Stock Option and Incentive Plans

6 Months Ended

Jun. 30, 2015

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 June 30, 2015, 730,573 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 June 30, 2015, 680,139 options to purchase shares of common stock were outstanding pursuant to grants in connection with the 2014 Plan, and 580,171 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 1,410,712 stock options outstanding as of June 30, 2015 at a weighted-average exercise price of $4.88 per share. During the six-month period ended June 30, 2015, 10,000 options were granted to employees, 224,912 options were exercised at a weighted-average exercise price of $1.04, and 44,950 options were forfeited at a weighted-average stock price of $6.13.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
Research and development	$	131	$	2	$	257	$	3
General and administrative		257		22		514		44
Total stock-based compensation expense	$	388	$	24	$	771	$	47