Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 337

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 337
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 a repurchase right held by the Company at the original issuance price in the event the optionee’s service to the Company is terminated either voluntarily or involuntarily. The repurchase right lapses as the underlying shares vest. The proceeds from the early exercise of stock options are treated as a refundable deposit and are recorded within accrued expenses and other liabilities on the consolidated balance sheets, and reclassified to additional paid-in capital as the Company’s repurchase right lapses. Common stock purchased pursuant to an early exercise of stock options is not deemed to be outstanding for accounting purposes until those shares vest. The Company includes unvested shares subject to repurchase in the number of shares of common stock outstanding in the consolidated balance sheets and statements of redeemable convertible preferred stock and stockholders’ deficit.

As of January 31, 2025 and 2024, there were 149,291 and 400,020 shares subject to repurchase due to early exercises and the corresponding liability was $1.0 million and $2.6 million, respectively.

#### Stock Options
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The fair value of the stock options granted w as estimated using the following assumptions in the Black-Scholes option pricing model:

|                          |     | Year Ended January 31, 
 2025                   |     |                 |     | 2024 |     |                 |
|:-------------------------|:----|:-----------------------|:----|:----------------|:----|:-----|:----|:----------------|
| Expected volatility      |     |                        |     | 56.09% - 60.19% |     |      |     | 59.13% - 61.13% |
| Risk-free interest rate  |     |                        |     | 3.86% - 4.60%   |     |      |     | 3.49% - 4.71%   |
| Expected term (in years) |     |                        |     | 5.41 - 6.06     |     |      |     | 5.23 - 6.38     |
| Expected dividend yield  |     | — %                    |     |                 |     | — %  |     |                 |

Fair Value of Common Stock

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Given the absence of a public trading market, the fair value of the Company’s common stock is determined by the Board of Directors based on a number of factors, including contemporaneous valuations of common stock performed by an unrelated valuation specialist,