Dustin Moskovitz Adds 448k ASAN Shares in July 2025 Insider Buy

Rhea-AI Filing Summary

Asana (ASAN) Form 4: President, CEO, Chair and >10% owner Dustin A. Moskovitz disclosed two open-market purchases executed under a Rule 10b5-1 plan.

• 17 Jul 2025: 222,907 Class A shares bought at a volume-weighted average price (VWAP) of $14.36.
• 18 Jul 2025: 225,000 Class A shares bought at a VWAP of $14.82.

Total acquired: 447,907 shares for ≈ $6.6 million. After the trades Moskovitz holds 53,730,999 shares directly (+0.8%) and 4,147,046 shares indirectly via a trust. No derivative activity was reported.

The additional purchases marginally increase Moskovitz’s ownership but mainly signal continued insider confidence while the stock trades near $14. The incremental buy is small relative to his existing stake yet represents meaningful cash outlay, aligning management and shareholder interests.

Positive

• Insider buying: CEO & founder purchased 447,907 shares worth ≈ $6.6 M, a classic bullish signal.
• Alignment: Increased personal stake strengthens management–shareholder alignment without issuing new shares.
• Compliance: Transactions executed under a Rule 10b5-1 plan, reducing litigation or timing concerns.

Negative

• Scale: Purchase lifts ownership by <1%, so practical impact on float and control is minimal.
• Pre-scheduled plan: Rule 10b5-1 reduces immediacy of informational value compared with discretionary buys.

Insights

Securities Analyst

TL;DR: Founder buys $6.6 M of shares, modest size but positive insider signal.

Moskovitz’s 447 k-share purchase demonstrates confidence during a period of share-price weakness. Although the buy raises direct ownership by less than 1%, the cash commitment is sizeable and removes ~0.2 % of float. Rule 10b5-1 scheduling reduces signaling strength, yet historical studies show founder purchases often precede above-market returns. With no derivatives involved, the transaction is a straightforward bet on common equity, implying management expects longer-term upside. I view the filing as moderately positive for sentiment.

Corporate Governance Expert

TL;DR: Purchase strengthens alignment; limited governance impact.

The CEO already controls ~24% of voting power; increasing direct holdings further aligns incentives but also reinforces concentrated control. Use of a pre-arranged plan maintains compliance best-practice and minimizes manipulation risk. No red flags on disclosure quality. Overall governance impact is neutral to slightly positive.

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).

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
X	Officer (give title below)		Other (specify below)
	President, CEO, & Chair

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

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	07/17/2025		P(1)		222,907	A	$14.3571(2)	53,505,999	D
Class A Common Stock	07/18/2025		P(1)		225,000	A	$14.8203(3)	53,730,999	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 $14.06 to $14.47 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 $14.47 to $14.97 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	07/21/2025
	** 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 shares did Dustin Moskovitz buy in July 2025?

He acquired 447,907 Class A shares over 17-18 Jul 2025.

What was the average purchase price for ASAN shares?

Weighted average prices were $14.36 on 17 Jul and $14.82 on 18 Jul 2025.

How many Asana shares does Moskovitz own after the transactions?

He now holds 53,730,999 shares directly and 4,147,046 shares indirectly.

Were the trades executed under a 10b5-1 plan?

Yes. The plan was adopted on 5 Sep 2024.

Did the filing report any derivative transactions?

No derivative securities were acquired or disposed; only common stock purchases were disclosed.