Record multi-year deals signed Delivered $15.9M
in operating cash flow and $12.8M in free cash flow Customers
spending $100,000 or more on an annualized basis grew 17% year over
year
Asana, Inc. (NYSE: ASAN) (LTSE: ASAN), a leading work management
platform, today reported financial results for its second quarter
fiscal 2025 ended July 31, 2024.
“In Q2, Asana continued to execute on our enterprise transition
and make significant strides in AI. We're seeing momentum in key
areas, including 17% growth in customers spending over $100,000,
success in key verticals, and a record number of multi-year deals,”
said Dustin Moskovitz, co-founder and chief executive officer of
Asana. “We're at a pivotal moment where AI has enormous potential
to revolutionize work management. We are clearly moving in the
right direction and are well-positioned to capitalize on the
consolidation opportunity in the enterprise market.”
Second Quarter Fiscal 2025 Financial Highlights
- Revenues: Revenues were $179.2 million, an increase of 10% year
over year.
- Operating Loss: GAAP operating loss was $76.8 million, or 43%
of revenues, compared to GAAP operating loss of $73.4 million, or
45% of revenues, in the second quarter of fiscal 2024. Non-GAAP
operating loss was $15.7 million, or 9% of revenues, compared to
non-GAAP operating loss of $10.4 million, or 6% of revenues, in the
second quarter of fiscal 2024.
- Net Loss: GAAP net loss was $72.2 million, compared to GAAP net
loss of $71.4 million in the second quarter of fiscal 2024. GAAP
net loss per share was $0.31, compared to GAAP net loss per share
of $0.33 in the second quarter of fiscal 2024. Non-GAAP net loss
was $11.1 million, compared to non-GAAP net loss of $8.4 million in
the second quarter of fiscal 2024. Non-GAAP net loss per share was
$0.05, compared to non-GAAP net loss per share of $0.04 in the
second quarter of fiscal 2024.
- Cash Flow: Cash flows from operating activities were $15.9
million, compared to $20.2 million in the second quarter of fiscal
2024. Free cash flow was $12.8 million, compared to $14.6 million
in the second quarter of fiscal 2024.
Business Highlights
- The number of Core customers, or customers spending $5,000 or
more on an annualized basis, grew to 22,948 in Q2, an increase of
10% year over year. Revenues from Core customers in Q2 grew 11%
year over year.
- The number of customers spending $100,000 or more on an
annualized basis in Q2 grew to 649, an increase of 17% year over
year.
- Overall dollar-based net retention rate in Q2 was 98%.
- Dollar-based net retention rate for Core customers in Q2 was
99%.
- Dollar-based net retention rate for customers spending $100,000
or more on an annualized basis in Q2 was 103%.
- Launched Asana AI teammates, adaptable artificial intelligence
collaborators that help teams maximize their impact and achieve
goals faster, along with other Asana AI tools released for general
availability in July.
- Published the 2024 State of AI at Work report by the Work
Innovation Lab to explore how AI is shaking up knowledge work.
- Hosted global Work Innovation Summits in San Francisco and
Paris – bringing together customers and leaders to explore the
future of work in the age of AI.
- Selected as a finalist for the 2024 Innovation by Design award
by Fast Company, which honors spaces, systems, or products that
deliver an innovative and compelling user experience, specifically
to honor our work on the Asana Work Graph®.
- Recognized in two workplace awards, including Fortune's Great
Place to Work Bay Area list for the eighth year and Inc.'s Best
Workplaces for the seventh consecutive year.
- Published our fiscal year 2024 Environmental, Social, and
Governance (ESG) report, highlighting Asana's continued progress on
key ESG commitments, furthering the company's position as a leader
in workplace culture, product vision, and responsible business
practices.
Financial Outlook
For the third quarter of fiscal 2025, Asana expects:
- Revenues of $180.0 million to $181.0 million, representing year
over year growth of 8% to 9%.
- Non-GAAP operating loss of $19.0 million to $18.0 million, with
10% operating loss margin at the midpoint.
- Non-GAAP net loss per share of $0.07, assuming basic and
diluted weighted average shares outstanding of approximately 227
million.
