Forge Global (FRGE) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		181,040,289
Entity Central Index Key	0001827821
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 129,606	$ 144,722
Restricted cash	1,075	1,062
Accounts receivable, net	5,553	4,067
Prepaid expenses and other current assets	12,418	13,253
Total current assets	148,652	163,104
Internal-use software, property and equipment, net	4,540	5,192
Goodwill and other intangible assets, net	128,940	129,919
Operating lease right-of-use assets	7,985	4,308
Payment-dependent notes receivable, noncurrent	6,236	5,593
Other assets, noncurrent	2,324	2,615
Total assets	298,677	310,731
Current liabilities:
Accounts payable	2,671	1,831
Accrued compensation and benefits	7,037	11,004
Accrued expenses and other current liabilities	11,507	8,861
Less: operating lease liabilities, current	2,922	2,516
Total current liabilities	24,137	24,212
Operating lease liabilities, noncurrent	6,253	2,707
Payment-dependent notes payable, noncurrent	6,236	5,593
Warrant liabilities	5,169	9,616
Other liabilities, noncurrent	285	185
Total liabilities	42,080	42,313
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.0001 par value; 180,011,227 and 176,899,814 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	18	18
Treasury stock, at cost; 157,193 shares as of March 31, 2024 and December 31, 2023, respectively	(625)	(625)
Additional paid-in capital	551,274	543,846
Accumulated other comprehensive income	765	911
Accumulated deficit	(299,262)	(280,638)
Total Forge Global Holdings, Inc. stockholders’ equity	252,170	263,512
Noncontrolling Interest	4,427	4,906
Total stockholders’ equity	256,597	268,418
Total liabilities and stockholders’ equity	$ 298,677	$ 310,731

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	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)	180,011,227	176,899,814
Common stock, shares outstanding (in shares)	180,011,227	176,899,814
Treasury stock (in shares)	157,193	157,193

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 19,242	$ 15,479
Transaction-based expenses:
Transaction-based expenses	(29)	(19)
Total revenues, less transaction-based expenses	19,213	15,460
Operating expenses:
Compensation and benefits	29,843	25,762
Technology and communications	3,060	3,390
Professional services	2,217	2,736
Advertising and market development	1,090	677
Rent and occupancy	1,135	1,326
General and administrative	5,062	2,748
Depreciation and amortization	1,816	1,789
Total operating expenses	44,223	38,428
Operating loss	(25,010)	(22,968)
Interest and other income (expense):
Interest income	1,709	1,509
Change in fair value of warrant liabilities	4,447	168
Other income, net	76	215
Total interest and other income (expense)	6,232	1,892
Loss before provision for income taxes	(18,778)	(21,076)
Provision for income taxes	216	185
Net loss	(18,994)	(21,261)
Net loss attributable to noncontrolling interest	(370)	(73)
Net loss attributable to Forge Global Holdings, Inc.	$ (18,624)	$ (21,188)
Net loss per share attributable to Forge Global Holdings, Inc. common stockholders:
Basic (in dollars per share)	$ (0.10)	$ (0.12)
Diluted (in dollars per share)	$ (0.10)	$ (0.12)
Weighted-average shares used in computing net loss per share attributable to Forge Global Holdings, Inc. common stockholders:
Basic (in shares)	179,910,522	171,816,522
Diluted (in shares)	179,910,522	171,816,522
Marketplace revenues
Revenues:
Total revenues	$ 8,520	$ 4,632
Custodial administration fees
Revenues:
Total revenues	$ 10,722	$ 10,847

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (18,994)	$ (21,261)
Foreign currency translation adjustment	(255)	228
Comprehensive loss	(19,249)	(21,033)
Less: Comprehensive (loss) income attributable to noncontrolling interest	(479)	18
Comprehensive loss attributable to Forge Global Holdings, Inc.	$ (18,770)	$ (21,051)

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2022		172,560,916
Beginning balance at Dec. 31, 2022	$ 325,461	$ 18		$ 509,094	$ (190,418)	$ 693	$ 6,074
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2022			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon release of restricted stock units (in shares)		1,464,968
Tax withholding related to vesting of restricted stock units (in shares)		(326,812)
Tax withholding related to vesting of restricted stock units	(557)			(557)
Issuance of common stock upon exercise of vested options (in shares)		117,215
Issuance of common stock upon exercise of vested options	61			61
Repurchase of early exercised stock options (in shares)		(8,132)
Vesting of early exercised stock options and restricted stock awards	131			131
Stock-based compensation expense	7,401			7,401
Net loss	(21,261)				(21,188)		(73)
Foreign currency translation adjustment	228					137	91
Ending balance (in shares) at Mar. 31, 2023		173,808,155
Ending balance at Mar. 31, 2023	$ 311,464	$ 18		516,130	(211,606)	830	6,092
Treasury Stock, Ending balance (in shares) at Mar. 31, 2023			0
Beginning balance (in shares) at Dec. 31, 2023	176,899,814	176,899,814
Beginning balance at Dec. 31, 2023	$ 268,418	$ 18		543,846	(280,638)	911	4,906
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2023	(157,193)		(625,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon release of restricted stock units (in shares)		3,866,866
Tax withholding related to vesting of restricted stock units (in shares)		(1,073,222)
Tax withholding related to vesting of restricted stock units	$ (2,302)			(2,302)
Issuance of common stock upon exercise of vested options (in shares)		317,769
Issuance of common stock upon exercise of vested options	227			227
Vesting of early exercised stock options and restricted stock awards	36			36
Stock-based compensation expense	9,467			9,467
Net loss	(18,994)				(18,624)		(370)
Foreign currency translation adjustment	$ (255)					(146)	(109)
Ending balance (in shares) at Mar. 31, 2024	180,011,227	180,011,227
Ending balance at Mar. 31, 2024	$ 256,597	$ 18		$ 551,274	$ (299,262)	$ 765	$ 4,427
Treasury Stock, Ending balance (in shares) at Mar. 31, 2024	(157,193)		(625,000)

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statement of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (18,994,000)	$ (21,261,000)
Adjustments to reconcile net loss to net cash (used in) provided by operations:
Share-based compensation	9,467,000	7,401,000
Depreciation and amortization	1,816,000	1,789,000
Amortization of right-of-use assets	643,000	845,000
Loss on impairment of long lived assets	0	536,000
Impairment of right-of-use assets	186,000	0
Allowance for doubtful accounts	109,000	122,000
Change in fair value of warrant liabilities	(4,447,000)	(168,000)
Changes in operating assets and liabilities:
Accounts receivable	(1,596,000)	135,000
Prepaid expenses and other assets	1,125,000	2,446,000
Accounts payable	1,066,000	(1,377,000)
Accrued expenses and other liabilities	2,782,000	(403,000)
Accrued compensation and benefits	(3,967,000)	(6,731,000)
Operating lease liabilities	(555,000)	(1,049,000)
Other	(10,000)	0
Net cash used in operating activities	(12,375,000)	(17,715,000)
Cash flows from investing activities:
Purchases of property and equipment	(400,000)	(71,000)
Net cash used in investing activities	(400,000)	(71,000)
Cash flows from financing activities:
Proceeds from exercise of options	226,000	61,000
Taxes withheld and paid related to net share settlement of equity awards	(2,302,000)	(557,000)
Net cash used in financing activities	(2,076,000)	(496,000)
Effect of changes in currency exchange rates on cash and cash equivalents	(253,000)	228,000
Net decrease in cash and cash equivalents	(15,104,000)	(18,054,000)
Cash, cash equivalents and restricted cash, beginning of the period	145,785,000	194,965,000
Cash, cash equivalents and restricted cash, end of the period	130,681,000	176,911,000
Reconciliation of cash, cash equivalents and restricted cash to the amounts reported within the consolidated balance sheets
Cash and cash equivalents	129,606,000	175,268,000
Restricted cash	1,075,000	1,643,000
Total cash, cash equivalents and restricted cash, end of the period	130,681,000	176,911,000
Supplemental disclosure of non-cash investing and financing activities:
Lease liabilities arising from obtaining right-of-use assets	4,506,000	0
Vesting of early exercised stock options and restricted stock awards	36,000	131,000
Property and equipment purchases not yet paid	$ 25,000	$ 0

