Company: CDLX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001666071-25-000159
Chunk: 124

Company: Cardlytics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 124
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 and marketing expense560 2,096 3,710 8,140 Research and development expense2,575 3,448 8,514 12,031 General and administrative expense2,847 1,846 8,952 9,484 Total stock-based compensation expense$6,422 $8,065 $22,617 $31,694 During the three months ended September 30, 2025 and 2024, we capitalized $1.2 million of stock-based compensation expense for software development. During the nine months ended September 30, 2025 and 2024, we capitalized $3.1 million and $3.7 million of stock-based compensation expense for software development, respectively.

20

Restricted Stock UnitsWe grant restricted stock units ("RSUs") to certain employees and our non-employee directors. The following table summarizes changes in RSUs, inclusive of performance-based RSUs:Shares(in thousands)Weighted-Average Grant Date Fair ValueWeighted-Average Remaining Contractual Term (in years)Unamortized Compensation Costs(in thousands)Unvested — December 31, 20244,507 $13.20 1.20$43,710 Granted6,850 2.09 Vested(2,286)12.76 Forfeited(1,056)11.79 Unvested — September 30, 20258,015 $4.02 0.90$21,414 During the nine months ended September 30, 2025, we granted 6,850,468 RSUs to employees and non-employee directors, which have vesting periods ranging from vesting immediately to vesting in four years. There were no grants of RSUs subsequent to September 30, 2025.Performance-based RSUsIn June 2025 and March 2025, we granted 442,500 and 95,625 PSUs, respectively, which will vest at the achievement of specific stock price hurdles for at least 20 consecutive trading days at market close between April 1, 2025 and April 1, 2028; provided, however, that in the event that the applicable triggering stock price is met prior to April 1, 2026, such vesting will not occur until April 1, 2026.In July 2022, we granted 100,990 PSUs which included two tranches that vest