Insider Buying — Moskovitz Adds to Asana Stake at ~$13 Per Share

Rhea-AI Filing Summary

Asana director and 10% owner Dustin A. Moskovitz reported two purchases of Class A common stock under a Rule 10b5-1 trading plan adopted September 5, 2024: 225,000 shares on 08/08/2025 at a weighted average price of $13.7585 and 225,000 shares on 08/11/2025 at a weighted average price of $12.9317. The Form 4 marks these as planned purchases (Code P).

After the reported transactions the filing shows Moskovitz's direct beneficial ownership at 56,429,904 Class A shares and notes an additional 4,147,046 shares held of record by the Dustin A. Moskovitz Trust dated 12/27/05. The form is signed by an attorney-in-fact.

Positive

• Director and 10% owner purchased Class A shares, adding to direct holdings reported on Form 4
• Transactions executed under a disclosed Rule 10b5-1 trading plan, providing procedural clarity and compliance documentation

Negative

• Trades were made pursuant to a Rule 10b5-1 plan, which reduces the informational value of the purchases as a contemporaneous signal
• Significant portion of shares are held indirectly by a trust (4,147,046 shares), which can complicate assessments of day-to-day insider intent

Insights

Securities Analyst

Insider buys are preplanned and modest relative to reported holdings; limited fresh signal for markets.

The Form 4 documents two non-derivative purchases of 225,000 Class A shares each on 08/08/2025 and 08/11/2025 at weighted average prices of $13.7585 and $12.9317, executed under a Rule 10b5-1 plan adopted 09/05/2024. Because trades are pre-arranged under a 10b5-1 plan, they carry less interpretive weight for timing or intent, though they add to direct reported holdings which increased to 56,429,904 shares.

Corporate Governance Expert

Disclosure is clear and complete; plan-based trades reduce informational value for investors.

The filing clearly reports the transaction codes, weighted average prices, and the existence of an indirect holding via the Dustin A. Moskovitz Trust (4,147,046 shares). The adoption date of the Rule 10b5-1 plan is disclosed, which is important for governance transparency. Because transactions are governed by a 10b5-1 plan, they should be viewed as pre-scheduled rather than reactive insider signals.

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

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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)
08/08/2025

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	08/08/2025		P(1)		225,000	A	$13.7585(2)	56,204,904	D
Class A Common Stock	08/11/2025		P(1)		225,000	A	$12.9317(3)	56,429,904	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 $13.49 to $14.25 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 $12.73 to $13.20 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	08/12/2025
	** 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 shares did Dustin Moskovitz buy in the ASAN Form 4?

225,000 shares on 08/08/2025 and 225,000 shares on 08/11/2025, as reported on the Form 4.

At what prices were the ASAN purchases executed?

Weighted average prices reported are $13.7585 for the 08/08/2025 purchases and $12.9317 for the 08/11/2025 purchases.

Were the purchases made under a Rule 10b5-1 plan?

Yes; the purchases were effected pursuant to a Rule 10b5-1 trading plan adopted September 5, 2024.

What is Dustin Moskovitz's reported beneficial ownership after these transactions?

Direct beneficial ownership is reported as 56,429,904 Class A shares; an additional 4,147,046 shares are held of record by his trust.

Did the Form 4 report any derivative transactions?

No derivative securities are listed in Table II of the provided Form 4 content.

Who signed the Form 4 filing?

The Form 4 is signed by Katie Colendich, Attorney-in-Fact on behalf of the reporting person.