Petros Pharmaceuticals, Inc. (PTPI)

Petros Pharmaceuticals, Inc. was a specialty pharmaceutical company based in New York City that focused on men's health. It was formed in December 2020 through a merger of Neurotrope, Inc., a Nasdaq-listed company, with Metuchen Pharmaceuticals, a privately held company, and the combined business began trading on Nasdaq under the symbol PTPI. The Metuchen business brought the company its commercial product and its development program.

The company's lead product was Stendra (avanafil), a prescription oral PDE-5 inhibitor approved in the United States for erectile dysfunction. Petros held rights to the product in the United States and Canada, where it was sold through pharmaceutical wholesalers and pharmacies, and it also marketed vacuum erection devices. A second focus was H100, a proprietary topical formulation being developed for acute Peyronie's disease, a condition involving penile curvature, which remained in clinical development.

Like many small pharmaceutical companies, Petros operated with modest revenue relative to its costs. Product sales of Stendra faced competition from generic sildenafil and tadalafil as well as from telehealth-driven prescribing, and the company's market capitalization was small. It periodically sought financing and used reverse stock splits in an effort to address Nasdaq listing standards, which are a recurring issue for companies whose share prices and equity levels fall below required thresholds.

In 2025 the company reported the deconsolidation of its Metuchen subsidiary, a restructuring step that changed how the subsidiary's results were presented in Petros' financial statements. Around the same period, Petros received a determination from Nasdaq staff concerning its continued listing. Following that determination, the company announced that Nasdaq had decided to suspend trading and delist its common stock.

Trading in Petros stock on Nasdaq was suspended at the open of business on Thursday, May 22, 2025, which makes May 21, 2025 the last full Nasdaq session. The company announced that its shares were expected to trade on the OTC Markets under the same ticker, PTPI, so existing holders did not receive a new symbol. The company did not describe the suspension as part of a merger, acquisition, or bankruptcy.

Nasdaq filed the formal Form 25 notice with the SEC on November 20, 2025, which completed the removal of the stock from listing and registration under Section 12(b) of the Exchange Act. Because the delisting stemmed from listing standards rather than a transaction, no cash or stock consideration was paid, and there was no successor company. The shares continued to be quoted over the counter, where trading is generally thinner and subject to different disclosure requirements than on a national exchange.