Asana Co-founder adds $6.8M in shares, boosts stake to 54.2M

Rhea-AI Filing Summary

Asana, Inc. (ASAN) – Form 4 insider activity: Co-founder, Director and >10% holder Dustin A. Moskovitz reported open-market purchases of 450,000 Class A shares executed under a Rule 10b5-1 trading plan adopted 05-Sep-2024.

• 21-Jul-2025: 225,000 shares at a weighted-average price of $14.911.
• 22-Jul-2025: 225,000 shares at a weighted-average price of $15.0382.

Aggregate cash outlay is roughly $6.8 million. Following the transactions, Moskovitz’s direct holdings rise to 54,180,999 shares; he also controls 4,147,046 shares indirectly through a trust, bringing total beneficial ownership to about 58.3 million shares.

The continued insider accumulation—albeit a modest <~0.8%> increase relative to his direct stake—may signal confidence in ASAN’s valuation at prices around $15.

Positive

• Director & 10% owner purchased 450,000 shares in open market, signalling confidence.
• Transaction executed under pre-planned Rule 10b5-1, reducing information-timing concerns and enhancing governance transparency.

Negative

• None.

Insights

Securities Analyst

TL;DR: Large insider buy reinforces confidence; moderate positive signal.

Moskovitz’s $6.8 m purchase at ~$15 lifts his direct stake to 54.2 m shares. While the 0.8 % incremental increase is small against his existing position, buying rather than selling—particularly via a pre-planned 10b5-1 program—removes trading-intent ambiguity and suggests valuation support around current levels. The size is material in absolute dollars and occurs after the FY25 guidance reset, implying management’s long-term conviction. Insider buys historically correlate with above-market returns, though predictive power weakens when the buyer already controls >10 %. Overall impact is modestly bullish.

Corporate Governance Expert

TL;DR: Transaction is compliant, transparent, and shareholder-friendly.

The filing highlights proper use of a Rule 10b5-1 plan, adopted well before execution, mitigating concerns about information asymmetry. Full price-range disclosure and willingness to furnish detailed trade data enhance governance credibility. No derivative instruments or complex structures were used, simplifying alignment with minority investors. The action marginally increases Moskovitz’s control but remains below any new regulatory threshold; therefore, governance risk is unchanged, while signaling long-term commitment.

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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/21/2025

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	07/21/2025		P(1)		225,000	A	$14.911(2)	53,955,999	D
Class A Common Stock	07/22/2025		P(1)		225,000	A	$15.0382(3)	54,180,999	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 $14.81 to $15.15 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 $14.79 to $15.14 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	07/23/2025
	** 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 on 21 July 2025?

He purchased 225,000 Class A shares at a weighted-average price of $14.911.

What was the total value of Moskovitz’s recent insider purchases of ASAN?

Approximately $6.8 million for 450,000 shares bought on 21–22 Jul 2025.

How many Asana shares does Moskovitz now own?

He directly owns 54,180,999 shares and indirectly controls 4,147,046 shares via a trust.

Was the purchase made under a trading plan?

Yes, the trades were executed pursuant to a Rule 10b5-1 plan adopted on 05-Sep-2024.

Does this filing include any derivative transactions?

No, Table II shows no derivative securities acquired or disposed in this report.