Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 387

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 387
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 as determined by the Board of Directors. During the six months ended July 31, 2025 , 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 condensed 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 condensed consolidated balance sheets and statements of redeemable convertible preferred stock and stockholders’ deficit. As of July 31, 2025 and January 31, 2025, there were 21,751 and 49,761 shares, respectively, subject to repurchase due to early exercises and the corresponding liability was $0.4 million and $1.0 million respectively.

F-71 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

Stock Options — Options granted under the Plan continue to vest until the last day of employment and generally vest over four years and expire 10 years from the date of grant. The fair value of the stock options granted w as estimated using the following assumptions in the Black-Scholes option pricing model:

|                                                                                                      | Six Months Ended July 31, |     |                 |
|                                                                                                      |                      2025 |     |            2024 |
| Expected volatility................................................................................. |           56.76% - 58.49% |     | 58.93% - 60.19% |
| Risk-free interest rate...........................................................................   |             3.93% - 4.07% |     |   4.33% - 4.60% |
| Expected term (in years)................................................................