TL;DR
For a quarter century, erectile dysfunction has been treated one pill, and one erection, at a time. The frontier now is repair: injections of stem cells or a man's own blood platelets meant to restore the tissue so the problem goes away. The early numbers look large, but most of the studies behind them had no comparison group, so nobody can yet say how much is real. Meanwhile, the nearest new product is just a faster route for an old drug: a nasal spray that puts vardenafil in the blood in about 10 minutes instead of nearly an hour. If the repair work holds up in proper trials, the long-term shift would be from managing a symptom to fixing the cause.
Below the line, for paid subscribers: The full story: where it stands, how we got here and what's dated next; our Odds board on 4 milestones, starting with "A Phase III trial of the SPONTAN vardenafil nasal spray begins by 2027"; our labeled speculation on what it adds up to; and every source.