Forge Global (FRGE) 10-K 26 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 25, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-04321
Entity Registrant Name	Forge Global Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1561111
Entity Address, Address Line One	4 Embarcadero Center
Entity Address, Address Line Two	Floor 15
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	415
Local Phone Number	881-1612
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	FRGE
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 262,440
Entity Common Stock, Shares Outstanding		179,499,587
Documents Incorporated by Reference	Portions of the registrant’s proxy statement for the 2024 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2023.
Entity Central Index Key	0001827821
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	San Francisco, California
Auditor Firm ID	42

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 144,722	$ 193,136
Restricted cash	1,062	1,829
Accounts receivable, net	4,067	3,544
Prepaid expenses and other current assets	13,253	8,379
Total current assets	163,104	206,888
Internal-use software, property and equipment, net	5,192	7,999
Goodwill and other intangible assets, net	129,919	133,887
Operating lease right-of-use assets	4,308	5,706
Payment-dependent notes receivable, noncurrent	5,593	7,371
Other assets, noncurrent	2,615	1,878
Total assets	310,731	363,729
Current liabilities:
Accounts payable	1,831	2,797
Accrued compensation and benefits	11,004	13,271
Accrued expenses and other current liabilities	8,861	6,421
Operating lease liabilities, current	2,516	3,896
Total current liabilities	24,212	26,385
Operating lease liabilities, noncurrent	2,707	3,541
Payment-dependent notes payable, noncurrent	5,593	7,371
Warrant liabilities	9,616	606
Other liabilities, noncurrent	185	365
Total liabilities	42,313	38,268
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.0001 par value; 176,899,814 and 172,560,916 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	18	18
Treasury stock, at cost; 157,193 and zero shares as of December 31, 2023 and December 31, 2022, respectively	(625)	0
Additional paid-in capital	543,846	509,094
Accumulated other comprehensive income	911	693
Accumulated deficit	(280,638)	(190,418)
Total Forge Global Holdings, Inc. stockholders’ equity	263,512	319,387
Noncontrolling interest	4,906	6,074
Total stockholders’ equity	268,418	325,461
Total liabilities and stockholders’ equity	$ 310,731	$ 363,729

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Mar. 21, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)	176,899,814	172,560,916
Common stock, shares outstanding (in shares)	176,899,814	172,560,916
Treasury stock (in shares)	157,193	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 69,821	$ 69,383	$ 128,056
Transaction-based expenses:
Transaction-based expenses	(431)	(483)	(3,034)
Total revenues, less transaction-based expenses	69,390	68,900	125,022
Operating expenses:
Compensation and benefits	106,593	145,514	94,654
Professional services	11,905	14,265	12,450
Acquisition-related transaction costs	0	5,113	882
Advertising and market development	3,486	4,754	5,090
Rent and occupancy	4,884	5,455	3,744
Technology and communications	14,507	11,489	8,243
General and administrative	12,510	11,324	4,358
Depreciation and amortization	6,954	6,026	5,390
Total operating expenses	160,839	203,940	134,811
Operating loss	(91,449)	(135,040)	(9,789)
Interest and other income (expenses):
Interest income (expenses), net	6,421	2,681	(2,307)
(Loss) gain from change in fair value of warrant liabilities	(6,465)	19,836	(6,064)
Other income, net	763	945	47
Total interest and other income (expenses)	719	23,462	(8,324)
Loss before provision for income taxes	(90,730)	(111,578)	(18,113)
Provision for income taxes	819	327	386
Net loss	(91,549)	(111,905)	(18,499)
Net loss attributable to noncontrolling interest	(1,328)	(46)	0
Net loss attributable to Forge Global Holdings, Inc.	$ (90,221)	$ (111,859)	$ (18,499)
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ (0.52)	$ (0.78)	$ (0.34)
Diluted (in dollars per share)	$ (0.52)	$ (0.80)	$ (0.34)
Weighted-average shares used in computing net loss per share attributable to Forge Global Holdings, Inc. common stockholders:
Basic (in shares)	173,402,167	143,839,981	54,295,304
Diluted (in shares)	173,402,167	145,013,346	54,295,304
Marketplace revenue
Revenues:
Total revenues	$ 25,790	$ 40,665	$ 107,723
Custodial administration fees
Revenues:
Total revenues	$ 44,031	$ 28,718	$ 20,333

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (91,549)	$ (111,905)	$ (18,499)
Foreign currency translation adjustment	378	1,155	0
Comprehensive loss	(91,171)	(110,750)	(18,499)
Less: Comprehensive (loss) income attributable to noncontrolling interest	(1,168)	416	0
Net loss attributable to Forge Global Holdings, Inc.	$ (90,003)	$ (111,166)	$ (18,499)

Consolidated Statements of Chan

Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands		Total	Series B-1 Convertible Preferred Stock	Series B-2 Convertible Preferred Stock	Previously Reported	Common Stock	Common Stock Previously Reported	Common Stock Revision of Prior Period, Adjustment	Treasury Stock	Additional Paid-In Capital	Additional Paid-In Capital Previously Reported	Accumulated Deficit	Accumulated Deficit Previously Reported	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Previously Reported	Noncontrolling Interest	Noncontrolling Interest Previously Reported
Beginning balance (in shares) at Dec. 31, 2020		49,084,185
Beginning balance at Dec. 31, 2020		$ 156,848
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock upon conversion of convertible notes and accrued interest (in shares)			27,947
Issuance of convertible preferred stock upon conversion of convertible notes and accrued interest			$ 111
Issuance of convertible preferred stock (in shares)			12,719,398	412,623
Issuance of convertible preferred stock			$ 47,735	$ 1,640
Exchange of Class AA common stock for Series B-1 convertible preferred stock (in shares)		11,669,996
Exchange of Class AA common stock for Series B-1 convertible preferred stock		$ 39,722
Ending balance (in shares) at Dec. 31, 2021		73,914,149			73,914,149
Ending balance at Dec. 31, 2021		$ 246,056			$ 246,056
Beginning balance (in shares) at Dec. 31, 2020						71,119,020
Beginning balance at Dec. 31, 2020		(7,499)				$ 4				$ 52,557		$ (60,060)		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unissued common stock (in shares)	[1]							(210,302)
Issuance of Class AA common stock upon exercise of vested stock options, including stock options exercised via promissory notes (in shares)						1,290,307
Issuance of Class AA common stock upon exercise of vested stock options, including stock options exercised via promissory notes		704								704
Issuance of Class AA common stock upon early exercise of unvested stock options (in shares)						2,604,724
Repurchase of early exercised stock options (in shares)						(43,052)
Exchange and settlement of common stock (in shares)						(11,669,996)
Exchange and settlement of common stock		(39,722)								(39,722)
Vesting of early exercised stock options and restricted stock awards		145								145
Share-based compensation expense		12,231								12,231
Net loss		(18,499)										(18,499)
Foreign currency translation adjustment		0
Ending balance (in shares) at Dec. 31, 2021						63,090,701	63,301,003
Ending balance at Dec. 31, 2021		$ (52,640)			$ (52,640)	$ 4	$ 4			25,915	$ 25,915	(78,559)	$ (78,559)	0	$ 0	0	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of preferred stock to common stock (in shares)		(73,914,149)
Conversion of preferred stock to common stock		$ (246,056)
Ending balance (in shares) at Dec. 31, 2022		0
Ending balance at Dec. 31, 2022		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Pre-close issuance of common stock upon exercise of vested options (in shares)						190,505
Pre-close issuance of common stock upon exercise of vested options		102								102
Pre-close issuance of common stock upon exercise of unvested options (in shares)						4,472
Pre-close issuance common stock for services (in shares)						62,952
Pre-close issuance of common stock for services		621								621
Conversion of preferred stock to common stock (in shares)						73,914,149
Conversion of preferred stock to common stock		246,056				$ 7				246,049
Conversion/Modification of warrants		$ 2,949								2,949
Issuance of Class AA common stock upon exercise of vested stock options, including stock options exercised via promissory notes (in shares)		1,227,310
Repurchase of early exercised stock options (in shares)						(163,054)
Exchange and settlement of common stock		$ 4,207				$ 2				4,205
Issuance of common stock upon Merger (net of redemptions), including PIPE and A&R FPA investors, net of transaction costs (in shares)	[1]					32,171,349
Issuance of common stock upon Merger (net of redemptions), including PIPE and A&R FPA investors, net of transaction costs	[1]	140,811				$ 3				140,808
Issuance of common stock upon exercise of Public Warrants (in shares)						1,994,790
Issuance of common stock upon exercise of Public Warrants		23,638								23,638
Issuance of common stock upon release of restricted stock units (in shares)						139,340
Issuance of common stock upon exercise of vested options (in shares)						954,257
Issuance of common stock upon exercise of vested options		855								854
Issuance of common stock upon early exercise of unvested options (in shares)						78,076
Issuance of common stock upon exercise of Junior Preferred Stock Warrants (in shares)						123,379
Issuance of common stock upon exercise of Junior Preferred Stock Warrants		653								653
Formation of Forge Europe		9,488								3,830						5,658
Vesting of early exercised stock options and restricted stock awards		1,554								1,554
Share-based compensation expense		57,917								57,917
Net loss		(111,905)										(111,859)				(46)
Foreign currency translation adjustment		1,155												693		462
Ending balance (in shares) at Dec. 31, 2022						172,560,916
Ending balance at Dec. 31, 2022		$ 325,461				$ 18				509,094		(190,418)		693		6,074
Treasury Stock, Ending balance (in shares) at Dec. 31, 2022		0							0
Ending balance (in shares) at Dec. 31, 2023		0
Ending balance at Dec. 31, 2023		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class AA common stock upon exercise of vested stock options, including stock options exercised via promissory notes (in shares)		1,268,982
Repurchase of early exercised stock options (in shares)						(202,532)
Issuance of common stock upon exercise of Public Warrants (in shares)		1,994,790
Issuance of common stock upon release of restricted stock units (in shares)						3,788,568
Tax withholding related to vesting of restricted stock units (in shares)						(354,374)
Tax withholding related to vesting of restricted stock units		$ (653)								(653)
Issuance of common stock upon exercise of vested options (in shares)						1,264,429
Issuance of common stock upon exercise of vested options		810								810
Vesting of early exercised stock options and restricted stock awards		262								262
Share-based compensation expense		34,334								34,334
Common stock repurchases (in shares)						(157,193)
Common stock repurchases		(625)							$ (625)
Net loss		(91,549)										(90,221)				(1,328)
Foreign currency translation adjustment		378												218		160
Ending balance (in shares) at Dec. 31, 2023						176,899,814
Ending balance at Dec. 31, 2023		$ 268,418				$ 18				$ 543,847		$ (280,639)		$ 911		$ 4,906
Treasury Stock, Ending balance (in shares) at Dec. 31, 2023		(157,193)							(625,000)
[1]This amount represents shares that were not issued upon the closing of the Business Combination as a result of a stockholder’s demand for appraisal rights. See Note 3, "Recapitalization" for additional information. These shares were issued to the stockholder during the year ended December 31, 2022 after the statutory period to perfect such rights lapsed.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity (Parentheticals) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares
Adjustments to stock issuance costs	$ 58,673
Series B-1 Convertible Preferred Stock
Adjustments to stock issuance costs	$ 2,838
Series B-2 Convertible Preferred Stock
Share price (in dollars per share) | $ / shares	$ 3.9760

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss		$ (91,549)	$ (111,905)	$ (18,499)
Adjustments to reconcile net loss to net cash (used in) provided by operations:
Share-based compensation		34,334	57,924	12,231
Depreciation and amortization		6,954	6,026	5,390
Amortization of right-of-use assets		3,153	3,999	2,804
Loss on impairment of long lived assets		599	446	0
Bad debt reserve		270	433	121
Change in fair value of warrant liabilities		6,465	(19,836)	6,064
Change in fair value of contingent liability	[1]	2,545	0	0
Settlement of related party promissory notes		0	5,517	0
Other		(625)	3,132	107
Changes in operating assets and liabilities:
Accounts receivable		(792)	1,403	382
Prepaid expenses and other assets		2,018	(3,321)	(1,031)
Accounts payable		(1,216)	904	(692)
Accrued expenses and other liabilities		2,805	(788)	(520)
Accrued compensation and benefits		(2,267)	(7,911)	8,080
Operating lease liabilities		(4,150)	(4,829)	(3,536)
Net cash (used in) provided by operating activities		(41,456)	(68,806)	10,901
Cash flows from investing activities:
Receipts of term deposit maturities		2,115	0	0
Purchases of property and equipment		(527)	(220)	0
Purchases of term deposit		(9,748)	0	0
Purchases of intangible assets		0	(118)	(2,202)
Capitalized internal-use software development costs		0	(6,312)	(1,054)
Net cash used in investing activities		(8,160)	(6,650)	(3,256)
Cash flows from financing activities:
Proceeds from exercise of options, including proceeds from repayment of promissory notes		710	1,086	1,621
Taxes withheld and paid related to net share settlement of equity awards		(653)	0	0
Proceeds from PIPE investment and A&R FPA investors		0	208,500	0
Proceeds from exercise of Public Warrants		0	22,940	0
Formation of Forge Europe		0	9,488	0
Proceeds from the Merger		0	7,865	0
Payments for redemption of Public Warrants		0	(165)	0
Payments for offering costs		0	(56,852)	(4,954)
Cash paid to purchase equity awards		0	0	(23)
Repayment of notes payable		0	0	(19,438)
Net cash provided by financing activities		57	192,862	26,581
Effect of changes in currency exchange rates on cash and cash equivalents		378	1,155	0
Net (decrease) increase in cash and cash equivalents		(49,181)	118,561	34,226
Cash, cash equivalents and restricted cash, beginning of the period		194,965	76,404	42,178
Cash, cash equivalents and restricted cash, end of the period		145,784	194,965	76,404
Reconciliation of cash, cash equivalents and restricted cash to the amounts reported within the consolidated balance sheets
Cash and cash equivalents		144,722	193,136	74,781
Restricted cash		1,062	1,829	1,623
Total cash, cash equivalents and restricted cash, end of the period		145,784	194,965	76,404
Supplemental disclosures of cash flow information:
Cash paid for interest		0	0	2,118
Supplemental disclosure of non-cash investing and financing activities:
Lease liabilities arising from obtaining right-of-use assets		1,755	3,087	1,702
Vesting of early exercised stock options and restricted stock awards		262	1,554	145
Purchase of property and equipment accrued and not yet paid		250	0	0
Conversion of preferred stock		0	246,049	0
Assumption of merger warrants liability		0	13,983	0
Reclassification of deferred offering costs to equity		0	5,923	0
Issuance of common stock upon settlement of related party promissory notes		0	4,207	0
Warrants issued in connection with A&R FPA		0	3,080	0
Conversion of May 2020 and October 2020 preferred stock warrants of Legacy Forge to common stock warrants		0	2,949	0
Early exercise of stock options upon settlement of related party promissory notes		0	1,310	0
Warrant liability reclassified to additional paid-in capital upon exercise of Public Warrants		0	698	0
Warrant liability reclassified to additional paid-in capital upon exercise of Junior Preferred Stock Warrants		0	653	0
Non-cash assets acquired in the Merger		0	193	0
Capitalized internal-use software development costs accrued and not yet paid		0	180	214
Exchange of Class AA common stock for Series B-1 convertible preferred stock		0	0	39,722
Deferred offering cost accrued and not yet paid		0	0	969
Series B-1 Convertible Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs		0	0	47,735
Supplemental disclosure of non-cash investing and financing activities:
Conversion of convertible notes into Series B-1 convertible preferred stock		0	0	111
Series B-2 Convertible Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs		$ 0	$ 0	$ 1,640
[1]The change in fair value of contingent liability in connection with the modification of Junior Preferred warrants ( December 2023 Warrants) is recorded in the consolidated statement of operations within General and administrative expense. See Note 4, "Fair Value Measurements," for additional information.

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Forge Global Holdings, Inc. (the “Company”) is a financial services platform headquartered in San Francisco, California. T he Company offers a trusted trading platform, proprietary data, and insights to inform investment strategies, along with custody services to help companies, stockholders , institutions, and accredited investors confidently navigate and transact in the private market. The Company's scaled and integrated business model is at the nexus of the private market ecosystem, which it believes creates a sustaining competitive advantage fueling its customers' participation in the private market and the Company's growth. On March 21, 2022 (the “Closing Date”), the Company consummated the Business Combination pursuant to the terms of the Agreement and Plan of Merger dated September 13, 2021 (the "Merger Agreement"), by and among Motive Capital Corp, a blank check company incorporated as a Cayman Islands exempted company in 2020 (“MOTV”), FGI Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of MOTV (“Merger Sub”), and Forge Global, Inc., a Delaware corporation (“Legacy Forge”). Pursuant to the Merger Agreement, on the Closing Date, immediately prior to the consummation of the Business Combination, MOTV changed its jurisdiction of incorporation from the Cayman Islands to the State of Delaware and changed its corporate name to "Forge Global Holdings, Inc." (the “Domestication”). On the Closing Date, Merger Sub merged with and into Legacy Forge (the "Merger"), with Legacy Forge surviving the Merger as a direct, wholly-owned subsidiary of the Company (together with the Merger, the Domestication, and the other transactions contemplated by the Merger Agreement, the “Business Combination”). The Merger was accounted for as a reverse recapitalization with Legacy Forge being the accounting acquirer and MOTV as the acquired company for accounting purposes. Accordingly, all historical financial information presented in the consolidated financial statements represents the accounts of Legacy Forge and its wholly owned subsidiaries as if Legacy Forge is the predecessor to the Company. The shares and net loss per common share prior to the Merger have been retroactively restated as shares reflecting the exchange ratio (the "Exchange Ratio") as established by the Merger Agreement (each outstanding share of Legacy Forge Class A common stock was exchanged for 3.122931 shares of the Company’s common stock, including all shares of Legacy Forge preferred stock, which were converted to shares of Legacy Forge's Class A common stock immediately prior to the Merger). See Note 3, "Recapitalization" for additional information. Forge Europe GmbH In September 2022, the Company and Deutsche Börse Aktiengesellschaft (“DBAG,” a German company and together with the Company, the “Investors”) formed an entity, Forge Europe GmbH (“Forge Europe”), to further expand the Company’s business in the European market. Upon formation, the Investors contributed to Forge Europe an aggregate cash amount of $14.1 million (the “Cash Consideration”) and certain of the Company’s intangible assets (the “Noncash Consideration”). $4.6 million of the Cash Consideration was contributed by the Company and $9.5 million was contributed by DBAG. The Company has a majority ownership interest in Forge Europe and accounts for Forge Europe as a fully consolidated subsidiary. The remaining interest, held by DBAG (a related party of the Company), is reported as a noncontrolling interest in the consolidated financial statements

