Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 440

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 440
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 ended June 30, 2025 and 2024 was $1.1 million and $2.6 million, respectively.The aggregate intrinsic value of options exercised during the three months ended June 30, 2025 and 2024 was $0.3 million and $0.1 million, respectively. The aggregate intrinsic value of options exercised during the six months ended June 30, 2025 and 2024 was $0.9 million and $0.6 million, respectively.As of June 30, 2025, the total unrecognized stock-based compensation expense for stock options was approximately $1.2 million, which is expected to be recognized over a weighted average period of 1.5 years. 

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Blend Labs, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited)

Restricted Stock UnitsA summary of the Company’s RSU activity and related information is as follows:Number of RSUsWeightedaveragegrant date fair value per share (In thousands)Balance as of December 31, 202413,770 $1.75 Granted4,774 $3.61 Vested(4,108)$2.01 Forfeited(2,980)$2.22 Balance as of June 30, 202511,456 $2.31 As of June 30, 2025, there was $24.3 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted average period of 2.1 years. RSUs granted under the 2021 Plan generally vest quarterly over a period of two to four years from the grant date.The total fair value of RSUs vested during the three months ended June 30, 2025 and 2024 was $4.6 million and $4.8 million, respectively. The total fair value of RSUs vested during the six months ended June 30, 2025 and 2024 was $8.3 million and $9.7 million, respectively.Performance Stock UnitsA summary of the Company’s PSU activity and related information is as follows:Number of PSUsWeightedaveragegrant date fair value per share (In thousands)Balance as of December 31, 20243,525 $0.67 Granted7,910 $1.61 Vested— $— Forfeited(3,000)$0.55 Balance as of June 30, 202