Company: ASAN
Filing Date: 2025-09-03
Form Type: 10-Q
Source: 0001477720-25-000200
Chunk: 311

Company: Asana, Inc.
Filing Date: 2025-09-03
Form: 10-Q
Item: Part I, Item 1
Chunk 311
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 $(11,050)$27,126 $(24,373)

Free Cash Flow and Adjusted Free Cash Flow

Three Months Ended July 31,Six Months Ended July 31,2025202420252024(in thousands)Net cash (used in) provided by investing activities$(18,918)$56 $(14,742)$(21,305)Net cash used in financing activities$(30,556)$(19,228)$(36,079)$(9,281)Net cash provided by operating activities$39,835 $15,858 $46,599 $13,960 Less:Purchases of property and equipment(1,297)(1,690)(1,935)(2,692)Capitalized internal-use software costs(3,156)(1,408)(5,287)(2,783)Free cash flow$35,382 $12,760 $39,377 $8,485 Add:Restructuring costs paid57 — 5,944 — Adjusted free cash flow$35,439 $12,760 $45,321 $8,485 

36

Liquidity and Capital Resources

Since inception, we have financed operations primarily through the net proceeds we have received from the sales of our preferred stock and common stock, the issuance of senior mandatory convertible promissory notes in January and June 2020 to a trust affiliated with our co-founder, Chair, and former CEO, Dustin Moskovitz, cash generated from the sale of subscriptions to our platform, and financing activities including the private placement transaction with Mr. Moskovitz. We have generated losses from our operations as reflected in our accumulated deficit of $1,960.3 million as of July 31, 2025 and positive cash flows from operating activities for the six months ended July 31, 2025 and 2024.

As of July 31, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $475.2 million.

In November 2022, we entered into a four-year credit agreement with SVB, which provided for a senior secured credit facilities in the aggregate principal amount of up to $150.0 million, consisting of a term loan facility in the aggregate principal amount of $50.0 million and a revolving loan facility in an aggregate principal amount of up to $100.0 million, including a $30.0 million letter of credit sub-f