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Share-based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-based Compensation |
Share-based Compensation | 13. Share-based Compensation The Company uses judgment in determining the fair value of the share-based payments on the date of grant using an option-pricing model with assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the risk-free interest rate of the awards, the expected life of the awards, the expected volatility over the term of the awards, and the expected dividends of the awards. The Company uses the Black-Scholes option pricing model to determine the fair value of share-based payments granted under the guidelines of ASC Topic 718. A summary of the stock option activity under the Company’s plans for the nine months ended September 30, 2025, is as follows:
|  | Number of shares |  |  | Weighted average exercise price |
Options outstanding at beginning of year |  |  | 27,289 |  |  | $ | 66.34 |
Granted |  |  | 10,667 |  |  |  | 7.35 |
Less: |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |
Forfeited prior to vesting |  |  | — |  |  |  | — |
Canceled or expired |  |  | (1,946 | ) |  |  | 192.73 |
Options outstanding at September 30, 2025 |  |  | 36,010 |  |  |  | 42.03 |
Options exercisable at end of September 30, 2025 |  |  | 22,213 |  |  | $ | 62.48 |
As of September 30, 2025, the total remaining unrecognized compensation cost related to non-vested stock options, net of forfeitures, was approximately $44, which will be recognized over a weighted average period of 1.22 years. Share based compensation expense has been recorded as follows:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Cost of goods sold |  | $ | — |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 6 |
Sales and marketing |  |  | 3 |  |  |  | 2 |  |  |  | 17 |  |  |  | 9 |
Research and product development |  |  | 1 |  |  |  | 14 |  |  |  | 3 |  |  |  | 38 |
General and administrative |  |  | 18 |  |  |  | 3 |  |  |  | 45 |  |  |  | 20 |
|  | $ | 22 |  |  | $ | 21 |  |  | $ | 66 |  |  | $ | 73 |

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