Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 174

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 174
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 the time-based service vesting condition is satisfied. After the completion of this offering, based on RSUs outstanding as of July 31, 2025, we expect that approximately 0.4 million, 0.9 million, and 0.9 million RSUs will satisfy their time-based service vesting conditions by each of December 20, 2025, March 20, 2026, and June 20, 2026 , respectively, assuming no forfeitures. We may delay the settlement of certain of these vested RSUs until after the expiration of lock-up agreements and market stand-off provisions described elsewhere in this prospectus. Additionally, as of July 31, 2025, unrecognized stock-based compensation expense related to unvested stock options was approximately $123.6 million , which is expected to be recognized over a weighted-average period of 2.3 years and unrecognized stock-based compensation expense related to unvested RSUs with only time-based service vesting conditions was approximately $13.2 million , which is expected to be recognized over a weighted-average period of 3.6 years . Common Stock Valuations The fair value of our common stock underlying our equity awards was determined by our board of directors, after considering contemporaneous third-party valuations and input from management. The valuations of our common stock were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation . In the absence of a public trading market, our board of 124 directors, with input from management, exercised significant judgment and considered various objective and subjective factors to determine the fair value of our common stock as of the date of each stock option grant, including the following factors: • contemporaneous valuations of our common stock performed by independent third-party specialists; • the prices, rights, preferences and privileges of our redeemable convertible preferred stock relative to those of our common stock; • the prices paid for common or redeemable convertible preferred stock sold to third-party investors by us and prices paid in secondary transactions for shares repurchased by us or other investors in arm’s-length transactions, including any tender offers; • the lack of marketability inherent in our common stock; • our actual operating and financial performance; • our current business conditions and projections; • the hiring of key personnel and the experience of our management; • the history of the company and the introduction of new offerings; • our stage of development; • the likelihood of achieving