Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 443

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 443
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anches was $3.80 per share based on the following assumptions:Fair value of common stock$18.00Remaining contractual term (years)14.75Expected volatility40.00%Risk-free interest rate1.71%Expected dividend yield—In three months ended March, 31 2025, the second tranche of the Co-Founder and Head of Blend stock option award expired, resulting in a forfeiture of 5,862,866 shares. 

21

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

The total stock-based compensation expense recognized for this award for the three months ended June 30, 2025 and 2024 was $0.9 million and $1.5 million respectively. The total stock-based compensation expense recognized for this award for the six months ended June 30, 2025 and 2024 was $2.3 million and $2.9 million respectively. The total unrecognized compensation expense related to the award was $5.9 million as of June 30, 2025, which will be recognized over an estimated weighted average remaining period of 3 years. Stock-Based Compensation ExpenseThe Company’s stock-based compensation expense was as follows:Three Months Ended June 30,Six Months Ended June 30,2025202420252024(In thousands)Cost of revenue$116 $106 $286 $262 Research and development(1)1,252 2,567 2,888 5,919 Sales and marketing618 875 1,338 1,853 General and administrative5,576 3,664 9,098 7,223 Total$7,562$7,212$13,610$15,257____________(1) Net of $1.1 million and $2.3 million of additions to capitalized internal-use software for the three and six months ended June 30, 2025, and $0.5 million and $1.1 million for the three and six months ended June 30, 2024.

12. Restructuring

Workforce Reduction PlansIn 2024, the Company executed two workforce reduction initiatives as part of its broader efforts to improve cost efficiency and better align its operating structure with its business activities. The execution of the January 2024 plan was completed in the second quarter of 2024 and the execution of the September 2024 plan was substantially completed in the