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Forge Global Holdings, Inc. (the “Company” and f/k/a Motive Capital Corp) is a financial services platform headquartered in San Francisco, California. The 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 (as defined below) 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. The shares and net loss per common share prior to the Merger were 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, "Capitalization" for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed 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. 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 unaudited condensed consolidated financial statements. There have been no changes to the Company's significant accounting policies described in the audited consolidated financial statements for the year ended December 31, 2023, that have had a material impact on these unaudited condensed consolidated financial statements and related notes. 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. Unaudited Interim Condensed Consolidated Financial Information The accompanying interim condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 and accompanying notes are unaudited. These unaudited interim condensed consolidated financial statements (the " unaudited condensed consolidated financial statements ") have been prepared in accordance with GAAP applicable to interim financial statements. These financial statements are presented in accordance with the rules and regulations of the SEC and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. As such, the information included herein should be read in conjunction with the consolidated financial statements and accompanying notes as of and for the year ended December 31, 2023 (the “audited consolidated financial statements”) that was included in the Company’s Annual Report on Form 10-K filed on March 26, 2024, which provides a more complete discussion of the Company’s accounting policies and certain other information. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements, which include only normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of March 31, 2024 and its condensed consolidated results of operations and cash flows for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results expected for the year ending December 31, 2024 or any other future interim or annual periods. 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. Such management estimates include, but are not limited to, collectability of accounts receivable, the fair value of financial assets and liabilities, the useful lives of acquired intangible assets and property and equipment, the impairment of long-lived assets and goodwill, the fair value of warrants, equity awards, and share-based compensation expenses, including 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 unaudited condensed consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2024. 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. 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. The Company's 2023 annual goodwill impairment test resulted in no goodwill impairment. Acquired intangible assets also consist of identifiable intangible assets, primarily software technology, launched in-process research and development ("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. Concentration of Credit Risks 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 March 31, 2024 and December 31, 2023, the Company did not have any material concentrations of credit risk outside the ordinary course of business. As of March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2024 and 2023. Revenue by Geographic Location For the three months ended March 31, 2024 and 2023, revenue outside of the United States (including U.S. territories), based on customer billing addres s, was $1.5 million, and $0.9 million, respectively. Comprehensive Loss Comprehensive loss consists of Net loss and Other comprehensive income or loss. The Company's Other comprehensive income or loss is comprised of foreign currency translation gains and losses. Accumulated other comprehensive loss, as presented in the condensed consolidated financial statements, consists of changes in unrealized gains and losses on foreign currency translation.

Capitalization

Capitalization	3 Months Ended
	Mar. 31, 2024
Capitalization [Abstract]
Capitalization	Capitalization 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. 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, 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, all such publicly listed warrants were redeemed and delisted from the NYSE. Additionally, on the Closing Date, 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. As of March 31, 2024, the Company had authorized 2,000,000,000 and 100,000,000 shares of common stock and preferred stock, respectively, and the Company had 180,011,227 shares of common stock and no shares of preferred stock issued and outstanding.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial instruments consist of cash equivalents, restricted cash, accounts receivable, 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, 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 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 these investments are valued using observable market inputs without quoted market prices. The Company classifies the December 2023 Warrants within level 2 of the fair value hierarchy as these warrants are valued using a Black-Scholes option-pricing model with observable market inputs. The Company classifies Payment-dependent notes receivable and payable and its Private Placement Warrants as Level 3 of the fair value hierarchy as the fair value measurements are based on valuation techniques that use significant inputs that are unobservable which are described in more detail below. The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands): As of March 31, 2024 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money market funds $ 108,579 $ — $ — $ 108,579 Term deposits (less than 90 days) — 2,165 — 2,165 Term deposits (greater than 90 days) (1)(2) — 7,621 — 7,621 Payment-dependent notes receivable, non-current — — 6,236 6,236 Total financial assets $ 108,579 $ 9,786 $ 6,236 $ 124,601 Payment-dependent notes payable, non-current $ — $ — $ 6,236 $ 6,236 December 2023 warrants (3) — 2,067 — 2,067 Private placement warrants — — 3,102 3,102 Total financial liabilities $ — $ 2,067 $ 9,338 $ 11,405 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 (greater than 90 days) (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 unaudited condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. (2) Includes $0.6 million and $1.0 million term deposits required to fulfill the Company's obligations in connection with real estate lease agreements as of March 31, 2024 and December 31, 2023, respectively. (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 10, "Warrants" for additional information. 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 the fair value 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. 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 the Private Placement Warrants, the Company used a combination of a Monte Carlo simulation and a binomial lattice model for March 31, 2024 and December 31, 2023, respectively . T he Company estimated the fair value of the Private Placement Warrant liabilities, as of March 31, 2024 and December 31, 2023, respectively, using the following key assumptions: March 31, December 31, Fair value of underlying securities $ 1.93 $ 3.43 Expected term (years) 3.0 3.2 Expected volatility 120.0% 117.0% Risk-free interest rate 4.4% 4.0% Expected dividend yield 0.0% 0.0% Fair value per warrant $ 0.42 $ 0.64 The Company recorded changes in the fair value of the liability related to the Private Placement Warrants as of March 31, 2024, and 2023, respectively, in the following amounts (in thousands): Three months ended March 31, 2024 2023 Balance as of December 31, $ 4,727 $ 222 Change in fair value of warrant liability (1) (1,625) (32) Balance as of March 31, $ 3,102 $ 190 (1) The change in fair value of warrant liability is recorded in the unaudited condensed consolidated statements 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. On December 18, 2023, the Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants and 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. See Note 10, "Warrants" for additional information. 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 three months ended March 31, 2024, and 2023 there were no transfers of securities into or out of Level 3. The following tables provide reconciliation for all financial assets and liabilities measured at fair value using significant unobservable inputs (Level 3) for three months ended March 31, 2024 and 2023 (in thousands): Total Level 3 Financial Assets Total Level 3 Financial Liabilities Balance as of December 31, 2023 $ 5,593 $ 10,320 Change in fair value of payment-dependent notes receivable 643 — Change in fair value of payment-dependent notes payable — 643 Change in fair value of Private Placement Warrants — (1,625) Balance as of March 31, 2024 $ 6,236 $ 9,338 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 (1,541) — Change in fair value of payment-dependent notes payable — (1,541) Change in fair value of Junior Preferred Stock Warrants (1) — (137) Change in fair value of Private Placement Warrants — (32) Balance as of March 31, 2023 $ 5,830 $ 6,267 (1) On December 18, 2023, the Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants and 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. See Note 10, "Warrants"

