Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 409

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 409
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 $27,099 $(12,246)(45%)Sales and marketing14,137 18,759 (4,622)(25%)General and administrative24,844 23,729 1,115 5%Restructuring747 1,086 (339)(31%)Total operating expenses$54,581 $70,673 $(16,092)(23%)

Research and Development 

Research and development expenses decreased by $12.2 million, or 45%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was primarily due to a $5.4 million increase in the capitalization of internal-use software development costs, as well as a $4.4 million decrease in personnel related expenses and a $1.8 million decrease in stock-based compensation expense attributable to a decrease in headcount, in each case, related to our restructuring actions.

Sales and Marketing

Sales and marketing expenses decreased by $4.6 million, or 25%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was primarily due to a $3.2 million decrease in personnel related expenses attributable to a decrease in headcount related to our restructuring actions and a $1.3 million decrease in commissions.

General and Administrative

General and administrative expenses increased by $1.1 million, or 5%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily due to a $1.9 million increase in stock-based compensation expense attributable to executive PSUs, a $1.2 million increase in professional and outside services costs, offset by a $2.4 million decrease in personnel related expenses related to our restructuring actions.

Restructuring

Restructuring expenses decreased by $0.3 million, or 31%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 due to the 2024 workforce reduction plan being larger than the 2025 workforce reduction plan. The costs related to each workforce reduction plan included cash expenditures for compensation and severance payments, employee benefits, payroll taxes and related facilitation costs.

37

Interest Expense

Six Months Ended June 30,20252024$ Change % Change(In thousands)Interest expense$— $(6,747