For fiscal 2025, Asana expects:
- Revenues of $719.0 million to $721.0 million, representing year
over year growth of 10%.
- Non-GAAP operating loss of $58.0 million to $55.0 million, with
8% operating loss margin at the midpoint.
- Non-GAAP net loss per share of $0.20 to $0.19, assuming basic
and diluted weighted average shares outstanding of approximately
227 million.
These statements are forward-looking and actual results may
materially differ. Refer to the “Forward-Looking Statements”
section below for information on the factors that could cause
Asana’s actual results to materially differ from these
forward-looking statements.
A reconciliation of non-GAAP outlook measures to corresponding
GAAP measures is not available on a forward-looking basis without
unreasonable effort due to the uncertainty regarding, and the
potential variability of, many of these costs and expenses that may
be incurred in the future. Asana has provided a reconciliation of
GAAP to non-GAAP financial measures in the financial statement
tables for its second quarter fiscal year 2025 non-GAAP results
included in this press release.
Earnings Conference Call Information
Asana will hold a conference call and live webcast today to
discuss these results at 1:30 p.m. Pacific Time. A live webcast and
replay will be available on the Asana Investor Relations webpage
at: https://investors.asana.com.
Forward-Looking Statements
This press release contains “forward-looking” statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are based on management’s beliefs and assumptions and on
information currently available to management. Forward-looking
statements include, but are not limited to, statements about our
market opportunity, the potential and impact of AI, our ability to
execute on our current strategies, our technology and brand
position, expectations regarding product launches, Asana’s outlook
for the fiscal quarter ending October 31, 2024 and the full fiscal
year ending January 31, 2025, Asana’s outlook for free cash flow,
expected benefits of our offerings, and our market position.
Forward-looking statements generally relate to future events or
Asana’s future financial or operating performance. Forward-looking
statements include all statements that are not historical facts and
in some cases can be identified by terms such as “anticipate,”
“expect,” “intend,” “plan,” “believe,” “continue,” “could,”
“potential,” “may,” “will,” “goal,” or similar expressions and the
negatives of those terms. However, not all forward-looking
statements contain these identifying words. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors, including factors beyond Asana’s control, that may cause
Asana’s actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. These risks include, but are not limited to, risks and
uncertainties related to: Asana’s ability to achieve future growth
and sustain its growth rate, Asana’s ability to attract and retain
customers and increase sales to its customers, Asana’s ability to
develop and release new products and services and to scale its
platform, including the successful integration of AI, Asana’s
ability to increase adoption of its platform through Asana’s
self-service model, Asana’s ability to maintain and grow its
relationships with strategic partners, the highly competitive and
rapidly evolving market in which Asana participates, Asana’s
international expansion strategies, and broader macroeconomic
conditions. Further information on risks that could cause actual
results to differ materially from forecasted results are included
in Asana’s filings with the SEC, including Asana’s Annual Report on
Form 10-K for the year ended January 31, 2024 and subsequent
filings with the SEC. Any forward-looking statements contained in
this press release are based on assumptions that Asana believes to
be reasonable as of this date. Except as required by law, Asana
assumes no obligation to update these forward-looking statements,
or to update the reasons if actual results differ materially from
those anticipated in the forward-looking statements.
Use of Non-GAAP Financial Measures
To supplement Asana’s consolidated financial statements, which
are prepared and presented in accordance with GAAP, Asana utilizes
certain non-GAAP financial measures to assist in understanding and
evaluating its core operating performance. In this release, Asana’s
non-GAAP gross profit, gross margin, operating expenses, operating
expenses as a percentage of revenue, operating loss, operating
margin, net loss, net loss per share, and free cash flow are not
presented in accordance with GAAP and are not intended to be used
in lieu of GAAP presentations of results of operations. These
non-GAAP financial measures, which may be different from similarly
titled measures used by other companies, are presented to enhance
investors’ overall understanding of Asana’s financial performance
and should not be considered a substitute for, or superior to, the
financial information prepared and presented in accordance with
GAAP. Investors are encouraged to review the reconciliation of
these non-GAAP measures to their most directly comparable GAAP
financial measures which can be found in the accompanying financial
statements included with this press release.
