Company: BLND
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001855747-25-000092
Chunk: 8

Company: Blend Labs, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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Research and Development 

Research and development expenses decreased by $1.6 million, or 16%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was primarily due to a $2.3 million decrease in personnel related expenses and a $0.8 million decrease in stock-based compensation expense attributable to a decrease in headcount, in each case, related to our restructuring actions, offset by a $1.4 million increase in the capitalization of internal-use software development costs.

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Sales and Marketing

Sales and marketing expenses decreased by $1.6 million, or 17%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was primarily due to a $1.4 million decrease in personnel related expenses attributable to a decrease in headcount related to our restructuring actions.

General and Administrative

General and administrative expenses increased by $1.4 million, or 12%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was primarily due to a $1.8 million increase in stock-based compensation expense attributable to executive PSUs, partially offset by a $0.2 million decrease in personnel related expenses attributable to a decrease in headcount as well as a $0.3 million decrease in facilities costs, each related to our restructuring actions.

Restructuring

Restructuring expenses decreased by $4.6 million, or 98%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 due to the 2024 workforce reduction plan being larger than the 2025 workforce reduction plan. The costs related to each workforce reduction plan included cash expenditures for compensation and severance payments, employee benefits, payroll taxes and related facilitation costs.

Other Income (Expense), net

Three Months Ended September 30,20252024$ Change % Change(In thousands)Other income (expense), net$17,348 $10,673 $6,675 63%

Other income (expense), net increased by $6.7 million, or 63%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 due to a $16.6 million gain on investment on non-marketable equity securities due to an observable price