Recro Pharma, Inc. (REPH), which is developing non-opioid therapeutics for the treatment of pain, said its Q1 net loss widened, mainly due to higher compensation costs and expenses related to its IPO.
The Q1 net loss applicable to common shareholders widened to $6.4 million, or $3.67 per share, compared to a net loss of $0.5 million, or $3.30 per share a year ago.
As of March 31, 2014, Recro Pharma had cash and cash equivalents of $29.9 million, which it says are sufficient to fund operations through the end of 2015.
General and administrative expenses for the first quarter of 2014 were $0.6 million, compared to $0.1 million a year ago. The increase was primarily due to the commencement of management salaries, bonuses and benefits on the closing of the IPO, increased consulting, legal and accounting fees and increased directors and officers insurance.
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