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet Components	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Balance Sheet Components	Condensed Consolidated Balance Sheet Components Accounts Receivable, net Accounts receivable and allowance for doubtful accounts consisted of the following (in thousands): March 31, 2024 December 31, 2023 Accounts receivable $ 6,724 $ 5,128 Allowance for doubtful accounts (1,171) (1,061) Accounts receivable, net $ 5,553 $ 4,067 During the three months ended March 31, 2024 , the Company increased the allowance for doubtful accounts by $0.1 million. During the three months ended March 31, 2023, the Company decreased the allowance for doubtful accounts by $0.1 million. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Term deposits (greater than 90 days) $ 7,621 $ 7,694 Other current assets 2,134 2,190 Prepaid software 1,554 1,484 Prepaid insurance 354 1,084 Other prepaid expenses 755 801 Prepaid expenses and other current assets $ 12,418 $ 13,253 Internal-Use Software, Property and Equipment, Net Internal-use software, property and equipment, net consisted of the following (in thousands): March 31, December 31, Capitalized internal-use software $ 8,995 $ 9,000 Leasehold improvements 1,030 866 Furniture and fixtures 496 485 Computer equipment 125 125 $ 10,646 $ 10,476 Less: accumulated depreciation and amortization (6,106) (5,284) Internal-use software, and property and equipment, net $ 4,540 $ 5,192 The Company recorded depreciation expense related to property and equipment of $0.1 million for the three months ended March 31, 2024 and less than $0.1 million for the three months ended March 31, 2023 . As of March 31, 2024 and December 31, 2023, long-lived assets located outside of the United States were not material. For the three months ended March 31, 2024 and 2023, the Company recorded amortization expense on capitalized internal-use software placed in service of $0.7 million and $0.7 million, respectively. There were no impairments on capitalized internal-use software for the three months ended March 31, 2024. For the three months ended March 31, 2023, the Company recorded an impairment loss of $0.5 million related to the capitalized costs of internally developed software. Impairments are recorded in general and administrative expense within the unaudited condensed consolidated statements of operations. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, Accrued legal (1) $ 4,716 $ 2,470 Accrued other professional services 842 696 Accrued taxes and deferred tax liabilities 1,689 1,479 Payable to client (2) 1,677 1,693 Common stock unvested liability 188 223 Other current liabilities (3) 2,395 2,300 Total $ 11,507 $ 8,861 (1) Accrued legal includes regular recurring legal fees in addition to loss contingencies. See Note 8, "Commitments and Contingencies" for additional information. (2) Payable to client represents funds held on account for the benefit of custodial customers. (3) The Company includes contract liabilities within Other current liabilities on the condensed consolidated balance sheets. Contract liabilities consist of deferred revenue, which relates to amounts invoiced in advance of performance under a revenue contract. The total contract liabilities related to advance billings for data subscriptions of $0.7 million and $0.4 million as of March 31, 2024 and December 31, 2023, respectively, are recorded in accrued expenses and other current liabilities on the unaudited condensed consolidated balance sheets . The Company recognized $0.1 million of revenue during the three months ended March 31, 2024 that was included in deferred revenue recorded in accrued expenses and other current liabilities at December 31, 2023.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net The components of goodwill and intangible assets and accumulated amortization are as follows (in thousands): As of March 31, 2024 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 0.6 years $ 13,200 $ (11,517) $ 1,683 Customer relationships 5.2 years 7,507 (3,902) 3,605 Launched in-process research and development assets 2.5 years 960 (480) 480 Total finite-lived intangible assets $ 21,667 $ (15,899) $ 5,768 Indefinite-lived intangible assets: Trade name - website domain Indefinite 2,224 — 2,224 Total infinite-lived intangible assets 2,224 — 2,224 Total intangible assets $ 144,839 $ (15,899) $ 128,940 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 in-process research and development 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 intangible assets $ 144,839 $ (14,920) $ 129,919 Amortization expense related to finite-lived intangible assets for the three months ended March 31, 2024 and 2023 was $1.0 million and $1.0 million, respectively, and was included in depreciation and amortization in the accompanying unaudited condensed consolidated statements of operations . The table below presents estimated future amortization expense for finite-lived intangible assets as of March 31, 2024 (in thousands): Amount Remainder of 2024 $ 2,483 2025 802 2026 754 2027 610 2028 610 Thereafter 509 Total $ 5,768

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases The Company leases real estate for office space under operating leases. As of March 31, 2024, the remaining lease terms varied from 0.5 years to 5.3 years. For certain leases, the Company has an option to extend the lease term for a period of 5 years. This renewal option is not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. Operating lease expense, included in rent and occupancy in the unaudited condensed consolidated statements of operations were as follows (in thousands): Three Months Ended March 31, 2024 2023 Operating lease expense $ 783 $ 959 Variable lease expense 104 249 Total operating lease expenses (1) $ 887 $ 1,208 Sublease income (2) $ 95 $ 226 (1) Operating lease expense is included in rent and occupancy in the unaudited condensed consolidated statements of operations. (2) Sublease income is included in other income (expenses), net in the unaudited condensed consolidated statements of operations. As of March 31, 2024 and December 31, 2023, the weighted-average remaining lease term was 4.4 and 1.9 years, respectively. As of March 31, 2024 and December 31, 2023, the weighted-average discount rate was 7.1% and 7.0% , respectively. The Company entered into a new office lease which commenced on March 8, 2024, and recorded a right-of-use asset and liability of $4.5 million . During the three months ended March 31, 2024, it was determined that office space under an existing lease would no longer be used and the associated right-of-use asset was reduced to $0 and an impairment of $0.2 million was recognized in rent and occupancy expense in the condensed consolidated statement of operations . There were no right-of-use impairments recognized during the three months ended March 31, 2023. Future undiscounted lease payments under operating leases as of March 31, 2024, were as follows (in thousands) : Lease Payment Obligation Sublease Income Net Lease Obligation Remaining 2024 $ 2,855 $ (270) $ 2,585 2025 3,867 (210) 3,657 2026 1,087 — 1,087 2027 1,120 — 1,120 2028 1,153 — 1,153 2029 790 — 790 Total undiscounted lease payments $ 10,872 $ (480) $ 10,392 Less: imputed interest (1,697) Present value of future lease payments 9,175 Less: operating lease liabilities, current 2,922 Operating lease liabilities, noncurrent $ 6,253 As of March 31, 2024, the Company did not have any lease contracts that had not yet commenced.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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 may also be the subject of inquiries, investigations, and proceedings by regulatory and other governmental agencies. The Company reviews these matters 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 $4.3 million and $1.9 million as of March 31, 2024 and December 31, 2023, respectively, and is recorded in accrued expenses and other current liabilities on the unaudited condensed consolidated balance sheets and expensed in general and administrative expenses in our unaudited condensed consolidated statements of operations. The Company monitors these matters for developments that would affect the likelihood of a loss and the accrued amount, if any, and adjusts the amount as appropriate. Legal Proceedings 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. As of March 31, 2024 , the Company had a receivable of $1.6 million in prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets , which it expects to collect from the escrow related to the acquisition of IRA Services, Inc. On March 29, 2023, the Company was named as a defendant in a lawsuit brought 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. In May 2024, the parties settled this matter. In January 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. In December 2023, the parties settled this matter . 401(k) Plan The Company has established a tax-qualified retirement plan under Section 401(k) of the Internal Revenue 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 $6,900. During the three months ended March 31, 2024 and 2023, the Company recorded 401(k) contribution expense related to the defined contribution plan of $0.3 million and $0.2 million, respectively, in compensation and benefits in the unaudited condensed 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 March 31, 2024, 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: Amount Remainder of 2024 $ 4,059 2025 1,972 2026 2,222 2027 1,231 2028 — Thereafter — Total (1) $ 9,484 (1) On April 11, 2024, the Company amended an agreement with a significant service provider reducing its purchase commitment by $3.8 million over the remaining term of the agreement which expires in 2027. The amended agreement and reduced purchase commitment have not been reflected in these unaudited condensed consolidated financial statements.

