Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 95

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 95
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 expense is recorded as follows (in thousands):Three months ended March 31,20252024Cost of revenue$657 $158 Sales and marketing(1)5,129 3,622 Research and development3,147 553 General and administrative4,819 512 Total stock-based compensation expense$13,752 $4,845 _______________(1)Sales and marketing includes common stock warrant expense of $2.2 million and $3.0 million recognized during the three months ended March 31, 2025 and 2024, respectively. See Note 8 – Stockholders’ Equity. The Company capitalized an immaterial amount of stock-based compensation expense to capitalized software development costs during the three months ended March 31, 2025 and 2024. Equity Incentive PlanIn April 2024, the Company’s board of directors approved the 2024 Equity Incentive Plan (2024 Plan), which became effective in connection with the IPO. The 2024 Plan provides for the grant of stock options, restricted stock, RSUs, stock appreciation rights, performance units, and performance shares to eligible employees, directors, and consultants. The 2011 Equity Incentive Plan (2011 Plan), which terminated effective immediately prior to the effectiveness of the 2024 Plan, provided for the grant of various stock 

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Table of ContentsIbotta, Inc.Notes to Condensed Financial Statements(unaudited)

awards to employees of the Company, including incentive stock options, nonqualified stock options, and RSUs.Stock OptionsA summary of option activity for the three months ended March 31, 2025 is as follows: OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)Options outstanding as of December 31, 20243,279,483$15.49 6.5$162,641 Exercised(239,994)14.02 Forfeited or expired(82,002)17.51 Options outstanding as of March 31, 20252,957,487$15.55 6.1$78,819 Options vested and exercisable as of March 31, 20252,268,274$14.55 5.6$62,711 During the three months ended March 31, 2025, no stock options were granted and the total intrinsic value of stock options exercised was