Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 391

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 391
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1,853 General and administrative5,576 3,664 9,098 7,223 Total$7,562$7,212$13,610$15,257____________(1) Net of $1.1 million and $2.3 million of additions to capitalized internal-use software for the three and six months ended June 30, 2025, and $0.5 million and $1.1 million for the three and six months ended June 30, 2024.

12. Restructuring

Workforce Reduction PlansIn 2024, the Company executed two workforce reduction initiatives as part of its broader efforts to improve cost efficiency and better align its operating structure with its business activities. The execution of the January 2024 plan was completed in the second quarter of 2024 and the execution of the September 2024 plan was substantially completed in the fourth quarter of 2024.In 2025, the Company established a new workforce reduction initiative (the “2025 Plan”), and through June 30, 2025, eliminated approximately 20 positions, or 5% of the Company’s then-current workforce. The execution of the 2025 Plan is expected to be substantially completed in the fourth quarter of 2025.The restructuring charges attributable to the workforce reduction plans were not material for the three months ended June 30, 2025 and 2024, and $0.7 million and $1.1 million for the six months ended June 30, 2025 and 2024, respectively. The restructuring charges for workforce reduction plans consisted primarily of cash expenditures for compensation, severance, and transition payments, employee benefits, payroll taxes and related facilitation costs. The component classified as discontinued operations incurred an additional $0.5 million and $1.2 million in charges related to the 2025 plan for the three and six months ended June 30, 2025, respectively. Refer to Note 16, Assets Held for Sale and Discontinued Operations.The reconciliation of the restructuring liability balances is as follows:(In thousands)Restructuring liability as of December 31, 2023$31 January 2024 Plan charge1,086 September 2024 Plan charge1,442 Settlements(2,484)Restructuring liability as of December 31, 2024$75 2025 Plan charge747 Settlements(811)Restructuring liability as of June 30,