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Petros Pharmaceuticals, Inc. (OTC:PTPI) announced a change in its independent registered public accounting firm. According to a press release statement based on a filing with the Securities and Exchange Commission, the Audit Committee of the company’s Board of Directors approved the dismissal of CBIZ CPAs P.C. as the company’s independent auditor, effective August 29, 2025.
CBIZ CPAs had been engaged as the company’s auditor in April 2025 after acquiring the attest business of Marcum, LLP, Petros Pharmaceuticals’ previous auditor. Marcum served as the company’s auditor until April 5, 2025. During CBIZ CPAs’ engagement, no audit reports were issued.
The company stated that between April 5, 2025 and August 29, 2025, there were no disagreements between Petros Pharmaceuticals and CBIZ CPAs regarding accounting principles, practices, financial statement disclosure, or audit procedures. The filing noted there were no reportable events except for a previously disclosed material weakness in internal controls related to monitoring, oversight, and IT access, as described in the company’s annual report for the fiscal year ended December 31, 2024.
Petros Pharmaceuticals also announced that on August 29, 2025, HTL International, LLC was engaged as the new independent registered public accounting firm for the fiscal year ending December 31, 2025. The company reported that it had not previously consulted with HTL International regarding the application of accounting principles, audit opinions, or any accounting or audit-related disagreements or reportable events.
A letter from CBIZ CPAs addressed to the SEC regarding these matters was included as an exhibit in the filing. The company’s common stock is traded on the OTCID Basic Market under the symbol PTPI.
All information is based on a press release statement and a Form 8-K filing with the SEC.
In other recent news, Petros Pharmaceuticals announced plans to deconsolidate its wholly owned subsidiary, Metuchen Pharmaceuticals LLC, from its consolidated balance sheet starting with the quarterly report for the period ending June 30, 2025. This strategic move is expected to enhance the company’s financial position by boosting stockholders’ equity and lowering consolidated debt. While the company focuses on over-the-counter drug development programs, this decision marks a significant shift in its financial structuring. The deconsolidation is anticipated to provide Petros Pharmaceuticals with greater financial flexibility and stability. Investors may find this development noteworthy as it could influence the company’s future financial health. The company has not provided further details on how this will impact its operations or strategic direction. As Petros Pharmaceuticals implements these changes, stakeholders will be watching closely to see how the financial adjustments affect overall performance.
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