Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 76

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 76
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   Balance as of December 31, 202417,300 $4.20 4.69$31,282 Vested and exercisable as of December 31, 202415,747 $4.29 4.65$28,570 No options were granted during the years ended December 31, 2024 and 2023. The weighted average grant-date fair value of options granted during the year ended December 31, 2022 was $1.69 per share.The number of options unvested as of December 31, 2024 and 2023 was 1,552 and 3,172, respectively. The weighted average grant-date fair value of these unvested options was $1.58 and $2.57 per share as of December 31, 2024 and 2023, respectively.The total fair value of options vested during the years ended December 31, 2024, 2023 and 2022 was $4.5 million, $11.4 million and $31.6 million, respectively.The aggregate intrinsic value of options exercised during the years ended December 31, 2024, 2023 and 2022 was $1.8 million, $0.2 million and $1.8 million, respectively.The estimated grant date fair values of the employee stock options granted under the 2012 and 2021 Plan were calculated using the Black-Scholes Merton Option pricing model, based on the following weighted average assumptions: Year Ended December 31,2022Expected term (years)6.34Expected volatility51.50%Risk-free interest rate3.52%Expected dividend yield—Risk-Free Interest Rate. The risk-free interest rate is based on U.S. treasury zero-coupon issues with remaining terms similar to the expected term of the options at the date of grant.

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Blend Labs, Inc.Notes to Consolidated Financial Statements

Expected Term. The expected term represents the period that the Company’s share-based awards are expected to be outstanding. The Company applies the simplified method in determining the expected life of the stock options as the Company has limited historical basis upon which to determine historical exercise periods. Expected Dividend Yield. The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and, therefore, used an expected dividend yield of zero in the valuation model.Expected Volatility. Expected volatility of the stock is based on the average historical