Company: IBTA
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008240
Chunk: 37

Company: Ibotta, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 37
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 recognized$2,370 $2,659 $2,115 

11. Stock-Based Compensation 

Stock-Based Compensation ExpenseThe Company’s stock-based compensation expense is recorded as follows (in thousands):Year ended December 31,202420232022Cost of revenue$1,484 $659 $854 Sales and marketing(1)39,086 15,420 1,836 Research and development9,325 2,074 1,835 General and administrative26,321 2,015 1,975 Total stock-based compensation expense$76,216 $20,168 $6,500 _______________(1)Sales and marketing includes common stock warrant expense of $29.3 million and $13.2 million recognized during the years ended December 31, 2024 and 2023, respectively. No common stock warrant expense was recognized during the year ended December 31, 2022. See Note 9 – Redeemable Convertible Preferred Stock and Stockholders’ Equity.The Company capitalized an immaterial amount of stock-based compensation expense to capitalized software development costs during each of the years ended December 31, 2024, 2023, and 2022. Unrecognized stock-based compensation expense as of December 31, 2024 was $49.7 million for unvested restricted stock units, $9.6 million for unvested stock options, and $0.7 million for the ESPP and is expected to be recognized over a weighted average period of 3.1 years, 2.3 years, and 0.4 years, respectively.Equity Incentive PlanIn April 2024, the Company’s board of directors approved the 2024 Equity Incentive Plan (2024 Plan), which became effective in connection with the IPO. The 2024 Plan provides for the grant of stock options, restricted stock, RSUs, stock appreciation rights, performance units, and performance shares to eligible employees, directors, and consultants. The 2011 Equity Incentive Plan (2011 Plan), which terminated effective immediately prior to the effectiveness of the 2024 Plan, provided for the grant of various stock awards to employees of the Company, including incentive stock options, nonqualified stock options, and RSUs. As of December 31, 2024, the maximum number of shares of the Company’s Class A common stock that may be issued under the 2024 Plan is equal to