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements include the accounts of the Company, and its subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. In the normal course of business, the Company has transactions with various investment entities. In certain instances, the Company provides investment advisory services to pooled investment vehicles (each, an “Investment Fund”). The Company does not have discretion to make any investment, except for the specific investment for which an Investment Fund was formed. The Company performs an assessment to determine (a) whether the Company’s investments or other interests will absorb portions of a variable interest entity’s expected losses or receive portions of the entity’s expected residual returns and (b) whether the Company’s involvement, through holding interests directly or indirectly in the entity would give it a controlling financial interest. The Company consolidates entities in which it, directly or indirectly, is determined to have a controlling financial interest. Consolidation conclusions are reviewed quarterly to identify whether any reconsideration events have occurred. Segment Information The Company operates as a single operating segment and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, allocating resources and evaluating the Company’s financial performance. As of December 31, 2023 and 2022, long-lived assets located outside of the United States were not material. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affe ct the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant management estimates include collectability of accounts receivable, the fair value of financial assets and liabilities, the carrying value of long-lived assets and goodwill, the fair value of warrants, contingent liabilities, equity awards, share-based compensation expenses, including the determination of the fair value of the Company’s common stock prior to the Business Combination and the derived service period for the awards containing market-based vesting conditions, and the valuation of deferred tax assets. These estimates are inherently subjective in nature and, therefore, actual results may differ from the Company’s estimates and assumptions. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable. Further, the Company applies judgment in determining whether, directly or indirectly, it has a controlling financial interest in the Investment Funds, in order to conclude whether any of the Investment Funds must be consolidated. The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2023. These estimates may change as new events occur and additional information is obtained, and related financial impacts will be recognized in the Company’s consolidated financial statements as soon as those events become known. Fair Value Measurements Fair value is defined as the exchange price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When developing fair value measurements, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurements. Three levels of inputs may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, requiring certain assumptions and significant management judgment or estimation about the inputs a hypothetical market participant would use to value that asset or liability . Liabilities Classified as Level 3 The Company classifies certain warrant liabilities within Level 3 of the fair value hierarchy and measures the liabilities at fair value using a binomial lattice model in a risk-neutral framework. Variables in the model include expected volatility, the risk-free rate of return, dividend yield, the fair value of the underlying security and the expected life of the instrument. The Company classifies certain payment-dependent notes receivable and payment-dependent notes payable within Level 3 of the fair value hierarchy and estimates fair values of payment-dependent notes receivable and payment-dependent notes payable utilizing completed transactions made through the Company’s platform for the relevant private securities as well as mutual fund valuations of private companies as relevant data inputs. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist primarily of bank deposit accounts and investments in certain money market mutual funds. Restricted Cash The Company classifies all cash and cash equivalents that are not available for immediate or general business use as restricted in the accompanying consolidated balance sheets. This includes amounts set aside for restrictions of specific agreements. As of December 31, 2022, restricted cash is comprised of cash held for regulatory purposes for the trust and brokerage-related activities. As of December 31, 2023, restricted cash is comprised of cash held for regulatory purposes for the trust-related activities. Accounts Receivable, Net Accounts receivable consist of amounts billed and currently due from customers, which are subject to collection risk. Under Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Measurement of Credit Losses on Financial Instruments we estimate our allowance for credit losses using an aging method, disaggregated based on major revenue stream categories as well as other unique revenue stream factors. The allowance for credit losses is maintained at a level that we believe to be sufficient to absorb probable losses over the expected life in our accounts receivable portfolio. The allowance is based on several factors, including continuous assessments of risk characteristics, specific customer events that may impact its ability to meet its financial obligations, and other reasonable and supportable economic characteristics. Accounts receivable are written-off against the allowance for credit losses when collection efforts cease. The total allowance for credit losses netted against account receivables in the consolidated balance sheets was $1.1 million and $0.9 million as of December 31, 2023 and 2022 , respectively. Concentration of Credit Risks Financial instruments that potentially subject the Company to concentrations of credit risk primarily comprise cash and cash equivalents and restricted cash, term deposits, payment-dependent notes receivable, and accounts receivable. Cash and cash equivalents and restricted cash may, at times, exceed amounts insured by the FDIC and the Securities Investor Protection Corporation, respectively. The Company performs periodic evaluations of the relative credit standing of these financial institutions to limit the amount of credit exposure. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. The Company’s exposure to credit risk associated with its contracts with holders of private company equity (“sellers”) and investors (“buyers”) related to the transfer of private securities is measured on an individual counterparty basis. Concentrations of credit risk can be affected by changes in political, industry or economic factors. To reduce the potential for risk concentration, the Company’s exposure is monitored in light of changing counterparty and market conditions. As of December 31, 2023 and 2022 , the Company did not have any material concentrations of credit risk outside the ordinary course of business. As of December 31, 2023 and 2022 , no customers accounted for more than 10% of the Company’s accounts receivable. No customer accounted for more than 10% of total revenue, less transaction-based expenses, for the years ended December 31, 2023, 2022, and 2021. Internal-use Software and Equipment, Net The Company capitalizes certain costs related to software developed for its internal-use. The costs capitalized include development of new software features and functionality and incremental costs related to significant improvement of existing software. Development costs incurred during the preliminary or maintenance project stages are expensed as incurred. Costs incurred during the application development stage are capitalized and amortized using the straight-line method over the useful life of the software, which is typically three years, unless factors indicate a shorter useful life. Amortization begins only when the software becomes ready for its intended use. Costs incurred after the project is substantially completed and is ready for its intended purpose, such as maintenance and training costs, are expensed as incurred, unless related to significantly increasing the functionality of existing software. Property and equipment are stated at cost net of accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are expensed as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheets, and any resulting gain or loss is reflected in the consolidated statements of operations in the period realized. Impairment of Long-Lived Assets The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company also evaluates the period of depreciation and amortization of long-lived assets to determine whether events or circumstances warrant revised estimates of useful lives. When indicators of impairment are present, the Company determines the recoverability of its long-lived assets by comparing the carrying value of its long-lived assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the estimated future undiscounted cash flows demonstrate the long-lived assets are not recoverable, an impairment loss would be calculated based on the excess of the carrying amounts of the long-lived assets over their fair value. Goodwill and Other Intangible Assets, Net Goodwill represents the excess of the aggregate fair value of the consideration transferred in a business combination over the fair value of the assets acquired, net of liabilities assumed. Goodwill is not amortized but is tested for impairment annually on October 1, or more frequently if events or changes in circumstances indicate the goodwill may be impaired. These events or circumstances could include a significant change in the business climate, regulatory environment, established business plans, operating performance indicators, or competition. Potential impairment indicators may also include, but are not limited to, (i) the results of the Company’s most recent annual or interim impairment testing, (ii) downward revisions to internal forecasts, (iii) declines in the Company’s market capitalization below its book value, and the magnitude and duration of those declines, (iv) a reorganization resulting in a change to the Company’s operating segments, and (v) other macroeconomic factors, such as increases in interest rates that may affect the weighted average cost of capital or volatility in the equity and debt markets. No impairment charges were recognized during the years ended December 31, 2023, 2022, and 2021 . Acquired intangible assets also consist of identifiable intangible assets, primarily software technology, launched IPR&D asset, website, trade name and customer relationships, resulting from business acquisitions. Finite-lived intangible assets are recorded at fair value on the date of acquisition and are amortized over their estimated useful lives. The Company bases the useful lives and related amortization expense on its estimate of the period that the assets will generate revenues or otherwise be used. Leases The Company categorizes leases at their inception or upon modification, if applicable. As of December 31, 2023 and 2022, the Company only has operating leases. For operating leases, the Company recognizes rent and occupancy on a straight-line basis, commencing on the date at which the property becomes available for the Company's use. For leases with a term greater than 12 months, the Company records the related right-of-use assets and operating lease liabilities at the present value of lease payments over the lease term. The Company does not separate lease and non-lease components of contracts for real estate property leases. Variable lease payments for common area maintenance, property taxes and other operating expenses are not included in the measurement of ROU assets and lease liabilities and are expensed as incurred. The rates implicit on the Company’s leases are not readily determinable. Therefore, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company determines its incremental borrowing rate based on the rate of interest it would have to pay to borrow on a collateralized basis with an equal lease payment amount, over a similar term, and in a similar economic environment. The Company evaluates its subleases in which it is the sublessor to determine whether it is relieved of the primary obligation under the original lease. If it remains the primary obligor, the Company continues to account for the original lease as it did before the commencement of the sublease and records the sublease income based on the contract terms in other income in the consolidated statements of operations. Payment-Dependent Notes Payment-dependent notes receivable and payment-dependent notes payable represent financial instruments that are presented at fair value in the consolidated financial statements in accordance with Accounting Standards Codification ("ASC") 825, Fair Value Option for Financial Instruments. The Company enters into separate contracts with equity holders of private companies’ shares (“sellers”) and investors (“buyers”) that enable the transfer of private securities upon a specified event such as an initial public offering, merger, or acquisition involving the underlying company. The Company serves as an intermediary counterparty to both the buyer and the seller and earns transaction fee revenue by facilitating the execution of the transaction. Contracts with buyers require the Company to facilitate the transfer of a fixed number of shares of the private securities from sellers upon occurrence of a specified event. Buyers are required to pay the selling price for shares purchased (“settlement amounts”) and transaction fee defined in the contracts into a distribution or escrow account upon notice by the Company. Contracts with sellers require sellers to transfer the same amount and class of shares referenced in the contract between the Company and the corresponding buyers upon the occurrence of a specified event. When settlement amounts have been determined, and the price and transaction fees are paid by the buyer, payment-dependent notes receivable are recorded for the securities due from the sellers, and payment- dependent notes payable are recorded for the securities owed to the buyers. Amounts recorded at period-end for payment-dependent notes receivable represent the fair value of securities receivable from sellers, for which the securities settlement event has not occurred. Amounts recorded at period-end for payment-dependent notes payable represent the fair value of securities not yet delivered to the buyer. Changes in fair value of payment-dependent notes receivable and payment-dependent notes payable are recorded in other expense in the consolidated statements of operations. Warrant Liabilities The Company recognizes certain warrant instruments as derivative liabilities in accordance with ASC 815, Derivatives and Hedging. See Notes 3 "Recapitalization", 4 "Fair Value Measurements", and 11 "Warrants" for additional information. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the carrying value of the instruments to fair value at each reporting period until they are redeemed, exchanged, expired or exercised. The Company will continue to adjust the warrant liability for changes in the fair value until the earlier of a) the exercise, exchange or expiration of the warrants or b) the redemption of the warrants, at which time the warrants will be reclassified to additional paid-in-capital. Revenue Recognition The Company generates revenue from fees charged for the trading of private shares through its platform, and fees for account and asset management provided to customers. The Company disaggregates revenue by service type, as management believes that this level of disaggregation best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are impacted by economic factors. The Company recognizes revenue pursuant to ASC 606, Revenue from Contracts with Customers. The amount of revenue recognized reflects the consideration that the Company expects to receive in exchange for services. To achieve the core principle of this standard, the Company applied the following five steps: 1. Identification of the contract, or contracts, with the customer; 2. Identification of the performance obligations in the contract; 3. Determination of the transaction price; 4. Allocation of the transaction price to the performance obligations in the contract; and 5. Recognition of the revenue when, or as, a performance obligation is satisfied. Revenue from Contracts with Customers The Company enters into contracts with customers that can include various services, which are capable of being distinct and accounted for as separate performance obligations. When applicable, an allocation of the transaction fees to the performance obligations or to the distinct goods or services that form part of a single performance obligation will depend on the individual facts and circumstances of the contract. All of the Company’s revenues are from contracts with customers. The Company is the principal in its contracts, with the exception of cash administration fees, in which the Company acts as an agent and records revenue from fees earned related to cash balances in customers’ custodial accounts. Contract assets represent amounts for which the Company has recognized revenue for contracts that have not yet been invoiced to our customers. The Company does not have any contract assets as of December 31, 2023 and 2022 . Contract liabilities consist of deferred revenue, which relates to amounts invoiced in advance of performance under a revenue contract. The total contract liabilities of $0.4 million and $0.4 million as of December 31, 2023, and 2022, respectively, related to advance billings for data subscriptions, recorded in accrued expenses and other current liabilities on the consolidated balance sheets . The Company recognized $0.4 million of revenue during the year ended December 31, 2023 that was included in deferred revenue recorded in accrued expenses and other current liabilities at December 31, 2022. Each of our significant performance obligations and our application of ASC 606 to our revenue arrangements are discussed in further detail below: Marketplace revenue (previously called placement fee revenue) — The Company maintains a platform which generates revenue through its Forge Markets offering with volume-based fees sourced from institutions, individual investors and private equity holders. The Company earns agency marketplace revenue in non-underwritten transactions, such as private placements of equity securities. The Company enters into arrangements with individual accredited customers or Investment Funds to execute private placements in the secondary market. Marketplace revenue is charged by the Company for meeting the point-in-time performance obligation of executing a private placement on its platform. Placement fee rates are individually negotiated for each transaction and vary depending on the specific facts and circumstance of each agreement. These fees are event-driven and invoiced upon the closing of the transaction outlined in each agreement. These fees may be expressed as a dollar amount per share, a flat dollar amount, or a percentage of the gross transaction proceeds. The Company will receive marketplace revenue on these transactions and believes that its trade execution performance obligation is completed upon the placement and consummation of a transaction and, as such, revenue is earned on the transaction date with no further obligation to the customer at that time. The Company acts as a principal in the contract and recognizes marketplace revenue upon execution of a trade. Custodial Administration Fees — The Company generates revenues from account maintenance fees, asset fees, transaction fees, and cash administration fees. The cash administration fees are based on prevailing interest rates and customer cash balances, and currently make up the majority of custodial administration fee revenue. The Company charges administration fees for its services in maintaining custodial accounts, including asset-based fees, which are determined by the number and types of assets in these accounts. Cash administration fees are based on cash balances within the custodial accounts and are assessed on the last day of the month. The Company also earns fees for opening and terminating accounts, and facilitating transactions, which are assessed at the point of transaction. Account and asset fees are assessed on the first day of the calendar quarter. Revenues from custodial administration fees are recognized either over time as underlying performance obligations are met and day-to-day maintenance activities are performed for custodial accounts, or at a point in time upon completion of transactions requested by custodial account holders. Practical Expedients In certain arrangements, the Company receives payment from a customer either before or after the performance obligation has been satisfied; however, the contracts do not contain a significant financing component. The Company has applied the practical expedient in ASC 606 and excludes information about a) remaining performance obligations that have an original expected duration of one year or less and b) transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Transaction-Based Expenses Transaction-based expenses represent the fees incurred to support placement activities. These include, but are not limited to, third-party broker fees and transfer fees related to placement provided to brokerage customers to facilitate transactions and to a lesser extent those for fund management, and fund settlement expenses that relate to services provided to the Investment Funds. Revenue by Geographic Location For the years ended December 31, 2023, 2022, and 2021, revenue outside of the United States (including U.S. territories), based on customer billing address, was $4.7 million, $6.9 million, and $20.0 million, respectively. Share-Based Compensation The Company recognizes share-based compensation expense for all share-based awards, primarily stock options, restricted stock awards ("RSAs"), and restricted stock units ("RSUs"), based on the grant date fair value of the awards on a straight-line basis over the requisite service period of the awards, which is generally the award's vesting term. The fair value of stock options is determined using the Black-Scholes option pricing model and the fair value of RSAs and RSUs is based on the closing price of the Company's common stock on the grant date. Forfeitures are accounted for as they occur. For all awards with a market-based conditions and certain awards with performance-based conditions, the Company uses a Monte Carlo simulation to determine the fair value and the derived service period at the grant date and recognizes share-based compensation expense using an accelerated attribution method when it becomes probable that the performance-based condition will be met. Advertising and Market Development Advertising costs are expensed as incurred and include advertising and trade shows. Advertising costs amounted to $2.3 million, $3.3 million, and $2.9 million for the years ended December 31, 2023, 2022, and 2021, respectively, and are included in advertising and market development in the consolidated statements of operations. Income Taxes The Company accounts for income taxes using the asset and liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates and laws that will be in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that the Company will not realize those tax assets through future operations. The Company utilizes a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more likely than not of being realized and effectively settled. The Company considers many factors when evaluating and estimating the Company’s tax positions and tax benefits, which may require periodic adjustments, and which may not accurately reflect actual outcomes. The Company recognizes interest and penalties on unrecognized tax benefits as a component of provision for income taxes in the consolidated statements of operations. Foreign Currency The Company's reporting and functional currency is the U.S. dollar ("USD"). For financial reporting purposes, the Company translates assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates on the balance sheet date, except for non-monetary assets and liabilities, which are measured at historical exchange rates. Revenue and expenses are translated using the average exchange rate for the period. Cumulative translation gains and losses are included in accumulated other comprehensive loss. Comprehensive Loss Comprehensive income or loss consists of Net income or loss and Other comprehensive income or loss. The Company's Other comprehensive income or loss is comprised of foreign currency translation gains and losses and changes in equity during a period from noncontrolling interests excluding those resulting from contributions and distributions to owners. Accumulated comprehensive loss, as presented in the consolidated financial statements consists of changes in unrealized gains and losses on foreign currency translation. Net Loss Per Share Attributable to Common Stockholders Prior to the Business Combination, the Company computed net loss per share using the two-class method required for participating securities. The two-class method required income attributable to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. All of the Company's participating securities, in the form of convertible preferred stock, were converted into common stock of the Company upon consummation of the Business Combination. The prior holders of convertible preferred stock had dividend rights in the event of a declaration of a dividend for shares of common stock. However, the participating securities did not contractually require the holders of such securities to participate in the Company’s losses. Accordingly, net loss for the years ended December 31, 2023, 2022, and 2021 was only allocated to the Company’s common stockholders. The Company’s basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. The diluted net loss per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive shares are anti-dilutive. Recent Accounting Pronouncements In August 2023, the FASB issued ASU 2023-05 Business Combinations - Joint Venture Formations (“ASU 2023-05”), which addresses the accounting for contributions made to a joint venture. ASU 2023-05 requires joint ventures to measure all assets and liabilities upon formation at fair value. This guidance will be applied prospectively to all joint venture formations with a formation date on or after January 1, 2025. The Company is currently assessing the impact of the requirements on its consolidated financial statements and disclosures. In November 2023, the FASB issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to expand reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. ASU 2023-07 applies to entities with a single reportable segment. Annual disclosures are required for fiscal years beginning after December 15, 2023. Interim disclosures are required for periods within fiscal years beginning after December 15, 2024. Retrospective application is required for all prior periods presented with early adoption permitted. The Company is currently assessing the impact of the requirements on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to update income tax disclosure requirements primarily by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income

Recapitalization

Recapitalization	12 Months Ended
	Dec. 31, 2023
Reverse Recapitalization [Abstract]
Recapitalization	Recapitalization As discussed in Note 1, "Organization and Description of Business," on the Closing Date, Legacy Forge completed the acquisition of MOTV a nd acquired 100% of MOTV’s shares and Legacy Forge received gross proceeds of $216.4 million, which included $7.9 million in proceeds from MOTV's trust and bank accounts, net of redemptions, $68.5 million in proceeds from the PIPE Investment (as defined below), and $140.0 million in proceeds from the A&R FPA (as defined below). The Company recorded $61.8 million of transaction costs, which consisted of legal, accounting, and other professional services directly related to the Merger, of which $58.7 million was related to common stock issued during the Merger and was recorded as a reduction to additional paid-in capital. The remaining $3.1 million was related to issuance of Public and Private Placement Warrants, including warrants issued to A&R FPA investors, and was expensed immediately upon consummation of the Merger as acquisition-related transaction cost in the consolidated statements of operations . The cash outflows related to these costs were presented as financing activities in the Company’s consolidated statements of cash flows . Deferred offering costs were offset against proceeds upon accounting for the consummation of the Merger. In addition, upon closing of the Merger, certain executives received a one-time transaction bonus for an aggregate amount of $17.7 million, of which $12.2 million was to be paid to the executives in cash, and the remaining amount $5.5 million was offset against outstanding promissory notes that were due from these executives as of the Closing Date. The transaction bonus was included in compensation and benefits in the consolidated statements of operations for the year ended December 31, 2022. See Note 10, "Capitalization" for additional information. On the Closing Date, each holder of MOTV Class A ordinary stock received one share of the Company’s common stock, par value 0.0001, for each MOTV Class A ordinary share held prior to the Merger, and each holder of MOTV Class B ordinary stock received one share of the Company’s common stock, par value 0.0001, for each MOTV Class B ordinary share held prior to the Merger. See Note 10, "Capitalization", and Note 11, "Warrants", for additional details of the Company’s stockholders’ equity prior to and subsequent to the Merger. All equity awards of Legacy Forge were assumed by the Company and converted into comparable equity awards that are settled or exercisable for shares of the Company’s common stock. As a result, each outstanding stock option of Legacy Forge was converted into an option to purchase shares of the Company’s common stock based on the Exchange Ratio and each outstanding warrant of Legacy Forge was converted into a warrant to purchase shares of the Company’s common stock based on the Exchange Ratio. The Merger was accounted for as a reverse recapitalization with Legacy Forge as the accounting acquirer and MOTV as the acquired company for accounting purposes. Legacy Forge was determined to be the accounting acquirer since Legacy Forge's former management made up the majority of the Company's management team, Legacy Forge’s former management nominated or represented a majority of the Company’s board of directors, and Legacy Forge represented the majority of the continuing operations of the Company. Accordingly, all historical financial information presented in these consolidated financial statements represents the accounts of Legacy Forge and its wholly owned subsidiaries. Net assets were stated at historical cost consistent with the treatment of the transaction as a reverse recapitalization of Legacy Forge. Each public and private warrant of MOTV that was unexercised at the time of the Merger was assumed by the Company and represents the right to purchase one share of the Company’s common stock upon exercise of such warrant. PIPE Investment On March 21, 2022, concurrently with the execution of the Merger Agreement, MOTV entered into subscription agreements with certain investors, to which such investors collectively subscribed for an aggregate of 6,850,000 shares of the Company’s common stock at $10.00 per share for aggregate gross proceeds of $68.5 million (the “PIPE Investment”). The PIPE Investment was consummated concurrently with the closing of the Merger. Amended and Restated Forward Purchase Agreement