Regulatory

Regulatory	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, Forge Securities had net capital of $14.5 million which was $14.2 million in excess of its required net capital of $0.3 million . 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 . 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

Warrants

Warrants	3 Months Ended
	Mar. 31, 2024
Warrants [Abstract]
Warrants	Warrants December 2023 Warrants and 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 (“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 unaudited condensed 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. Subsequent to the Merger, the Junior Preferred Stock Warrants were converted into 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. 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. The Company recorded a gain of $2.8 million for the December 2023 Warrants and a gain of $0.1 million for the Junior Preferred Stock Warrants as change in fair value of warrant liabilities in the Company's unaudited condensed consolidated statements of operations during the three months ended March 31, 2024 and 2023, respectively. Private Placement Warrants As the accounting acquirer, Legacy Forge is 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 ("Private Placement Warrants"). 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 , 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. All of the Private Placement Warrants are still outstanding as of March 31, 2024. Subsequent to the Merger, the Private Placement Warrants met liability classification requirements since the warrants may be required to be settled in cash under a tender offer and 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 unaudited condensed consolidated balance sheets . The Company recorded a gain of $1.6 million and less than $0.1 million as change in fair value of warrant liabilities in the Company's unaudited condensed consolidated statements of operations during the three months ended March 31, 2024 and 2023, respectively.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
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 provides for grants of share-based awards, including stock options and restricted stock awards, 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 Stock 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 and restricted stock units (“RSUs”), and other forms of share-based awards. The Company has authorized 23,383,325 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 Company has authorized the issuance of 7,566,607 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: March 31, December 31, Warrants to purchase common stock 3,282,652 3,282,652 Stock options issued and outstanding under 2018 Plan 7,410,497 7,813,366 Shares available for grant under 2022 Plan (1) 3,625,093 2,052,669 RSUs issued and outstanding under 2022 Plan 15,375,287 17,434,138 Shares available for grant under 2022 ESPP 7,566,607 5,797,609 Outstanding Private Placement Warrants 7,386,667 7,386,667 Total shares of common stock reserved 44,646,803 43,767,101 (1) 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 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 three months ended March 31, 2024 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, 2023 7,813,366 $ 2.06 6.0 $ 14,929 Exercised (315,363) 0.71 Cancelled/Forfeited/Expired (87,506) 4.53 Balance as of March 31, 2024 7,410,497 $ 2.09 5.8 $ 5,995 Vested and exercisable as of March 31, 2024 6,479,059 $ 1.99 5.7 $ 5,603 There were no stock options granted during the three months ended March 31, 2024 and 2023. The total grant date fair value of stock options vested during the three months ended March 31, 2024 and 2023 was $0.8 million and $1.3 million, respectively. The total intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 were $0.5 million and $0.2 million, respectively. The Company recorded share-based compensation of $0.8 million and $1.6 million for the three months ended March 31, 2024 and 2023, respectively, related to stock options. Unrecognized share-based compensation expense for unvested stock options granted and outstanding as of March 31, 2024, is $3.4 million, which is to be recognized over a weighted-average period of 1.2 years . 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 March 31, 2024 and December 31, 2023, the cash proceeds received for unvested shares of common stock recorded within accrued expenses and other current liabilities in the unaudited condensed consolidated balance sheets wer e $0.2 million a nd $0.2 million , respectively, which will be transferred to additional paid-in capital upon vesting. 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 also contain market or performance-based vesting conditions. The RSUs generally vest over the service period of one RSU activity during the three months ended March 31, 2024 was as follows: RSUs Time-based Performance-based Market-based Weighted Average Grant Date Fair Value Unvested as of December 31, 2023 17,434,138 12,351,544 1,805,550 3,277,044 $ 4.30 Granted 4,670,060 4,140,512 529,548 0 2.05 Vested (1) (5,880,927) (4,545,030) (866,890) (469,007) 4.53 Forfeited (847,984) (631,315) (216,669) 0 6.48 Unvested as of March 31, 2024 15,375,287 11,315,711 1,251,539 2,808,037 $ 3.42 (1) Common stock has not been issued in connection w ith 2,084,048 vested RSUs because such RSUs were unsettled as of March 31, 2024. These RSUs will be settled by December 31, 2024. During the three months ended March 31, 2024 and 2023, the Company recognize d share-based compensation expense of $8.7 million and $5.8 million related to RSUs, respectively. Future share-based compensation expense for unvested RSUs as of March 31, 2024 was $36.4 million , which is to be recognized over a weighted-average period of 1.9 years. CEO RSUs 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. 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 performance and market condition-based 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. Total incremental compensation cost resulting from the modification was $0.3 million . As of March 31, 2024, the market condition had not been met and none of the CEO RSU was vested. 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. 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 0.4 years, 0.4 years, and 1.8 years, respectively. During the three months ended March 31, 2024 and 2023, 469,007 and 469,010 Executive Retention RSUs were vested, respectively. During the three months ended March 31, 2024 and 2023, the Company recognized share-based compensation expe nse of $1.1 million and $1.3 million related to the Executive Retention RSUs, respectively. There was no remaining unrecognized share-based compensation expense for the Executive Retention RSUs as of March 31, 2024. Executive RSUs On April 24, 2023, the Compensation Committee and the board of directors granted a total of 4,938,261 RSUs to certain executives. 3,132,711 of the RSUs granted are subject to time-based vesting conditions (the "Time-Based RSUs") and 1,805,550 of the RSUs granted are subject to performance-based vesting conditions upon certification by the Compensation Committee and the 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate from continuing operations was 1.2% and 0.9% for the three months ended March 31, 2024 and 2023, respectively. The Company’s full valuation allowance in the United States caused the year-to-date effective tax rate to be different from the U.S. federal statutory tax rate.

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss per Share	Net Loss per Share 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 three months ended March 31, 2024 and 2023, 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): Three Months Ended March 31, 2024 2023 Numerator: Net loss attributable to Forge Global Holdings, Inc., basic $ (18,624) $ (21,188) Net loss attributable to common stockholders, diluted $ (18,624) $ (21,188) Denominator: Weighted-average number of shares used to compute net loss per share attributable to common stockholders, basic 179,910,522 171,816,522 Weighted-average number of shares used to compute net loss per share attributable to common stockholders, diluted 179,910,522 171,816,522 Net loss per share attributed to common stockholders: Basic $ (0.10) $ (0.12) Diluted $ (0.10) $ (0.12) The following potentially dilutive shares were excluded in the calculation of diluted shares outstanding as the effect would have been anti-dilutive: March 31, 2024 March 31, 2023 Warrants to purchase common stock (1) 3,282,652 3,282,652 Private Placement Warrants 7,386,667 7,386,667 Common stock subject to repurchase 366,145 884,677 Outstanding options 7,410,497 12,519,275 Restricted stock units 15,375,287 8,785,620 Total 33,821,248 32,858,891 (1) Warrants to purchase common stock includes the December 2023 Warrants. See Note 10, "Warrants"

