Company: WRBY
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001504776-25-000019
Chunk: 28

Company: Warby Parker Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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Weightedaveragecontractualterm (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 Fair ValueUnvested as of December 31, 20242,740 $19.81 Granted1,21824.17 Forfeited(78)15.56 Released(616)22.94 Vested and not yet released(21)31.74 Unvested as of March 31, 20253,243 $20.88 The total value of unrecognized stock-based compensation expense related to outstanding RSUs and PSUs granted under the Plans was $51.0 million and $9.4 million as of March 31, 2025, respectively, which is expected to be recognized over a weighted-average period of 1.5 years and 1.4 years, respectively. As of March 31, 2025 there were 899 RSUs that were vested but not yet released, mainly related to the 2021 Founder Grant, as described below.RSUs granted prior to the Company’s direct listing vest upon the satisfaction of both a service and a performance condition, which was satisfied upon the Company’s direct listing on September 29, 2021, and the Company recognizes stock-based compensation expense using the accelerated attribution method as the service conditions are met. RSUs granted after the Company’s direct listing only contain a service condition and are recognized on a straight line basis over the vesting period.2025 Founders GrantIn March 2025, the Company granted 236 PSUs and 236 RSUs for Class A common stock to the Co-CEOs, in the aggregate, under the 2021 Plan