Company: BLND
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001855747-25-000041
Chunk: 510

Company: Blend Labs, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 510
---
 employees and any parent and subsidiary corporations’ employees, and for the grant of NSOs, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), and performance awards, including performance stock units (“PSUs”) to the Company’s employees, directors, and consultants and the Company’s parent and subsidiary corporations’ employees and consultants. Subject to the adjustment provisions of and the automatic increase described in the 2021 Plan, a total of 23,000,000 shares of the Company’s Class A common stock were reserved for issuance pursuant to the 2021 Plan, plus 36,101,718 shares of the Company’s Class A common stock reserved for future issuance under the 2012 Plan. Subject to the adjustment provisions of the 2021 Plan, the number of shares available for issuance under the 2021 Plan also includes an annual increase on the first day of each fiscal year beginning on January 1, 2022, equal to the least of (a) 34,500,000 shares of Class A common stock, (b) 5% of the total number of shares of all classes of the Company’s common stock outstanding on the last day of the immediately preceding fiscal year, or (c) such other amount as the Company’s board of directors (or its committee) may determine. Options granted under the 2021 Plan generally vest over periods ranging from one to four years.

18

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

A summary of the stock option activity is as follows:Number ofoptions Weightedaverageexerciseprice WeightedaverageremainingcontractuallifeAggregateintrinsicvalue (In thousands)(In years)(In thousands)Balance as of December 31, 202417,300 $4.20 4.69$31,282 Exercised(256)$1.41  $590 Canceled and forfeited(436)$9.92   Balance as of March 31, 202516,608 $4.09 4.67$19,635 Vested and exercisable as of March 31, 202515,309 $4.20 4.67$18,329 No options were granted during the three months ended March 31, 2025 and 2024.The number of options unvested as of March 31, 2025 and December 31, 2024 was 1,298 and 1,552, respectively. The