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
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 DBAG. See Note 1, "Organization and Description of Business", for additional information. 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. Audit and accounting related services are recorded in professional services in the unaudited condensed consolidated statements of operations. Professional services expenses of $0.2 million and $0.4 million were recognized during the three months ended March 31, 2024 and 2023, 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 three months ended March 31, 2024 and 2023 , the total value of such transactions was $0.0 million and $2.7 million , respectively, and the aggregate marketplace revenue, less transaction-based expenses, that the Company received from the funds for such transactions was $0.0 million and less than $0.1 million , respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (18,624)	$ (21,188)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 15, 2023, the following officers each adopted 10b5-1 trading plans (each, a "Trading Plan") providing exclusively for the sale of shares necessary to satisfy tax withholding obligations arising from the settlement of RSUs as disclosed under "Item 9B. Other Information" of our Annual Report: 1) Kelly Rodriques, the Company's Chief Executive Officer, 2) Mark Lee, the Company's Chief Financial Officer, 3) Andrew Sievers, the Company's Chief Operating Officer, 4) Jennifer Phillips, the Company's Chief Revenue and Growth Officer, 5) Johnathan Short, the Company's Chief Legal Officer, and 6) Catherine Dondzila, the Company's Chief Accounting Officer. The Trading Plans were adopted in anticipation of a change in the default tax withholding method for such officers from net settlement to sell-to-cover. Following the adoption of the Trading Plans, the anticipated change to sell-to-cover was not adopted by the Compensation Committee. Accordingly, such officers each terminated their respective Trading Plan on March 28, 2024. Prior to their termination, such officers had not sold any shares under their respective Trading Plan.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Johnathan Short [Member]
Trading Arrangements, by Individual
Name	Johnathan Short,
Title	Chief Legal Officer
Adoption Date	December 15, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 28, 2024
Andrew Sievers [Member]
Trading Arrangements, by Individual
Name	Andrew Sievers
Title	Chief Operating Officer
Adoption Date	December 15, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 28, 2024
Catherine Dondzila [Member]
Trading Arrangements, by Individual
Name	Catherine Dondzila
Title	Chief Accounting Officer
Adoption Date	December 15, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 28, 2024
Mark Lee [Member]
Trading Arrangements, by Individual
Name	Mark Lee
Title	Chief Financial Officer
Adoption Date	December 15, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 28, 2024
Jennifer Phillips [Member]
Trading Arrangements, by Individual
Name	Jennifer Phillips
Title	Chief Revenue and Growth Officer
Adoption Date	December 15, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 28, 2024
Kelly Rodriques [Member]
Trading Arrangements, by Individual
Name	Kelly Rodriques
Title	Chief Executive Officer
Adoption Date	December 15, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 28, 2024

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation The accompanying unaudited condensed 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. 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 unaudited condensed consolidated financial statements. There have been no changes to the Company's significant accounting policies described in the audited consolidated financial statements for the year ended December 31, 2023, that have had a material impact on these unaudited condensed consolidated financial statements
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. Such management estimates include, but are not limited to, collectability of accounts receivable, the fair value of financial assets and liabilities, the useful lives of acquired intangible assets and property and equipment, the impairment of long-lived assets and goodwill, the fair value of warrants, equity awards, and share-based compensation expenses, including 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 unaudited condensed consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2024. 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.
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. The Company's 2023 annual goodwill impairment test resulted in no goodwill impairment. Acquired intangible assets also consist of identifiable intangible assets, primarily software technology, launched in-process research and development ("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.
Concentration of Credit Risks	Concentration of Credit Risks
Comprehensive Loss	Comprehensive Loss Comprehensive loss consists of Net loss and Other comprehensive income or loss. The Company's Other comprehensive income or loss is comprised of foreign currency translation gains and losses. Accumulated other comprehensive loss, as presented in the condensed consolidated financial statements, consists of changes in unrealized gains and losses on foreign currency translation.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money market funds $ 108,579 $ — $ — $ 108,579 Term deposits (less than 90 days) — 2,165 — 2,165 Term deposits (greater than 90 days) (1)(2) — 7,621 — 7,621 Payment-dependent notes receivable, non-current — — 6,236 6,236 Total financial assets $ 108,579 $ 9,786 $ 6,236 $ 124,601 Payment-dependent notes payable, non-current $ — $ — $ 6,236 $ 6,236 December 2023 warrants (3) — 2,067 — 2,067 Private placement warrants — — 3,102 3,102 Total financial liabilities $ — $ 2,067 $ 9,338 $ 11,405 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 (greater than 90 days) (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 unaudited condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. (2) Includes $0.6 million and $1.0 million term deposits required to fulfill the Company's obligations in connection with real estate lease agreements as of March 31, 2024 and December 31, 2023, respectively. (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 10, "Warrants" for additional information.
Fair Value Measurement Inputs and Valuation Techniques	T he Company estimated the fair value of the Private Placement Warrant liabilities, as of March 31, 2024 and December 31, 2023, respectively, using the following key assumptions: March 31, December 31, Fair value of underlying securities $ 1.93 $ 3.43 Expected term (years) 3.0 3.2 Expected volatility 120.0% 117.0% Risk-free interest rate 4.4% 4.0% Expected dividend yield 0.0% 0.0% Fair value per warrant $ 0.42 $ 0.64
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The Company recorded changes in the fair value of the liability related to the Private Placement Warrants as of March 31, 2024, and 2023, respectively, in the following amounts (in thousands): Three months ended March 31, 2024 2023 Balance as of December 31, $ 4,727 $ 222 Change in fair value of warrant liability (1) (1,625) (32) Balance as of March 31, $ 3,102 $ 190 (1) The change in fair value of warrant liability is recorded in the unaudited condensed consolidated statements 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 three months ended March 31, 2024 and 2023 (in thousands): Total Level 3 Financial Assets Total Level 3 Financial Liabilities Balance as of December 31, 2023 $ 5,593 $ 10,320 Change in fair value of payment-dependent notes receivable 643 — Change in fair value of payment-dependent notes payable — 643 Change in fair value of Private Placement Warrants — (1,625) Balance as of March 31, 2024 $ 6,236 $ 9,338 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 (1,541) — Change in fair value of payment-dependent notes payable — (1,541) Change in fair value of Junior Preferred Stock Warrants (1) — (137) Change in fair value of Private Placement Warrants — (32) Balance as of March 31, 2023 $ 5,830 $ 6,267 (1) On December 18, 2023, the Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants and 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. See Note 10, "Warrants"
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 three months ended March 31, 2024 and 2023 (in thousands): Total Level 3 Financial Assets Total Level 3 Financial Liabilities Balance as of December 31, 2023 $ 5,593 $ 10,320 Change in fair value of payment-dependent notes receivable 643 — Change in fair value of payment-dependent notes payable — 643 Change in fair value of Private Placement Warrants — (1,625) Balance as of March 31, 2024 $ 6,236 $ 9,338 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 (1,541) — Change in fair value of payment-dependent notes payable — (1,541) Change in fair value of Junior Preferred Stock Warrants (1) — (137) Change in fair value of Private Placement Warrants — (32) Balance as of March 31, 2023 $ 5,830 $ 6,267 (1) On December 18, 2023, the Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants and 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. See Note 10, "Warrants"