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial instruments consist of cash equivalents, restricted cash, accounts receivable, term deposits, accounts payable, accrued liabilities, payment-dependent notes receivable, payment-dependent notes payable, and warrant liabilities. Cash equivalents, payment-dependent notes receivable, payment-dependent notes payable, term deposits, and warrant liabilities are stated at fair value on a recurring basis. Restricted cash, accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time these financial instruments are held to the expected receipt or payment date. The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands): As of December 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money market funds $ 130,132 $ — $ — $ 130,132 Term deposits (less than 90 days) — 2,221 — 2,221 Payment-dependent notes receivable, non-current — — 5,593 5,593 Term deposits (1)(2) — 7,694 — 7,694 Total financial assets $ 130,132 $ 9,915 $ 5,593 $ 145,640 Payment-dependent notes payable, non-current $ — $ — $ 5,593 $ 5,593 December 2023 warrants (3) — 4,889 — 4,889 Private placement warrants — — 4,727 4,727 Total financial liabilities $ — $ 4,889 $ 10,320 $ 15,209 (1) Included in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2023 and December 31, 2022. (2) Includes $1.0 million term deposits required to fulfill the Company's obligations in connection with real estate lease agreements. (3) On December 18, 2023, the then outstanding Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants. See Note 8, "Commitments and Contingencies" and Note 11, "Warrants" for additional information. As of December 31, 2022 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money market funds $ 149,139 $ — $ — $ 149,139 Payment-dependent notes receivable, non-current — — 7,371 7,371 Total financial assets $ 149,139 $ — $ 7,371 $ 156,510 Payment-dependent notes payable, non-current — — 7,371 7,371 Junior preferred warrant liabilities — — 384 384 Private placement warrants — — 222 222 Total financial liabilities $ — $ — $ 7,977 $ 7,977 The Company classifies money market funds within Level 1 of the fair value hierarchy because the Company values these investments using quoted market prices. The Company classifies term deposits as level 2 of the fair value hierarchy because the Company values these investments using observable market inputs without quoted market prices. Payment-Dependent Notes Receivable and Payment-Dependent Notes Payable The Company classifies payment-dependent notes receivable and payment-dependent notes payable within Level 3 of the fair value hierarchy if the underlying securities are equity of private companies whose regular financial and nonfinancial information is generally not available other than when it is publicly disclosed, or significant unobservable inputs are used to estimate fair value. The Company estimates fair values of payment-dependent notes receivable and payment-dependent notes payable utilizing completed transactions made through the Company’s platform for the relevant private securities as well as mutual fund valuations of private companies as relevant data inputs. Legacy Forge Warrant Liabilities The Company's Legacy Forge warrant liabilities consisted of warrants to purchase Series B-1 preferred stock or subsequent round stock (the "Series B-1 Preferred Stock Warrants,") and Junior Preferred Stock Warrants (as defined below). The Company used a binomial lattice model in a risk-neutral framework to value Legacy Forge warrant liabilities for the year ended December 31, 2022 and a Black-Scholes option-pricing model to value the December 2023 Warrants for the year-end December 31, 2023. See Note 11, "Warrants" , for additional information. Subsequent to the Merger, the Series B-1 Preferred Stock Warrants and Junior Preferred Stock Warrants were converted to common stock warrants. As a result, the Series B-1 Preferred Stock Warrants were remeasured at fair value prior to the conversion resulting in a change in fair value of $0.1 million for the year ended December, 31, 2022, which was recognized as a component of change in fair value of warrant liabilities within the consolidated statements of operations , and subsequently settled in additional paid-in capital as a result of the conversion to equity-classified common stock warrants. The Junior Preferred Stock Warrants were remeasured at fair value prior to the conversion to common stock warrants, which did not result in a change in fair value as of the conversion date. These warrants were liability-classified after the conversion into the common stock warrants as the Company's obligation with respect to these warrants is capped at a fixed monetary amount and may be settled in a variable number of common shares. On December 18, 2023, the then outstanding Junior Preferred Stock Warrants were modified and replaced with the "December 2023 Warrants". The December 2023 Warrants were issued at an exercise price of $3.9760 per share, with a cap of extended value of $5.0 million when net exercised, and without a cap when cash exercised. The Company calculated the fair value of the December 2023 Warrants using a Black-Scholes option-pricing model. The Company recorded changes in the fair value of the December 2023 Warrants of $2.0 million as change in fair value of warrant liabilities in the Company's consolidated statements of operations during the year ended December 31, 2023. Additionally, the Company recorded changes in fair value of the December 2023 Warrants attributable to the modification of $2.5 million as change in fair value of contingent liabilities within general and administrative expense in the Company's consolidated statements of operations during the year ended December 31, 2023. Under a net settlement of the December 2023 Warrants the number of shares issued would be variable when the fair value of the underlying shares exceeds a certain price. As a result, the Company concluded the warrants are not indexed to the Company's stock and remain liability-classified. See Note 8, "Commitments and Contingencies" and Note 11, "Warrants" for additional information. For the year-ended December 31, 2022 the Junior Preferred Stock Warrants were valued using a binomial lattice model in a risk-neutral framework. The Company estimated the fair value of the Junior Preferred Stock Warrants (1) as of December 31, 2022, using the following key assumptions: As of December 31, 2022 Fair value of underlying securities $ 1.73 Expected term (years) 2.9 Expected volatility 46.1 % Risk-free interest rate 4.2 % Expected dividend yield — % Fair value per warrant $ 0.15 (1) On December 18, 2023, the then outstanding Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants and classified as level 2 in the fair value hierarchy. The Company recorded changes in the fair value of the December 2023 Warrants and Junior Preferred Stock Warrant liability as follows (in thousands): For the years ended December 31, 2023 2022 2021 Balance, January 1 $ 384 $ 5,000 $ 1,528 Change in fair value of warrant liability (1) 1,960 (3,829) 3,472 Change in fair value of contingent liability (2) 2,545 — — Issuance of common stock on warrant exercise — (787) — Balance, December 31 $ 4,889 $ 384 $ 5,000 (1) The change in fair value of warrant liability is recorded in the consolidated statement of operations within Change in fair value of warrant liabilities. (2) The change in fair value of contingent liability in connection with the modification of the Junior Preferred Stock Warrants to the December 2023 Warrants is recorded in the consolidated statement of operations within General and administrative expense. Private Placement Warrants The Company classifies the Private Placement Warrants within Level 3 due to the valuation technique used to estimate fair value. To estimate the fair value of Private Placement Warrants, the Company used a binomial lattice model in a risk-neutral framework. The Private Placement Warrant liabilities were remeasured at fair value as of December 31, 2023 which resulted in a $4.5 million loss recognized as a component of change in fair value of warrant liabilities within the consolidated statements of operations for the year ended December 31, 2023. The significant assumptions used in the analysis were as follows for the years as of December 31, 2023 and 2022 respectively: As of December 31, 2023 2022 Fair value of underlying securities $ 3.43 $ 1.73 Expected term (years) 3.2 5.0 Expected volatility 117.0 % 44.6 % Risk-free interest rate 4.0 % 4.1 % Expected dividend yield — % — % Fair value per warrant $ 0.64 $ 0.03 The Company recorded changes in the fair value of the liability related to the Private Placement Warrant as of December 31, 2023, and 2022, respectively in the following amounts (in thousands): For the years ended December 31, 2023 2022 Balance, January 1 $ 222 $ — Assumption of Private Placement Warrants — 4,875 Change in fair value of warrant liability (1) 4,505 (4,653) Issuance of common stock on warrant exercise — — Balance, December 31 $ 4,727 $ 222 (1) The change in fair value of warrant liability is recorded in the consolidated statement of operations within Change in fair value of warrant liabilities. Transfers Into and Out of Level 3 The Company transfers financial instruments out of Level 3 on the date when underlying input parameters are readily observable from existing market quotes. The December 2023 Warrants were transferred from Level 3 to Level 2 upon modification as these warrants are valued using a Black-Scholes Option pricing model using observable market inputs. For payment-dependent notes payable and receivable, transfers from Level 3 to Level 1 generally relate to a company going public and listing on a national securities exchange. During the year ended December 31, 2023, there were no transfers of payment-dependent notes payable and receivable into or out of Level 3. During the year ended December 31, 2022 the transfer of Private Placement Warrants from Level 2 to Level 3 was due to the redemption and exercises of the Public Warrants which resulted in the lack of an identical instrument with a quoted price. See Note 11, "Warrants," for additional information. The following tables provide reconciliation for all financial assets and liabilities measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and 2022 (in thousands): Total Level 3 Financial Assets Total Level 3 Financial Liabilities Balance as of December 31, 2022 $ 7,371 $ 7,977 Change in fair value of payment-dependent notes receivable (1,778) — Change in fair value of Private Placement Warrants — 4,505 Change in fair value of payment-dependent notes payable — (1,778) Change in fair value of December 2023 Warrants (1) — 721 Transfer of December 2023 Warrants out of Level 3 to Level 2 (2) — (1,105) Balance as of December 31, 2023 $ 5,593 $ 10,320 Total Level 3 Financial Assets Total Level 3 Financial Liabilities Balance as of December 31, 2021 $ 13,453 $ 21,297 Change in fair value of payment-dependent notes receivable (6,082) — Transfer of Private Placement Warrants out of Level 2 to Level 3 (2) — 20,461 Change in fair value of Series B-1 Preferred Stock Warrant liability — 106 Exercise of Junior Preferred Stock Warrants — (653) Settlement of Series B-1 Preferred Stock Warrant Liability via conversion to equity-classified common stock warrants — (2,950) Change in fair value of Junior Preferred Stock Warrants — (3,963) Change in fair value of payment-dependent notes payable — (6,082) Change in fair value of Private Placement Warrants — (20,239) Balance as of December 31, 2022 $ 7,371 $ 7,977 (1) On December 18, 2023, the then outstanding Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants. See Note 8, "Commitments and Contingencies" and Note 11 "Warrants," for additional information. (2) Transfers into/out of the Level 3 classification are reflected at beginning-of-reporting period fair values in which the instrument transferred into or out of Level 3. The December 2023 Warrants transferred out of Level 3 classification on December 18, 2023. The Private Placement Warrants transferred into Level 3 classification on July 11, 2022.

Consolidated Other Balance Shee

Consolidated Other Balance Sheet Components	12 Months Ended
	Dec. 31, 2023
Regulated Operations [Abstract]
Consolidated Other Balance Sheet Components	Consolidated Other Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): As of December 31, 2023 2022 Term deposits $ 7,694 $ — Prepaid insurance 1,084 3,250 Prepaid software 1,484 1,406 Other prepaid expenses 801 1,546 Other current assets 2,190 2,177 Prepaid expenses and other current assets $ 13,253 $ 8,379 Internal-Use Software, Property and Equipment, Net Internal-use software and property and equipment, net consisted of the following (in thousands): As of December 31, 2023 2022 Capitalized internal-use software $ 9,000 $ 9,605 Computer equipment 125 66 Furniture and fixtures 485 426 Leasehold improvements 866 387 $ 10,476 $ 10,484 Less: accumulated depreciation and amortization (5,284) (2,485) Total $ 5,192 $ 7,999 For the years ended December 31, 2023, 2022, and 2021, the Company recorded depreciation expense related to property and equipment amounting to $0.2 million, $0.2 million, and $0.4 million, respectively. For the years ended December 31, 2023, 2022, and 2021 the Company also recorded impairment loss of $0.0 million , $0.2 million, and $0.0 million , respectively, primarily related to leasehold improvements and furniture and fixtures due to the impairment of a right-of-use asset following a sublease included in general and administrative expense within the consolidated statements of operations . See Note 7, "Leases," for additional information. For the years ended December 31, 2023, 2022, and 2021, the Company recorded amortization expense on capitalized internal-use software placed in service of $2.8 million, $1.8 million, and $0.2 million, respectively. The Company recorded $0.6 million, $0.0 million and $0.0 million of impairment loss for developed software that was put into service but will no longer be used, included in general and administrative expense within the consolidated statements of operations, for the years ended December 31, 2023, 2022, and 2021, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): As of December 31, 2023 2022 Accrued professional services $ 3,166 $ 1,299 Accrued taxes and deferred tax liabilities 1,479 1,006 Common stock unvested liability 223 589 Other current liabilities 3,993 3,527 Total $ 8,861 $ 6,421

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net The components of goodwill, intangible assets and accumulated amortization are as follows (in thousands): As of December 31, 2023 Weighted Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill: Goodwill from acquisitions Indefinite $ 120,948 $ — $ 120,948 Finite-lived intangible assets: Developed technology 0.8 years 13,200 (10,820) 2,380 Customer relationships 5.4 years 7,507 (3,669) 3,838 Launched IPR&D assets 2.7 years 960 (431) 529 Total finite-lived intangible assets 21,667 (14,920) 6,747 Indefinite-lived intangible assets: Trade name - website domain Indefinite 2,224 — 2,224 Total infinite-lived intangible assets 2,224 — 2,224 Total goodwill and intangible assets $ 144,839 $ (14,920) $ 129,919 As of December 31, 2022 Weighted Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill: Goodwill from acquisitions Indefinite $ 120,948 $ — $ 120,948 Finite-lived intangible assets: Developed technology 1.8 years 13,200 (8,035) 5,165 Customer relationships 6.1 years 7,507 (2,677) 4,830 Trade name 0.0 years 320 (320) — Launched IPR&D assets 3.7 years 960 (240) 720 Total finite-lived intangible assets 21,987 (11,272) 10,715 Indefinite-lived intangible assets: Trade name - website domain Indefinite 2,224 — 2,224 Total infinite-lived intangible assets 2,224 — 2,224 Total goodwill and intangible assets $ 145,159 $ (11,272) $ 133,887 Amortization expense related to finite-lived intangible assets for the years ended December 31, 2023, 2022, and 2021 was $4.0 million, $4.0 million, and $4.8 million, respectively, was included in depreciation and amortization in the accompanying consolidated statements of operations . The table below presents estimated future amortization expense for finite-lived intangible assets as of December 31, 2023 (in thousands): Amount 2024 $ 3,462 2025 802 2026 754 2027 610 2028 610 Thereafter 509 Total $ 6,747

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases The Company leases real estate for office space under operating leases. As of December 31, 2023, the remaining lease terms varied from 0.75 years to 2.00 years. For one of its leases, the Company has an option to extend the lease term for a period of 3 years. This renewal option is not considered in the remaining lease term because it is not reasonably certain that the Company will exercise such option. Operating lease expense, included in rent and occupancy in the consolidated statements of operations, were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Operating lease expense $ 3,651 $ 4,182 $ 3,023 Variable lease expense 924 598 489 Total operating lease expenses (1) $ 4,575 $ 4,780 $ 3,512 Sublease income (2) $ 784 $ 689 $ 175 (1) Operating lease expense is included in rent and occupancy in the consolidated statements of operations. (2) Sublease income is included in other income (expenses), net in the consolidated statements of operations. The table below presents additional information related to the Company’s operating leases (in thousands): As of December 31, 2023 2022 Operating lease right-of-use assets $ 4,308 $ 5,706 Operating lease liabilities, current $ 2,516 $ 3,896 Operating lease liabilities, noncurrent $ 2,707 $ 3,541 Weighted-average remaining lease term (in years) 1.9 2.6 Weighted-average discount rate 7.0 % 6.0 % Future undiscounted lease payments under operating leases as of December 31, 2023 were as follows (in thousands) : Lease Payment Obligation Sublease Income Net Lease Obligation 2024 $ 2,810 $ (360) $ 2,450 2025 2,811 (210) 2,601 Total undiscounted lease payments $ 5,621 $ (570) $ 5,051 Less: imputed interest (398) Present value of future lease payments 5,223 Less: operating lease liabilities, current 2,516 Operating lease liabilities, noncurrent $ 2,707 As of December 31, 2023, the Company has entered into a lease which has not yet commenced and is therefore not part of the right-of-use asset and liability. This lease has undiscounted future payments of $5.5 million and will commence when the Company obtains possession of the underlying leased asset. Commencement date for this lease is March 8, 2024. During the year ended December 31, 2022, the Company ceased using one of its leased office spaces and made a decision to sublease this space to a third party. The sublease agreement was signed in April 2022. Based on the terms of the sublease agreement, the Company determined that the right-of-use asset related to this office space was impaired, and recorded an impairment loss of $0.3 million for the year ended December 31, 2022 in rent and occupancy in the consolidated statements of operations .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to claims and lawsuits in the ordinary course of business, including arbitration, class actions and other litigation, some of which include claims for substantial or unspecified damages. The Company is also the subject of inquiries, investigations, and proceedings by regulatory and other governmental agencies. The Company reviews its lawsuits, regulatory inquiries and other legal proceedings on an ongoing basis and provides disclosures and records loss contingencies in accordance with the loss contingencies accounting guidance. The Company establishes an accrual for losses at management’s best estimate when the Company assesses that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If no amount within the range is considered a better estimate than any other amount, an accrual for losses is recorded based on the bottom amount of the range. The Company's accrual for probable and estimable loss contingencies was $1.9 million and $0.5 million as of December 31, 2023 and 2022, and is recorded in accrued expenses and other current liabilities on the consolidated balance sheets and expensed in general and administrative expenses in our consolidated statements of operations . We estimate the range of reasonably possible losses above amounts that have been recorded at $0.1 million to $10.5 million as of December 31, 2023. Legal Proceedings On January 7, 2022, Erika McKiernan, in her capacity as Stockholder Representative for the former stockholders of SharesPost, filed a lawsuit against the Company in the Court of Chancery of the State of Delaware, asserting claims in connection with the Agreement and Plan of Merger, dated as of May 10, 2020, by and among the Company, SharesPost, Thanksgiving Merger Sub, Inc., and Erika McKiernan as the Stockholder Representative, as amended on November 6, 2020 (the "SharesPost Merger Agreement”). In general, the complaint asserted breaches of the SharesPost Merger Agreement and sought declaratory judgements establishing those breaches. In December 2023, the parties agreed to settle this matter resulting in a cash payment of $0.3 million, the release of shares of the Company's common stock that had been held in escrow, and modification of the Junior Preferred Stock Warrants. See Note 11, "Warrants" for more information. On March 29, 2023, the Company was named as a defendant in a lawsuit brought by an alleged former warrant holder of the Company, in a case captioned Alta Partners, LLC v. Forge Global Holdings, Inc., No. 1:23-cv-2647 in the United States District Court for the Southern District of New York. On June 21, 2023, Plaintiff filed an amended complaint in the action. Plaintiff’s allegations include breaches of the Warrant Agreement dated December 15, 2020, breach of the implied covenant of good faith and fair dealing, and violation of Section 11 of the Securities Act of 1933, as amended (the "Securities Act"). Plaintiff’s complaint seeks, among other things, an award of money damages. On July 12, 2023, the Company filed a partial motion to dismiss in the action. On March 13, 2024, the court issued an opinion and order in connection with the motion to dismiss dismissing certain of the breach of contract claims, certain of the Section 11 claims, and the breach of the implied covenant of good faith and fair dealing claim. The court has set an initial pretrial conference for the parties for April 11, 2024. T he Company disputes Plaintiff’s claims and intends to defend the suit vigorously. Our accrual and range of reasonably possible loss in excess of such accrual with respect to this matter is included in the amounts referenced above. The Company is involved in a legacy matter arising prior to the Company’s October 2019 acquisition of IRA Services, Inc. On May 6, 2019, IRA Services, Inc. was named as a defendant in a matter (see Todd Allen Yancey v. Edwin Blue, et al., case no. 19-civ-0251, as amended) alleging claims including conversion, breach of oral contract, breach of fiduciary duty, and fraudulent misrepresentation. Trial proceedings in this matter began on March 18, 2024. The Company believes the claims are without merit. The Company is unable to predict the outcome to resolve this action but any loss in connection with this matter would first be applied against the escrow. 401(k) Plan The Company has established a tax-qualified retirement plan under Section 401(k) of the Code for all of its U.S. employees, including executive officers, who satisfy certain eligibility requirements, including requirements relating to age and length of service. The Company matches 2% of every dollar contributed to the plan by employees, including executive officers, up to a maximum of $6,600. During the years ended December 31, 2023, 2022, and 2021, the Company recorded 401(k) contribution expense related to the defined contribution plan of $0.9 million, $1.0 million, and $0.5 million, respectively, in compensation and benefits in the Company’s consolidated statements of operations . Non-Cancelable Purchase Obligations In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties mainly for its operating leases, software products, and services. As of December 31, 2023, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer, excluding operating lease obligations (see Note 7, "Leases," for additional information) as follows (in thousands): Amount 2024 $ 1,969 2025 1,972 2026 2,222 2027 1,231 Thereafter — Total $ 7,394

Regulatory

Regulatory	12 Months Ended
	Dec. 31, 2023
Broker-Dealer [Abstract]
Regulatory	Regulatory We operate in a highly regulated environment and are subject to capital requirements, which may limit distributions to our company from its subsidiaries. Forge Securities LLC ("Forge Securities"), a wholly-owned subsidiary of the Company, is subject to SEC Uniform Net Capital Rule (Rule 15c3-1) which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. As such, Forge Securities is subject to the minimum net capital requirements promulgated by the SEC and has elected to calculate minimum capital requirements using the basic method permitted by Rule 15c3-1. As of December 31, 2023, Forge Securities had net capital of $14.0 million which was $13.6 million in excess of its required net capital of $0.4 million . As of December 31, 2022, Forge Securities had net capital of $12.4 million which was $12.2 million in excess of its required net capital of $0.3 million . Forge Trust Co., a wholly-owned subsidiary of the Company, is subject to South Dakota state trust regulatory requirements. South Dakota state legislature 51A-61-19.2 requires public trust companies registered within the state boundaries to pledge funds for the security of the trust creditors. Forge Trust Co. had $1.1 million and $1.0 million

Capitalization

Capitalization	12 Months Ended
	Dec. 31, 2023
Capitalization [Abstract]
Capitalization	Capitalization Pre-Merger Common Stock Prior to the Merger, Legacy Forge was authorized to issue up to 257,968,554 shares of its capital stock, of which 171,153,360 shares were designated as Class AA common stock ("Legacy Forge Class AA common stock"). Merger Transaction On the Closing Date and in accordance with the terms and subject to the conditions of the Merger Agreement, each share of Legacy Forge Class AA common stock, par value $0.00001 per share, was canceled and converted into the right to receive the applicable portion of the merger consideration comprised of the Company’s common stock, par value $0.0001 per share, based on the Exchange Ratio. In connection with the Merger, on the Closing Date, the Company amended and restated its certificate of incorporation to authorize 2,100,000,000 shares of capital stock, consisting of (i) 2,000,000,000 shares of common stock, par value $0.0001 per share and (ii) 100,000,000 shares of preferred stock. The holders of common stock have exclusive voting power. Each share of common stock is entitled to one vote per share. The Company’s board of directors has the authority to issue shares of preferred stock in one or more series and to determine the preferences, privileges, and restrictions, including voting rights, of those shares. Upon the consummation of the Business Combination, the Company’s common stock and warrants began trading on the NYSE under the symbol “FRGE” and “FRGE WS”, respectively. On July 11, 2022, the remaining Public Warrants were redeemed and delisted from the NYSE (see Note 11, "Warrants"). As of December 31, 2023, the Company had authorized 2,000,000,000 and 100,000,000 shares of common stock and preferred stock, respectively, and the Company had 176,899,814 shares of common stock and no shares of preferred stock issued and outstanding. Settlement of Nonrecourse Related-Party Promissory Notes In connection with the Merger, t he Company entered into a loan offset agreement with certain executives (the “Loan Offset Agreement”) as a result of outstanding promissory notes that were due from such executives as of the Closing Date. As a result of the Loan Offset Agreement, the Company agreed to offset the after-tax value of the transaction bonus that the executives received in connection with the Merger against the entire outstanding balance of the nonrecourse promissory notes, including any unpaid interest, as of one day immediately prior to the Closing Date. See Note 3, "Recapitalization," for additional information. The total amount of outstanding promissory notes that were offset against the transaction bonus was $5.5 million, which included $1.3 million related to unvested shares included in accrued expenses and other current liabilities in the consolidated balance sheets . The related bonus expense was recorded as compensation and benefits in the consolidated statements of operations

