Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 402

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 402
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 convertible preferred stock and stockholders’ deficit. As of July 31, 2025 and January 31, 2025, there were 21,751 and 49,761 shares, respectively, subject to repurchase due to early exercises and the corresponding liability was $0.4 million and $1.0 million respectively.

F-71 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

Stock Options — Options granted under the Plan continue to vest until the last day of employment and generally vest over four years and expire 10 years from the date of grant. The fair value of the stock options granted w as estimated using the following assumptions in the Black-Scholes option pricing model:

|                                                                                                      | Six Months Ended July 31, |     |                 |
|                                                                                                      |                      2025 |     |            2024 |
| Expected volatility................................................................................. |           56.76% - 58.49% |     | 58.93% - 60.19% |
| Risk-free interest rate...........................................................................   |             3.93% - 4.07% |     |   4.33% - 4.60% |
| Expected term (in years)......................................................................       |               5.23 - 6.07 |     |     5.41 - 6.06 |
| Expected dividend yield.......................................................................       |                        —% |     |              —% |

Fair Value of Common Stock — 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, developments in the business and stage of development, the Company’s operational and financial performance and condition, issuances of redeemable convertible preferred stock and the rights and preferences of redeemable convertible preferred stock relative to common stock, current condition of capital markets and the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, and the lack of marketability of the Company’s common stock. For financial reporting purposes, the Company considered the amount of time between the valuation date and the grant date to determine whether to use the latest common stock valuation or a straight-line interpolation between the two valuation dates. The determination included an evaluation of whether the subsequent valuation indicated that any significant change in valuation had occurred between the previous valuation and the