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable	Accounts receivable and allowance for doubtful accounts consisted of the following (in thousands): March 31, 2024 December 31, 2023 Accounts receivable $ 6,724 $ 5,128 Allowance for doubtful accounts (1,171) (1,061) Accounts receivable, net $ 5,553 $ 4,067
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Term deposits (greater than 90 days) $ 7,621 $ 7,694 Other current assets 2,134 2,190 Prepaid software 1,554 1,484 Prepaid insurance 354 1,084 Other prepaid expenses 755 801 Prepaid expenses and other current assets $ 12,418 $ 13,253
Property and Equipment, Net	Internal-use software, property and equipment, net consisted of the following (in thousands): March 31, December 31, Capitalized internal-use software $ 8,995 $ 9,000 Leasehold improvements 1,030 866 Furniture and fixtures 496 485 Computer equipment 125 125 $ 10,646 $ 10,476 Less: accumulated depreciation and amortization (6,106) (5,284) Internal-use software, and property and equipment, net $ 4,540 $ 5,192
Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, Accrued legal (1) $ 4,716 $ 2,470 Accrued other professional services 842 696 Accrued taxes and deferred tax liabilities 1,689 1,479 Payable to client (2) 1,677 1,693 Common stock unvested liability 188 223 Other current liabilities (3) 2,395 2,300 Total $ 11,507 $ 8,861 (1) Accrued legal includes regular recurring legal fees in addition to loss contingencies. See Note 8, "Commitments and Contingencies" for additional information. (2) Payable to client represents funds held on account for the benefit of custodial customers. (3) The Company includes contract liabilities within Other current liabilities on the condensed consolidated balance sheets. Contract liabilities consist of deferred revenue, which relates to amounts invoiced in advance of performance under a revenue contract. The total contract liabilities related to advance billings for data subscriptions of $0.7 million and $0.4 million as of March 31, 2024 and December 31, 2023, respectively, are recorded in accrued expenses and other current liabilities on the unaudited condensed consolidated balance sheets . The Company recognized $0.1 million of revenue during the three months ended March 31, 2024 that was included in deferred revenue recorded in accrued expenses and other current liabilities at December 31, 2023.

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	The components of goodwill and intangible assets and accumulated amortization are as follows (in thousands): As of March 31, 2024 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 0.6 years $ 13,200 $ (11,517) $ 1,683 Customer relationships 5.2 years 7,507 (3,902) 3,605 Launched in-process research and development assets 2.5 years 960 (480) 480 Total finite-lived intangible assets $ 21,667 $ (15,899) $ 5,768 Indefinite-lived intangible assets: Trade name - website domain Indefinite 2,224 — 2,224 Total infinite-lived intangible assets 2,224 — 2,224 Total intangible assets $ 144,839 $ (15,899) $ 128,940 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 in-process research and development 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 intangible assets $ 144,839 $ (14,920) $ 129,919
Schedule of Finite-Lived Intangible Assets	The components of goodwill and intangible assets and accumulated amortization are as follows (in thousands): As of March 31, 2024 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 0.6 years $ 13,200 $ (11,517) $ 1,683 Customer relationships 5.2 years 7,507 (3,902) 3,605 Launched in-process research and development assets 2.5 years 960 (480) 480 Total finite-lived intangible assets $ 21,667 $ (15,899) $ 5,768 Indefinite-lived intangible assets: Trade name - website domain Indefinite 2,224 — 2,224 Total infinite-lived intangible assets 2,224 — 2,224 Total intangible assets $ 144,839 $ (15,899) $ 128,940 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 in-process research and development 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 intangible assets $ 144,839 $ (14,920) $ 129,919
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The table below presents estimated future amortization expense for finite-lived intangible assets as of March 31, 2024 (in thousands): Amount Remainder of 2024 $ 2,483 2025 802 2026 754 2027 610 2028 610 Thereafter 509 Total $ 5,768

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Operating Lease Expense	Operating lease expense, included in rent and occupancy in the unaudited condensed consolidated statements of operations were as follows (in thousands): Three Months Ended March 31, 2024 2023 Operating lease expense $ 783 $ 959 Variable lease expense 104 249 Total operating lease expenses (1) $ 887 $ 1,208 Sublease income (2) $ 95 $ 226 (1) Operating lease expense is included in rent and occupancy in the unaudited condensed consolidated statements of operations. (2) Sublease income is included in other income (expenses), net in the unaudited condensed consolidated statements of operations.
Future Undiscounted Lease Payments	Future undiscounted lease payments under operating leases as of March 31, 2024, were as follows (in thousands) : Lease Payment Obligation Sublease Income Net Lease Obligation Remaining 2024 $ 2,855 $ (270) $ 2,585 2025 3,867 (210) 3,657 2026 1,087 — 1,087 2027 1,120 — 1,120 2028 1,153 — 1,153 2029 790 — 790 Total undiscounted lease payments $ 10,872 $ (480) $ 10,392 Less: imputed interest (1,697) Present value of future lease payments 9,175 Less: operating lease liabilities, current 2,922 Operating lease liabilities, noncurrent $ 6,253

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity	As of March 31, 2024, 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: Amount Remainder of 2024 $ 4,059 2025 1,972 2026 2,222 2027 1,231 2028 — Thereafter — Total (1) $ 9,484 (1) On April 11, 2024, the Company amended an agreement with a significant service provider reducing its purchase commitment by $3.8 million over the remaining term of the agreement which expires in 2027. The amended agreement and reduced purchase commitment have not been reflected in these unaudited condensed consolidated financial statements.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
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: March 31, December 31, Warrants to purchase common stock 3,282,652 3,282,652 Stock options issued and outstanding under 2018 Plan 7,410,497 7,813,366 Shares available for grant under 2022 Plan (1) 3,625,093 2,052,669 RSUs issued and outstanding under 2022 Plan 15,375,287 17,434,138 Shares available for grant under 2022 ESPP 7,566,607 5,797,609 Outstanding Private Placement Warrants 7,386,667 7,386,667 Total shares of common stock reserved 44,646,803 43,767,101 (1) 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 Stock Option Activity	Stock option activity during the three months ended March 31, 2024 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, 2023 7,813,366 $ 2.06 6.0 $ 14,929 Exercised (315,363) 0.71 Cancelled/Forfeited/Expired (87,506) 4.53 Balance as of March 31, 2024 7,410,497 $ 2.09 5.8 $ 5,995 Vested and exercisable as of March 31, 2024 6,479,059 $ 1.99 5.7 $ 5,603
Schedule of RSU Activity	RSU activity during the three months ended March 31, 2024 was as follows: RSUs Time-based Performance-based Market-based Weighted Average Grant Date Fair Value Unvested as of December 31, 2023 17,434,138 12,351,544 1,805,550 3,277,044 $ 4.30 Granted 4,670,060 4,140,512 529,548 0 2.05 Vested (1) (5,880,927) (4,545,030) (866,890) (469,007) 4.53 Forfeited (847,984) (631,315) (216,669) 0 6.48 Unvested as of March 31, 2024 15,375,287 11,315,711 1,251,539 2,808,037 $ 3.42 (1) Common stock has not been issued in connection w ith 2,084,048 vested

