Petros names Robert Weinstein chief accounting officer

Petros Pharmaceuticals, Inc. (OTC: PTPI) said in a Form 8-K dated June 18, 2026 that its board appointed Robert Weinstein as chief accounting officer, principal financial officer and principal accounting officer, effective immediately. The same day, the company and Mitchell Arnold, its vice president of finance, mutually agreed to his separation from those roles, effective June 18, 2026.

The separation

Under a General Release and Severance Agreement dated June 18, 2026, Petros will pay Mr. Arnold severance equal to two months of base salary, or $38,500 before payroll deductions and tax withholdings, in installments. The first installment is due on the first payroll date after the eighth day following his signature. The company will also accelerate 3,000 unvested restricted shares granted under an award agreement dated February 19, 2025, and make a lump-sum cash payment of $100 toward taxes on that vesting. If Mr. Arnold elects COBRA coverage, Petros will pay the premiums for up to two months.

Mr. Arnold had 21 days to review the agreement and seven calendar days after signing to revoke it. In exchange for these payments, he agreed to waive and release claims related to his employment and separation.

The new accounting chief

Robert Weinstein is 66 and has more than thirty years of experience as a public accountant, investment banker, healthcare private equity fund principal and chief financial officer. Since October 2013, he has been chief financial officer of TAO Synergies Inc., formerly Synaptogenix, Inc. From August 2007 to February 2010, he was chief financial officer of Xcorporeal, Inc., a development-stage medical device company. He holds an MBA in finance and international business from the University of Chicago Graduate School of Business and is a Certified Public Accountant (inactive). The filing says there is no arrangement under which he was appointed, and no transactions with the company that require disclosure.

Company background

Petros was incorporated in Delaware on May 14, 2020. Before June 2025 it operated through subsidiaries that commercialized Stendra, a prescription erectile dysfunction medication licensed from Vivus, Inc., and vacuum erection devices. The company decided in December 2024 to discontinue Stendra sales to wholesalers, and it has not engaged in commercializing Stendra since March 2025. On June 16, 2025, the subsidiaries completed an assignment for the benefit of creditors that transferred their assets to a special purpose vehicle, so Petros no longer markets those devices.

Petros is pursuing a technology platform intended to help drug makers switch prescription products to over-the-counter status and to support consumer self-selection. The 10-K describes the platform as having a software-as-a-service component and a potential software as a medical device component, and says it is in early development stages.

Financial position

The XBRL financial data show revenue of $5.1 million in 2024 and research and development expense of $2.6 million in 2024. The company reported net income of $1.9 million for 2025, against a net loss of $14.3 million for 2024. Cash used in operations was $6.7 million in 2025 and $2.6 million in 2024. Year-end cash and cash equivalents were $1.7 million at the end of 2024.

The risks ahead

Petros has a new accounting chief and a business still being rebuilt. It stopped selling Stendra after March 2025, its subsidiaries' assets went to an assignee for the benefit of creditors, and the 10-K says its platform for moving drugs to over-the-counter status is in early development stages. Cash used in operations was $6.7 million in 2025. The only revenue figure in the data, $5.1 million for 2024, relates to the period before the Stendra and device businesses ended. Net income of $1.9 million for 2025 followed a net loss of $14.3 million for 2024.

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