Recro Pharma, Inc., a Malvern-based specialty pharmaceutical company developing non-opioid therapeutics for the treatment of pain, recently reported financial results for the first quarter ended March 31, 2014.

At the end of the first quarter Recro Pharma had cash and cash equivalents of $29.9 million, which the firm said are sufficient to fund operations through the end of 2015.

“Following our successful initial public offering in March 2014, Recro Pharma is well positioned to advance our lead candidate Dex-IN, in trials for the treatment of post-operative pain,” said Gerri Henwood, Recro Pharma’s president and chief executive officer.

“We look forward to beginning enrollment of our Dex-IN Phase IIb bunionectomy trial in the second quarter 2014,” he said.

The company is banking its future on Dex-IN, a non-opioid therapeutic that, if approved, would be the first and only acute pain drug in its class. The drug could provide an attractive alternative to commonly prescribed opioids for acute pain. Recro Pharma expects to have top line data from the trial by the end of 2014.

The company believes its drugs would avoid many of the side effects associated with commonly prescribed opioid therapeutics, including addiction, constipation and respiratory distress while maintaining analgesic effect. If approved, Dex-IN would be the first and only approved acute pain drug in its class of drugs.

For the first quarter, Recro Pharma reported a net loss applicable to common shareholders of $6.4 million, or $3.67 per share, compared to a net loss of $0.5 million, or $3.30 per share, for the comparable period in 2013. Both periods include accretion of the company’s redeemable convertible preferred stock and during the first quarter of 2014, a deemed dividend on preferred stock and beneficial conversion expense for the conversion of the convertible bridge notes upon the closing of the initial public offering.

Following the initial public offering, there are no shares of preferred stock or convertible bridge notes outstanding.

Research and development expenses for the first quarter of 2014 were $0.2 million, compared to $0.1 million for the same period in 2013. The increase was primarily due to the commencement of management salaries, bonuses and benefits upon the closing of the initial public offering, and planning for the Dex-IN Phase IIb trial.

General and administrative expenses for the first quarter of 2014 were $0.6 million, compared to$0.1 million for the same period in 2013. The increase was primarily due to the commencement of management salaries, bonuses and benefits upon the closing of the initial public offering, increased consulting, legal and accounting fees associated with being a public company and increased directors and officers insurance, the company reported.

Other income and expense includes a non-cash interest charge of approximately $4.1 million related to the Company’s convertible bridge notes that were converted to common stock upon the closing of the initial public offering. The company recorded this non-cash interest charge as a result of the note holders electing to convert the convertible bridge notes at 75 percent of the initial offering price per share in the initial public offering.