Company: WRBY
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001504776-25-000019
Chunk: 61

Company: Warby Parker Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 61
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2025, the board of directors approved an annual increase of 1,207 shares to the ESPP, and there were 6,326 shares available for future issuance pursuant to ESPP purchases as of March 31, 2025.Stock-based Compensation ExpenseStock-based compensation expense consists of the following:Three Months Ended March 31,20252024Cost of goods sold$245 $238 Selling, general, and administrative expenses12,088 13,810 Total stock-based compensation expense$12,333 $14,048 Stock-based compensation expense for the three months ended March 31, 2025 primarily consists of $4.5 million related to bonuses that were settled in equity, $4.1 million from RSUs, $2.8 million from the Founders Grants, as described below, and $0.7 million from the issuance of stock to charitable donor advised funds. Stock-based compensation expense for the three months ended March 31, 2024 primarily consists of $7.3 million from the 2021 Founders Grant, $5.0 million from RSUs, and $0.7 million from the issuance of stock to charitable donor advised funds.

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Table of ContentsWarby Parker Inc. and SubsidiariesNotes to Condensed Consolidated Financial Statements (Unaudited)(Amounts in thousands, except per share data)

Stock OptionsA summary of stock option activity for the three months ended March 31, 2025 is as follows:Number ofStock OptionsWeightedAverageExercisePriceWeightedaveragecontractualterm (years)AggregateintrinsicvalueBalance at December 31, 20241,697 $5.67 2.6$31,459 Granted— — Exercised(22)11.35 222 Forfeited(4)3.25 Balance at March 31, 20251,671 $5.60 2.4$21,100 Exercisable and vested as of March 31, 20251,671 $5.60 2.4$21,100 All outstanding options are vested and fully expensed as of March 31, 2025. The Company has not granted stock options since 2021.Restricted Stock Units and Performance Stock UnitsA summary of RSU activity for the three months ended March 31, 2025 is as follows:Number of Restricted Stock UnitsWeighted Average Grant Date