Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 374

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 374
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 Stock Warrants During the six months ended July 31, 2025 , we entered into SAFEs with multiple investors. Refer to Note 7 — Debt for further information regarding the conversion features and terms of the SAFEs. We issued common stock warrants to investors together with the SAFEs. The number of shares that can be issued upon exercise of the common stock warrants is determined based on a fixed percentage of the fully diluted capitalization prior to the earliest to occur of (a) a deemed liquidation event, (b) a liquidity event, and (c) the date of exercise. The SAFEs are presented within convertible notes and SAFEs, and the common stock warrants are presented within embedded derivative and common stock warrant liabilities within the accompanying condensed consolidated balance sheets. The SAFEs and common stock warrants are measured at fair

F-59 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

value on a recurring basis, with changes in fair value recognized as a component of gain (loss) on fair value adjustments in the accompanying condensed consolidated statements of operations. The fair value of the SAFEs was computed using an income approach. The primary significant unobservable input used in measuring the fair value of the SAFEs is the time until conversion. As of July 31, 2025 , the time until conversion was 0.21 years to 1.21 years. The change in value of the SAFE liabilities during the six months ended July 31, 2025 is summarized below (in thousands):

| Balance as of January 31, 2025......................................................................................................       |       $— |
|:-------------------------------------------------------------------------------------------------------------------------------------------|---------:|
| Additions in the period..................................................................................................................  |  127,300 |
| Change in fair value...................................................................................................................... |   35,700 |
| Balance as of July 31, 2025.............................................................................................................   | $163,000 |

The fair value of the common stock warrants was computed using the probability weighted expected return method. A significant input used in measuring the fair value of the common stock warrant liabilities is the number of shares that can be issued upon exercise of the warrants. In addition, the other significant unobservable inputs used in measuring the fair value of the common stock warrants liabilities include the following:

|                                                                                                                                         | As of         
 July 31, 2025 |
|:----------------------------------------------------------------------------------------------------------------------------------------|:--------------|
| Time until conversion (in years)....................................................................................................... | 0