Company: BLND
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001855747-25-000092
Chunk: 395

Company: Blend Labs, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 395
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123 $104 $409 $366 Research and development(1)1,630 2,169 4,518 8,088 Sales and marketing699 862 2,037 2,715 General and administrative5,314 3,499 14,412 10,722 Total$7,766$6,634$21,376$21,891____________(1) Net of $0.6 million and $2.9 million of additions to capitalized internal-use software for the three and nine months ended September 30, 2025, and $0.8 million and $1.9 million for the three and nine months ended September 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 fourth quarter of 2024.In 2025, the Company established a new workforce reduction initiative (the “2025 Plan”), and through September 30, 2025, eliminated approximately 24 positions. The execution of the 2025 Plan is expected to be substantially completed in the fourth quarter of 2025.The restructuring charges attributable to the workforce reduction plans were $0.1 million and $1.4 million for the three months ended September 30, 2025 and 2024, and $0.8 million and $2.5 million for the nine months ended September 30, 2025 and 2024, respectively. The restructuring charges for workforce reduction plans consisted primarily of cash expenditures for compensation, severance, and transition payments, employee benefits, payroll taxes and related facilitation costs. The component classified as discontinued operations incurred an additional $0.1 million and $1.2 million in charges related to the 2025 plan for the three and nine months ended September 30, 2025, respectively. Refer to Note 16, Assets Held for Sale and Discontinued Operations.Lease Termination and AbandonmentDuring the three months ended September 30, 2024, the Company entered into an agreement to terminate one of its leases incurring a net $1.2 million restructuring charge primarily related to the early termination fee, and abandoned another