Bankruptcy: Petros Pharmaceuticals, Inc.

Form Type: 8-K

Filing Date: 2025-06-20

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000110465925061230

Filing Summary: On June 16, 2025, Petros Pharmaceuticals, Inc. announced an assignment of its wholly owned subsidiary, Metuchen Pharmaceuticals LLC, under a judicial insolvency procedure. This action was taken to assign the assets of Metuchen and its subsidiaries, Timm Medical Technologies, Inc. and Pos-T-Vac, LLC, for the benefit of creditors. This followed the termination of the License Agreement with Vivus, Inc., which eliminated Metuchen's rights to the commercialization of Stendra® avanafil. The assignment was entered into by each subsidiary to a third-party fiduciary, the Assignee, effectively ceasing operations of the subsidiaries and transferring all rights and control over the assets to the Assignee. The company will reflect these discontinued operations in its financial statements and expects to deconsolidate the subsidiaries' assets and liabilities in future reports. The unaudited pro forma balance sheet as of March 31, 2025, which includes effects from this assignment, was also disclosed, showing pro forma stockholders' equity of approximately $8.0 million.