Q1 ptpi Interest Expense On Promissory Notes
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CY2023Q1 us-gaap Net Income Loss
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CY2024Q1 ptpi Revenue From Contract With Customers Excluding Assessed Taxes
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CY2023Q1 ptpi Revenue From Contract With Customers Excluding Assessed Taxes
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CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
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CY2024Q1 us-gaap Assets
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CY2024Q1 us-gaap Dividends Payable Current And Noncurrent
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CY2024Q1 ptpi Temporary Equity Dividends At Stated Rate
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601120
CY2024Q1 ptpi Reversal Of Temporary Equity Dividends At Stated Value
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5615

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