Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 391

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 391
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 previously satisfied the service condition.

F-73 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

Unrecognized stock-based compensation expense related to unvested RSUs that have not met the service condition is $91.1 million , which would be recognized over a weighted-average period of approximately 3.5 years if the liquidity event had occurred on or was probable as of July 31, 2025 . Restricted Stock Units with Service-Only Conditions The following table summarizes the activity related to RSUs with service-only conditions for the six months ended July 31, 2025 :

|                                                                                                                          | Number ofShares Subjectto RSUs |     | Weighted-Average GrantDate Fair Value |
| Unvested balance as of January 31, 2025.........................................................                         |                        102,000 |     |                                $22.38 |
| Granted................................................................................................................  |                        527,117 |     |                                $23.28 |
| Forfeited............................................................................................................... |                              — |     |                                     — |
| Vested.................................................................................................................. |                              — |     |                                     — |
| Unvested balance as of July 31, 2025................................................................                     |                        629,117 |     |                                $23.14 |

During the six months ended July 31, 2025 , the Company recognized $1.3 million of stock-based compensation expense for these RSUs. No stock-based compensation expense was recognized for RSUs with service-only conditions during the six months ended July 31, 2024 . As of July 31, 2025 , there was approximately $13.2 million of unrecognized compensation cost related to these unvested RSUs, which is expected to be recognized over a weighted-average period of 3.6 years . Stock-based Compensation Expense Stock-based compensation is included in the following components of expenses within the condensed consolidated statements of operations (in thousands):

|                                                                                                                        | Six Months Ended July 31, |     |         |
|                                                                                                                        |                      2025 |     |    2024 |
| Cost of revenue....................................................................................................... |                    $1,902 |     |  $1,842 |
| Research and development..................................................................................             |                    14,371 |     |  13,619 |
| Sales and marketing...............................................................................................     |                     7,738 |     |   7,614 |
| General and administrative...................................................................................