Company: ASAN
Filing Date: 2025-06-03
Form Type: 10-Q
Source: 0001477720-25-000107
Chunk: 244

Company: Asana, Inc.
Filing Date: 2025-06-03
Form: 10-Q
Item: Part I, Item 8
Chunk 244
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 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 April 30, 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 April 30, 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 ofApril 30, 2025January 31, 2025Leasehold improvements$104,880 $104,150 Capitalized internal-use software38,673 35,112 Furniture and fixtures12,858 12,689 Desktop and other computer equipment3,043 2,828 Construction in progress33 497 Total gross property and equipment159,487 155,276 Less: Accumulated depreciation and amortization(64,747)(59,440)Total property and equipment, net$94,740 $95,836 Depreciation and amortization expense was $4.9 million and $4.0 million for the three months ended April 30, 2025 and 2024, respectively.Prepaid Expenses and Other Current AssetsPrepaid expenses and other current assets consisted of the following (in thousands):As ofApril 30,