Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 346

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 346
---
 liability............................................... | $—                                             |     | $—      |     |    $297 |     |    $297 |
| Embedded derivative liability.........................                                                 | —                                              |     | —       |     |  72,150 |     |  72,150 |
| Total..............................................................                                    | $—                                             |     | $—      |     | $72,447 |     | $72,447 |

There were no transfers between Level 1, Level 2 or Level 3 fair value hierarchy categories of financial instruments during the years ended January 31, 2025 and 2024. Redeemable Convertible Preferred Stock Warrant Liability In connection with a loan agreement entered into in December 2015, we issued redeemable convertible preferred stock warrants to purchase 60,757 , 30,192 , 34,080 and 40,160 shares of Series Seed, Series A, Series A-1 and Series B preferred stock at the stated exercise prices of $0.2469 , $0.4968 , $0.5853 and $1.8675 per share, respectively. As of January 31, 2025 and 2024, 40,160 Series B redeemable convertible preferred stock warrants remain outstanding and are recorded at a fair value of $0.4 million and $0.3 million , respectively. The fair value of the redeemable convertible preferred stock warrant liability was determined using the Black-Scholes option pricing model. The following assumptions were used to calculate the fair value of the redeemable convertible preferred stock warrant liability:

|                                                                                                                                | Year Ended January 31, 
 2025                   |     | 2024         |
|:-------------------------------------------------------------------------------------------------------------------------------|:-----------------------|:----|:-------------|
| Volatility.................................................................................................................... | 55.0 - 65.0%           |     | 64.5 - 69.5% |
| Risk-free interest rate.............................................................................................           | 4.06 - 4.82%           |     | 3.61 - 4.86% |
| Expected term (in years)........................................................................................               | 3.9 - 4.4              |     | 4.9 - 5.4    |
| Dividend yield..........................................................................................................       | —%                     |     | —%           |

The redeemable convertible preferred stock warrant liability is recorded within other non-current liabilities on the consolidated balance sheets. Changes in