Warrants

Warrants	12 Months Ended
	Dec. 31, 2023
Warrants [Abstract]
Warrants	Warrants Warrants to Purchase Series B-1 Convertible Preferred Stock or Subsequent Round Stock In May 2020, Legacy Forge entered into a Note and Warrant Purchase Agreement with investors pursuant to which it issued certain convertible notes (the “2020 Convertible Notes”). In connection with the issuance of the 2020 Convertible Notes, the note holders entered into a Note and Warrant Purchase Agreement for the options to purchase shares based on coverage of 5% of the 2020 Convertible Notes principal amounts (the “May 2020 Warrants”). The note holders could purchase either (i) the Series B-1 convertible preferred stock of Legacy Forge at Series B-1 price of $3.9760 or (ii) any subsequent round stock of Legacy Forge at the subsequent round price. The May 2020 Warrants have a five-year contractual life and may be exercised at any time during that period. In October 2020, Legacy Forge entered into a Warrant to Purchase Shares of Preferred Stock Agreement with investors for the options to purchase a coverage amount of $3.5 million in shares (the “October 2020 Warrants”). The investors were granted the right to purchase either the Series B-1 convertible preferred stock of Legacy Forge at Series B-1 price of $3.9760 or (ii) any subsequent round stock of Legacy Forge at the subsequent round price. The October 2020 Warrants have a ten-year contractual life and may be exercised at any time during that period. Prior to the Merger, the May 2020 Warrants and October 2020 Warrants (collectively, the "2020 Warrants") were classified as warrant liabilities in the consolidated balance sheets . Legacy Forge remeasured the 2020 Warrants at each balance sheet date to their fair value. See Note 4, "Fair Value Measurements" for additional information. Subsequent to the Merger, the 2020 Warrants were converted to Legacy Forge's common stock warrants. As a result, the 2020 Warrants were adjusted to fair value prior to the conversion, and then settled in additional paid-in capital as a result of the conversion to equity-classified common stock warrants. During the years ended December 31, 2022 and 2021, the Company recorded fair value adjustments of $0.1 million and $2.6 million for the 2020 Warrants, respectively, in change in fair value of warrant liabilities in the consolidated statements of operations . Warrants to Purchase Junior Preferred Stock In November 2020, in connection with the SharesPost acquisition, Legacy Forge issued a total of 3,122,931 warrants (the “Junior Preferred Stock Warrants”) to purchase shares of Legacy Forge's Junior Preferred Stock at an exercise price of $3.9760 per share, with a cap of extended value of $5.0 million. The Junior Preferred Stock Warrants have a five-year contractual life and may be exercised at any time during that period. Prior to the Merger, the warrants were classified as a liability in the consolidated balance sheets, as the Company's obligation with respect to these warrants was capped at a fixed monetary amount of $5.0 million and could be settled in a variable number of common shares. The Company remeasured the warrants at each balance sheet date using a hybrid method. See Note 4, "Fair Value Measurements" for additional information. Subsequent to the Merger, the Junior Preferred Stock Warrants were converted to the Company's common stock warrants. As a result, the Junior Preferred Stock Warrants were adjusted to fair value prior to conversion and remained classified as a liability. During the year ended December 31, 2022, 491,785 Junior Preferred Stock Warrants were net exercised in exchange for 123,379 shares of common stock. The change in fair value of warrant liabilities was recorded through the date of exercise as change in fair value of warrant liabilities within the consolidated statements of operations . Additionally, the fair value of the warrant liability as of the exercise date of $0.7 million was reclassified to additional paid-in capital within the consolidated balance sheets as of December 31, 2022. In December 2023, the Company modified a total of 2,631,146 Junior Preferred Stock Warrants (the "December 2023 Warrants"). The December 2023 Warrants were issued at an exercise price of $3.9760 per share, with a cap of extended value of $5.0 million when net exercised, and without a cap when cash exercised. The December 2023 Warrants remain classified as a liability See Note 8, "Commitments and Contingencies" for additional information. For the December 2023 Warrants and the Junior Preferred Stock Warrants, The Company recorded a loss of $2.0 million, a gain of $4.0 million and a loss of $3.5 million as change in fair value of warrant liabilities in the Company's consolidated statements of operations during the years ended December 31, 2023, 2022, and 2021, respectively. Additionally, the Company recorded $2.5 million as change in fair value of contingent liabilities within general and administrative expense in the Company's consolidated statements of operations during the year ended December 31, 2023 to capture the incremental expense related to the warrant modification. Public Warrants and Private Placement Warrants As the accounting acquirer, Legacy Forge was deemed to have assumed 7,386,667 warrants for Class A common stock that were held by Motive Capital Funds Sponsor, LLC (the “Sponsor”) at an exercise price of $11.50 (the "Private Placement Warrants"), 13,799,940 Class A common stock warrants held by MOTV's stockholders at an exercise price of $11.50 ("Public Warrants"), and 4,666,664 Public Warrants at an exercise price of $11.50 that were issued in connection with the A&R FPA that was consummated upon the Closing Date. The warrants are exercisable subject to the terms of the warrant agreement, including but not limited to, the Company having an effective registration statement under the Securities Act of 1933, as amended (the "Securities Act"), covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to them is available. The warrants expire five years after the completion of the Business Combination, or earlier upon redemption or liquidation. Subsequent to the Merger, the Private Placement Warrants and Public Warrants met liability classification requirements since the warrants may be required to be settled in cash under a tender offer. In addition, the Private Placement Warrants are potentially subject to a different settlement amount as a result of being held by the Sponsor which precludes the Private Placement Warrants from being considered indexed to the entity's own stock. Therefore, these warrants are classified as liabilities on the consolidated balance sheets . On June 9, 2022, the Company issued a redemption notice to warrant holders announcing that it would redeem all of its Public Warrants (including the 4,666,664 Public Warrants that were issued in connection with the A&R FPA) on July 11, 2022 at 5:00 p.m. New York City Time (the "Redemption Date") for $0.01 per Public Warrant (the "Redemption"). After such notice and prior to the Redemption Date, warrant holders were entitled to exercise the Public Warrants at an exercise price of $11.50 per share of the Company's common stock. Any Public Warrants not exercised by the Redemption Date were automatically redeemed by the Company at a price of $0.01 per Public Warrant. In connection with the Redemption, 1,994,790 Public Warrants were exercised at an exercise price of $11.50 per share of common stock, for an aggregate of 1,994,790 common shares. Total cash proceeds generated from such exercises were $22.9 million. The change in fair value of the warrant liabilities was recorded through the date of exercise as a change in fair value of warrant liabilities within the consolidated statements of operations . Additionally, the fair value of the warrant liability as of the exercise date of $0.7 million was reclassified to additional paid-in capital within the consolidated balance sheets . On July 11, 2022, the remaining 16,471,814 Public Warrants still outstanding were redeemed at a price of $0.01 per Public Warrant for an aggregate cash payment from the Company of $0.2 million. On July 11, 2022, the Public Warrants were delisted from the NYSE.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Prior Stock Plan In March 2018, Legacy Forge adopted its 2018 Equity Incentive Plan (as amended from time to time, the “2018 Plan”), which provided for grants of share-based awards, including stock options, restricted stock awards (“RSAs”), and other forms of share-based awards. The 2018 Plan was terminated in March 2022 in connection with the adoption of the 2022 Stock Option and Incentive Plan (the “2022 Plan”). Accordingly, no shares are available for future grants under the 2018 Plan following the adoption of the 2022 Plan. 2022 Plan In March 2022, prior to and in connection with the Merger, the Company adopted the 2022 Plan, which provides for grants of share-based awards, including stock options, restricted stock units (“RSUs”), and other forms of share-based awards. The Company authorized 18,076,331 shares of common stock for the issuance of awards under the 2022 Plan. In addition, the number of shares of common stock reserved and available for issuance under the 2022 Plan will automatically increase on January 1 of each year for a period of ten years , beginning on January 1, 2023 and on each January 1 thereafter and ending on the tenth anniversary of the adoption date of the 2022 Plan, in an amount equal to (i) 3% of the outstanding number of shares of common stock of the Company on the preceding December 31, or (ii) a lesser number of shares as approved by the Company's board of directors. 2022 Employee Stock Purchase Plan In March 2022, prior to and in connection with the Merger, the Company adopted the 2022 Employee Stock Purchase Plan (the “2022 ESPP”). The 2022 ESPP authorizes the issuance of 5,797,609 shares of common stock under purchase rights granted to the Company's employees or to employees of any of its designated affiliates. The number of shares of common stock reserved for issuance will automatically increase on January 1 of each year, beginning on January 1, 2023 and each January 1 thereafter until the 2022 ESPP terminates according to its terms, by the lesser of (i) 4,072,000 shares of common stock, or (ii) 1% of the outstanding number of shares of common stock on the immediately preceding December 31. The Company's board of directors may determine that such increase will be less than the amount set forth in (i) and (ii) above. Reserve for Issuance The Company has the following shares of common stock reserved for future issuance, on an as-if converted basis: As of December 31, 2023 2022 Warrants to purchase common stock 3,282,652 3,282,652 Stock options issued and outstanding under 2018 Plan (1) 7,813,366 12,853,072 Shares available for grant under 2022 Plan (2) 2,052,669 3,310,803 RSUs issued and outstanding under 2022 Plan 17,434,138 10,884,476 Shares available for grant under 2022 ESPP 5,797,609 4,072,000 Outstanding Private Placement Warrants 7,386,667 7,386,667 Total shares of common stock reserved 43,767,101 41,789,670 (1) Effective June 15, 2023, the Company cancelled the CEO Option (as defined below), which was granted under the 2018 Plan. As a result of such cancellation, the 3,122,931 shares of common stock underlying the CEO Option became available for future awards under the 2022 Plan. (2) To the extent outstanding options granted under the 2018 Plan are cancelled, forfeited, or otherwise terminated without being exercised and would have been returned to the share reserve under the 2018 Plan following the closing date of the Merger, the number of shares of common stock underlying such awards will be available for future awards under the 2022 Plan. Stock Compensation The share-based compensation expense for the periods indicated below are as follows (in thousands): Year ended December 31 2023 2022 2021 RSUs $ 29,573 $ 40,113 $ — Stock options 4,761 16,820 7,030 RSAs — 371 890 Secondary sales of common stock — — 4,311 Pre-close issuance of common stock for services — 621 — Total share-based compensation $ 34,334 $ 57,925 $ 12,231 Unrecognized share-based compensation expense for unvested RSUs and stock options granted and outstanding as of December 31, 2023 was $40.7 million and $4.3 million, which will be recognized over a weighted-average period of 1.9 years and 1.4 years, respectively. Stock Options Stock options generally vest over four years and expire ten years from the date of grant. Vested stock options generally expire three months to five years after termination of employment. Stock option activity during the year ended December 31, 2023, consisted of the following (in thousands, except for share and per share data): Stock options Weighted-Average Exercise Price Weighted-Average Life (Years) Aggregate Intrinsic Value Balance as of December 31, 2021 15,712,434 $ 2.19 9.2 $ 120,491 Exercised (1,227,310) 0.88 Cancelled/Forfeited/Expired (1,632,052) 1.67 Balance as of December 31, 2022 12,853,072 $ 2.39 7.0 $ 7,055 Exercised (1,268,982) 0.64 Cancelled/Forfeited/Expired (1) (3,770,724) 3.64 Balance as of December 31, 2023 7,813,366 $ 2.06 6.0 $ 14,942 Vested and exercisable as of December 31, 2023 6,599,883 $ 1.93 5.8 $ 13,272 (1) Effective June 15, 2023, the Company cancelled the CEO Option (as defined below), which was granted under the 2018 Plan. As a result of such cancellation, the 3,122,931 shares of common stock underlying the CEO Option became available for future awards under the 2022 Plan. There were no stock options granted during the years ended December 31, 2023 and 2022. The weighted-average grant date fair value of stock options granted during the year ended December 31, 2021 was $2.90 per share. The total grant date fair value of stock options vested during the years ended December 31, 2023, 2022, and 2021 was $4.9 million, $13.0 million and $4.0 million, respectively. The total intrinsic value of options exercised during the years ended December 31, 2023, 2022, and 2021 was $2.4 million, $5.1 million and $14.2 million, respectively. Early Exercised Options Under the 2018 Plan, certain stock option holders may have the right to exercise unvested options, subject to a repurchase right held by the Company at the original exercise price, in the event of voluntary or involuntary termination of employment of the option holders, until the options are fully vested. As of December 31, 2023 and December 31, 2022, the cash proceeds received for unvested shares of common stock recorded within accrued expenses and other current liabilities in the consolidated balance sheets were $0.2 million and $0.6 million, respectively, which will be transferred to additional paid-in capital upon vesting. Performance and Market Condition Options In May 2021, Legacy Forge’s board of directors granted the Chief Executive Officer a performance and market condition-based option covering 3,122,931 shares of Legacy Forge's Class AA common stock with an exercise price of $3.9760 per share (the "CEO Option"). The awards vest only upon the satisfaction of (1) certain performance conditions, which is the occurrence of an IPO, merger with a SPAC, or a secondary sale for total proceeds of at least $250.0 million, and (2) a market condition, which is holders of Legacy Forge's B-1 convertible preferred stock having realized (i) aggregate exit proceeds with fair market value of at least $9.94, $14.91, and $19.88 per share (the “Share Price Thresholds”); and (ii) an aggregate interest rate compounded annually which, when used as the discount rate to calculate the net present value, with respect to the occurrence of an IPO, merger with a SPAC or acquisition, that is equal to or greater than 20.0%, 30.0% and 35.0% (the “IRR Thresholds,” and together with the Share Price Thresholds, the “Aggregate Exit Proceeds Thresholds”). Upon consummation of the Business Combination, the performance condition was met and the Company recorded cumulative catch-up compensation expense of $4.6 million in the year ended December 31, 2022. Effective June 15, 2023, and pursuant to approval by the Company's stockholders at the Company's 2023 annual stockholder meeting held on June 14, 2023 (the "Annual Meeting"), the Company cancelled the CEO Option and concurrently granted a market-based RSU award (the “CEO RSU”) representing the right to receive up to 2,339,030 shares of the Company’s common stock under the 2022 Plan based on the achievement of three specified stock price performance metrics. The CEO RSU is divided into three tranches that will vest if the average closing price of the Company’s common stock meets or exceeds $4.00, $8.00, or $12.00 for any trailing 20 trading day period. The CEO RSU will be forfeit when the Chief Executive Officer ceases to provide services to the Company. The Company concluded that the cancellation of the CEO Option and the concurrent grant of a replacement award, the CEO RSU, was accounted for as a modification of the terms of the cancelled award. The vesting condition in connection with the achievement of a target price per common stock share qualifies as a market condition, and the condition related to continuous service as the Chief Executive Officer qualifies as a service condition. The total incremental costs related to the cancelled CEO Option and reissued CEO RSU was $0.3 million. Total compensation expense recognized for the CEO Option and CEO RSU, including incremental costs related to the modification, in the years ended December 31, 2023, 2022, and 2021 was $0.7 million, $6.3 million, and $0.0 million, respectively. As of December 31, 2023, the market condition had not been met and none of the CEO RSU was vested. Options Granted to Directors In July 2021, Legacy Forge’s board of directors granted options to certain members of the board (the "Board Performance Options") in connection with their services to purchase 499,669 shares of Legacy Forge's Class AA common stock at exercise price of $5.43 per share. Subject to the option agreement, the options vested in full and became exercisable immediately prior to the Closing Date. The Company recorded $1.2 million of share-based compensation expense related to the Board Performance Options during the year ended December 31, 2022. RSUs The Company’s RSUs are convertible into shares of the Company’s common stock upon vesting on a one-to-one basis, and generally contain time-based vesting conditions. RSUs granted to certain executives (the “Executive Retention RSUs”) also contain market-based vesting conditions (the "Executive Retention RSUs") or performance-based vesting conditions (the "Executive Performance RSUs"). The RSUs generally vest over the service period of one RSU activity during the year ended December 31, 2023 was as follows: Total RSUs Time-based Performance-based Market-based Weighted-Average Grant Date Fair Value Per Share Unvested as of December 31, 2021 — — — — $ — Granted 11,521,853 9,662,716 — 1,859,137 10.82 Vested (445,503) (144,094) — (301,409) 18.82 Forfeited (498,037) (347,333) — (150,704) 20.24 Unvested as of December 31, 2022 10,578,313 9,171,289 — 1,407,024 $ 10.04 Granted (1) 12,199,830 8,055,250 1,805,550 2,339,030 1.64 Vested (2) (3,552,392) (3,083,382) — (469,010) 10.09 Forfeited (1,791,613) (1,791,613) — — 8.72 Unvested as of December 31, 2023 17,434,138 12,351,544 1,805,550 3,277,044 $ 4.30 (1) In connection with the cancellation of the CEO Option, the Company granted 2,339,030 market-based RSUs. See Performance and Market Condition Options above for additional information. (2) Common stock has not been issued in connection with 69,987 vested RSUs because such RSUs were unsettled as of December 31, 2023. T he total grant date fair value of shares vested during the years ended December 31, 2023 and 2022 was $35.4 million and $8.4 million, respectively. Executive Retention RSUs On June 1, 2022, as a result of the consummation of the Merger, the Compensation Committee of the Company's board of directors granted a total of 1,859,137 RSUs to certain executives (the “Executive Retention RSUs”) that contained market-based vesting conditions in addition to time-based vesting conditions. The Executive Retention RSUs vest in three equal tranches on the earlier of: (1) first, second and third anniversaries of the consummation of the Merger, respectively, (the “Time Vesting Component”) or (2) achievement of following market-based conditions: (a) in the event the Company’s stock price meets or exceeds the price of $12.50 per share during the RSU Measurement Period (defined below), the first tranche will vest immediately, and the Time Vesting Component of the second and third tranches will be accelerated by six months; (b) in the event the Company’s stock price meets or exceeds the price of $15.00 per share during the RSU Measurement Period (defined below), the second tranche will vest immediately, and the Time Vesting Component of the third tranche will be accelerated by an additional six months. The RSU Measurement Period is equal to 20 trading days within any 30 trading day period commencing upon the expiration of a six month lock-up period following the Merger. As of December 31, 2023 the lock-up period has expired. The fair value per share for the Executive Retention RSUs was determined by reference to the market price of the Company’s shares at the date of the grant, which was $20.26 per share. The Company used the Monte Carlo simulation model to determine the derived service period for the Executive Retention RSUs for the purposes of calculating the respective share-based compensation expense. The significant inputs used in the valuation included the Company's closing stock price as of the grant date of $20.26, cost of equity of 9.0%, dividend yield of 0.0%, volatility of 35.7%, and risk-free rate of 2.8%. The derived service period for the first, second, and third tranche of the Executive Retention RSUs was 0.40 years, 0.40 years, and 1.80 years, respectively. 469,010 Executive Retention RSUs were vested as of December 31, 2023. During the years ended December 31, 2023 and 2022 , the Company recognized share-based compensation expense of $5.3 million and $24.3 million, respectively. Unrecognized share-based compensation expense for unvested Executive Retention RSUs as of December 31, 2023 was $1.1 million, which is to be recognized over a weighted-average period of 0.2 years. Executive RSUs On April 24, 2023, the Compensation Committee and the board of directors granted a total of 4.9 million RSUs to certain executives. 3.1 million of the RSUs granted are subject to time-based vesting conditions (the "Time-Based RSUs") and 1.8 million of the RSUs granted are subject to performance-based vesting conditions upon certification by the Compensation Committee and the Company's Board of Directors, in addition to time-based vesting conditions (the "Performance-Based RSUs," and together with the Time-Based RSUs, the "Executive RSUs"). The fair value per share for the Executive RSUs was determined by reference to the market price of the Company's shares at the date of the grant, which was $1.46 per share. On January 31, 2024, the performance-based vesting conditions of the Performance-Based RSUs were certified by the Compensation Committee and the board of directors based on the extent of achievement of the Company's revenue goals for the fiscal year ended December 31, 2023. Accordingly, the Performance-Based RSUs will vest in accordance with their terms, subject to the applicable executive's continued service through each applicable vesting date. Modifications During the year ended December 31, 2022, the Company modified options of five of its employees in connection with terminations of their employment and subsequent transition to service providers under consulting agreements. Under the terms of ASC 718 these employees were not obliged to perform substantive consulting services to the Company for the continued vesting of their options. The Company recognized incremental share-based compensation expense as the difference between the fair value of the options before and after the modifications. The Company calculated the fair value of the options before and after modification using current valuation inputs including the Company’s stock price of $3.79 - $17.71 , a volatility metric 38.4% - 48.1%, a risk-free interest rate of 0.9% - 3.6% and an expected life 1.0 - 5.5 years. The incremental fair value of the options resulting from the modifications was $2.2 million that was recognized as part of the share-based compensation expense during the year ended December 31, 2023. In December 2022, the Company accelerated vesting of 251,364 stock options and 210,987 Executive Retention RSUs as part of the severance package of one of its executives in connection with the termination of his employment with the Company. As a result, the Company recognized incremental share-based compensation expense of $0.5 million calculated by using the modification date valuation inputs including the Company’s stock price of $1.52, a volatility metric of 47.3%, a risk-free interest rate of 4.1% and an expected life of 3.0 years. In connection with this employment termination, the Company also reversed a portion of the previously recognized share-based compensation expense resulting in a reduction to share-based compensation of $4.4 million, net of incremental expense as well as additional share-based compensation recognized due to the acceleration of unvested shares under the executive's original employment terms. In June 2023, the Company cancelled the CEO Option and concurrently granted the CEO RSU. See Performance and Market Condition Options above for additional information.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the loss before income taxes were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Domestic $ (87,409) $ (111,339) $ (16,496) Foreign (3,321) (239) (1,617) Total loss before provision for income taxes $ (90,730) $ (111,578) $ (18,113) The components of the provision for income taxes were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current: Federal $ — $ — $ — State 777 231 50 Foreign — — — Total Current $ 777 $ 231 $ 50 Deferred: Federal $ 122 $ 92 $ 264 State (80) 4 72 Foreign — — — Total Deferred $ 42 $ 96 $ 336 Total Provision for income taxes $ 819 $ 327 $ 386 Reconciliation of the statutory federal income tax to the Company's effective tax is as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Tax provision (benefit) at U.S. statutory rate $ (19,053) 21.0 % $ (23,431) 21.0 % $ (3,804) 21.0 % State income taxes (1) (2,519) 2.8 (2,514) 2.3 (409) 2.3 Foreign taxes in excess of the U.S. statutory rate 175 (0.2) 10 — 74 (0.4) Change of valuation allowance (1) 15,288 (16.9) 21,501 (19.3) 2,397 (13.2) Change in fair value of warrant liabilities (1) 1,892 (2.1) (4,166) 3.7 1,275 (7.1) Share based compensation (46) 0.1 8,804 (7.9) 1,548 (8.6) Tax credits 1,913 (2.1) (3,615) 3.2 (862) 4.8 Section 162(m) limitation 3,354 (3.7) 3,693 (3.3) — — Other (185) 0.2 45 — 167 (0.9) Tax Expense $ 819 (0.9) % $ 327 (0.3) % $ 386 (2.1) % (1) Immaterial correction of error of $8.3 million to the change in fair value of warrant liabilities and related $1.8 million to state income taxes for the year ended December 31, 2022. This correction had no impact on the consolidated balance sheet as of December 31, 2022 and the consolidated statements of operations, stockholders' equity and cash flows for the year ended December 31, 2022. Significant components for the Company's net deferred tax liabilities included in accrued expenses and other current liabilities in the consolidated balance sheets are as follows (in thousands): Year Ended December 31, 2023 2022 Deferred tax assets Accrued compensation $ 1,919 $ 2,087 Operating lease liability 1,322 1,822 Share-based compensation 8,377 6,033 Net operating loss carryforwards (1) 28,430 20,984 Allowance for bad debt 306 223 Tax credits 1,702 3,615 Section 174 capitalization 12,730 5,705 Other 404 (32) Total deferred tax assets $ 55,190 $ 40,437 Valuation allowance (1) (51,398) (36,109) Net deferred tax assets $ 3,792 $ 4,328 Deferred tax liabilities Depreciation and amortization $ (3,245) $ (3,392) Operating lease assets (1,107) (1,454) Other — — Total deferred tax liabilities $ (4,352) $ (4,846) Net deferred tax liabilities $ (560) $ (518) (1) The components of the Company's deferred tax assets and valuation allowance as of December 31, 2022 have been adjusted to reflect immaterial corrections identified during the year ended December, 31 2023. This correction had no impact on the consolidated balance sheet as of December 31, 2022 and the consolidated statements of operations, stockholders' equity and cash flows for the year ended December 31, 2022. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management believes it is more likely than not that the deferred tax assets will not be realized; accordingly, a valuation allowance has been established on U.S. and foreign gross deferred tax assets. The Company's valuation allowance increased $15.3 million and $21.7 million during the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company has net operating loss carryforwards for federal income tax purposes of $92.4 million available to reduce future income subject to income taxes. The federal net operating loss carryforwards of $11.1 million will begin to expire, if not utilized, in fiscal year 2037. The remaining amount of federal net operating loss carryforwards will be carried forward indefinitely. In addition, the Company has $75.8 million and $25.5 million of net operating loss carryforwards available to reduce future taxable income subject to California state income taxes and all other applicable state jurisdictions, respectively. The California net operating loss carryforwards will begin to expire, if not utilized, in fiscal year 2036. The foreign net operating loss carryforwards of $0.7 million will be carried forward indefinitely. The other states’ net operating loss carryforwards will begin to expire, if not utilized, in fiscal year 2037. Under Section 382 of the Internal Revenue Code of 1986, as amended, the Company's ability to utilize net operating loss carryforwards or other tax attributes in any taxable year may be limited if the Company has experienced an ownership change. As of December 31, 2023, the Company has concluded that it has experienced ownership changes since inception and that its utilization of net operating loss carryforwards will be subject to annual limitations. However, it is not expected that the annual limitations will result in the expiration of the tax attribute carryforwards prior to utilization. Changes in our unrecognized tax benefits are summarized as follows (in thousands): Year Ended December 31, 2023 2022 2021 Beginning Balance $ 1,629 $ 427 $ 43 Additions for current year items 13 842 115 Additions for prior year items — 360 269 Reductions for prior year items (820) — — Lapse of statute of limitations — — — Ending Balance $ 822 $ 1,629 $ 427 During the years ended December 31, 2023, 2022, and 2021, interest and penalties were immaterial. The Company does not expect any significant change in its unrecognized tax benefits during the next twelve months that would be material to the consolidated financial statements. All of the unrecognized tax benefits would impact the effective tax rate. The Company is subject to taxation in the United States and various foreign jurisdictions. All net operating losses incurred to date are subject to adjustment for U.S. federal income tax purposes, except for the years 2017 to 2019, where the statute of limitations has expired, and for state income tax purposes. Furthermore, as of December 31, 2023, all tax years remain open to examination in the foreign jurisdictions where we operate in.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss per Share Prior to the Merger and prior to effecting the recapitalization, the holders of Legacy Forge's Class AA, Class EE-1, and Class EE-2 common stock were entitled to the same right to participate in the Company’s gains or losses. Therefore, net loss per share is presented as a single class of common stock. Earnings per share calculations for all periods prior to the Merger have been retrospectively restated to the equivalent number of shares reflecting the Exchange Ratio established in the reverse capitalization. Subsequent to the Merger, the Company has one class of common stock. The diluted net loss per share attributable to common stockholders is calculated by giving effect to all potentially dilutive common stock equivalents during the period using the two-class method. The Company’s stock options, warrants, and early exercised stock options are considered to be potential common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders because the holders of these securities do not have a contractual right to share in the Company's losses, and their effect would be antidilutive. Therefore, the net loss for the year ended December 31, 2023 and 2022 was attributed to common stockholders only. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except for share and per share data): Year Ended December 31, 2023 2022 2021 Numerator: Net loss attributable to Forge Global Holdings, Inc., basic $ (90,221) $ (111,859) $ (18,499) Less: Change in fair value of Junior Preferred Stock warrant liability — (3,924) — Net loss attributable to common stockholders, diluted $ (90,221) $ (115,783) $ (18,499) Denominator: Weighted-average number of shares used to compute net loss per share attributable to common stockholders, basic 173,402,167 143,839,981 54,295,304 Dilutive effect of common share equivalents — 1,173,365 — Weighted-average number of shares used to compute net loss per share attributable to common stockholders, diluted 173,402,167 145,013,346 54,295,304 Net loss per share attributed to common stockholders: Basic $ (0.52) $ (0.78) $ (0.34) Diluted $ (0.52) $ (0.80) $ (0.34) The following potentially dilutive shares were excluded in the calculation of diluted shares outstanding as the effect would have been anti-dilutive: Year Ended December 31, 2023 2022 2021 Convertible preferred stock (1) — — 73,914,150 Warrants to purchase common stock 3,282,652 3,282,652 3,774,437 Private Placement Warrants 7,386,667 7,386,667 — Common stock subject to repurchase 435,136 1,064,323 11,400,806 Outstanding options 7,813,366 12,853,072 15,712,437 Restricted stock units 17,434,138 10,884,476 — Total 36,351,959 35,471,190 104,801,830 (1) Conversion of preferred stock to common stock as part of the Merger. See Note 10, "Capitalization", and Note 11, "Warrants", for additional details of the Company’s stockholders’ equity prior to and subsequent to the Merger.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On September 7, 2022 the Company and DBAG formed a subsidiary, Forge Europe GmbH. DBAG is a stockholder of the Company and one of the Company's directors is affiliated with this entity. See Note 1, "Organization and Description of Business," for additional information. Financial Technology Partners LP (“Financial Technology Partners”), a stockholder of the Company and affiliated entity of Steven McLaughlin, one of the Company's former directors, previously served as financial and strategic advisor to the Company on its financing, merger, and acquisition transactions. During the year ended December 31, 2022, the Company incurred $18.3 million in fees to Financial Technology Partners, of which $17.4 million was related to common stock issued during the Merger and was recorded as a reduction to additional paid-in capital. The remaining $0.9 million was related to issuance of Public and Private Placement Warrants, including warrants issued to A&R FPA investors, and was expensed immediately upon consummation of the Merger as acquisition-related transaction cost in the consolidated statements of operations. Mr. McLaughlin resigned from the Company's board of directors on May 27, 2022. As a result, each of Mr. McLaughlin and Financial Technology Partners ceased being a related party in the quarter ended June 30, 2022. Prior to the Business Combination, one of Legacy Forge's directors was also a director of Temasek Holding (Private) Limited ("Temasek"). Temasek, through its wholly-owned subsidiary, Ossa Investments Pte. Ltd, purchased 1,000,000 shares of the Company's common stock (for a purchase price of $10.0 million) in the PIPE Investment, concurrently and in connection with the closing of the Business Combination. This transaction was on the same terms as the other investors who purchased shares in the PIPE Investment pursuant to certain subscription agreements dated September 13, 2021. Prior to November 2022, Temasek was a 5% stockholder of the Company and thus a related party. Effective November 2022, Temasek ceased being a 5% stockholder and thus a related party based on the Company's outstanding stock. The Company entered into customer engagement agreements with certain companies to serve as exclusive transaction agent to help facilitate private purchases of shares of issuers. These companies are identified as related parties who are holders of the Company’s common stock. The Company recognized $1.2 million in marketplace revenue (previously called placement fee revenue) in the consolidated statements of operations for trades executed with these companies for the year ended December 31, 2021 . The associated revenue recognized for the years ended December 31, 2023 and 2022 is immaterial. Forge Global Advisors LLC ("FGA"), a wholly-owned subsidiary of the Company and an investment adviser registered under the Investment Advisers Act of 1940, as amended, advises investment funds, each of which are organized as a series of Forge Investments LLC and segregated portfolio companies of Forge Investments SPC and Forge Investments II SPC (such investment funds and portfolio companies are individually and collectively referred to as “Investment Funds”). The Investment Funds are each formed for the purpose of investing in securities relating to a single private company and are owned by different investors. Effective January 1, 2023, FGA serves as the manager of the Forge Investments LLC series Investment Funds. Prior to January 1, 2023, the Forge Investments LLC series Investment Funds were managed by a third-party fund administrator. The Company utilizes a third-party fund administrator to manage the Forge Investments SPC and Forge Investments II SPC Investment Funds. The Company has no ownership interest nor participation in the gains or losses of the Investment Funds. The Company does not consolidate Forge Investments LLC, Forge Investments SPC, Forge Investments II SPC, or any of the Investment Funds, because the Company has no direct or indirect interest in the Investment Funds and the amount of expenses the Company pays on behalf of the Investment Funds are not significant to the entities. Investors in the Investment Funds do not have any recourse to the assets of the Company. While not contractually required, FGA may, at its sole discretion, absorb certain expenses on behalf of the Investment Funds. Transaction-based expenses include fund insurance and fund management expenses and are recorded in transaction-based expenses in the consolidated statements of operations. Audit and accounting related services are recorded in professional services in the consolidated statements of operations. Professional services expenses of $1.1 million, $0.9 million and $0.8 million were recognized in the consolidated statements of operations during the years ended December 31, 2023, 2022, and 2021 respectively. Transaction-based expenses of $0.0 million, $0.3 million and $0.6 million were recognized during the years ended December 31, 2023, 2022, and 2021 respectively. A family member of one of the Company’s executive officers is a portfolio manager for investment funds that engage in secondary transactions with the Company in the ordinary course of business. Such transactions became related party transactions upon the employee's appointment to executive officer in April 2023. For the years ended December 31, 2023 and 2022 , the total value of such transactions was $11.3 million and $0.0 million , respectively, and the aggregate marketplace revenue (less transaction-based expenses) that the Company received from the funds for such transactions was $0.3 million and $0.0 million , respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has analyzed its operations subsequent to December 31, 2023 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose or recognize in the accompanying financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (90,221)	$ (111,859)	$ (18,499)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 15, 2023, the following officers each adopted trading plans (the "STC Plans") providing exclusively for the sale of shares necessary to satisfy tax withholding obligations arising from the settlement of RSUs: 1) Mr. Rodriques, 2) Mark Lee, the Company's Chief Financial Officer, 3) Mr. Sievers, 4) Ms. Phillips, 5) Johnathan Short, the Company's Chief Legal Officer, and 6) Catherine Dondzila, the Company's Chief Accounting Officer. The STC Plans are intended to satisfy the affirmative defensive conditions of Rule 10b5-1(c). The number of shares each STC Plan may sell to satisfy applicable tax withholding obligations upon settlement is indeterminable as the number will vary based on factors such as the extent to which vesting conditions for current and future RSU awards are satisfied, as well as the market price of the Company's common stock at the time of settlement. The duration of each STC Plan is indefinite as they cover tax withholding obligations for all RSU awards granted to such officers as of the adoption date, as well as any RSU awards that may be granted after such date.
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Kelly Rodriques [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 8, 2023, Kelly Rodriques, the Company's Chief Executive Officer, modified a trading plan he had previously adopted with respect to the sale of the Company's common stock to increase the number of shares covered by the plan. Mr. Rodriques' initial plan was adopted on June 2, 2023. Mr. Rodriques' amended plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. The plan provides for the sale of up to 3,989,958 shares, which assumes the maximum achievement of performance conditions of RSU awards included in the plan. Such awards include 2,339,030 performance RSUs approved by the Company’s stockholders at the Company’s 2023 annual stockholder meeting held on June 14, 2023 (the “CEO RSU”). The CEO RSU is divided into three tranches that will only vest if three separate stock-price based performance metrics of $4.00, $8.00, and $12.00 are met for any trailing 20 trading day period, as described more fully in the Company’s definitive proxy statement filed on April 28, 2023. Accordingly, the actual number of shares sold will depend on the extent to which such vesting conditions are satisfied, as well as the number of shares that may be withheld or sold to cover tax withholding obligations upon the settlement of RSUs. The termination date of the plan is the earliest to occur of all shares under the plan being sold or December 31, 2024.
Drew Sievers [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 15, 2023, Drew Sievers, the Company's Chief Operating Officer, adopted a trading plan for the sale of the Company's common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. The plan provides for the sale of up to 225,000 shares. The termination date of the plan is the earliest to occur of all shares under the plan being sold or December 31, 2024.
Jennifer Phillips [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 15, 2023, Jennifer Phillips, the Company's Chief Growth Officer, modified a trading plan she had previously adopted with respect to the sale of the Company's common stock to increase the number of shares covered by the plan. Ms. Phillips' initial plan was adopted on September 22, 2022. Ms. Phillips' amended plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. The plan provides for the sale of up to 1,736,546 shares. The actual number of shares sold will depend on the number of shares that may be withheld or sold to cover tax withholding obligations upon the settlement of RSUs. The termination date of the plan is the earliest to occur of all shares under the plan being sold or October 21, 2024.
Catherine Dondzila [Member]
Trading Arrangements, by Individual
Name	Catherine Dondzila
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2023
Johnathan Short [Member]
Trading Arrangements, by Individual
Name	Johnathan Short
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2023
Mark Lee [Member]
Trading Arrangements, by Individual
Name	Mark Lee
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2023
Kelly Rodriques June 2023 Plan [Member] | Kelly Rodriques [Member]
Trading Arrangements, by Individual
Name	Kelly Rodriques
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 8, 2023
Kelly Rodriques December 2023 Plan [Member] | Kelly Rodriques [Member]
Trading Arrangements, by Individual
Name	Kelly Rodriques
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 8, 2023
Arrangement Duration	389 days
Aggregate Available	3,989,958	3,989,958
Kelly Rodriques December 2023 Plan RSUs [Member] | Kelly Rodriques [Member]
Trading Arrangements, by Individual
Aggregate Available	2,339,030	2,339,030
Drew Sievers December 2023 Plan [Member] | Drew Sievers [Member]
Trading Arrangements, by Individual
Name	Drew Sievers
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2023
Arrangement Duration	382 days
Aggregate Available	225,000	225,000
Jennifer Phillips September 2022 Plan [Member] | Jennifer Phillips [Member]
Trading Arrangements, by Individual
Name	Jennifer Phillips
Title	Chief Growth Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 15, 2023
Jennifer Phillips December 2023 Plan [Member] | Jennifer Phillips [Member]
Trading Arrangements, by Individual
Name	Jennifer Phillips
Title	Chief Growth Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2023
Arrangement Duration	311 days
Aggregate Available	1,736,546	1,736,546
Drew Sievers STC Plan [Member] | Drew Sievers [Member]
Trading Arrangements, by Individual
Name	Mr. Sievers
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2023
Kelly Rodriques STC Plan [Member] | Kelly Rodriques [Member]
Trading Arrangements, by Individual
Name	Mr. Rodriques
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2023
Jennifer Phillips STC Plan [Member] | Jennifer Phillips [Member]
Trading Arrangements, by Individual
Name	Ms. Phillips
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2023

