Company: WRBY
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001504776-25-000033
Chunk: 31

Company: Warby Parker Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 (Unaudited)(Amounts in thousands, except per share data)

Stock OptionsA summary of stock option activity for the nine months ended September 30, 2025 is as follows:Number ofStock OptionsWeightedAverageExercisePriceWeightedaveragecontractualterm (years)AggregateintrinsicvalueBalance at December 31, 20241,697 $5.67 2.6$31,459 Granted— — Exercised(44)8.12 706 Forfeited(6)3.94 Balance at September 30, 20251,647 $5.61 1.9$36,184 Exercisable and vested as of September 30, 20251,647 $5.61 1.9$36,184 All outstanding options are vested and fully expensed as of September 30, 2025. The Company has not granted stock options since 2021.Restricted Stock Units and Performance Stock UnitsA summary of RSU activity for the nine months ended September 30, 2025 is as follows:Number of Restricted Stock UnitsWeighted Average Grant Date Fair ValueUnvested as of December 31, 20242,740 $19.81 Granted1,45523.57 Forfeited(176)17.16 Released(1,432)22.88 Vested and not yet released(53)31.56 Unvested as of September 30, 20252,534 $20.17 The total value of unrecognized stock-based compensation expense related to outstanding RSUs and PSUs granted under the Plans was $40.6 million and $7.6 million as of September 30, 2025, respectively, which is expected to be recognized over a weighted-average period of 1.3 years and 1.2 years, respectively. As of September 30, 2025 there were 932 RSUs that were vested but not yet released, primarily 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