Company: BLND
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001855747-25-000092
Chunk: 391

Company: Blend Labs, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 391
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07 4.28$21,348 Vested and exercisable as of September 30, 202514,489 $4.18 4.29$20,124 No options were granted during the three and nine months ended September 30, 2025 and 2024.The number of options unvested as of September 30, 2025 and December 31, 2024 was 914 and 1,552, respectively. The weighted average grant-date fair value of these unvested options was $1.18 and $1.58 per share as of September 30, 2025 and December 31, 2024, respectively.The total fair value of options vested during the three months ended September 30, 2025 and 2024 was $0.2 million and $1.0 million, respectively. The total fair value of options vested during the nine months ended September 30, 2025 and 2024 was $1.3 million and $3.6 million, respectively.The aggregate intrinsic value of options exercised during the three months ended September 30, 2025 and 2024 was $1.3 million and $0.1 million, respectively. The aggregate intrinsic value of options exercised during the nine months ended September 30, 2025 and 2024 was $2.2 million and $0.7 million, respectively.As of September 30, 2025, the total unrecognized stock-based compensation expense for stock options was approximately $1.0 million, which is expected to be recognized over a weighted average period of 1.3 years. Restricted Stock UnitsA summary of the Company’s RSU activity and related information is as follows:Number of RSUsWeightedaveragegrant date fair value per share (In thousands)Balance as of December 31, 202413,770 $1.75 Granted7,624 $3.42 Vested(5,811)$2.07 Forfeited(4,040)$2.31 Balance as of September 30, 202511,543 $2.49 As of September 30, 2025, there was $25.9 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted average period of 2.1 years. RSUs granted under the 2021 Plan generally vest quarterly over a period of two to four years from the