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation The accompanying consolidated financial statements include the accounts of the Company, and its subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation.
Consolidation	In the normal course of business, the Company has transactions with various investment entities. In certain instances, the Company provides investment advisory services to pooled investment vehicles (each, an “Investment Fund”). The Company does not have discretion to make any investment, except for the specific investment for which an Investment Fund was formed. The Company performs an assessment to determine (a) whether the Company’s investments or other interests will absorb portions of a variable interest entity’s expected losses or receive portions of the entity’s expected residual returns and (b) whether the Company’s involvement, through holding interests directly or indirectly in the entity would give it a controlling financial interest. The Company consolidates entities in which it, directly or indirectly, is determined to have a controlling financial interest. Consolidation conclusions are reviewed quarterly to identify whether any reconsideration events have occurred.
Segment Information	Segment Information
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affe ct the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant management estimates include collectability of accounts receivable, the fair value of financial assets and liabilities, the carrying value of long-lived assets and goodwill, the fair value of warrants, contingent liabilities, equity awards, share-based compensation expenses, including the determination of the fair value of the Company’s common stock prior to the Business Combination and the derived service period for the awards containing market-based vesting conditions, and the valuation of deferred tax assets. These estimates are inherently subjective in nature and, therefore, actual results may differ from the Company’s estimates and assumptions. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable. Further, the Company applies judgment in determining whether, directly or indirectly, it has a controlling financial interest in the Investment Funds, in order to conclude whether any of the Investment Funds must be consolidated. The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2023. These estimates may change as new events occur and additional information is obtained, and related financial impacts will be recognized in the Company’s consolidated financial statements as soon as those events become known.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the exchange price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When developing fair value measurements, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurements. Three levels of inputs may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, requiring certain assumptions and significant management judgment or estimation about the inputs a hypothetical market participant would use to value that asset or liability . Liabilities Classified as Level 3 The Company classifies certain warrant liabilities within Level 3 of the fair value hierarchy and measures the liabilities at fair value using a binomial lattice model in a risk-neutral framework. Variables in the model include expected volatility, the risk-free rate of return, dividend yield, the fair value of the underlying security and the expected life of the instrument. The Company classifies certain payment-dependent notes receivable and payment-dependent notes payable within Level 3 of the fair value hierarchy and estimates fair values of payment-dependent notes receivable and payment-dependent notes payable utilizing completed transactions made through the Company’s platform for the relevant private securities as well as mutual fund valuations of private companies as relevant data inputs.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist primarily of bank deposit accounts and investments in certain money market mutual funds. Restricted Cash The Company classifies all cash and cash equivalents that are not available for immediate or general business use as restricted in the accompanying consolidated balance sheets. This includes amounts set aside for restrictions of specific agreements. As of December 31, 2022, restricted cash is comprised of cash held for regulatory purposes for the trust and brokerage-related activities. As of December 31, 2023, restricted cash is comprised of cash held for regulatory purposes for the trust-related activities.
Accounts Receivable, Net	Accounts Receivable, Net
Concentration of Credit Risks	Concentration of Credit Risks Financial instruments that potentially subject the Company to concentrations of credit risk primarily comprise cash and cash equivalents and restricted cash, term deposits, payment-dependent notes receivable, and accounts receivable. Cash and cash equivalents and restricted cash may, at times, exceed amounts insured by the FDIC and the Securities Investor Protection Corporation, respectively. The Company performs periodic evaluations of the relative credit standing of these financial institutions to limit the amount of credit exposure. The Company has not experienced any losses on its deposits of cash and cash equivalents to date.
Internal-use Software, Net	Internal-use Software and Equipment, Net
Property and Equipment, Net	Property and equipment are stated at cost net of accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are expensed as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheets, and any resulting gain or loss is reflected in the consolidated statements of operations in the period realized.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets
Goodwill and Other Intangible Assets, Net	Goodwill and Other Intangible Assets, Net Goodwill represents the excess of the aggregate fair value of the consideration transferred in a business combination over the fair value of the assets acquired, net of liabilities assumed. Goodwill is not amortized but is tested for impairment annually on October 1, or more frequently if events or changes in circumstances indicate the goodwill may be impaired. These events or circumstances could include a significant change in the business climate, regulatory environment, established business plans, operating performance indicators, or competition. Potential impairment indicators may also include, but are not limited to, (i) the results of the Company’s most recent annual or interim impairment testing, (ii) downward revisions to internal forecasts, (iii) declines in the Company’s market capitalization below its book value, and the magnitude and duration of those declines, (iv) a reorganization resulting in a change to the Company’s operating segments, and (v) other macroeconomic factors, such as increases in interest rates that may affect the weighted average cost of capital or volatility in the equity and debt markets. No impairment charges were recognized during the years ended December 31, 2023, 2022, and 2021 . Acquired intangible assets also consist of identifiable intangible assets, primarily software technology, launched IPR&D asset, website, trade name and customer relationships, resulting from business acquisitions. Finite-lived intangible assets are recorded at fair value on the date of acquisition and are amortized over their estimated useful lives. The Company bases the useful lives and related amortization expense on its estimate of the period that the assets will generate revenues or otherwise be used.
Leases	Leases The Company categorizes leases at their inception or upon modification, if applicable. As of December 31, 2023 and 2022, the Company only has operating leases. For operating leases, the Company recognizes rent and occupancy on a straight-line basis, commencing on the date at which the property becomes available for the Company's use. For leases with a term greater than 12 months, the Company records the related right-of-use assets and operating lease liabilities at the present value of lease payments over the lease term. The Company does not separate lease and non-lease components of contracts for real estate property leases. Variable lease payments for common area maintenance, property taxes and other operating expenses are not included in the measurement of ROU assets and lease liabilities and are expensed as incurred. The rates implicit on the Company’s leases are not readily determinable. Therefore, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company determines its incremental borrowing rate based on the rate of interest it would have to pay to borrow on a collateralized basis with an equal lease payment amount, over a similar term, and in a similar economic environment. The Company evaluates its subleases in which it is the sublessor to determine whether it is relieved of the primary obligation under the original lease. If it remains the primary obligor, the Company continues to account for the original lease as it did before the commencement of the sublease and records the sublease income based on the contract terms in other income in the consolidated statements of operations.
Payment-Dependent Notes	Payment-Dependent Notes Payment-dependent notes receivable and payment-dependent notes payable represent financial instruments that are presented at fair value in the consolidated financial statements in accordance with Accounting Standards Codification ("ASC") 825, Fair Value Option for Financial Instruments. The Company enters into separate contracts with equity holders of private companies’ shares (“sellers”) and investors (“buyers”) that enable the transfer of private securities upon a specified event such as an initial public offering, merger, or acquisition involving the underlying company. The Company serves as an intermediary counterparty to both the buyer and the seller and earns transaction fee revenue by facilitating the execution of the transaction. Contracts with buyers require the Company to facilitate the transfer of a fixed number of shares of the private securities from sellers upon occurrence of a specified event. Buyers are required to pay the selling price for shares purchased (“settlement amounts”) and transaction fee defined in the contracts into a distribution or escrow account upon notice by the Company. Contracts with sellers require sellers to transfer the same amount and class of shares referenced in the contract between the Company and the corresponding buyers upon the occurrence of a specified event. When settlement amounts have been determined, and the price and transaction fees are paid by the buyer, payment-dependent notes receivable are recorded for the securities due from the sellers, and payment- dependent notes payable are recorded for the securities owed to the buyers. Amounts recorded at period-end for payment-dependent notes receivable represent the fair value of securities receivable from sellers, for which the securities settlement event has not occurred. Amounts recorded at period-end for payment-dependent notes payable represent the fair value of securities not yet delivered to the buyer. Changes in fair value of payment-dependent notes receivable and payment-dependent notes payable are recorded in other expense in the consolidated statements of operations.
Warrant Liabilities	Warrant Liabilities The Company recognizes certain warrant instruments as derivative liabilities in accordance with ASC 815, Derivatives and Hedging. See Notes 3 "Recapitalization", 4 "Fair Value Measurements", and 11 "Warrants" for additional information. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the carrying value of the instruments to fair value at each reporting period until they are redeemed, exchanged, expired or exercised. The Company will continue to adjust the warrant liability for changes in the fair value until the earlier of a) the exercise, exchange or expiration of the warrants or b) the redemption of the warrants, at which time the warrants will be reclassified to additional paid-in-capital.
Revenue Recognition	Revenue Recognition The Company generates revenue from fees charged for the trading of private shares through its platform, and fees for account and asset management provided to customers. The Company disaggregates revenue by service type, as management believes that this level of disaggregation best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are impacted by economic factors. The Company recognizes revenue pursuant to ASC 606, Revenue from Contracts with Customers. The amount of revenue recognized reflects the consideration that the Company expects to receive in exchange for services. To achieve the core principle of this standard, the Company applied the following five steps: 1. Identification of the contract, or contracts, with the customer; 2. Identification of the performance obligations in the contract; 3. Determination of the transaction price; 4. Allocation of the transaction price to the performance obligations in the contract; and 5. Recognition of the revenue when, or as, a performance obligation is satisfied. Revenue from Contracts with Customers The Company enters into contracts with customers that can include various services, which are capable of being distinct and accounted for as separate performance obligations. When applicable, an allocation of the transaction fees to the performance obligations or to the distinct goods or services that form part of a single performance obligation will depend on the individual facts and circumstances of the contract. All of the Company’s revenues are from contracts with customers. The Company is the principal in its contracts, with the exception of cash administration fees, in which the Company acts as an agent and records revenue from fees earned related to cash balances in customers’ custodial accounts. Contract assets represent amounts for which the Company has recognized revenue for contracts that have not yet been invoiced to our customers. The Company does not have any contract assets as of December 31, 2023 and 2022 . Contract liabilities consist of deferred revenue, which relates to amounts invoiced in advance of performance under a revenue contract. The total contract liabilities of $0.4 million and $0.4 million as of December 31, 2023, and 2022, respectively, related to advance billings for data subscriptions, recorded in accrued expenses and other current liabilities on the consolidated balance sheets . The Company recognized $0.4 million of revenue during the year ended December 31, 2023 that was included in deferred revenue recorded in accrued expenses and other current liabilities at December 31, 2022. Each of our significant performance obligations and our application of ASC 606 to our revenue arrangements are discussed in further detail below: Marketplace revenue (previously called placement fee revenue) — The Company maintains a platform which generates revenue through its Forge Markets offering with volume-based fees sourced from institutions, individual investors and private equity holders. The Company earns agency marketplace revenue in non-underwritten transactions, such as private placements of equity securities. The Company enters into arrangements with individual accredited customers or Investment Funds to execute private placements in the secondary market. Marketplace revenue is charged by the Company for meeting the point-in-time performance obligation of executing a private placement on its platform. Placement fee rates are individually negotiated for each transaction and vary depending on the specific facts and circumstance of each agreement. These fees are event-driven and invoiced upon the closing of the transaction outlined in each agreement. These fees may be expressed as a dollar amount per share, a flat dollar amount, or a percentage of the gross transaction proceeds. The Company will receive marketplace revenue on these transactions and believes that its trade execution performance obligation is completed upon the placement and consummation of a transaction and, as such, revenue is earned on the transaction date with no further obligation to the customer at that time. The Company acts as a principal in the contract and recognizes marketplace revenue upon execution of a trade. Custodial Administration Fees — The Company generates revenues from account maintenance fees, asset fees, transaction fees, and cash administration fees. The cash administration fees are based on prevailing interest rates and customer cash balances, and currently make up the majority of custodial administration fee revenue. The Company charges administration fees for its services in maintaining custodial accounts, including asset-based fees, which are determined by the number and types of assets in these accounts. Cash administration fees are based on cash balances within the custodial accounts and are assessed on the last day of the month. The Company also earns fees for opening and terminating accounts, and facilitating transactions, which are assessed at the point of transaction. Account and asset fees are assessed on the first day of the calendar quarter. Revenues from custodial administration fees are recognized either over time as underlying performance obligations are met and day-to-day maintenance activities are performed for custodial accounts, or at a point in time upon completion of transactions requested by custodial account holders. Practical Expedients
Transaction-Based Expenses	Transaction-Based Expenses
Stock Based Compensation	Share-Based Compensation The Company recognizes share-based compensation expense for all share-based awards, primarily stock options, restricted stock awards ("RSAs"), and restricted stock units ("RSUs"), based on the grant date fair value of the awards on a straight-line basis over the requisite service period of the awards, which is generally the award's vesting term. The fair value of stock options is determined using the Black-Scholes option pricing model and the fair value of RSAs and RSUs is based on the closing price of the Company's common stock on the grant date. Forfeitures are accounted for as they occur. For all awards with a market-based conditions and certain awards with performance-based conditions, the Company uses a Monte Carlo simulation to determine the fair value and the derived service period at the grant date and recognizes
Advertising and Market Development	Advertising and Market Development
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates and laws that will be in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that the Company will not realize those tax assets through future operations. The Company utilizes a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more likely than not of being realized and effectively settled. The Company considers many factors when evaluating and estimating the Company’s tax positions and tax benefits, which may require periodic adjustments, and which may not accurately reflect actual outcomes. The Company recognizes interest and penalties on unrecognized tax benefits as a component of provision for income taxes in the consolidated statements of operations.
Foreign Currency	Foreign Currency The Company's reporting and functional currency is the U.S. dollar ("USD"). For financial reporting purposes, the Company translates assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates on the balance sheet date, except for non-monetary assets and liabilities, which are measured at historical exchange rates. Revenue and expenses are translated using the average exchange rate for the period. Cumulative translation gains and losses are included in accumulated other comprehensive loss.
Comprehensive Loss	Comprehensive Loss
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders Prior to the Business Combination, the Company computed net loss per share using the two-class method required for participating securities. The two-class method required income attributable to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. All of the Company's participating securities, in the form of convertible preferred stock, were converted into common stock of the Company upon consummation of the Business Combination. The prior holders of convertible preferred stock had dividend rights in the event of a declaration of a dividend for shares of common stock. However, the participating securities did not contractually require the holders of such securities to participate in the Company’s losses. Accordingly, net loss for the years ended December 31, 2023, 2022, and 2021 was only allocated to the Company’s common stockholders. The Company’s basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. The diluted net loss per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive shares are anti-dilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2023, the FASB issued ASU 2023-05 Business Combinations - Joint Venture Formations (“ASU 2023-05”), which addresses the accounting for contributions made to a joint venture. ASU 2023-05 requires joint ventures to measure all assets and liabilities upon formation at fair value. This guidance will be applied prospectively to all joint venture formations with a formation date on or after January 1, 2025. The Company is currently assessing the impact of the requirements on its consolidated financial statements and disclosures. In November 2023, the FASB issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to expand reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. ASU 2023-07 applies to entities with a single reportable segment. Annual disclosures are required for fiscal years beginning after December 15, 2023. Interim disclosures are required for periods within fiscal years beginning after December 15, 2024. Retrospective application is required for all prior periods presented with early adoption permitted. The Company is currently assessing the impact of the requirements on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to update income tax disclosure requirements primarily by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The amendments in the ASU also remove disclosures related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The amendments may be applied prospectively or retrospectively with early adoption permitted. The Company is currently assessing the impact of the requirements on its consolidated financial statements and disclosures. There have been no other recent accounting pronouncements, changes in accounting pronouncements or recently adopted accounting guidance during the year ended December 31, 2023 that are of significance or potential significance to us.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands): As of December 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money market funds $ 130,132 $ — $ — $ 130,132 Term deposits (less than 90 days) — 2,221 — 2,221 Payment-dependent notes receivable, non-current — — 5,593 5,593 Term deposits (1)(2) — 7,694 — 7,694 Total financial assets $ 130,132 $ 9,915 $ 5,593 $ 145,640 Payment-dependent notes payable, non-current $ — $ — $ 5,593 $ 5,593 December 2023 warrants (3) — 4,889 — 4,889 Private placement warrants — — 4,727 4,727 Total financial liabilities $ — $ 4,889 $ 10,320 $ 15,209 (1) Included in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2023 and December 31, 2022. (2) Includes $1.0 million term deposits required to fulfill the Company's obligations in connection with real estate lease agreements. (3) On December 18, 2023, the then outstanding Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants. See Note 8, "Commitments and Contingencies" and Note 11, "Warrants" for additional information. As of December 31, 2022 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money market funds $ 149,139 $ — $ — $ 149,139 Payment-dependent notes receivable, non-current — — 7,371 7,371 Total financial assets $ 149,139 $ — $ 7,371 $ 156,510 Payment-dependent notes payable, non-current — — 7,371 7,371 Junior preferred warrant liabilities — — 384 384 Private placement warrants — — 222 222 Total financial liabilities $ — $ — $ 7,977 $ 7,977
Fair Value Measurement Inputs and Valuation Techniques	The Company estimated the fair value of the Junior Preferred Stock Warrants (1) as of December 31, 2022, using the following key assumptions: As of December 31, 2022 Fair value of underlying securities $ 1.73 Expected term (years) 2.9 Expected volatility 46.1 % Risk-free interest rate 4.2 % Expected dividend yield — % Fair value per warrant $ 0.15 (1) On December 18, 2023, the then outstanding Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants and classified as level 2 in the fair value hierarchy. The significant assumptions used in the analysis were as follows for the years as of December 31, 2023 and 2022 respectively: As of December 31, 2023 2022 Fair value of underlying securities $ 3.43 $ 1.73 Expected term (years) 3.2 5.0 Expected volatility 117.0 % 44.6 % Risk-free interest rate 4.0 % 4.1 % Expected dividend yield — % — % Fair value per warrant $ 0.64 $ 0.03
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables provide reconciliation for all financial assets and liabilities measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and 2022 (in thousands): Total Level 3 Financial Assets Total Level 3 Financial Liabilities Balance as of December 31, 2022 $ 7,371 $ 7,977 Change in fair value of payment-dependent notes receivable (1,778) — Change in fair value of Private Placement Warrants — 4,505 Change in fair value of payment-dependent notes payable — (1,778) Change in fair value of December 2023 Warrants (1) — 721 Transfer of December 2023 Warrants out of Level 3 to Level 2 (2) — (1,105) Balance as of December 31, 2023 $ 5,593 $ 10,320 Total Level 3 Financial Assets Total Level 3 Financial Liabilities Balance as of December 31, 2021 $ 13,453 $ 21,297 Change in fair value of payment-dependent notes receivable (6,082) — Transfer of Private Placement Warrants out of Level 2 to Level 3 (2) — 20,461 Change in fair value of Series B-1 Preferred Stock Warrant liability — 106 Exercise of Junior Preferred Stock Warrants — (653) Settlement of Series B-1 Preferred Stock Warrant Liability via conversion to equity-classified common stock warrants — (2,950) Change in fair value of Junior Preferred Stock Warrants — (3,963) Change in fair value of payment-dependent notes payable — (6,082) Change in fair value of Private Placement Warrants — (20,239) Balance as of December 31, 2022 $ 7,371 $ 7,977 (1) On December 18, 2023, the then outstanding Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants. See Note 8, "Commitments and Contingencies" and Note 11 "Warrants," for additional information. (2) Transfers into/out of the Level 3 classification are reflected at beginning-of-reporting period fair values in which the instrument transferred into or out of Level 3. The December 2023 Warrants transferred out of Level 3 classification on December 18, 2023. The Private Placement Warrants transferred into Level 3 classification on July 11, 2022.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The Company recorded changes in the fair value of the December 2023 Warrants and Junior Preferred Stock Warrant liability as follows (in thousands): For the years ended December 31, 2023 2022 2021 Balance, January 1 $ 384 $ 5,000 $ 1,528 Change in fair value of warrant liability (1) 1,960 (3,829) 3,472 Change in fair value of contingent liability (2) 2,545 — — Issuance of common stock on warrant exercise — (787) — Balance, December 31 $ 4,889 $ 384 $ 5,000 (1) The change in fair value of warrant liability is recorded in the consolidated statement of operations within Change in fair value of warrant liabilities. (2) The change in fair value of contingent liability in connection with the modification of the Junior Preferred Stock Warrants to the December 2023 Warrants is recorded in the consolidated statement of operations within General and administrative expense. The Company recorded changes in the fair value of the liability related to the Private Placement Warrant as of December 31, 2023, and 2022, respectively in the following amounts (in thousands): For the years ended December 31, 2023 2022 Balance, January 1 $ 222 $ — Assumption of Private Placement Warrants — 4,875 Change in fair value of warrant liability (1) 4,505 (4,653) Issuance of common stock on warrant exercise — — Balance, December 31 $ 4,727 $ 222 (1) The change in fair value of warrant liability is recorded in the consolidated statement of operations within Change in fair value of warrant liabilities. The following tables provide reconciliation for all financial assets and liabilities measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and 2022 (in thousands): Total Level 3 Financial Assets Total Level 3 Financial Liabilities Balance as of December 31, 2022 $ 7,371 $ 7,977 Change in fair value of payment-dependent notes receivable (1,778) — Change in fair value of Private Placement Warrants — 4,505 Change in fair value of payment-dependent notes payable — (1,778) Change in fair value of December 2023 Warrants (1) — 721 Transfer of December 2023 Warrants out of Level 3 to Level 2 (2) — (1,105) Balance as of December 31, 2023 $ 5,593 $ 10,320 Total Level 3 Financial Assets Total Level 3 Financial Liabilities Balance as of December 31, 2021 $ 13,453 $ 21,297 Change in fair value of payment-dependent notes receivable (6,082) — Transfer of Private Placement Warrants out of Level 2 to Level 3 (2) — 20,461 Change in fair value of Series B-1 Preferred Stock Warrant liability — 106 Exercise of Junior Preferred Stock Warrants — (653) Settlement of Series B-1 Preferred Stock Warrant Liability via conversion to equity-classified common stock warrants — (2,950) Change in fair value of Junior Preferred Stock Warrants — (3,963) Change in fair value of payment-dependent notes payable — (6,082) Change in fair value of Private Placement Warrants — (20,239) Balance as of December 31, 2022 $ 7,371 $ 7,977 (1) On December 18, 2023, the then outstanding Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants. See Note 8, "Commitments and Contingencies" and Note 11 "Warrants," for additional information. (2) Transfers into/out of the Level 3 classification are reflected at beginning-of-reporting period fair values in which the instrument transferred into or out of Level 3. The December 2023 Warrants transferred out of Level 3 classification on December 18, 2023. The Private Placement Warrants transferred into Level 3 classification on July 11, 2022.

