Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 393

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 393
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 stock are also entitled to receive dividends whenever funds are available and when declared by the Board of Directors, subject to the priority rights of holders of all series of Preferred Stock outstanding. Common stock reserved for issuance as of July 31, 2025 and January 31, 2025 is summarized as follows:

|                                                                                                           |         As of 
 July 31, 2025 |     | January 31, 2025 |
|:----------------------------------------------------------------------------------------------------------|--------------:|:----|-----------------:|
| Redeemable convertible preferred stock.........................................................           |   146,360,207 |     |      146,360,207 |
| Stock options issued and outstanding.............................................................         |    41,581,733 |     |       40,971,097 |
| RSUs issued and outstanding...........................................................................    |     7,771,766 |     |        4,653,847 |
| Shares of common stock available for future grants.....................................                   |     5,876,145 |     |        5,486,445 |
| Redeemable convertible preferred stock warrants........................................                   |        40,160 |     |           40,160 |
| Common stock warrants.................................................................................... |     1,697,811 |     |                — |
| Total common stock reserved for issuance....................................................              |   203,327,822 |     |      197,511,756 |

NOTE 11 - INCOME TAXES The Company's provision for income tax expense and the effective tax rates are as follows (in thousands, except percentages):

|                                                                                                                       | Six Months Ended July 31, |     |        |
|                                                                                                                       |                      2025 |     |   2024 |
| Income Tax Provision.............................................................................................     |                    $8,043 |     | $4,296 |
| Effective Tax Rate................................................................................................... |                    (8.8)% |     | (4.9)% |

The Company's provision for income taxes for interim periods is determined using an estimated annual effective tax rate ("ETR"), adjusted for discrete items arising in the relevant period. In each quarter, the Company updates their estimated annual ETR and makes a year-to-date calculation of the provision. The Company's provision for income taxes was $8.0 million and $4.3 million , for the six months ended July 31, 2025 and 2024 , respectively. The effective tax rates for the six months ended July