Asana is presenting these non-GAAP financial measures because it
believes that these non-GAAP financial measures provide useful
information about its financial performance, enhance the overall
understanding of Asana’s past performance and future prospects,
facilitate period-to-period comparisons of operations against other
companies in Asana’s industry, and allow for greater transparency
with respect to important metrics used by Asana’s management for
financial and operational decision-making.
Asana believes excluding the following items from its non-GAAP
financial measures is useful to investors and others in assessing
Asana’s operating performance due to the following factors:
- Stock-based compensation expenses. Although stock-based
compensation is an important aspect of the compensation of our
employees and executives, management believes it is useful to
exclude stock-based compensation expenses to better understand the
long-term performance of Asana’s core business and to facilitate
comparison of its results to those of peer companies.
- Employer payroll tax associated with RSUs. The amount of
employer payroll tax-related items on employee stock transactions
is dependent on Asana’s stock price and other factors that are
beyond its control and that do not correlate to the operation of
the business.
- Non-cash and non-recurring expenses. Non-cash expenses include
charges for impairment of long-lived assets. Non-recurring expenses
include costs related to restructuring. Asana believes the
exclusion of certain non-cash and non-recurring items provides
useful supplemental information to investors and facilitates the
analysis of its operating results and comparison of operating
results across reporting periods.
There are a number of limitations related to the use of non-GAAP
financial measures as compared to GAAP financial measures,
including that the non-GAAP financial measures exclude stock-based
compensation expense, which has been, and will continue to be for
the foreseeable future, a significant recurring expense in Asana’s
business and an important part of its compensation strategy.
In addition to the non-GAAP financial measures outlined above,
Asana also uses the non-GAAP financial measure of free cash flow,
which is defined as net cash from operating activities less cash
used for purchases of property and equipment and capitalized
internal-use software costs, plus non-recurring expenditures such
as capital expenditures from the purchases of property and
equipment associated with the build-out of Asana’s corporate
headquarters and costs related to restructuring. Asana believes
free cash flow is an important liquidity measure of the cash that
is available, after capital expenditures and operational expenses,
for investment in its business and to make acquisitions. Asana
believes that free cash flow is useful to investors as a liquidity
measure because it measures Asana’s ability to generate or use
cash. There are a number of limitations related to the use of free
cash flow as compared to net cash from operating activities,
including that free cash flow excludes capital expenditures, the
benefits of which are realized in periods subsequent to those when
expenditures are made.
Definitions of Business Metrics
Customers spending $5,000 or more on an annualized basis, or
Core customers
We define customers spending $5,000 or more, which we also refer
to as Core customers, as those organizations on a paid subscription
plan that had $5,000 or more in annualized GAAP revenues in a given
quarter, inclusive of discounts.
Customers spending $100,000 or more on an annualized basis
We define customers spending $100,000 or more as those
organizations on a paid subscription plan that had $100,000 or more
in annualized GAAP revenues in a given quarter, inclusive of
discounts.
Dollar-based net retention rate
Asana’s reported dollar-based net retention rate equals the
simple arithmetic average of its quarterly dollar-based net
retention rate for the four quarters ending with the most recent
fiscal quarter. Asana calculates its dollar-based net retention
rate by comparing its revenues from the same set of customers in a
given quarter, relative to the comparable prior-year period. To
calculate Asana’s dollar-based net retention rate for a given
quarter, Asana starts with the revenues in that quarter from
customers that generated revenues in the same quarter of the prior
year. Asana then divides that amount by the revenues attributable
to that same group of customers in the prior-year quarter. Current
period revenues include any upsells and are net of contraction or
attrition over the trailing 12 months, but exclude revenues from
new customers in the current period. Asana expects its dollar-based
net retention rate to fluctuate in future periods due to a number
of factors, including the expected growth of its revenue base, the
level of penetration within its customer base, its ability to
retain its customers, and the macroeconomic environment.
About Asana
Asana, the #1 AI work management platform, is where work
connects to goals. Over 150,000 customers like Amazon, Accenture,
and Suzuki rely on Asana to manage and automate everything from
goal setting and tracking to capacity planning to product launches.
