Company: NCNO
Filing Date: 2025-12-03
Form Type: 10-Q
Source: 0001902733-25-000131
Chunk: 67

Company: nCino, Inc.
Filing Date: 2025-12-03
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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,057,539)33.71 Forfeited(941,732)30.79 Nonvested, October 31, 20256,770,521 $28.47 As of October 31, 2025, total unrecognized compensation expense related to non-vested RSUs was $153.3 million, adjusted for estimated forfeitures, based on the estimated fair value of the Company’s common stock at the time of grant. That cost is expected to be recognized over a weighted average period of 2.79 years.Employee Stock Purchase PlanThe first offering period for the Employee Stock Purchase Plan (“ESPP”) began on July 1, 2021 and ended on December 31, 2021. Thereafter, offering periods begin each year on January 1 and July 1.The fair value of ESPP shares during the nine months ended October 31, 2024 and 2025 was estimated at the date of grant using the Black-Scholes option valuation model based on assumptions as follows for ESPP awards: Nine Months Ended October 31,20242025Expected life (in years)0.500.50Expected volatility38.70% - 38.91%40.74% - 46.91%Expected dividends0.00%0.00%Risk-free interest rate5.24% - 5.37%4.25% - 4.29%

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Table of ContentsnCino, Inc.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In thousands, except share and per share amounts and unless otherwise indicated)

Stock-Based Compensation ExpenseStock-based compensation expense included in our unaudited condensed consolidated statements of operations were as follows:Three Months Ended October 31,Nine Months Ended October 31,2024202520242025Cost of subscription revenues$733 $804 $2,088 $2,298 Cost of professional services and other revenues2,940 3,230 8,699 9,299 Sales and marketing4,394 4,008 12,534 10,682 Research and development4,208 4,096 13,720 11,896 General and administrative5,696 6,113 15,974 18,506 Total stock-based compensation expense$17,971 $18,251 $53,015 $52,681 

Note 9. Leases

Operating