Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 363

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 363
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 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 49,761 and 133,332 shares subject to repurchase due to early exercises and the corresponding liability was $1.0 million and $2.6 million , respectively. Stock Options — 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 — 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