Asana, Inc.ASAN
Asana, Inc. Fair Value Disclosure
Fair Value Measurements
The following table summarizes, for assets measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands):
| As of January 31, 2026 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Current Assets | |||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | 67,786 | $ | — | $ | — | $ | 67,786 | |||||||||||||||
| U.S. Treasury securities | 4,450 | — | — | 4,450 | |||||||||||||||||||
| Total cash equivalents | $ | 72,236 | $ | — | $ | — | $ | 72,236 | |||||||||||||||
| Marketable securities | |||||||||||||||||||||||
| U.S. Treasury securities | $ | 142,306 | $ | — | $ | — | $ | 142,306 | |||||||||||||||
| Commercial paper | — | 8,446 | — | 8,446 | |||||||||||||||||||
| Corporate bonds | — | 73,760 | — | 73,760 | |||||||||||||||||||
| U.S. agency bonds | — | 9,698 | — | 9,698 | |||||||||||||||||||
| Total marketable securities | $ | 142,306 | $ | 91,904 | $ | — | $ | 234,210 | |||||||||||||||
| Total assets | $ | 214,542 | $ | 91,904 | $ | — | $ | 306,446 | |||||||||||||||
| As of January 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Current Assets | |||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | 88,251 | $ | — | $ | — | $ | 88,251 | |||||||||||||||
| Total cash equivalents | $ | 88,251 | $ | — | $ | — | $ | 88,251 | |||||||||||||||
| Marketable securities | |||||||||||||||||||||||
| U.S. Treasury securities | $ | 155,166 | $ | — | $ | — | $ | 155,166 | |||||||||||||||
| Corporate bonds | — | 106,009 | — | 106,009 | |||||||||||||||||||
| U.S. agency bonds | — | 20,981 | — | 20,981 | |||||||||||||||||||
| Total marketable securities | $ | 155,166 | $ | 126,990 | $ | — | $ | 282,156 | |||||||||||||||
| Total assets | $ | 243,417 | $ | 126,990 | $ | — | $ | 370,407 | |||||||||||||||
There were no transfers of financial assets or liabilities into or out of Level 3 during the years ended January 31, 2026 and 2025.
The following table summarizes the Company's investments in marketable securities on the consolidated balance sheets (in thousands):
| As of January 31, 2026 | |||||||||||||||||||||||
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
| Current Assets | |||||||||||||||||||||||
| U.S. Treasury securities | $ | 141,589 | $ | 734 | $ | (17) | $ | 142,306 | |||||||||||||||
| Commercial paper | 8,446 | — | — | 8,446 | |||||||||||||||||||
| Corporate bonds | 73,338 | 422 | — | 73,760 | |||||||||||||||||||
| U.S. agency bonds | 9,696 | 2 | — | 9,698 | |||||||||||||||||||
| Total marketable securities | $ | 233,069 | $ | 1,158 | $ | (17) | $ | 234,210 | |||||||||||||||
| As of January 31, 2025 | |||||||||||||||||||||||
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
| Current Assets | |||||||||||||||||||||||
| U.S. Treasury securities | $ | 155,017 | $ | 254 | $ | (105) | $ | 155,166 | |||||||||||||||
| Corporate bonds | 105,532 | 487 | (10) | 106,009 | |||||||||||||||||||
| U.S. agency bonds | 20,935 | 52 | (6) | 20,981 | |||||||||||||||||||
| Total marketable securities | $ | 281,484 | $ | 793 | $ | (121) | $ | 282,156 | |||||||||||||||
The following table presents the contractual maturities of the Company’s marketable securities as of January 31, 2026 (in thousands):
| As of January 31, 2026 | ||||||||||||||
| Amortized Cost | Estimated Fair Value | |||||||||||||
| Due within one year | $ | 93,542 | $ | 93,768 | ||||||||||
| Due within one to three years | 139,527 | 140,442 | ||||||||||||
| Total | $ | 233,069 | $ | 234,210 | ||||||||||
The Company periodically evaluates its investments for expected credit losses. The Company had certain available-for-sale investment securities in a gross unrealized loss position, substantially all of which had been in such position for less than 12 months. The unrealized losses on the available-for-sale securities were primarily due to unfavorable changes in interest rates subsequent to the initial purchase of these securities. The Company expects to recover the full carrying value of its available-for-sale securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses. The Company also expects any credit losses would be immaterial based on the high-grade credit rating for each of such available-for-sale securities. As a result, the Company does not consider any portion of the unrealized losses as of January 31, 2026 or January 31, 2025 to represent credit losses.
In April 2020 and November 2022, the Company entered into credit agreements (the “April 2020 Senior Secured Term Loan” and “November 2022 Senior Secured Credit Facility” as defined in Note 6. Debt) with Silicon Valley Bank (“SVB”). The credit facilities are carried at amortized cost, which approximated their fair values as of January 31, 2026 and January 31, 2025. If the credit facilities were measured at fair value in the financial statements, they would be classified as Level 2 in the fair value hierarchy. The April 2020 Senior Secured Term Loan was repaid in full and terminated in November 2022. On March 27, 2023, First Citizens BancShares, Inc. announced that it entered into an agreement to purchase assets and liabilities of SVB, inclusive of the November 2022 Senior Secured Credit Facility.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 13, 2026 | Showing above |
| 2025 | Mar 18, 2025 | |
| 2024 | Mar 14, 2024 | |
| 2023 | Mar 24, 2023 | |
| 2022 | Mar 24, 2022 | |
| 2021 | Mar 30, 2021 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.