Consolidated Other Balance Sh_2

Consolidated Other Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2023
Regulated Operations [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): As of December 31, 2023 2022 Term deposits $ 7,694 $ — Prepaid insurance 1,084 3,250 Prepaid software 1,484 1,406 Other prepaid expenses 801 1,546 Other current assets 2,190 2,177 Prepaid expenses and other current assets $ 13,253 $ 8,379
Property and Equipment, Net	Internal-use software and property and equipment, net consisted of the following (in thousands): As of December 31, 2023 2022 Capitalized internal-use software $ 9,000 $ 9,605 Computer equipment 125 66 Furniture and fixtures 485 426 Leasehold improvements 866 387 $ 10,476 $ 10,484 Less: accumulated depreciation and amortization (5,284) (2,485) Total $ 5,192 $ 7,999
Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): As of December 31, 2023 2022 Accrued professional services $ 3,166 $ 1,299 Accrued taxes and deferred tax liabilities 1,479 1,006 Common stock unvested liability 223 589 Other current liabilities 3,993 3,527 Total $ 8,861 $ 6,421

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	The components of goodwill, intangible assets and accumulated amortization are as follows (in thousands): As of December 31, 2023 Weighted Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill: Goodwill from acquisitions Indefinite $ 120,948 $ — $ 120,948 Finite-lived intangible assets: Developed technology 0.8 years 13,200 (10,820) 2,380 Customer relationships 5.4 years 7,507 (3,669) 3,838 Launched IPR&D assets 2.7 years 960 (431) 529 Total finite-lived intangible assets 21,667 (14,920) 6,747 Indefinite-lived intangible assets: Trade name - website domain Indefinite 2,224 — 2,224 Total infinite-lived intangible assets 2,224 — 2,224 Total goodwill and intangible assets $ 144,839 $ (14,920) $ 129,919 As of December 31, 2022 Weighted Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill: Goodwill from acquisitions Indefinite $ 120,948 $ — $ 120,948 Finite-lived intangible assets: Developed technology 1.8 years 13,200 (8,035) 5,165 Customer relationships 6.1 years 7,507 (2,677) 4,830 Trade name 0.0 years 320 (320) — Launched IPR&D assets 3.7 years 960 (240) 720 Total finite-lived intangible assets 21,987 (11,272) 10,715 Indefinite-lived intangible assets: Trade name - website domain Indefinite 2,224 — 2,224 Total infinite-lived intangible assets 2,224 — 2,224 Total goodwill and intangible assets $ 145,159 $ (11,272) $ 133,887
Schedule of Finite-Lived Intangible Assets	The components of goodwill, intangible assets and accumulated amortization are as follows (in thousands): As of December 31, 2023 Weighted Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill: Goodwill from acquisitions Indefinite $ 120,948 $ — $ 120,948 Finite-lived intangible assets: Developed technology 0.8 years 13,200 (10,820) 2,380 Customer relationships 5.4 years 7,507 (3,669) 3,838 Launched IPR&D assets 2.7 years 960 (431) 529 Total finite-lived intangible assets 21,667 (14,920) 6,747 Indefinite-lived intangible assets: Trade name - website domain Indefinite 2,224 — 2,224 Total infinite-lived intangible assets 2,224 — 2,224 Total goodwill and intangible assets $ 144,839 $ (14,920) $ 129,919 As of December 31, 2022 Weighted Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill: Goodwill from acquisitions Indefinite $ 120,948 $ — $ 120,948 Finite-lived intangible assets: Developed technology 1.8 years 13,200 (8,035) 5,165 Customer relationships 6.1 years 7,507 (2,677) 4,830 Trade name 0.0 years 320 (320) — Launched IPR&D assets 3.7 years 960 (240) 720 Total finite-lived intangible assets 21,987 (11,272) 10,715 Indefinite-lived intangible assets: Trade name - website domain Indefinite 2,224 — 2,224 Total infinite-lived intangible assets 2,224 — 2,224 Total goodwill and intangible assets $ 145,159 $ (11,272) $ 133,887
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The table below presents estimated future amortization expense for finite-lived intangible assets as of December 31, 2023 (in thousands): Amount 2024 $ 3,462 2025 802 2026 754 2027 610 2028 610 Thereafter 509 Total $ 6,747

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Operating Lease Expense	Operating lease expense, included in rent and occupancy in the consolidated statements of operations, were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Operating lease expense $ 3,651 $ 4,182 $ 3,023 Variable lease expense 924 598 489 Total operating lease expenses (1) $ 4,575 $ 4,780 $ 3,512 Sublease income (2) $ 784 $ 689 $ 175 (1) Operating lease expense is included in rent and occupancy in the consolidated statements of operations. (2) Sublease income is included in other income (expenses), net in the consolidated statements of operations.
Operating Leases	The table below presents additional information related to the Company’s operating leases (in thousands): As of December 31, 2023 2022 Operating lease right-of-use assets $ 4,308 $ 5,706 Operating lease liabilities, current $ 2,516 $ 3,896 Operating lease liabilities, noncurrent $ 2,707 $ 3,541 Weighted-average remaining lease term (in years) 1.9 2.6 Weighted-average discount rate 7.0 % 6.0 %
Future Undiscounted Lease Payments	Future undiscounted lease payments under operating leases as of December 31, 2023 were as follows (in thousands) : Lease Payment Obligation Sublease Income Net Lease Obligation 2024 $ 2,810 $ (360) $ 2,450 2025 2,811 (210) 2,601 Total undiscounted lease payments $ 5,621 $ (570) $ 5,051 Less: imputed interest (398) Present value of future lease payments 5,223 Less: operating lease liabilities, current 2,516 Operating lease liabilities, noncurrent $ 2,707

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Non-Cancelable Purchase Obligations	As of December 31, 2023, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer, excluding operating lease obligations (see Note 7, "Leases," for additional information) as follows (in thousands): Amount 2024 $ 1,969 2025 1,972 2026 2,222 2027 1,231 Thereafter — Total $ 7,394

