Total stock-based compensation expense was as follows:



(In thousands)	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024			Nine Months Ended September 30, 2023
Cost of revenue	$	45	$	542	$	364		$	2,800
Selling and marketing expense		490		2,469		(2,328	)		7,191
General and administrative expense		7,781		10,352		14,167			44,029
Product development expense		1,842		8,165		70			29,640
Total stock-based compensation expense	$	10,158	$	21,528	$	12,273		$	83,660

During the three and nine months ended September 30, 2024, stock-based compensation expense decreased from the same periods in 2023, primarily due to forfeitures for terminations including the reduction in force related to the Restructuring Plan.

The following table summarizes information around Incentive Units in Bumble Holdings:



	Time-Vesting Incentive Units					Exit-Vesting Incentive Units
	Number of Awards			Weighted- Average Participation Threshold		Number of Awards			Weighted- Average Participation Threshold
Unvested as of December 31, 2023		2,014,042		$	13.11		1,817,295		$	12.89
Granted		—			—		—			—
Vested		(911,125	)		12.20		(809,754	)		12.48
Forfeited		(143,861	)		19.15		(123,216	)		13.66
Unvested as of September 30, 2024		959,056		$	13.07		884,325		$	12.43

As of September 30, 2024, total unrecognized compensation cost related to the Time-Vesting Incentive Units was $0.7 million, which is expected to be recognized over a weighted-average period of 0.5 years. As of September 30, 2024, total unrecognized compensation cost related to the Exit-Vesting Incentive Units was $1.2 million, which is expected to be recognized over a weighted-average period of 0.8 years.

The following table summarizes information around restricted shares in the Company:



	Time-Vesting Restricted Shares of Class A Common Stock					Exit-Vesting Restricted Shares of Class A Common Stock
	Number of Awards			Weighted- Average Grant-Date Fair Value		Number of Awards			Weighted- Average Grant-Date Fair Value
Unvested as of December 31, 2023		32,255		$	6.87		28,386		$	17.13
Granted		—			—		—			—
Vested		(15,824	)		6.87		(8,051	)		17.21
Forfeited		(9,987	)		6.81		(14,798	)		17.05
Unvested as of September 30, 2024		6,444		$	6.96		5,537		$	17.22

As of September 30, 2024, total unrecognized compensation cost related to the Time-Vesting restricted shares was $3.4 thousand, which is expected to be recognized over a weighted-average period of 0.3 years. As of September 30, 2024, total unrecognized compensation cost related to the Exit-Vesting restricted shares was $13.7 thousand, which is expected to be recognized over a weighted-average period of 0.8 years.

The following table summarizes information around RSUs in the Company:



	Time-Vesting RSUs					Exit-Vesting RSUs
	Number of Awards			Weighted- Average Grant-Date Fair Value		Number of Awards			Weighted- Average Grant-Date Fair Value
Unvested as of December 31, 2023		6,557,643		$	25.41		333,296		$	42.79
Granted		3,745,502			11.51		—			—
Vested		(2,008,290	)		26.28		(135,570	)		42.79
Forfeited		(2,523,969	)		23.71		(70,262	)		42.79
Unvested as of September 30, 2024		5,770,886		$	16.79		127,464		$	42.79

During the nine months ended September 30, 2024 and 2023, the total fair value of vested RSUs as of the respective vesting dates was $24.7 million and $36.0 million, respectively. As of September 30, 2024, total unrecognized compensation cost related to the Time-Vesting RSUs was $44.8 million, which is expected to be recognized over a weighted-average period of 2.8 years. As of September 30, 2024, total unrecognized compensation cost related to the Exit-Vesting RSUs was $0.6 million, which is expected to be recognized over a weighted-average period of 0.8 years.

The following assumptions were utilized to calculate the fair value of Time-Vesting Options granted during the nine months ended September 30, 2024:


		September 30, 2024
Volatility		57% - 58%
Expected Life		7.0 years
Risk-free rate		4.0% - 4.6%
Fair value per unit		$5.72 - $8.95
Dividend yield		0.0%

The following table summarizes the Company’s option activity as it relates to Time-Vesting stock options:


	September 30, 2024
	Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2023		3,528,145		$	30.87	$	17.75
Granted		3,745,723			12.23		7.59
Exercised		—			—		—
Forfeited and expired		(2,323,657	)		27.15		15.99
Outstanding as of September 30, 2024		4,950,211			18.52		10.84
Exercisable as of September 30, 2024		994,391		$	34.16	$	18.87

The following table summarizes the Company’s option activity as it relates to Exit-Vesting stock options:


	September 30, 2024
	Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2023		79,908		$	43.00	$	22.21
Granted		—			—		—
Exercised		—			—		—
Forfeited		(21,846	)		43.00		22.21
Outstanding as of September 30, 2024		58,062			43.00		22.21
Exercisable as of September 30, 2024		41,930		$	43.00	$	22.21

As of September 30, 2024, total unrecognized compensation cost related to the Time-Vesting options was $19.5 million, which is expected to be recognized over a weighted-average period of 3.2 years. As of September 30, 2024, total unrecognized compensation cost related to the Exit-Vesting options was $34.8 thousand, which is expected to be recognized over a weighted-average period of 0.8 years.