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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): Three Months Ended March 31, 2024 2023 Numerator: Net loss attributable to Forge Global Holdings, Inc., basic $ (18,624) $ (21,188) Net loss attributable to common stockholders, diluted $ (18,624) $ (21,188) Denominator: Weighted-average number of shares used to compute net loss per share attributable to common stockholders, basic 179,910,522 171,816,522 Weighted-average number of shares used to compute net loss per share attributable to common stockholders, diluted 179,910,522 171,816,522 Net loss per share attributed to common stockholders: Basic $ (0.10) $ (0.12) Diluted $ (0.10) $ (0.12)
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: March 31, 2024 March 31, 2023 Warrants to purchase common stock (1) 3,282,652 3,282,652 Private Placement Warrants 7,386,667 7,386,667 Common stock subject to repurchase 366,145 884,677 Outstanding options 7,410,497 12,519,275 Restricted stock units 15,375,287 8,785,620 Total 33,821,248 32,858,891 (1) Warrants to purchase common stock includes the December 2023 Warrants. See Note 10, "Warrants"

Organization and Description _2

Organization and Description of Business (Details)	Mar. 21, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Exchange ratio	3.122931

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounting Policies [Line Items]
Goodwill impairment			$ 0
Total revenues	$ 19,242,000	$ 15,479,000
Non-US
Accounting Policies [Line Items]
Total revenues	$ 1,500,000	$ 900,000

Capitalization - Narrative (Det

Capitalization - Narrative (Details)	Mar. 21, 2022 vote $ / shares shares	Mar. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2021 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)		180,011,227	176,899,814
Common stock, shares outstanding (in shares)		180,011,227	176,899,814
Preferred stock, shares issued (in shares)		0
Preferred stock, shares outstanding (in shares)		0
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

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy for Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payment-dependent notes receivable, noncurrent	$ 6,236	$ 5,593
Payment-dependent notes payable, noncurrent	6,236	5,593
Warrant liabilities	5,169	9,616
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Term deposits	7,621	7,694
Payment-dependent notes receivable, noncurrent	6,236	5,593
Total financial assets	124,601	145,640
Payment-dependent notes payable, noncurrent	6,236	5,593
Total financial liabilities	11,405	15,209
Term deposit, real estate lease agreement obligation	600	1,000
Fair Value, Recurring | December 2023 Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	2,067	4,889
Fair Value, Recurring | Private placement warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	3,102	4,727
Fair Value, Recurring | Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	108,579	130,132
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	2,165	2,221
Fair Value, Recurring | Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Term deposits	0	0
Payment-dependent notes receivable, noncurrent	0	0
Total financial assets	108,579	130,132
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	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	108,579	130,132
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	0
Fair Value, Recurring | Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Term deposits	7,621	7,694
Payment-dependent notes receivable, noncurrent	0	0
Total financial assets	9,786	9,915
Payment-dependent notes payable, noncurrent	0	0
Total financial liabilities	2,067	4,889
Fair Value, Recurring | Level 2 | December 2023 Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	2,067	4,889
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	2,165	2,221
Fair Value, Recurring | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Term deposits	0	0
Payment-dependent notes receivable, noncurrent	6,236	5,593
Total financial assets	6,236	5,593
Payment-dependent notes payable, noncurrent	6,236	5,593
Total financial liabilities	9,338	10,320
Fair Value, Recurring | Level 3 | December 2023 Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	0	0
Fair Value, Recurring | Level 3 | Private placement warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	3,102	4,727
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	$ 0

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Warrants (Details) - Private placement warrants - Monte Carlo Model and Binomial Lattice Model	Mar. 31, 2024 $ / shares yr	Dec. 31, 2023 $ / shares yr
Fair value of underlying securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	1.93	3.43
Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | yr	3	3.2
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	1.200	1.170
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.044	0.040
Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0	0
Fair value per warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.42	0.64

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Warrants (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 10,320	$ 7,977
Ending balance	9,338	6,267
Warrant | Private placement warrants
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	4,727	222
Change in fair value of warrant liability	(1,625)	(32)
Ending balance	$ 3,102	$ 190

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total Level 3 Financial Assets
Beginning balance	$ 5,593	$ 7,371
Ending balance	6,236	5,830
Total Level 3 Financial Liabilities
Beginning balance	10,320	7,977
Ending balance	9,338	6,267
Notes Payable, Other Payables
Total Level 3 Financial Liabilities
Change in fair value	643	(1,541)
Warrant | Junior Preferred Stock Warrants
Total Level 3 Financial Liabilities
Change in fair value		(137)
Warrant | Private placement warrants
Total Level 3 Financial Liabilities
Beginning balance	4,727	222
Change in fair value	(1,625)	(32)
Ending balance	3,102	190
Notes Receivable
Total Level 3 Financial Assets
Change in fair value	$ 643	$ (1,541)

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 6,724		$ 5,128
Allowance for doubtful accounts	(1,171)		(1,061)
Accounts receivable, net	5,553		$ 4,067
Increase (decrease) in allowance for doubtful accounts	$ 100	$ (100)

Condensed Consolidated Balanc_4

Condensed Consolidated Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Term deposits (greater than 90 days)	$ 7,621	$ 7,694
Other current assets	2,134	2,190
Prepaid software	1,554	1,484
Prepaid insurance	354	1,084
Other prepaid expenses	755	801
Prepaid expenses and other current assets	$ 12,418	$ 13,253

Condensed Consolidated Balanc_5

Condensed Consolidated Balance Sheet Components - Internal-Use Software, Property and Equipment, Net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Public Utility, Property, Plant and Equipment [Line Items]
Internal-use software, and property and equipment	$ 10,646,000		$ 10,476,000
Less: accumulated depreciation and amortization	(6,106,000)		(5,284,000)
Internal-use software, and property and equipment, net	4,540,000		5,192,000
Depreciation expense	100,000	$ 100,000
Capitalized internal-use software amortization expense	700,000	700,000
Impairment loss on internally developed software	0	$ 500,000
Capitalized internal-use software
Public Utility, Property, Plant and Equipment [Line Items]
Internal-use software, and property and equipment	8,995,000		9,000,000
Leasehold improvements
Public Utility, Property, Plant and Equipment [Line Items]
Internal-use software, and property and equipment	1,030,000		866,000
Furniture and fixtures
Public Utility, Property, Plant and Equipment [Line Items]
Internal-use software, and property and equipment	496,000		485,000
Computer equipment
Public Utility, Property, Plant and Equipment [Line Items]
Internal-use software, and property and equipment	$ 125,000		$ 125,000

Condensed Consolidated Balanc_6

Condensed Consolidated Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued legal	$ 4,716	$ 2,470
Accrued other professional services	842	696
Accrued taxes and deferred tax liabilities	1,689	1,479
Payable to client	1,677	1,693
Common stock unvested liability	188	223
Other current liabilities	2,395	2,300
Total	11,507	8,861
Contract liabilities	700	$ 400
Revenue recognized	$ 100

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 21,667	$ 21,667
Accumulated Amortization	(15,899)	(14,920)
Net Carrying Amount	5,768	6,747
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	2,224	2,224
Intangible Assets, Net (Including Goodwill) [Abstract]
Goodwill, Gross	120,948	120,948
Goodwill	120,948	120,948
Gross Carrying Amount	144,839	144,839
Accumulated Amortization	(15,899)	(14,920)
Net Carrying Amount	128,940	129,919
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	7 months 6 days	9 months 18 days
Gross Carrying Amount	$ 13,200	$ 13,200
Accumulated Amortization	(11,517)	(10,820)
Net Carrying Amount	1,683	2,380
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization	$ (11,517)	$ (10,820)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	5 years 2 months 12 days	5 years 4 months 24 days
Gross Carrying Amount	$ 7,507	$ 7,507
Accumulated Amortization	(3,902)	(3,669)
Net Carrying Amount	3,605	3,838
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization	$ (3,902)	$ (3,669)
Launched in-process research and development assets
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	2 years 6 months	2 years 8 months 12 days
Gross Carrying Amount	$ 960	$ 960
Accumulated Amortization	(480)	(431)
Net Carrying Amount	480	529
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization	$ (480)	$ (431)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1	$ 1

