Company: NAVN
Filing Date: 2025-07-28
Form Type: DRS/A
Source: 0001628279-25-000476
Chunk: 326

Company: Navan, Inc.
Filing Date: 2025-07-28
Form: DRS/A
Chunk 326
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 — |     | $       | 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 182,272, 90,576, 102,240 and 120,480 shares of Series Seed, Series A, Series A-1 and Series B preferred stock at the stated exercise prices of $0.0823, $0.1656, $0.1951 and $0.6225 per share, respectively. As of January 31, 2025 and 2024, 120,480 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 fair value are recorded in gain (loss) on fair value adjustments on the accompanying consolidated statements of operations for