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Common Stock Reserved for Future Issuance	The Company has the following shares of common stock reserved for future issuance, on an as-if converted basis: As of December 31, 2023 2022 Warrants to purchase common stock 3,282,652 3,282,652 Stock options issued and outstanding under 2018 Plan (1) 7,813,366 12,853,072 Shares available for grant under 2022 Plan (2) 2,052,669 3,310,803 RSUs issued and outstanding under 2022 Plan 17,434,138 10,884,476 Shares available for grant under 2022 ESPP 5,797,609 4,072,000 Outstanding Private Placement Warrants 7,386,667 7,386,667 Total shares of common stock reserved 43,767,101 41,789,670 (1) Effective June 15, 2023, the Company cancelled the CEO Option (as defined below), which was granted under the 2018 Plan. As a result of such cancellation, the 3,122,931 shares of common stock underlying the CEO Option became available for future awards under the 2022 Plan. (2) To the extent outstanding options granted under the 2018 Plan are cancelled, forfeited, or otherwise terminated without being exercised and would have been returned to the share reserve under the 2018 Plan following the closing date of the Merger, the number of shares of common stock underlying such awards will be available for future awards under the 2022 Plan.
Schedule of Share-Based Compensation Expense	The share-based compensation expense for the periods indicated below are as follows (in thousands): Year ended December 31 2023 2022 2021 RSUs $ 29,573 $ 40,113 $ — Stock options 4,761 16,820 7,030 RSAs — 371 890 Secondary sales of common stock — — 4,311 Pre-close issuance of common stock for services — 621 — Total share-based compensation $ 34,334 $ 57,925 $ 12,231
Schedule of Stock Option Activity	Stock option activity during the year ended December 31, 2023, consisted of the following (in thousands, except for share and per share data): Stock options Weighted-Average Exercise Price Weighted-Average Life (Years) Aggregate Intrinsic Value Balance as of December 31, 2021 15,712,434 $ 2.19 9.2 $ 120,491 Exercised (1,227,310) 0.88 Cancelled/Forfeited/Expired (1,632,052) 1.67 Balance as of December 31, 2022 12,853,072 $ 2.39 7.0 $ 7,055 Exercised (1,268,982) 0.64 Cancelled/Forfeited/Expired (1) (3,770,724) 3.64 Balance as of December 31, 2023 7,813,366 $ 2.06 6.0 $ 14,942 Vested and exercisable as of December 31, 2023 6,599,883 $ 1.93 5.8 $ 13,272 (1) Effective June 15, 2023, the Company cancelled the CEO Option (as defined below), which was granted under the 2018 Plan. As a result of such cancellation, the 3,122,931 shares of common stock underlying the CEO Option became available for future awards under the 2022 Plan.
Schedule of RSU Activity	RSU activity during the year ended December 31, 2023 was as follows: Total RSUs Time-based Performance-based Market-based Weighted-Average Grant Date Fair Value Per Share Unvested as of December 31, 2021 — — — — $ — Granted 11,521,853 9,662,716 — 1,859,137 10.82 Vested (445,503) (144,094) — (301,409) 18.82 Forfeited (498,037) (347,333) — (150,704) 20.24 Unvested as of December 31, 2022 10,578,313 9,171,289 — 1,407,024 $ 10.04 Granted (1) 12,199,830 8,055,250 1,805,550 2,339,030 1.64 Vested (2) (3,552,392) (3,083,382) — (469,010) 10.09 Forfeited (1,791,613) (1,791,613) — — 8.72 Unvested as of December 31, 2023 17,434,138 12,351,544 1,805,550 3,277,044 $ 4.30 (1) In connection with the cancellation of the CEO Option, the Company granted 2,339,030 market-based RSUs. See Performance and Market Condition Options above for additional information. (2) Common stock has not been issued in connection with 69,987 vested RSUs because such RSUs were unsettled as of December 31, 2023.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Loss Before Income Taxes	The components of the loss before income taxes were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Domestic $ (87,409) $ (111,339) $ (16,496) Foreign (3,321) (239) (1,617) Total loss before provision for income taxes $ (90,730) $ (111,578) $ (18,113)
Schedule of Components of Income Tax Expense (Benefit)	The components of the provision for income taxes were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current: Federal $ — $ — $ — State 777 231 50 Foreign — — — Total Current $ 777 $ 231 $ 50 Deferred: Federal $ 122 $ 92 $ 264 State (80) 4 72 Foreign — — — Total Deferred $ 42 $ 96 $ 336 Total Provision for income taxes $ 819 $ 327 $ 386
Schedule of Effective Income Tax Rate Reconciliation	Reconciliation of the statutory federal income tax to the Company's effective tax is as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Tax provision (benefit) at U.S. statutory rate $ (19,053) 21.0 % $ (23,431) 21.0 % $ (3,804) 21.0 % State income taxes (1) (2,519) 2.8 (2,514) 2.3 (409) 2.3 Foreign taxes in excess of the U.S. statutory rate 175 (0.2) 10 — 74 (0.4) Change of valuation allowance (1) 15,288 (16.9) 21,501 (19.3) 2,397 (13.2) Change in fair value of warrant liabilities (1) 1,892 (2.1) (4,166) 3.7 1,275 (7.1) Share based compensation (46) 0.1 8,804 (7.9) 1,548 (8.6) Tax credits 1,913 (2.1) (3,615) 3.2 (862) 4.8 Section 162(m) limitation 3,354 (3.7) 3,693 (3.3) — — Other (185) 0.2 45 — 167 (0.9) Tax Expense $ 819 (0.9) % $ 327 (0.3) % $ 386 (2.1) % (1) Immaterial correction of error of $8.3 million to the change in fair value of warrant liabilities and related $1.8 million to state income taxes for the year ended December 31, 2022. This correction had no impact on the consolidated balance sheet as of December 31, 2022 and the consolidated statements of operations, stockholders' equity and cash flows for the year ended December 31, 2022.
Schedule of Net Deferred Tax Liabilities	Significant components for the Company's net deferred tax liabilities included in accrued expenses and other current liabilities in the consolidated balance sheets are as follows (in thousands): Year Ended December 31, 2023 2022 Deferred tax assets Accrued compensation $ 1,919 $ 2,087 Operating lease liability 1,322 1,822 Share-based compensation 8,377 6,033 Net operating loss carryforwards (1) 28,430 20,984 Allowance for bad debt 306 223 Tax credits 1,702 3,615 Section 174 capitalization 12,730 5,705 Other 404 (32) Total deferred tax assets $ 55,190 $ 40,437 Valuation allowance (1) (51,398) (36,109) Net deferred tax assets $ 3,792 $ 4,328 Deferred tax liabilities Depreciation and amortization $ (3,245) $ (3,392) Operating lease assets (1,107) (1,454) Other — — Total deferred tax liabilities $ (4,352) $ (4,846) Net deferred tax liabilities $ (560) $ (518) (1) The components of the Company's deferred tax assets and valuation allowance as of December 31, 2022 have been adjusted to reflect immaterial corrections identified during the year ended December, 31 2023. This correction had no impact on the consolidated balance sheet as of December 31, 2022 and the consolidated statements of operations, stockholders' equity and cash flows for the year ended December 31, 2022.
Schedule of Unrecognized Tax Benefits Roll Forward	Changes in our unrecognized tax benefits are summarized as follows (in thousands): Year Ended December 31, 2023 2022 2021 Beginning Balance $ 1,629 $ 427 $ 43 Additions for current year items 13 842 115 Additions for prior year items — 360 269 Reductions for prior year items (820) — — Lapse of statute of limitations — — — Ending Balance $ 822 $ 1,629 $ 427

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except for share and per share data): Year Ended December 31, 2023 2022 2021 Numerator: Net loss attributable to Forge Global Holdings, Inc., basic $ (90,221) $ (111,859) $ (18,499) Less: Change in fair value of Junior Preferred Stock warrant liability — (3,924) — Net loss attributable to common stockholders, diluted $ (90,221) $ (115,783) $ (18,499) Denominator: Weighted-average number of shares used to compute net loss per share attributable to common stockholders, basic 173,402,167 143,839,981 54,295,304 Dilutive effect of common share equivalents — 1,173,365 — Weighted-average number of shares used to compute net loss per share attributable to common stockholders, diluted 173,402,167 145,013,346 54,295,304 Net loss per share attributed to common stockholders: Basic $ (0.52) $ (0.78) $ (0.34) Diluted $ (0.52) $ (0.80) $ (0.34)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive shares were excluded in the calculation of diluted shares outstanding as the effect would have been anti-dilutive: Year Ended December 31, 2023 2022 2021 Convertible preferred stock (1) — — 73,914,150 Warrants to purchase common stock 3,282,652 3,282,652 3,774,437 Private Placement Warrants 7,386,667 7,386,667 — Common stock subject to repurchase 435,136 1,064,323 11,400,806 Outstanding options 7,813,366 12,853,072 15,712,437 Restricted stock units 17,434,138 10,884,476 — Total 36,351,959 35,471,190 104,801,830 (1) Conversion of preferred stock to common stock as part of the Merger. See Note 10, "Capitalization", and Note 11, "Warrants", for additional details of the Company’s stockholders’ equity prior to and subsequent to the Merger.

Organization and Description _2

Organization and Description of Business (Details) $ in Millions	13 Months Ended
	Sep. 30, 2022 USD ($)	Mar. 21, 2022
Variable Interest Entity [Line Items]
Exchange ratio		3.122931
Forge Europe
Variable Interest Entity [Line Items]
Cash consideration	$ 4.6
Forge Europe | Forge Global Holdings, Inc. and Deutsche Börse Aktiengesellschaft
Variable Interest Entity [Line Items]
Cash consideration	14.1
Forge Europe | Deutsche Börse Aktiengesellschaft
Variable Interest Entity [Line Items]
Cash consideration	$ 9.5

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Line Items]
Allowance for credit losses	$ 1,100,000	$ 900,000
Goodwill impairment	0	0	$ 0
Contract liabilities	400,000	400,000
Revenue recognized	400,000
Total revenues	69,821,000	69,383,000	128,056,000
Advertising costs	2,300,000	3,300,000	2,900,000
Non-US
Accounting Policies [Line Items]
Total revenues	$ 4,700,000	$ 6,900,000	$ 20,000,000
Software
Accounting Policies [Line Items]
Useful life	3 years

Recapitalization (Details)

Recapitalization (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 21, 2022 USD ($) shares $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)
Recapitalization [Line Items]
Shares acquired percentage	100%
Proceeds from reverse recapitalization	$ 216,400
Proceeds from the Merger	7,900	$ 0	$ 7,865	$ 0
Purchase price		0	208,500	0
Payments of reverse recapitalization transaction costs	61,800
Adjustments to stock issuance costs	58,700		58,673
Payments of warrant issuance costs	3,100
One time transaction bonus	17,700
Portion paid in cash	12,200
Settlement of related party promissory notes	$ 5,500	$ 0	$ 5,517	$ 0
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Class A | Motive Capital Corp
Recapitalization [Line Items]
Conversion ratio (in shares) | shares	1
Class B | Motive Capital Corp
Recapitalization [Line Items]
Conversion ratio (in shares) | shares	1
PIPE Investment
Recapitalization [Line Items]
Purchase price	$ 68,500
PIPE Investment | Private Placement
Recapitalization [Line Items]
Shares issued (in shares) | shares	6,850,000
Sale of stock, price per share (in dollars per share) | $ / shares	$ 10
Motive Fund Vehicles Investor
Recapitalization [Line Items]
Purchase price	$ 140,000
Sale of units (in shares) | shares	1
Motive Fund Vehicles Investor | Public Warrant
Recapitalization [Line Items]
Sale of unit, number of warrants in each unit | shares	0.0033
Motive Fund Vehicles Investor | Private Placement
Recapitalization [Line Items]
Number of units issued in transaction (in units) | shares	14,000,000
Sale of units, price per unit (in dollars per unit) | $ / shares	$ 10

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy for Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payment-dependent notes receivable, noncurrent	$ 5,593	$ 7,371
Payment-dependent notes payable, noncurrent	5,593	7,371
Warrant liabilities	9,616	606
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payment-dependent notes receivable, noncurrent	5,593	7,371
Term deposits	7,694
Total financial assets	145,640	156,510
Payment-dependent notes payable, noncurrent	5,593	7,371
Total financial liabilities	15,209	7,977
Term deposit, real estate lease agreement obligation	1,000
Fair Value, Recurring | December 2023 Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	4,889
Fair Value, Recurring | Junior Preferred Stock Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities		384
Fair Value, Recurring | Private placement warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	4,727	222
Fair Value, Recurring | Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	130,132	149,139
Fair Value, Recurring | Term deposits (less than 90 days)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	2,221
Fair Value, Recurring | Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payment-dependent notes receivable, noncurrent	0	0
Term deposits	0
Total financial assets	130,132	149,139
Payment-dependent notes payable, noncurrent	0	0
Total financial liabilities	0	0
Fair Value, Recurring | Level 1 | December 2023 Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	0
Fair Value, Recurring | Level 1 | Junior Preferred Stock Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities		0
Fair Value, Recurring | Level 1 | Private placement warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	0	0
Fair Value, Recurring | Level 1 | Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	130,132	149,139
Fair Value, Recurring | Level 1 | Term deposits (less than 90 days)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	0
Fair Value, Recurring | Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payment-dependent notes receivable, noncurrent	0	0
Term deposits	7,694
Total financial assets	9,915	0
Payment-dependent notes payable, noncurrent	0	0
Total financial liabilities	4,889	0
Fair Value, Recurring | Level 2 | December 2023 Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	4,889
Fair Value, Recurring | Level 2 | Junior Preferred Stock Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities		0
Fair Value, Recurring | Level 2 | Private placement warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	0	0
Fair Value, Recurring | Level 2 | Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	0	0
Fair Value, Recurring | Level 2 | Term deposits (less than 90 days)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	2,221
Fair Value, Recurring | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payment-dependent notes receivable, noncurrent	5,593	7,371
Term deposits	0
Total financial assets	5,593	7,371
Payment-dependent notes payable, noncurrent	5,593	7,371
Total financial liabilities	10,320	7,977
Fair Value, Recurring | Level 3 | December 2023 Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	0
Fair Value, Recurring | Level 3 | Junior Preferred Stock Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities		384
Fair Value, Recurring | Level 3 | Private placement warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	4,727	222
Fair Value, Recurring | Level 3 | Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	0	$ 0
Fair Value, Recurring | Level 3 | Term deposits (less than 90 days)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 21, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value of warrant liabilities		$ 6,465	$ (19,836)	$ 6,064
Series B-1 Convertible Preferred Stock
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value of warrant liabilities			100	$ 2,600
Series B-1 Convertible Preferred Stock | Warrant
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value			(106)
December 2023 Warrants
Fair Value, Option, Quantitative Disclosures [Line Items]
Exercise price of warrants (in dollars per share)	$ 3.9760	$ 3.9760
Exercise price of warrants or rights extended value cap	$ 5,000
December 2023 Warrants | Warrant
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value		$ (721)
December 2023 Warrants | Warrant | Fair Value Adjustment Of Warrants
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value		(2,000)
December 2023 Warrants | Warrant | General and Administrative Expense
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value		(2,500)
Private placement warrants
Fair Value, Option, Quantitative Disclosures [Line Items]
Exercise price of warrants (in dollars per share)					$ 11.50
Private placement warrants | Warrant
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value		$ (4,505)	$ 20,239

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Warrants (Details) - Binomial Lattice Model	Dec. 31, 2023 $ / shares yr	Dec. 31, 2022 yr $ / shares
Junior Preferred Stock Warrants | Fair value of underlying securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input		1.73
Junior Preferred Stock Warrants | Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | yr		2.9
Junior Preferred Stock Warrants | Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input		0.461
Junior Preferred Stock Warrants | Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input		0.042
Junior Preferred Stock Warrants | Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input		0
Junior Preferred Stock Warrants | Fair value per warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input		0.15
Private placement warrants | Fair value of underlying securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	3.43	1.73
Private placement warrants | Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | yr	3.2	5
Private placement warrants | Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	1.170	0.446
Private placement warrants | Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.040	0.041
Private placement warrants | Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0	0
Private placement warrants | Fair value per warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.64	0.03

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Warrants (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 7,977	$ 21,297
Ending balance	10,320	7,977	$ 21,297
Warrant | December 2023 Warrants And Junior Preferred Stock Warrants
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	384	5,000	1,528
Issuance of common stock on warrant exercise	0	(787)	0
Ending balance	4,889	384	5,000
Warrant | December 2023 Warrants And Junior Preferred Stock Warrants | Fair Value Adjustment Of Warrants
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value	1,960	(3,829)	3,472
Warrant | December 2023 Warrants And Junior Preferred Stock Warrants | General and Administrative Expense
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value	2,545	0	0
Warrant | Private placement warrants
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	222	0
Assumption of Warrants	0	4,875
Change in fair value	4,505	(20,239)
Change in fair value of warrant liability	4,505	(4,653)
Issuance of common stock on warrant exercise	0	0
Ending balance	$ 4,727	$ 222	$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Total Level 3 Financial Assets
Beginning balance	$ 7,371	$ 13,453
Ending balance	5,593	7,371
Total Level 3 Financial Liabilities
Beginning balance	7,977	21,297
Ending balance	10,320	7,977
Notes Payable, Other Payables
Total Level 3 Financial Liabilities
Change in fair value	(1,778)	(6,082)
Warrant | Private placement warrants
Total Level 3 Financial Liabilities
Beginning balance	222	0
Transfers out of Level 2 to Level 3		20,461
Change in fair value	4,505	(20,239)
Exercise of Junior Preferred Stock Warrants	0	0
Ending balance	4,727	222
Warrant | December 2023 Warrants
Total Level 3 Financial Liabilities
Change in fair value	721
Transfers out of Level 3 to Level 2	(1,105)
Warrant | Series B-1 Convertible Preferred Stock
Total Level 3 Financial Liabilities
Change in fair value		106
Settlements		(2,950)
Warrant | Junior Preferred Stock Warrants
Total Level 3 Financial Liabilities
Change in fair value		(3,963)
Exercise of Junior Preferred Stock Warrants		(653)
Notes Receivable
Total Level 3 Financial Assets
Change in fair value	$ (1,778)	$ (6,082)

Consolidated Other Balance Sh_3

Consolidated Other Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Regulated Operations [Abstract]
Term deposits	$ 7,694	$ 0
Prepaid insurance	1,084	3,250
Prepaid software	1,484	1,406
Other prepaid expenses	801	1,546
Other current assets	2,190	2,177
Prepaid expenses and other current assets	$ 13,253	$ 8,379

Consolidated Other Balance Sh_4

Consolidated Other Balance Sheet Components - Internal-Use Software, Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 10,476	$ 10,484
Less: accumulated depreciation and amortization	(5,284)	(2,485)
Total	5,192	7,999
Depreciation expense	200	200	$ 400
Loss on impairment of long lived assets	599	446	0
Amortization expense on capitalized internal-use software	2,800	1,800	200
Impairment loss on developed software	600	0	0
Capitalized internal-use software
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	9,000	9,605
Computer equipment
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	125	66
Furniture and fixtures
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	485	426
Leasehold improvements
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	866	387
Leasehold Improvements and Furniture and Fixtures
Public Utility, Property, Plant and Equipment [Line Items]
Loss on impairment of long lived assets	$ 0	$ 200	$ 0

Consolidated Other Balance Sh_5

Consolidated Other Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Regulated Operations [Abstract]
Accrued professional services	$ 3,166	$ 1,299
Accrued taxes and deferred tax liabilities	1,479	1,006
Common stock unvested liability	223	589
Other current liabilities	3,993	3,527
Total	$ 8,861	$ 6,421

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill, Gross	$ 120,948	$ 120,948
Goodwill	120,948	120,948
Gross Carrying Amount	21,667	21,987
Accumulated Amortization	(14,920)	(11,272)
Net Carrying Amount	6,747	10,715
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	2,224	2,224
Intangible Assets, Net (Including Goodwill) [Abstract]
Gross Carrying Amount	144,839	145,159
Accumulated Amortization	(14,920)	(11,272)
Net Carrying Amount	129,919	133,887
Trade name - website domain
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 2,224	$ 2,224
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	9 months 18 days	1 year 9 months 18 days
Gross Carrying Amount	$ 13,200	$ 13,200
Accumulated Amortization	(10,820)	(8,035)
Net Carrying Amount	2,380	5,165
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization	$ (10,820)	$ (8,035)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	5 years 4 months 24 days	6 years 1 month 6 days
Gross Carrying Amount	$ 7,507	$ 7,507
Accumulated Amortization	(3,669)	(2,677)
Net Carrying Amount	3,838	4,830
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization	$ (3,669)	$ (2,677)
Launched IPR&D assets
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	2 years 8 months 12 days	3 years 8 months 12 days
Gross Carrying Amount	$ 960	$ 960
Accumulated Amortization	(431)	(240)
Net Carrying Amount	529	720
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization	$ (431)	$ (240)
Trade name - website domain
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period		0 years
Gross Carrying Amount		$ 320
Accumulated Amortization		(320)
Net Carrying Amount		0
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization		$ (320)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 4	$ 4	$ 4.8

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 3,462
2025	802
2026	754
2027	610
2028	610
Thereafter	509
Net Carrying Amount	$ 6,747	$ 10,715

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Operating Leased Assets [Line Items]
Renewal term (in years)		3 years
Lease not yet commenced, undiscounted future payments		$ 5.5
Loss on impairment of long lived assets	$ 0.3
Minimum
Operating Leased Assets [Line Items]
Remaining lease term (in years)		9 months
Maximum
Operating Leased Assets [Line Items]
Remaining lease term (in years)		2 years

Leases - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 3,651	$ 4,182	$ 3,023
Variable lease expense	924	598	489
Total operating lease expenses	4,575	4,780	3,512
Sublease income	$ 784	$ 689	$ 175

Leases - Operating Leases (Deta

Leases - Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 4,308	$ 5,706
Operating lease liabilities, current	2,516	3,896
Operating lease liabilities, noncurrent	$ 2,707	$ 3,541
Weighted-average remaining lease term (in years)	1 year 10 months 24 days	2 years 7 months 6 days
Weighted-average discount rate	7%	6%

