Company: ASAN
Filing Date: 2025-09-03
Form Type: 10-Q
Source: 0001477720-25-000200
Chunk: 296

Company: Asana, Inc.
Filing Date: 2025-09-03
Form: 10-Q
Item: Part I, Item 1
Chunk 296
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 Class A common stock repurchased under the Repurchase Program were retired. Upon retirement, the par value of the common stock repurchased was deducted from common stock and any excess of repurchase price over par value was recorded entirely to accumulated deficit in the condensed consolidated balance sheets.

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

Note 11.    Interest Income and Other Income (Expense), Net

Interest income and other income (expense), net consist of the following (in thousands):Three Months Ended July 31,Six Months Ended July 31,2025202420252024Interest income$4,121 $5,409 $8,353 $10,785 Unrealized gains (losses) on foreign currency transactions(1,081)1,407 (1,839)882 Other non-operating income (expense)267 (56)2,623 (547)Total interest income and other income (expense), net$3,307 $6,760 $9,137 $11,120 Other non-operating income (expense) consists primarily of realized foreign currency gains and losses on transactions in the periods presented.

Note 12.    Income Taxes

The Company's income tax expense was $1.4 million and $1.2 million for the three months ended July 31, 2025 and 2024, respectively, and $2.6 million and $2.2 million for six months ended July 31, 2025 and 2024, respectively, primarily due to income taxes in foreign jurisdictions. 

On July 4, 2025, the United States enacted federal tax legislation commonly referred to as the One Big Beautiful Bill Act (the “OBBB Act”). The OBBB Act makes permanent certain elements of the Tax Cuts and Jobs Act, including immediate expensing of U.S. research and experimentation expenditures, various modifications to the international tax framework, and updates to executive compensation aggregation rules under Section 162(m) of the Internal Revenue Code. The Company evaluated the impact of the OBBB Act on its tax provision, valuation allowance, and uncertain tax positions. The OBBB Act did not have a material impact on the Company's financial statements. The Company maintains a full valuation allowance, and any change in net deferred tax assets from the OBBB Act would be accompanied by a corresponding adjustment to the valuation