To learn more, visit www.asana.com.
Disclosure of Material Information
Asana announces material information to its investors using SEC
filings, press releases, public conference calls, and on its
investor relations page of Asana’s website at
https://investors.asana.com. Asana uses these channels, as well as
social media, including its X (formerly Twitter) account (@asana),
its blog (blog.asana.com), its LinkedIn page
(www.linkedin.com/company/asana), its Instagram account (@asana),
its Facebook page (www.facebook.com/asana/), Threads profiles
(@asana and @moskov) and TikTok account (@asana), to communicate
with investors and the public about Asana, its products and
services and other matters. Therefore, Asana encourages investors,
the media and others interested in Asana to review the information
it makes public in these locations, as such information could be
deemed to be material information.
ASANA, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share data)
(unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
2024
2023
2024
2023
Revenues
$
179,212
$
162,455
$
351,660
$
314,866
Cost of revenues(1)
19,987
16,232
37,791
31,079
Gross profit
159,225
146,223
313,869
283,787
Operating expenses:
Research and development(1)
91,151
84,371
173,942
160,687
Sales and marketing(1)
108,649
96,448
212,981
189,685
General and administrative(1)
36,222
38,787
69,912
72,043
Total operating expenses
236,022
219,606
456,835
422,415
Loss from operations
(76,797
)
(73,383
)
(142,966
)
(138,628
)
Interest income and other income
(expense), net
6,760
4,165
11,120
9,831
Interest expense
(955
)
(968
)
(1,897
)
(1,935
)
Loss before provision for income taxes
(70,992
)
(70,186
)
(133,743
)
(130,732
)
Provision for income taxes
1,197
1,228
2,168
2,150
Net loss
$
(72,189
)
$
(71,414
)
$
(135,911
)
$
(132,882
)
Net loss per share:
Basic and diluted
$
(0.31
)
$
(0.33
)
$
(0.59
)
$
(0.61
)
Weighted-average shares used in
calculating net loss per share:
Basic and diluted
229,760
219,004
228,430
217,730
_______________ (1) Amounts include
stock-based compensation expense as follows:
Three Months Ended July
31,
Six Months Ended July
31,
2024
2023
2024
2023
Cost of revenues
$
393
$
442
$
676
$
764
Research and development
34,045
31,047
60,785
54,544
Sales and marketing
17,249
16,321
32,497
27,854
General and administrative
8,420
8,395
14,789
14,541
Total stock-based compensation expense
$
60,107
$
56,205
$
108,747
$
97,703
ASANA, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
(unaudited)
July 31, 2024
January 31, 2024
Assets
Current assets
Cash and cash equivalents
$
219,400
$
236,663
Marketable securities
302,224
282,801
Restricted cash
455
—
Accounts receivable, net
65,066
88,327
Prepaid expenses and other current
assets
53,194
51,925
Total current assets
640,339
659,716
Property and equipment, net
95,742
96,543
Operating lease right-of-use assets
182,261
181,731
Other assets
27,034
23,970
Total assets
$
945,376
$
961,960
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
13,834
$
6,907
Accrued expenses and other current
liabilities
72,598
75,821
Deferred revenue, current
285,508
265,306
Operating lease liabilities, current
21,200
19,179
Total current liabilities
393,140
367,213
Term loan, net
41,142
43,618
Deferred revenue, noncurrent
3,684
5,916
Operating lease liabilities,
noncurrent
212,855
215,084
Other liabilities
2,638
3,733
Total liabilities
653,459
635,564
Stockholders' equity
Common stock
2
2
Additional paid-in capital
1,942,911
1,821,216
Accumulated other comprehensive loss
(778
)
(236
)
Accumulated deficit
(1,650,218
)
(1,494,586
)
Total stockholders’ equity
291,917
326,396
Total liabilities and stockholders’
equity
$
945,376
$
961,960
ASANA, INC.
