Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 319

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 319
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, 2025 and 2024.

Redeemable Convertible Preferred Stock Warrant Liability

In connection with a loan agreement entered into in December 2015, we issued redeemable convertible preferred stock warrants to purchase 182,272, 90,576, 102,240 and 120,480 shares of Series Seed, Series A, Series A-1 and Series B preferred stock at the stated exercise prices of $0.0823, $0.1656, $0.1951 and $0.6225 per share, respectively. As of January 31, 2025 and 2024, 120,480 Series B redeemable convertible preferred stock warrants remain outstanding and are recorded at a fair value of $0.4 million and $0.3 million, respectively.

The fair value of the redeemable convertible preferred stock warrant liability was determined using the Black-Scholes option pricing model. The following assumptions were used to calculate the fair value of the redeemable convertible preferred stock warrant liability:

|                          |     | Year Ended January 31, 
 2025                   |   |              |     | 2024 |   |              |
|:-------------------------|:----|:-----------------------|:--|:-------------|:----|:-----|:--|:-------------|
| Volatility               |     |                        |   | 55.0 - 65.0% |     |      |   | 64.5 - 69.5% |
| Risk-free interest rate  |     |                        |   | 4.06 - 4.82% |     |      |   | 3.61 - 4.86% |
| Expected term (in years) |     |                        |   | 3.9 - 4.4    |     |      |   | 4.9 - 5.4    |
| Dividend yield           |     |                        | — | %            |     |      | — | %            |

The redeemable convertible preferred stock warrant liability is recorded within other non-current liabilities on the consolidated balance sheets. Changes in fair value are recorded in gain (loss) on fair value adjustments on the accompanying consolidated statements of operations for the years ended January 31, 2025 and 2024. We will continue to adjust the redeemable convertible preferred stock

<div align='center'>F-19</div>

warrant liability for changes in fair value until the earlier of conversion,