Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 33

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 which are forfeited or not exercised before expiration, become available for future grants.  The following table summarized the Company’s share option activity during the six months ended June 30, 2025: Number of OptionsWeighted Average Exercise PriceWeighted AverageRemaining ContractualTerm (Years)AggregateIntrinsic Value (000’s)Balance, December 31, 20244,042,901 $7.5 6.7$7,335 Granted2,500 9.7 Exercised(494,281)6.7 Forfeited(84,442)30.6 Balance, June 30, 20253,466,678 $7.0 6.2$49,532 Vested and exercisable, June 30, 20252,674,214 $4.6 5.4$44,788 The weighted-average grant-date fair value of options granted was approximately $9.70 for the six months ended June 30, 2025 and there was no grant of share options during the six months ended June 30, 2024. The aggregate intrinsic value of options exercised was approximately $7.2 million and $2.6 million for the six months ended June 30, 2025 and 2024, respectively. The total grant date fair value of share options vested for the six months ended June 30, 2025 and 2024, was $3.2 million and $13.9 million, respectively.The assumptions used to estimate the fair value of share options granted for the six months ended June 30, 2025 were as follows: Expected volatility105.4 %Expected term (in years)5.6Risk free interest4.1 %Dividend yield0.0 %As of June 30, 2025, unrecognized compensation expense related to unvested share options was approximately $10.7 million, which is expected to be recognized over a remaining weighted-average period of 1.1 years. Restricted Stock Units (RSUs)—RSUs for new employees generally vest over two years of the employment commencement date with 50% vesting on the twelve-month anniversary of the employment commencement date, and the remaining on a pro-rata basis each quarter over the remaining twelve months. RSUs for existing employees are granted periodically and generally vest quarterly over periods of 1 to 4 years.  Unvested RSUs are forfeited at termination of employment