Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 389

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 389
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 of the original awards immediately prior to the modification. The incremental fair value associated with the modified awards during the six months ended July 31, 2025 was $0.3 million , which was recognized at the modification date.

F-72 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

The following table summarizes stock option activity for the six months ended July 31, 2025 (in thousands, except price per share, share and years data):

|                                                                                                                 | Number ofStock OptionsOutstanding |     | Weighted-AverageExercise Priceper Share |     | Weighted-AverageRemainingContractualLife(Years) |     | AggregateIntrinsic Value |
| Balance as of January 31, 2025.....................                                                             |                        40,971,097 |     |                                  $12.80 |     |                                             7.0 |     |                 $402,471 |
| Granted..........................................................                                               |                         2,574,917 |     |                                  $22.66 |     |                                                 |     |                          |
| Exercised.......................................................                                                |                          -548,401 |     |                                  $10.67 |     |                                                 |     |                   $7,412 |
| Cancelled/forfeited/expired.........................                                                            |                        -1,415,880 |     |                                  $16.29 |     |                                                 |     |                          |
| Balance as of July 31, 2025............................                                                         |                        41,581,733 |     |                                  $13.32 |     |                                             6.6 |     |                 $500,356 |
| Vested and expected to vest as of July 31,2025................................................................. |                        41,581,733 |     |                                  $13.32 |     |                                             6.6 |     |                 $500,356 |
| Exercisable as of July 31, 2025......................                                                           |                        33,247,634 |     |                                  $11.99 |     |                                             6.1 |     |                 $444,352 |

The weighted-average grant date fair value of options granted during the six months ended July 31, 2025 and 2024, was $13.56 and $11.44 per share, respectively. The intrinsic value of options exercised for the six months ended July 31, 2025 and 2024 was $