7. 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 March 31, 2020, 327,421 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 March 31, 2020, 11,384,244 options to purchase shares of common stock and 21,000 shares of restricted stock were outstanding pursuant to grants in connection with the 2014 Plan, and 615,008 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 13,056,165 stock options outstanding as of March 31, 2020 at a weighted-average exercise price of $3.25 per share. During the three months ended March 31, 2020, 5,038,200 options were granted to employees and directors at a weighted-average exercise price of $2.04 per share. Of the options granted, 4,749,700 options were granted pursuant to the 2014 Plan and 288,500 were granted outside of the 2014 Plan as inducements for new employees.

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


	Three Months Ended
	March 31,
	2020		2019
Research and development	$	729	$	649
General and administrative		1,146		1,177
Total	$	1,875	$	1,826

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.

We issued 21,000 and 0 restricted shares of common stock during the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020 there were 21,000 restricted shares of common stock outstanding, and 32,400 shares vested during the three months ended March 31, 2020.

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


	Three Months Ended
	March 31,
	2020		2019
Research and development	$	—	$	5
General and administrative		1		5
Total	$	1	$	10

Deemed Dividends

On March 31, 2020, our stockholders approved an amendment to our company charter with the Secretary of State of the State of Delaware to increase the the number of authorized shares of common stock, which resulted in the recognition of a beneficial conversion feature on the Series A convertible preferred stock. Accordingly, we recorded $8.9 million in deemed dividends in the three months ended March 31, 2020, which was calculated as the difference between the conversion price and the fair value of our common stock on the commitment date (transaction date) in connection with the closing of concurrent equity financings during the fourth quarter of 2019.