Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 349

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 349
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 of common stock remain available for future grants under the Plan. The exercise price of options granted under the Plan must be at least equal to 100% of the fair value of the Company’s common stock at the date of grant as determined by the Board of Directors. During the years ended January 31, 2025 and 2024, no options have been granted to purchase stock at a price less than its fair value as determined by the Board of Directors at the time of grant. Early Exercise of Common Stock — Certain stock options granted under the Plan provide option holders the right to elect to exercise unvested options in exchange for shares of common stock. Such unvested shares of common stock are subject to a repurchase right held by the Company at the original issuance price in the event the optionee’s service to the Company is terminated either voluntarily or involuntarily. The repurchase right lapses as the underlying shares vest. The proceeds from the early exercise of stock options are treated as a refundable deposit and are recorded within accrued expenses and other liabilities on the consolidated balance sheets, and reclassified to additional paid-in capital as the Company’s repurchase right lapses. Common stock purchased pursuant to an early exercise of stock options is not deemed to be outstanding for accounting purposes until those shares vest. The Company includes unvested shares subject to repurchase in the number of shares of common stock outstanding in the consolidated balance sheets and statements of redeemable convertible preferred stock and stockholders’ deficit. As of January 31, 2025 and 2024 , there were 49,761 and 133,332 shares subject to repurchase due to early exercises and the corresponding liability was $1.0 million and $2.6 million , respectively. Stock Options — The fair value of the stock options granted w as estimated using the following assumptions in the Black-Scholes option pricing model:

|                                                                                                         | Year Ended January 31, 
 2025                   |     | 2024            |
|:--------------------------------------------------------------------------------------------------------|:-----------------------|:----|:----------------|
| Expected volatility.................................................................................... | 56.09% - 60.19%        |     | 59.13% - 61.13% |
| Risk-free interest rate.............................................................................    | 3.86% - 4.60%          |     | 3.49% - 4.71%   |
| Expected term (in years)........................................................................        | 5.41 - 6.06