Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 372

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 372
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2025. 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 July 31, 2025 and January 31, 2025 , 40,160 Series B redeemable convertible preferred stock warrants remain outstanding and are recorded at a fair value of $0.4 million and $0.4 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:

|                                                                                                                                |         As of |     |                 |
|                                                                                                                                | July 31, 2025 |     | January 31,2025 |
| Volatility.................................................................................................................... |         50.0% |     |           55.0% |
| Risk-free interest rate.............................................................................................           |          3.9% |     |            4.1% |
| Expected term (in years)........................................................................................               |           3.1 |     |             3.9 |
| Dividend yield..........................................................................................................       |            —% |     |              —% |

The redeemable convertible preferred stock warrant liability is recorded within other non-current liabilities on the condensed consolidated balance sheets. Changes in fair value are recorded in gain (loss) on fair value adjustments on the accompanying condensed consolidated statements of operations for the six months ended July 31, 2025 and 2024 . We will continue to adjust the redeemable convertible

F-58 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

preferred stock warrant liability for changes in fair value until the earlier of conversion, exercise or expiration of the warrants. Fair value measurements are highly sensitive to changes in these inputs; significant changes in these inputs would result in a significantly higher or lower fair value. The change in value of the redeemable convertible preferred stock warrant liability during the six months ended July 31, 2025 is summarized below (in