Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 386

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 386
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      |
| Time from conversion to maturity (in years)...............................................                              | 0.65 - 1.65   |     | 0.65 - 1.65      |
| Discount factor.................................................................................................        | 9.0%          |     | 9.0%             |
| Volatility............................................................................................................. | 48.6 - 74.5%  |     | 57.8% - 72.6%    |
| Risk free rate....................................................................................................      | 3.99 - 4.33%  |     | 4.1% - 4.2%      |

The change in value of the embedded derivative liability during the six months ended July 31, 2025 is summarized below (in thousands):

| Balance as ofJanuary 31, 2025......................................................................................................             | $59,820 |
| Change in fair value........................................................................................................................... | -21,320 |
| Balance as ofJuly 31, 2025.............................................................................................................         | $38,500 |

Changes in fair value of the embedded derivative liability are recognized as a component of gain (loss) on fair value adjustments in the accompanying condensed consolidated statements of operations. Simple Agreements for Future Equity (SAFEs) and Common 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