Stock Option and Incentive Plans

3 Months Ended

Mar. 31, 2015

Stock Option and Incentive Plans

Stock Option and Incentive Plans

8. Stock Option and Incentive Plans

In 2005, we adopted the 2005 Stock Option and Incentive Plan (2005 Plan) that authorizes us to grant options, restricted stock and other equity-based awards. As of March 31, 2015, 778,662 options to purchase common stock were outstanding pursuant to grants in connection with the 2005 Plan.  No additional shares are available for issuance under the 2005 Plan.  The amount, terms of grants, and exercisability provisions are determined and set by our board of directors.

Effective August 2014, we adopted our 2014 Equity Incentive Plan (2014 Plan) that authorizes us to grant options, restricted stock, and other equity-based awards, subject to adjustment in accordance with the 2014 Plan.  As of March 31, 2015, 700,000 options to purchase shares of common stock were outstanding pursuant to grants in connection with the 2014 Plan, and 560,310 shares of common stock were available for future issuance. The amount, terms of grants, and exercisability provisions are determined and set by our board of directors. 

There were 1,478,662 stock options outstanding as of March 31, 2015 at a weighted-average exercise price of $4.80 per share.  During the three-month period ended March 31, 2015, no options were granted and 191,912 options were exercised at a weighted-average exercise price of $1.04.

Total compensation cost recognized for all stock option awards in the statements of operations is as follows (in thousands):

	Three Months Ended
	March 31,
	2015		2014
Research and development	$	127	$	2
General and administrative		256		21
Total stock‑based compensation expense	$	383	$	23