SUMMARY OF CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
2024
2023
2024
2023
Cash flows from operating
activities
Net loss
$
(72,189
)
$
(71,414
)
$
(135,911
)
$
(132,882
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Allowance for expected credit losses
173
652
372
1,389
Depreciation and amortization
4,279
3,588
8,293
6,876
Amortization of deferred contract
acquisition costs
6,406
5,432
12,493
10,303
Stock-based compensation expense
60,107
56,205
108,747
97,703
Net accretion of discount on marketable
securities
(1,725
)
(488
)
(3,556
)
(932
)
Non-cash lease expense
4,436
4,781
8,888
10,044
Impairment of long-lived assets
—
5,009
—
5,009
Amortization of discount on revolving
credit facility and term loan issuance costs
31
30
61
60
Changes in operating assets and
liabilities:
Accounts receivable
34,646
31,910
22,914
14,658
Prepaid expenses and other current
assets
(9,196
)
(4,432
)
(13,598
)
(9,057
)
Other assets
(2,187
)
467
(3,081
)
1,348
Accounts payable
(77
)
(3,231
)
6,369
(3,245
)
Accrued expenses and other liabilities
3,810
(800
)
(6,373
)
(14,217
)
Deferred revenue
(7,881
)
(2,814
)
17,970
27,536
Operating lease liabilities
(4,775
)
(4,663
)
(9,628
)
(8,954
)
Net cash provided by operating
activities
15,858
20,232
13,960
5,639
Cash flows from investing
activities
Purchases of marketable securities
(36,642
)
—
(107,126
)
(139,294
)
Maturities of marketable securities
39,796
16,526
91,296
18,141
Purchases of property and equipment
(1,690
)
(4,100
)
(2,692
)
(5,966
)
Capitalized internal-use software
costs
(1,408
)
(1,527
)
(2,783
)
(2,348
)
Net cash provided by (used in) investing
activities
56
10,899
(21,305
)
(129,467
)
Cash flows from financing
activities
Repayment of term loan
(1,250
)
(1,250
)
(1,250
)
(1,875
)
Repurchases of common stock
(19,022
)
—
(19,022
)
—
Proceeds from exercise of stock
options
1,044
1,275
2,129
3,073
Proceeds from employee stock purchase
plan
—
—
8,866
8,558
Taxes paid related to net share settlement
of equity awards
—
(7
)
(4
)
(7
)
Net cash provided by (used in) financing
activities
(19,228
)
18
(9,281
)
9,749
Effect of foreign exchange rates on cash,
cash equivalents, and restricted cash
1,120
314
(182
)
1,213
Net increase (decrease) in cash, cash
equivalents, and restricted cash
(2,194
)
31,463
(16,808
)
(112,866
)
Cash, cash equivalents, and restricted
cash
Beginning of period
222,049
382,234
236,663
526,563
End of period
$
219,855
$
413,697
$
219,855
$
413,697
ASANA, INC.
Reconciliation of GAAP to
Non-GAAP Data
(in thousands, except
percentages)
(unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
2024
2023
2024
2023
Reconciliation of gross profit and
gross margin
GAAP gross profit
$
159,225
$
146,223
$
313,869
$
283,787
Plus: stock-based compensation and related
employer payroll tax associated with RSUs
399
456
691
791
Non-GAAP gross profit
$
159,624
$
146,679
$
314,560
$
284,578
GAAP gross margin
88.8
%
90.0
%
89.3
%
90.1
%
Non-GAAP adjustments
0.3
%
0.3
%
0.2
%
0.3
%
Non-GAAP gross margin
89.1
%
90.3
%
89.5
%
90.4
%
Reconciliation of operating
expenses
GAAP research and development
$
91,151
$
84,371
$
173,942
$
160,687
Less: stock-based compensation and related
employer payroll tax associated with RSUs
(34,689
)
(32,078
)
(62,478
)
(56,628
)
Non-GAAP research and development
$
56,462
$
52,293
$
111,464
$
104,059
GAAP research and development as
percentage of revenue
50.9
%
51.9
%
49.5
%
51.0
%
Non-GAAP research and development as
