Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 357

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 357
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:|:----|---------:|
| Deferred tax assets:                                                                                               |                        |     |          |
| Net operating loss carryforwards.....................................................................              |               $211,217 |     | $209,724 |
| Research and development credits.................................................................                  |                 18,156 |     |   14,031 |
| Reserves and accruals......................................................................................        |                 23,841 |     |   14,378 |
| Depreciation and amortization.........................................................................             |                    611 |     |      674 |
| Capitalized research and development costs................................................                         |                 52,012 |     |   38,764 |
| Operating lease liabilities..................................................................................      |                 12,100 |     |   12,271 |
| Stock-based compensation..............................................................................             |                 41,834 |     |   31,597 |
| Total deferred tax assets.......................................................................................   |                359,771 |     |  321,439 |
| Less: Valuation allowance.....................................................................................     |               -336,627 |     | -297,643 |
| Net deferred tax assets..........................................................................................  |                 23,144 |     |   23,796 |
| Deferred tax liabilities:                                                                                          |                        |     |          |
| Operating lease right-of-use asset..................................................................               |                -10,499 |     |  -11,023 |
| Reserves and accruals......................................................................................        |                    -45 |     |        — |
| Depreciation and amortization.........................................................................             |                -13,164 |     |  -13,902 |
| Stock-based compensation..............................................................................             |                   -621 |     |        — |
| Total deferred tax liabilities.................................................................................... |                -24,329 |     |  -24,925 |
| Total net deferred tax assets (liabilities)..............................................................          |               $(1,185) |     | $(1,129) |

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based on the available objective evidence, the Company believes it is more likely than not that a portion of its net deferred tax assets may not be realized in the future. Accordingly, the Company established