Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 386

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 386
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 a result, the material liabilities of the VIE are separately presented within the condensed consolidated balance sheets.

F-70 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

The carrying amounts of Liquid Labs’ assets and liabilities included in our condensed consolidated balance sheets are summarized below (in thousands):

|                                                                                                                   |         As of |     |                 |
|                                                                                                                   | July 31, 2025 |     | January 31,2025 |
| Balance Sheet Data of Liquid Labs                                                                                 |               |     |                 |
| Restricted cash, current......................................................................................... |       $12,706 |     |         $57,535 |
| Corporate card receivables(1)................................................................................     |      $159,408 |     |        $158,124 |
| Prepaid expenses and other current assets.......................................................                  |        $1,281 |     |          $1,001 |
| Other non-current assets.......................................................................................   |        $2,029 |     |             $83 |
| Accrued expenses and other current liabilities..................................................                  |        $1,140 |     |          $1,552 |
| Warehouse Credit Facility.....................................................................................    |      $148,174 |     |        $214,238 |

______________ (1) Corporate card receivables as of July 31, 2025 and January 31, 2025 represent pledged customer receivables from Navan, Inc. to Liquid Labs. NOTE 9 – EQUITY INCENTIVE PLAN 2015 Equity Incentive Plan In 2015, the Company’s Board of Directors (the “Board of Directors”) approved the adoption of the 2015 Equity Incentive Plan (the “Plan”). The Plan provides for the grant of incentive and nonstatutory stock options and restricted stock units (“RSUs”) to employees, non-employee directors and consultants of the Company. During the six months ended July 31, 2025 , the Board of Directors approved an increase of 4,666,666 shares reserved for issuance, for a total of 69,378,362 shares reserved under the Plan. As of July 31, 2025, 5,876,145 shares of common stock remain available for future grants under the Plan. The exercise price of options granted under the Plan must be at least equal to 100% of the fair value of the Company’s common stock at the date of grant