Company: ASAN
Filing Date: 2025-09-03
Form Type: 10-Q
Source: 0001477720-25-000200
Chunk: 338

Company: Asana, Inc.
Filing Date: 2025-09-03
Form: 10-Q
Item: Part I, Item 8
Chunk 338
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ASANA, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

Performance-Based AwardsThe Performance-Based Awards will vest upon satisfaction of both (i) continuous service through each vesting date and (ii) achievement of revenue-based performance targets during the performance periods. As of July 31, 2025, the revenue targets for the Performance-Based Awards have not been established and therefore the awards are not considered granted under ASC 718. As such, the grant date fair value has not been determined for the Performance-Based Awards and no stock-based compensation expense has been recognized.The Company’s PSU activity is set forth below (in thousands, except per share data):Number ofSharesWeighted-AverageGrant Date Fair Value Per ShareAggregateIntrinsic ValueUnvested PSUs at January 31, 2025— $— $— PSUs granted944 20.23 PSUs vested— — PSUs cancelled/forfeited— — Unvested PSUs at July 31, 2025944 $20.23 $13,855 The weighted-average grant date fair value of PSUs granted during the six months ended July 31, 2025 was $20.23 and there were no PSU awards granted during the six months ended July 31, 2024. No PSU awards vested during the six months ended July 31, 2025 and 2024.Stock-Based Compensation ExpenseStock-based compensation expense for stock-based awards to employees and non-employees in the Company’s condensed consolidated statements of operations for the periods below were as follows (in thousands):Three Months Ended July 31,Six Months Ended July 31,2025202420252024Cost of revenues$497 $393 $841 $676 Research and development30,977 34,045 55,341 60,785 Sales and marketing18,100 17,249 32,923 32,497 General and administrative12,580 8,420 21,216 14,789 Total stock-based compensation expense$62,154 $60,107 $110,321 $108,747 The stock-based compensation expense related to awards granted to non-employees for the three and six months ended July 31, 2025 and 2024 were not material.Total unrecognized stock-based compensation expense related to unvested awards not yet recognized under all equity compensation