NASDAQ Axe Falls: Petros Pharmaceuticals Plunges to OTC Markets in Fight for Survival
- Petros Pharmaceuticals (Nasdaq:PTPI) faces imminent delisting from NASDAQ on May 22, 2025, shifting to the OTC Markets under the same ticker "PTPI"2.
- The company is reeling from a devastating financial blow, with its market capitalization plummeting from nearly $1 million to a stark $270,000, and its stock price collapsing by almost 99% year-to-date2, 4.
- Despite planning an appeal and holding over $10 million in cash, Petros confronts soaring net losses, which surged by 75% to $14.32 million in 2024, and severe liquidity challenges2, 4.
The dreaded letter has arrived. Petros Pharmaceuticals today confirmed it received a delisting determination from Nasdaq, a move that will see its common stock suspended from the major exchange at the open of trading on Thursday, May 22, 20252. The company, known for its focus on expanding consumer access to over-the-counter (OTC) medications, will see its securities begin trading on the less prestigious OTC Markets.
This blow comes amidst a catastrophic period for Petros. Its market capitalization has withered from around $995,000 post-reverse split in March 2025 to a mere $270,0002, 4. A recent 1-for-25 reverse stock split failed to inspire investor confidence or meet Nasdaq’s minimum bid price, a key factor in the delisting alongside insufficient stockholders' equity1, 2, 3, 4. Revenue in 2024 also fell by 12% to $5.11 million, while net losses alarmingly widened by 75% to $14.32 million, and a current ratio of 0.53 signals significant liquidity concerns2, 4.
Despite the grim outlook, Petros' President and Chief Commercial Officer, Fady Boctor, stated, "We are disappointed with the delisting determination and we plan to appeal. With over $10 million in cash currently, we remain firmly committed to advancing our business plan and increasing stockholder value"2. The company pins its hopes on becoming a leader in the $38 billion self-care market, developing a proprietary SaaS platform and SaMD web application to aid Rx-to-OTC switches2.
However, Petros itself acknowledges the perilous path ahead. Its own forward-looking statements warn of substantial risks, including its ability to execute its strategy, the outcome of the Nasdaq appeal, its capacity to continue as a going concern, and a history of significant losses, casting a long shadow over its ambitions in a fiercely competitive landscape2, 4.
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