percentage of revenue
31.5
%
32.2
%
31.7
%
33.0
%
GAAP sales and marketing
$
108,649
$
96,448
$
212,981
$
189,685
Less: stock-based compensation and related
employer payroll tax associated with RSUs
(17,516
)
(16,809
)
(33,233
)
(28,693
)
Adjustment for: restructuring (costs)
benefit
—
—
—
173
Non-GAAP sales and marketing
$
91,133
$
79,639
$
179,748
$
161,165
GAAP sales and marketing as percentage of
revenue
60.6
%
59.4
%
60.6
%
60.2
%
Non-GAAP sales and marketing as percentage
of revenue
50.9
%
49.0
%
51.1
%
51.2
%
GAAP general and administrative
$
36,222
$
38,787
$
69,912
$
72,043
Less: stock-based compensation and related
employer payroll tax associated with RSUs
(8,535
)
(8,666
)
(15,136
)
(15,015
)
Less: impairment of long-lived assets
—
(5,009
)
—
(5,009
)
Adjustment for: restructuring (costs)
benefit
—
—
—
(26
)
Non-GAAP general and administrative
$
27,687
$
25,112
$
54,776
$
51,993
GAAP general and administrative as
percentage of revenue
20.2
%
23.9
%
19.9
%
22.9
%
Non-GAAP general and administrative as
percentage of revenue
15.4
%
15.5
%
15.6
%
16.5
%
Reconciliation of operating loss and
operating margin
GAAP loss from operations
$
(76,797
)
$
(73,383
)
$
(142,966
)
$
(138,628
)
Plus: stock-based compensation and related
employer payroll tax associated with RSUs
61,139
58,009
111,538
101,127
Plus: impairment of long-lived assets
—
5,009
—
5,009
Adjustment for: restructuring costs
(benefit)
—
—
—
(147
)
Non-GAAP loss from operations
$
(15,658
)
$
(10,365
)
$
(31,428
)
$
(32,639
)
GAAP operating margin
(42.9
)%
(45.2
)%
(40.7
)%
(44.0
)%
Non-GAAP adjustments
34.2
%
38.8
%
31.8
%
33.6
%
Non-GAAP operating margin
(8.7
)%
(6.4
)%
(8.9
)%
(10.4
)%
ASANA, INC.
Reconciliation of GAAP to
Non-GAAP Data
(in thousands, except
percentages and per share data)
(unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
2024
2023
2024
2023
Reconciliation of net loss
GAAP net loss
$
(72,189
)
$
(71,414
)
$
(135,911
)
$
(132,882
)
Plus: stock-based compensation and related
employer payroll tax associated with RSUs
61,139
58,009
111,538
101,127
Plus: impairment of long-lived assets
—
5,009
—
5,009
Adjustment for: restructuring costs
(benefit)
—
—
—
(147
)
Non-GAAP net loss
$
(11,050
)
$
(8,396
)
$
(24,373
)
$
(26,893
)
Reconciliation of net loss per
share
GAAP net loss per share, basic
$
(0.31
)
$
(0.33
)
$
(0.59
)
$
(0.61
)
Non-GAAP adjustments to net loss
0.26
0.29
0.48
0.48
Non-GAAP net loss per share, basic
$
(0.05
)
$
(0.04
)
$
(0.11
)
$
(0.13
)
Weighted-average shares used in GAAP and
non-GAAP per share calculation, basic and diluted
229,760
219,004
228,430
217,730
Three Months Ended July
31,
Six Months Ended July
31,
2024
2023
2024
2023
Computation of free cash flow
Net cash provided by (used in) investing
activities
$
56
$
10,899
$
(21,305
)
$
(129,467
)
Net cash provided by (used in) financing
activities
$
(19,228
)
$
18
$
(9,281
)
$
9,749
Net cash provided by operating
activities
$
15,858
$
20,232
$
13,960
$
5,639
Less: purchases of property and
equipment
(1,690
)
(4,100
)
(2,692
)
(5,966
)
Less: capitalized internal-use software
costs
(1,408
)
(1,527
)
(2,783
)
(2,348
)
Plus: restructuring costs paid
—
—
—
707
Free cash flow
$
12,760
$
14,605
$
8,485
$
(1,968
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240830116080/en/
Catherine Buan Asana Investor Relations ir@asana.com
Frances Ward Asana Corporate Communications press@asana.com
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