Company: ASAN
Filing Date: 2025-09-03
Form Type: 10-Q
Source: 0001477720-25-000200
Chunk: 327

Company: Asana, Inc.
Filing Date: 2025-09-03
Form: 10-Q
Item: Part I, Item 8
Chunk 327
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,074 The Company periodically evaluates its investments for expected credit losses. The Company had certain available-for-sale investment securities in a gross unrealized loss position, substantially all of which had been in such position for less than 12 months. The unrealized losses on the available-for-sale securities were primarily due to unfavorable changes in interest rates subsequent to the initial purchase of these securities. The Company expects to recover the full carrying value of its available-for-sale securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses. The Company also expects any credit losses would be immaterial based on the high-grade credit rating for each of such available-for-sale securities. As a result, the Company does not consider any portion of the unrealized losses as of July 31, 2025 or January 31, 2025 to represent credit losses. In April 2020 and November 2022, the Company entered into credit agreements (the “April 2020 Senior Secured Term Loan” and “November 2022 Senior Secured Credit Facility” as defined in Note 6. Debt) with Silicon Valley Bank (“SVB”). The credit facilities are carried at amortized cost, which approximated their fair values as of July 31, 2025 and January 31, 2025. If the credit facilities were measured at fair value in the financial statements, they would be classified as Level 2 in the fair value hierarchy. The April 2020 Senior Secured Term Loan was repaid in full and terminated in November 2022. On March 27, 2023, First Citizens BancShares, Inc. announced that it entered into an agreement to purchase assets and liabilities of SVB, inclusive of the November 2022 Senior Secured Credit Facility.

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ASANA, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

Note 5.    Balance Sheet Components

Property and Equipment, NetProperty and equipment, net, consisted of the following (in thousands):As ofJuly 31, 2025January 31, 2025Leasehold improvements$106,214 $104,150 Capitalized internal-use software43,955 35,112 Furniture and fixtures12,935 12,689 Desktop and other computer equipment3,043 2,828 Construction in progress55 497 Total gross property and equipment166,202 155,