Asana Founder Ups Stake with $6.9M Share Purchase

Rhea-AI Filing Summary

Dustin A. Moskovitz, Asana’s co-founder, director and 10%+ owner, disclosed buying 450,000 Class A shares on 29-30 Jul 2025 via a Rule 10b5-1 plan. The two blocks were purchased at weighted-average prices of $15.2401 and $15.3242, totaling roughly $6.9 million.

After these trades his direct stake rises to 55,080,999 shares; he also controls 4,147,046 shares through a trust, for about 59.2 million beneficially owned. No derivative instruments were bought or sold.

While the incremental purchase is small relative to his existing position, additional buying by a founder-insider can be viewed as a confidence signal to investors. The filing does not alter fundamentals, guidance, or capital structure.

Positive

• Founder/10% owner purchased 450,000 shares, signaling continued confidence in Asana at ~$15 share price.
• Total direct holdings increased to 55.1 million shares, reinforcing long-term alignment with public shareholders.

Negative

• None.

Insights

Financial Analyst

TL;DR – Founder adds 450k shares; modest size yet positive insider signal.

Moskovitz’s $6.9 m purchase increases his direct stake by 0.8%. Given his outsized ownership, the buy is not material to control but does convey valuation conviction at the mid-teens price level. No derivatives, sales, or mixed signals appear, and the trade was pre-planned, lowering regulatory risk. Overall sentiment tilt: mildly bullish, fundamental impact: negligible.

Portfolio Manager

TL;DR – Small incremental buy keeps insider accumulation trend intact; supportive for sentiment, not game-changing.

The market often discounts 10b5-1 purchases, yet founder activity still matters for momentum-driven names like ASAN. The 450k-share add represents roughly 0.9 days of average volume, so price impact should be limited. I view the filing as an incremental positive for positioning but would not revise valuation models on this alone.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Moskovitz Dustin A.

(Last) (First) (Middle)

C/O ASANA, INC.

633 FOLSOM STREET, SUITE 100

(Street)

SAN FRANCISCO CA 94107

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Asana, Inc. [ ASAN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/29/2025		P(1)		225,000	A	$15.2401(2)	54,855,999	D
Class A Common Stock	07/30/2025		P(1)		225,000	A	$15.3242(3)	55,080,999	D
Class A Common Stock								4,147,046	I	See footnote(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The purchases reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan, adopted September 5, 2024.

2. The reported price in Column 4 is a weighted average purchase price. These shares were purchased in multiple transactions at prices ranging from $14.98 to $15.44 per share. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

3. The reported price in Column 4 is a weighted average purchase price. These shares were purchased in multiple transactions at prices ranging from $14.88 to $15.66 per share. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

4. The shares are held of record by Dustin A. Moskovitz TTEE Dustin A. Moskovitz Trust DTD 12/27/05.

Remarks:

	/s/ Katie Colendich, Attorney-in-Fact	07/31/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Asana (ASAN) shares did Dustin Moskovitz buy?

450,000 Class A shares were purchased across two days.

What prices did the ASAN insider pay for the shares?

Weighted-average prices were $15.2401 on 07/29/2025 and $15.3242 on 07/30/2025.

What is Moskovitz’s total ownership in Asana after the trade?

He holds 55,080,999 shares directly and 4,147,046 indirectly, about 59.2 million in total.

Was the purchase under a 10b5-1 trading plan?

Yes, the plan was adopted on September 5, 2024.

Were any derivative securities involved in the filing?

No derivative transactions were reported; only common stock purchases.