Stock Option and Incentive Plans

6 Months Ended

Jun. 30, 2016

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, 2016, 430,922 options to purchase shares of common stock were outstanding pursuant to grants in connection with the 2005 Plan. No additional shares are available for issuance under the 2005 Plan.

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. The amount, terms of grants, and exercisability provisions are determined and set by our board of directors. As of June 30, 2016, 1,349,300 options to purchase shares of common stock were outstanding pursuant to grants in connection with the 2014 Plan, and 676,273 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 1,780,222 stock options outstanding as of June 30, 2016 at a weighted-average exercise price of $7.91 per share.

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,
	2016		2015		2016		2015
Research and development	$	213	$	131	$	446	$	257
General and administrative		525		257		1,030		514
Total stock-based compensation expense	$	738	$	388	$	1,476	$	771