Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 439

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 439
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 the automatic increase described in the 2021 Plan, a total of 23,000,000 shares of the Company’s Class A common stock were reserved for issuance pursuant to the 2021 Plan, plus 36,101,718 shares of the Company’s Class A common stock reserved for future issuance under the 2012 Plan. Subject to the adjustment provisions of the 2021 Plan, the number of shares available for issuance under the 2021 Plan also includes an annual increase on the first day of each fiscal year beginning on January 1, 2022, equal to the least of (a) 34,500,000 shares of Class A common stock, (b) 5% of the total number of shares of all classes of the Company’s common stock outstanding on the last day of the immediately preceding fiscal year, or (c) such other amount as the Company’s board of directors (or its committee) may determine. Options granted under the 2021 Plan generally vest over periods ranging from one to four years.A summary of the stock option activity is as follows:Number ofoptions Weightedaverageexerciseprice WeightedaverageremainingcontractuallifeAggregateintrinsicvalue (In thousands)(In years)(In thousands)Balance as of December 31, 202417,300 $4.20 4.69$31,282 Exercised(478)$1.66  $926 Canceled and forfeited(508)$10.18   Balance as of June 30, 202516,314 $4.09 4.43$18,724 Vested and exercisable as of June 30, 202515,223 $4.21 4.43$17,650 No options were granted during the three and six months ended June 30, 2025 and 2024.The number of options unvested as of June 30, 2025 and December 31, 2024 was 1,090 and 1,552, respectively. The weighted average grant-date fair value of these unvested options was $1.20 and $1.58 per share as of June 30, 2025 and December 31, 2024, respectively.The total fair value of options vested during the three months ended June 30, 2025 and 2024 was $0.4 million and $1.2 million, respectively. The total fair value of options vested during the six months