Leases - Maturity Schedule (Det

Leases - Maturity Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lease Payment Obligation
2024	$ 2,810
2025	2,811
Total undiscounted lease payments	5,621
Less: imputed interest	(398)
Present value of future lease payments	5,223
Less: operating lease liabilities, current	2,516	$ 3,896
Operating lease liabilities, noncurrent	2,707	$ 3,541
Sublease Income
2024	(360)
2025	(210)
Total undiscounted lease payments	(570)
Net Lease Obligation
2024	2,450
2025	2,601
Total undiscounted lease payments	$ 5,051

Commitments and Contingencies -

Commitments and Contingencies - Legal Proceeding (Details) - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Accrual for loss contingencies	$ 1.9	$ 0.5
Settlement payment	0.3
Minimum
Loss Contingencies [Line Items]
Loss contingencies reasonably possible	0.1
Maximum
Loss Contingencies [Line Items]
Loss contingencies reasonably possible	$ 10.5

Commitments and Contingencies_2

Commitments and Contingencies - 401K (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Employer matching contribution, percent of match	2%
Employer matching contribution amount	$ 6,600
Contributions	$ 900,000	$ 1,000,000	$ 500,000

Commitments and Contingencies_3

Commitments and Contingencies - Non-Cancelable Purchase Obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease obligations	$ 5,621
2024	1,969
2025	1,972
2026	2,222
2027	1,231
Thereafter	0
Total	$ 7,394

Regulatory (Details)

Regulatory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Net capital	$ 14,000	$ 12,400
Net capital in excess of required net capital	13,600	12,200
Required net capital	400	300
Restricted cash	1,062	1,829	$ 1,623
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 1,100	$ 1,000

Capitalization - Narrative (Det

Capitalization - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 21, 2022 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Mar. 20, 2022 shares
Class of Stock [Line Items]
Shares authorized	2,100,000,000				257,968,554
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000			171,153,360
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)		176,899,814	172,560,916
Common stock, shares outstanding (in shares)		176,899,814	172,560,916
Preferred stock, shares issued (in shares)		0
Preferred stock, shares outstanding (in shares)		0
Settlement of related party promissory notes | $	$ 5,500	$ 0	$ 5,517	$ 0
Unvested shares amount | $			$ 1,300
Common Stock
Class of Stock [Line Items]
Number of votes per share | vote	1
Class AA Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001

Warrants - Narrative (Details)

Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended				12 Months Ended
	Jul. 11, 2022	Dec. 31, 2023	Nov. 30, 2020	Oct. 31, 2020	May 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 21, 2022
Class of Warrant or Right [Line Items]
Warrant liabilities		$ 9,616				$ 9,616	$ 606
Change in fair value of warrant liabilities						$ 6,465	(19,836)	$ 6,064
Issuance of common stock upon exercise of Junior Preferred Stock Warrants							653
Issuance of common stock upon exercise of Public Warrants (in shares)						1,994,790
Proceeds from exercise of Public Warrants						$ 0	22,940	0
Payments for redemption of Public Warrants						0	$ 165	$ 0
Additional Paid-In Capital
Class of Warrant or Right [Line Items]
Warrant liabilities		$ 700				$ 700
Common Stock
Class of Warrant or Right [Line Items]
Issuance of common stock upon exercise of Junior Preferred Stock Warrants (in shares)							123,379
Issuance of common stock upon exercise of Public Warrants (in shares)							1,994,790
Additional Paid-In Capital
Class of Warrant or Right [Line Items]
Issuance of common stock upon exercise of Junior Preferred Stock Warrants							$ 653
Series B-1 Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Share price (in dollars per share)				$ 3.9760	$ 3.9760			$ 3.9760
2020 Convertible Notes Warrants
Class of Warrant or Right [Line Items]
Percentage of coverage to purchase warrants					5%
Warrant term					5 years
Series B-1 Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Change in fair value of warrant liabilities							100	$ 2,600
Series B-1 Convertible Preferred Stock | Warrant
Class of Warrant or Right [Line Items]
Change in fair value							$ (106)
October 2020 Warrants
Class of Warrant or Right [Line Items]
Warrant liabilities				$ 3,500
Warrant contractual term				10 years
Junior Preferred Stock Warrants
Class of Warrant or Right [Line Items]
Warrant contractual term			5 years
Class of warrant outstanding (in shares)		2,631,146	3,122,931			2,631,146
Exercise price of warrants (in dollars per share)			$ 3.9760
Exercise price of warrants or rights extended value cap			$ 5,000
Fixed monetary amount			$ 5,000
Number of securities called by warrants (in shares)							491,785
Junior Preferred Stock Warrants | Warrant
Class of Warrant or Right [Line Items]
Change in fair value							$ 3,963
December 2023 Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)		$ 3.9760				$ 3.9760
Exercise price of warrants or rights extended value cap		$ 5,000
December 2023 Warrants | Warrant
Class of Warrant or Right [Line Items]
Change in fair value						$ (721)
December 2023 Warrants | Warrant | General and Administrative Expense
Class of Warrant or Right [Line Items]
Change in fair value						(2,500)
December 2023 Warrants And Junior Preferred Stock Warrants
Class of Warrant or Right [Line Items]
Change in fair value of warrant liabilities						(2,000)	4,000	(3,500)
December 2023 Warrants And Junior Preferred Stock Warrants | Warrant | General and Administrative Expense
Class of Warrant or Right [Line Items]
Change in fair value						$ (2,545)	$ 0	$ 0
Private placement warrants
Class of Warrant or Right [Line Items]
Warrant term									5 years
Class of warrant outstanding (in shares)		7,386,667				7,386,667	7,386,667		7,386,667
Exercise price of warrants (in dollars per share)									$ 11.50
Private placement warrants | Warrant
Class of Warrant or Right [Line Items]
Change in fair value						$ (4,505)	$ 20,239
Public Warrant
Class of Warrant or Right [Line Items]
Warrant term									5 years
Class of warrant outstanding (in shares)	16,471,814								4,666,664
Exercise price of warrants (in dollars per share)	$ 11.50
Redemption price per warrant (in dollars per share)	$ 0.01
Proceeds from exercise of Public Warrants						$ 22,900
Payments for redemption of Public Warrants	$ 200
Public Warrant | Motive Fund Vehicles Investor
Class of Warrant or Right [Line Items]
Class of warrant outstanding (in shares)									13,799,940

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands				1 Months Ended				9 Months Ended	12 Months Ended
	Jun. 15, 2023 $ / shares shares	Apr. 24, 2023 $ / shares shares	Jun. 01, 2022 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2022	Jul. 31, 2021 $ / shares shares	May 31, 2021 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) employee $ / shares shares	Dec. 31, 2021 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved (in shares) | shares				41,789,670				41,789,670	43,767,101	41,789,670
Share-based compensation, unvested stock options									$ 4,300
Period for recognition									1 year 4 months 24 days
Weighted-average grant date fair value (in dollars per share) | $ / shares									$ 0	$ 0	$ 2.90
Grant date fair value of stock options vested in period									$ 4,900	$ 13,000	$ 4,000
Intrinsic value of stock options exercised in period									2,400	5,100	14,200
Cash proceeds received				$ 600				$ 600	200	600
Share-based compensation expense									$ 34,334	$ 57,925	12,231
Measurement period, number of consecutive trading days			20 days
Trading day period			30 days
Lock-up period			6 months
Number of terminated employees | employee										5
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading day period	20 days
Stock price meets or exceeds $12.50
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price trigger (in dollars per share) | $ / shares			$ 12.50
Vesting tranches acceleration period			6 months
Stock price meets or exceeds $15.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price trigger (in dollars per share) | $ / shares			$ 15
Vesting tranches acceleration period			6 months
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved (in shares) | shares									0
2022 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved (in shares) | shares									18,076,331
Automatic increase period									10 years
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense									$ 0	$ 0	4,311
Common Stock | 2022 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock									3%
Employee Stock | 2022 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved (in shares) | shares									5,797,609
Number of shares issued under plan (in shares) | shares									4,072,000
Percentage of outstanding stock									1%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period									4 years
Expiration period									10 years
Share-based compensation expense									$ 4,761	16,820	7,030
Accelerated vesting of stock options (in shares) | shares				251,364
Stock options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting options, expiration period after terminated employment									3 months
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting options, expiration period after terminated employment									5 years
Performance and Market Condition-Based Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period, (in dollars per share) | $ / shares							$ 3.9760
Total proceeds threshold							$ 250,000
Share-based compensation expense								$ 4,600
Performance and Market Condition-Based Option | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate exit proceeds fair market value (in dollars per share) | $ / shares							$ 9.94
Interest thresholds percentage							20%
Performance and Market Condition-Based Option | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate exit proceeds fair market value (in dollars per share) | $ / shares							$ 14.91
Interest thresholds percentage							30%
Performance and Market Condition-Based Option | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate exit proceeds fair market value (in dollars per share) | $ / shares							$ 19.88
Interest thresholds percentage							35%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved (in shares) | shares									69,987
Share-based compensation, unvested stock options									$ 40,700
Period for recognition									1 year 10 months 24 days
Grant date fair value of stock options vested in period									$ 35,400	8,400
Share-based compensation expense									$ 29,573	$ 40,113	0
Granted (in shares) | shares									12,199,830	11,521,853
Vested (in shares) | shares									3,552,392	445,503
Granted (in dollars per share) | $ / shares									$ 1.64	$ 10.82
RSUs | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense									$ 700	$ 6,300	$ 0
Shares granted in period (in shares) | shares	2,339,030
Incremental share-based compensation resulting from modification									$ 300
RSUs | Share-based Payment Arrangement, Tranche One | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate exit proceeds fair market value (in dollars per share) | $ / shares	$ 4
RSUs | Share-based Payment Arrangement, Tranche Two | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate exit proceeds fair market value (in dollars per share) | $ / shares	8
RSUs | Share-based Payment Arrangement, Tranche Three | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate exit proceeds fair market value (in dollars per share) | $ / shares	$ 12
RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period									1 year
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period									4 years
Directors Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period, (in dollars per share) | $ / shares						$ 5,430,000
Share-based compensation expense										1,200
Shares granted in period (in shares) | shares						499,669,000,000
Executive Retention RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition									2 months 12 days
Share-based compensation expense									$ 5,300	$ 24,300
Granted (in shares) | shares			1,859,137,000
Share price (in dollars per share) | $ / shares			$ 20.26
Cost of equity					9%
Dividend yield					0%
Volatility rate					35.70%
Risk-free rate					2.80%
Vested (in shares) | shares									469,010
Future share-based compensation expense									$ 1,100
Granted (in dollars per share) | $ / shares		$ 1.46
Accelerated vesting of stock options (in shares) | shares				210,987,000
Executive Retention RSUs | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)									4 months 24 days	4 months 24 days
Executive Retention RSUs | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)									1 year 9 months 18 days
Executive Performance RSUs | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares		4,900,000
Executive Performance RSUs, Time-Based Vesting Conditions | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares		3,100,000
Executive Performance RSUs, Performance Based Vesting Conditions | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares		1,800,000
Modifications
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental share-based compensation resulting from modification										$ 2,200
Expected volatility, minimum										38.40%
Expected volatility, maximum										48.10%
Risk-free interest rate, minimum										0.90%
Risk-free interest rate, maximum										3.60%
Modifications | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) | $ / shares				$ 3.79				$ 3.79		$ 3.79
Expected life										1 year
Modifications | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) | $ / shares				$ 17.71				17.71		$ 17.71
Expected life										5 years 6 months
Terminated Director Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense										$ (4,400)
Incremental share-based compensation resulting from modification				$ 500
Share price (in dollars per share) | $ / shares				$ 1.52				$ 1.52		$ 1.52
Volatility rate				47.30%
Risk-free rate				4.10%
Expected life				3 years

Share-Based Compensation - Comm

Share-Based Compensation - Common Stock Reserved (Details) - shares	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Mar. 21, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding (in shares)		7,813,366	12,853,072		15,712,434
Total shares of common stock reserved (in shares)		43,767,101	41,789,670
Cancelled/Forfeited/Expired (in shares)		3,770,724	1,632,052
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs issued and outstanding (in shares)		17,434,138	10,578,313		0
Total shares of common stock reserved (in shares)		69,987
Performance and Market Condition-Based Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cancelled/Forfeited/Expired (in shares)	3,122,931
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding (in shares)		7,813,366	12,853,072
Total shares of common stock reserved (in shares)		0
2022 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)		2,052,669	3,310,803
Total shares of common stock reserved (in shares)		18,076,331
2022 Stock Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs issued and outstanding (in shares)		17,434,138	10,884,476
2022 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)		5,797,609	4,072,000
Common Stock and Preferred Stock Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants to purchase stock (in shares)		3,282,652	3,282,652
Private placement warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding warrants (in shares)		7,386,667	7,386,667	7,386,667

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 34,334	$ 57,925	$ 12,231
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	29,573	40,113	0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	4,761	16,820	7,030
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	371	890
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	0	4,311
Pre-close issuance of common stock for services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 621	$ 0

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock options
Beginning balance (in shares)		12,853,072	15,712,434
Exercised (in shares)		(1,268,982)	(1,227,310)
Cancelled/Forfeited/Expired (in shares)		(3,770,724)	(1,632,052)
Ending balance (in shares)		7,813,366	12,853,072	15,712,434
Vested and exercisable, end of period (in shares)		6,599,883
Weighted-Average Exercise Price
Beginning balance (in dollars per share)		$ 2.39	$ 2.19
Exercised (in dollars per share)		0.64	0.88
Cancelled/Forfeited/Expired (in dollars per share)		3.64	1.67
Ending balance (in dollars per share)		2.06	$ 2.39	$ 2.19
Vested and exercisable, end of period (in dollars per share)		$ 1.93
Weighted-Averages Life (Years) and Aggregate Intrinsic Value
Weighted-Average Life (Years)		6 years	7 years	9 years 2 months 12 days
Weighted-Average Life, Vested and exercisable		5 years 9 months 18 days
Intrinsic value, Beginning		$ 7,055	$ 120,491
Intrinsic value, Ending		14,942	$ 7,055	$ 120,491
Aggregate intrinsic value, vested and exercisable		$ 13,272
Performance and Market Condition-Based Option
Stock options
Cancelled/Forfeited/Expired (in shares)	(3,122,931)

Share-Based Compensation - RSU

Share-Based Compensation - RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted-Average Grant Date Fair Value Per Share
Shares of common stock reserved (in shares)	43,767,101	41,789,670
RSUs
Total RSUs
Beginning balance, unvested (in shares)	10,578,313	0
Granted (in shares)	12,199,830	11,521,853
Vested (in shares)	(3,552,392)	(445,503)
Forfeited (in shares)	(1,791,613)	(498,037)
Ending balance, unvested (in shares)	17,434,138	10,578,313
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 10.04	$ 0
Granted (in dollars per share)	1.64	10.82
Vested (in dollars per share)	10.09	18.82
Forfeited (in dollars per share)	8.72	20.24
Ending balance (in dollars per share)	$ 4.30	$ 10.04
Shares of common stock reserved (in shares)	69,987
Time-based
Total RSUs
Beginning balance, unvested (in shares)	9,171,289	0
Granted (in shares)	8,055,250	9,662,716
Vested (in shares)	(3,083,382)	(144,094)
Forfeited (in shares)	(1,791,613)	(347,333)
Ending balance, unvested (in shares)	12,351,544	9,171,289
Performance-based
Total RSUs
Beginning balance, unvested (in shares)	0	0
Granted (in shares)	1,805,550	0
Vested (in shares)	0	0
Forfeited (in shares)	0	0
Ending balance, unvested (in shares)	1,805,550	0
Market-based
Total RSUs
Beginning balance, unvested (in shares)	1,407,024	0
Granted (in shares)	2,339,030	1,859,137
Vested (in shares)	(469,010)	(301,409)
Forfeited (in shares)	0	(150,704)
Ending balance, unvested (in shares)	3,277,044	1,407,024

Income Taxes - Loss Before Inco

Income Taxes - Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ (87,409)	$ (111,339)	$ (16,496)
Foreign	(3,321)	(239)	(1,617)
Loss before provision for income taxes	$ (90,730)	$ (111,578)	$ (18,113)

Income Taxes - Components of In

Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 0	$ 0	$ 0
State	777	231	50
Foreign	0	0	0
Total Current	777	231	50
Deferred:
Federal	122	92	264
State	(80)	4	72
Foreign	0	0	0
Total Deferred	42	96	336
Total Provision for income taxes	$ 819	$ 327	$ 386

Income Taxes - Effective Tax Re

Income Taxes - Effective Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amount
Tax provision (benefit) at U.S. statutory rate	$ (19,053)	$ (23,431)	$ (3,804)
State income taxes	(2,519)	(2,514)	(409)
Foreign taxes in excess of the U.S. statutory rate	175	10	74
Change of valuation allowance	15,288	21,501	2,397
Change in fair value of warrant liabilities	1,892	(4,166)	1,275
Share based compensation	(46)	8,804	1,548
Tax credits	1,913	(3,615)	(862)
Section 162(m) limitation	3,354	3,693	0
Other	(185)	45	167
Total Provision for income taxes	$ 819	$ 327	$ 386
Percent
Tax provision (benefit) at U.S. statutory rate	21%	21%	21%
State income taxes	2.80%	2.30%	2.30%
Foreign taxes in excess of the U.S. statutory rate	(0.20%)	0%	(0.40%)
Change of valuation allowance	(16.90%)	(19.30%)	(13.20%)
Change in fair value of warrant liabilities	(2.10%)	3.70%	(7.10%)
Share based compensation	0.10%	(7.90%)	(8.60%)
Tax credits	(2.10%)	3.20%	4.80%
Section 162(m) limitation	(3.70%)	(3.30%)	0%
Other	0.20%	0%	(0.90%)
Tax Expense	(0.90%)	(0.30%)	(2.10%)
Revision of Prior Period, Error Correction, Adjustment
Amount
State income taxes		$ (1,800)
Change in fair value of warrant liabilities		$ (8,300)

Income Taxes - Net Deferred Tax

Income Taxes - Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Accrued compensation	$ 1,919	$ 2,087
Operating lease liability	1,322	1,822
Share-based compensation	8,377	6,033
Net operating loss carryforwards	28,430	20,984
Allowance for bad debt	306	223
Tax credits	1,702	3,615
Section 174 capitalization	12,730	5,705
Other	404	(32)
Total deferred tax assets	55,190	40,437
Valuation allowance	(51,398)	(36,109)
Net deferred tax assets	3,792	4,328
Deferred tax liabilities
Depreciation and amortization	(3,245)	(3,392)
Operating lease assets	(1,107)	(1,454)
Other	0	0
Total deferred tax liabilities	(4,352)	(4,846)
Net deferred tax liabilities	$ (560)	$ (518)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Valuation allowance increase	$ 15.3	$ 21.7
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	92.4
Net operating loss carryforwards, subject to expiration	11.1
Domestic Tax Authority | California Franchise Tax Board
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	75.8
Domestic Tax Authority | Other Applicable State Jurisdictions
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	25.5
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards, not subject to expiration	$ 0.7

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 1,629	$ 427	$ 43
Additions for current year items	13	842	115
Additions for prior year items	0	360	269
Reductions for prior year items	(820)	0	0
Lapse of statute of limitations	0	0	0
Ending Balance	$ 822	$ 1,629	$ 427

Net Loss Per Share - Narrative

Net Loss Per Share - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 class
Earnings Per Share [Abstract]
Number of common stock classes	1

Net Loss Per Share - Earnings P

Net Loss Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to Forge Global Holdings, Inc., basic	$ (90,221)	$ (111,859)	$ (18,499)
Less: Change in fair value of Junior Preferred Stock warrant liability	0	(3,924)	0
Net loss attributable to common stockholders, diluted	$ (90,221)	$ (115,783)	$ (18,499)
Denominator:
Weighted-average number of shares used to compute net loss per share attributable to common stockholders, basic (in shares)	173,402,167	143,839,981	54,295,304
Dilutive effect of common share equivalents (in shares)	0	1,173,365	0
Dilutive effect of common share equivalents (in shares)	173,402,167	145,013,346	54,295,304
Net loss per share attributable to Forge Global Holdings, Inc. common stockholders:
Basic (in dollars per share)	$ (0.52)	$ (0.78)	$ (0.34)
Diluted (in dollars per share)	$ (0.52)	$ (0.80)	$ (0.34)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded from Computation (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	36,351,959	35,471,190	104,801,830
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	0	73,914,150
Warrant | Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	3,282,652	3,282,652	3,774,437
Warrant | Private placement warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	7,386,667	7,386,667	0
Common stock subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	435,136	1,064,323	11,400,806
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	7,813,366	12,853,072	15,712,437
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	17,434,138	10,884,476	0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 21, 2022	Sep. 13, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2022
Related Party Transaction [Line Items]
Adjustments to stock issuance costs	$ 58,700			$ 58,673
Acquisition-related transaction costs			$ 0	5,113	$ 882
Proceeds from PIPE investment and A&R FPA investors			0	208,500	0
Total revenues			69,821	69,383	128,056
Professional services			11,905	14,265	12,450
Transaction-based expenses			431	483	3,034
Marketplace revenue
Related Party Transaction [Line Items]
Total revenues			25,790	40,665	107,723
Affiliated Entity
Related Party Transaction [Line Items]
Professional services			1,100	900	800
Transaction-based expenses			0	300	600
Affiliated Entity | Marketplace revenue
Related Party Transaction [Line Items]
Total revenues			0	1,200	$ 0
Affiliated Entity | Temasek Holding | Forge Global Holdings, Inc.
Related Party Transaction [Line Items]
Ownership percentage						5%
Affiliated Entity | Financial Technology Partners
Related Party Transaction [Line Items]
Related party transaction				18,300
Adjustments to stock issuance costs				17,400
Acquisition-related transaction costs				900
Affiliated Entity | Temasek Holding
Related Party Transaction [Line Items]
Shares issued (in shares)		1,000,000
Proceeds from PIPE investment and A&R FPA investors		$ 10,000
Immediate Family Member of Management or Principal Owner | Marketplace revenue
Related Party Transaction [Line Items]
Related party transaction			11,300	0
Total revenues			$ 300	$ 0