Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 387

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 387
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 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)....................................................................................................... | 0.21 - 1.21   |
| Discount for lack of marketability..................................................................................................... | 5.0 - 18.0%   |

The change in value of the common stock warrant liabilities during the six months ended July 31, 2025 is summarized below (in thousands):

| Balance as ofJanuary 31, 2025......................................................................................................        |      $— |
|:-------------------------------------------------------------------------------------------------------------------------------------------|--------:|
| Additions in the period..................................................................................................................  |  27,700 |
| Change in fair value...................................................................................................................... |   3,500 |
| Balance as ofJuly 31, 2025.............................................................................................................    | $31,200 |

Other Financial Instruments The fair value of other financial instruments that are not recognized at fair value on the balance sheet are presented below for disclosure purposes only (in thousands):

|                                                                                                   | Fair ValueHierarchy |               |    As of |                 |          |
|                                                                                                   |                     | July 31, 2025 |          | January 31,2025 |          |
| Convertible notes.........................................................................        | Level 3             |               | $354,000 |                 | $359,