8. Stockholders’ Equity

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, 2018, 362,112 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.

In August 2014, we adopted our 2014 Equity Incentive Plan, amended in May 2017 (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, 2018, 4,378,997 options to purchase shares of common stock and 117,867 shares of restricted stock were outstanding pursuant to grants in connection with the 2014 Plan, and 1,286,003 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.

Stock Options

There were 4,741,109 stock options outstanding as of June 30, 2018 at a weighted-average exercise price of $5.50 per share. During the six months ended June 30, 2018, 1,121,000 options were granted to employees, directors and consultants at a weighted-average exercise price of $6.36 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,
	2018		2017		2018		2017
Research and development	$	503	$	175	$	816	$	370
General and administrative		828		489		1,607		955
Total	$	1,331	$	664	$	2,423	$	1,325

Restricted Stock

All issued and outstanding restricted shares of common stock are time-based, and become vested between one and three years after the grant date. Compensation expense is recorded ratably over the requisite service period. Compensation expense related to restricted stock is measured based on the fair value using the closing market price of our common stock on the date of the grant.

During the six months ended June 30, 2017, we issued 245,200 restricted shares of common stock to employees, directors and consultants. We did not issue any restricted shares of common stock during the six months ended June 30, 2018. As of June 30, 2018 there were 117,867 restricted shares of common stock outstanding, and 113,933 shares vested during the six months ended June 30, 2018.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Research and development	$	5	$	31	$	12	$	49
General and administrative		11		77		40		145
Total	$	16	$	108	$	52	$	194