This is a great analysis of Asana.

According to a relevant article published on Crunchbase, Asana's net losses resulted from spending more money on R&D, sales and marketing and meeting general and administration costs.

It remains to be seen whether this spending proves to be a good bet for the company or not. If it helps Asana develop a product that offers value to customers, and most importantly, more value than the products of its competitors, at the right price, it will hopefully turn the company to profitability. If not, it will be money down the drain and investors may lose their money too.