Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 77

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 77
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 volatility of the Company’s peer group after consideration of their size, maturity, profitability, growth, risk, and return on investment as the Company has limited historical volatility.Fair Value.  For grants issued subsequent to the Company’s IPO, the Company used the closing market price of its stock on the date of grant.As of December 31, 2024, the total unrecognized stock-based compensation expense for stock options issued under the 2012 Plan and the 2021 Plan was approximately $2.3 million, which is expected to be recognized over a weighted average period of 1.9 years. Early Exercise of Common Stock OptionsThe Company’s board of directors has authorized certain stock option holders to exercise unvested options to purchase shares of Class A common stock. Shares received from such early exercises are subject to repurchase in the event of the optionee’s termination of service as a service provider (as defined in the 2012 Plan and the 2021 Plan), at the lower of the fair market value on the date of the repurchase or the original exercise price, until the options are fully vested. The cash proceeds received for unvested shares of Class A common stock are presented within other non-current liabilities in the consolidated balance sheets.As of December 31, 2024, no shares of Class A common stock were subject to repurchase. As of December 31, 2023, 123,611 shares of Class A common stock were subject to repurchase, and the cash proceeds related to these shares are presented within other non-current liabilities in the accompanying consolidated balance sheets were $0.4 million.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, 202320,137 $1.30 Granted7,115 $2.73 Vested(10,932)$1.60 Forfeited(2,550)$1.61 Balance as of December 31, 202413,770 $1.75 As of December 31, 2024, there was $22.0 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 one year from the grant date.The total fair value of RSUs