To prepare dough, combine warm water and yeast in a large bowl; let stand 5 minutes. Lightly spoon flour into dry measuring cups; level with a knife. Add 1 cup flour and 1/2 teaspoon salt to yeast mixture; stir until blended. Turn dough out onto a floured surface. Knead dough until smooth and elastic (about 8 minutes); add enough remaining flour, 1 tablespoon at a time, to prevent dough from sticking to hands (the dough will feel sticky).
Place dough in a large bowl coated with cooking spray, turning to coat top. Cover and let rise in a warm place (85°), free from drafts, 45 minutes or until doubled in size. (Gently press two fingers into dough. If an indentation remains, dough has risen enough.)
While dough rises, prepare topping. Heat a small skillet over medium heat. Add thyme, pancetta, and garlic; sauté 5 minutes or until pancetta is crisp. Stir in 1/8 teaspoon salt and pepper.
Preheat oven to 475°.
Punch dough down; cover and let rest 5 minutes. Roll the dough into a 10-inch circle on a floured surface. Place dough on a baking sheet. Spread topping evenly over dough. Arrange the asparagus over topping; sprinkle with mozzarella. Bake at 475° for 10 minutes or until crust is golden. Remove from oven. Sprinkle with Parmesan.