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 2,483
2025	802
2026	754
2027	610
2028	610
Thereafter	509
Net Carrying Amount	$ 5,768	$ 6,747

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)		3 Months Ended
	Mar. 08, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Operating Leased Assets [Line Items]
Renewal term (in years)		5 years
Weighted-average remaining lease term		4 years 4 months 24 days		1 year 10 months 24 days
Weighted-average discount rate		7.10%		7%
Lease liabilities arising from obtaining right-of-use assets	$ 4,500,000	$ 4,506,000	$ 0
Operating lease right-of-use assets		7,985,000		$ 4,308,000
Impairment of right-of-use assets		186,000	$ 0
Office Under Existing Lease
Operating Leased Assets [Line Items]
Operating lease right-of-use assets		$ 0
Minimum
Operating Leased Assets [Line Items]
Remaining lease term (in years)		6 months
Maximum
Operating Leased Assets [Line Items]
Remaining lease term (in years)		5 years 3 months 18 days

Leases - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease expense	$ 783	$ 959
Variable lease expense	104	249
Total operating lease expenses	887	1,208
Sublease income	$ 95	$ 226

Leases - Maturity Schedule (Det

Leases - Maturity Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lease Payment Obligation
Remaining 2024	$ 2,855
2025	3,867
2026	1,087
2027	1,120
2028	1,153
2029	790
Total undiscounted lease payments	10,872
Less: imputed interest	(1,697)
Present value of future lease payments	9,175
Less: operating lease liabilities, current	2,922	$ 2,516
Operating lease liabilities, noncurrent	6,253	$ 2,707
Sublease Income
Remaining 2024	(270)
2025	(210)
2026	0
2027	0
2028	0
2029	0
Total undiscounted lease payments	(480)
Net Lease Obligation
Remaining 2024	2,585
2025	3,657
2026	1,087
2027	1,120
2028	1,153
2029	790
Total undiscounted lease payments	$ 10,392

Commitments and Contingencies -

Commitments and Contingencies - Legal Proceeding (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Accrual for loss contingencies	$ 4.3	$ 1.9
Escrow receivable	$ 1.6

Commitments and Contingencies_2

Commitments and Contingencies - 401K (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Employer matching contribution, percent of match	2%
Employer matching contribution amount	$ 6,900
Contributions	$ 300,000	$ 200,000

Commitments and Contingencies_3

Commitments and Contingencies - Non-Cancelable Purchase Obligations (Details) - USD ($) $ in Thousands	Apr. 11, 2024	Mar. 31, 2024
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Remainder of 2024		$ 4,059
2025		1,972
2026		2,222
2027		1,231
2028		0
Thereafter		0
Total		$ 9,484
Subsequent Event
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Purchase obligation reduction	$ 3,800

Regulatory (Details)

Regulatory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]
Net capital	$ 14,500	$ 14,000
Net capital in excess of required net capital	14,200	13,600
Required net capital	300	400
Restricted cash	1,075	$ 1,062	$ 1,643
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 1,100		$ 1,000

Warrants - Narrative (Details)

Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Dec. 31, 2023	Nov. 30, 2020	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022	Mar. 21, 2022
Class of Warrant or Right [Line Items]
Change in fair value of warrant liabilities			$ (4,447)	$ (168)
Common Stock
Class of Warrant or Right [Line Items]
Issuance of common stock upon exercise of Junior Preferred Stock Warrants (in shares)					123,379
Junior Preferred Stock Warrants
Class of Warrant or Right [Line Items]
Class of warrant outstanding (in shares)	2,631,146	3,122,931
Exercise price of warrants (in dollars per share)		$ 3.9760
Exercise price of warrants or rights extended value cap		$ 5,000
Warrant contractual term		5 years
Fixed monetary amount		$ 5,000
Number of securities called by warrants (in shares)					491,785
Change in fair value of warrant liabilities				100
December 2023 Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 3.9760
Exercise price of warrants or rights, extended value cap	$ 5,000
Change in fair value of warrant liabilities			$ 2,800
Private placement warrants
Class of Warrant or Right [Line Items]
Class of warrant outstanding (in shares)	7,386,667		7,386,667			7,386,667
Exercise price of warrants (in dollars per share)						$ 11.50
Change in fair value of warrant liabilities			$ 1,600	$ 100
Warrant term						5 years

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended		3 Months Ended
	Jun. 15, 2023	Apr. 24, 2023	Jun. 01, 2022	Jun. 30, 2022	May 31, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved						44,646,803		43,767,101
Weighted-average grant date fair value (in dollars per share)						$ 0	$ 0
Grant date fair value of stock options vested in period						$ 800	$ 1,300
Intrinsic value of stock options exercised in period						500	200
Share-based compensation, unvested stock options						3,400
Cash proceeds received						$ 200		$ 200
Period for recognition						1 year 2 months 12 days
Cancelled/Forfeited/Expired (in shares)						87,506
Measurement period, number of consecutive trading days			20 days
Trading day period			30 days
Lock-up period			6 months
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)			$ 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)			$ 15
Vesting tranches acceleration period			6 months
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading day period	20 days
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						$ 800	1,600
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
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved						2,084,048
Share-based compensation expense						$ 8,700	5,800
Future share-based compensation expense						$ 36,400
Period for recognition						1 year 10 months 24 days
Granted (in shares)						4,670,060
Vested (in shares)						5,880,927
Granted (in dollars per share)						$ 2.05
Restricted stock units | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense						$ 300
Shares granted in period (in shares)	2,339,030
Restricted stock units | Chief Executive Officer | 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)	$ 4
Restricted stock units | Chief Executive Officer | 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)	8
Restricted stock units | Chief Executive Officer | 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)	$ 12
Restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						1 year
Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						3 years
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
Shares granted in period, (in dollars per share)					$ 3.9760
Executive Retention RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense						$ 1,100	$ 1,300
Granted (in shares)			1,859,137
Share price (in dollars per share)			$ 20.26
Cost of equity				9%
Dividend yield				0%
Volatility rate				35.70%
Risk-free rate				2.80%
Vested (in shares)						469,007	469,010
Granted (in dollars per share)		$ 1.46
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
Executive Retention RSUs | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)						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)		4,938,261
Executive Performance RSUs, Time-Based Vesting Conditions | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		3,132,711
Executive Performance RSUs, Performance Based Vesting Conditions | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		1,805,550
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved						0
2022 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved						23,383,325
Automatic increase period						10 years
2022 Stock Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock						3%
2022 ESPP | Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved						7,566,607
Number of shares issued under plan (in shares)						4,072,000
Percentage of outstanding stock						1%

Share-Based Compensation - Comm

Share-Based Compensation - Common Stock Reserved (Details) - shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 21, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding (in shares)	7,410,497	7,813,366
Total shares of common stock reserved	44,646,803	43,767,101
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs issued and outstanding (in shares)	15,375,287	17,434,138
Total shares of common stock reserved	2,084,048
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding (in shares)	7,410,497	7,813,366
Total shares of common stock reserved	0
2022 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	3,625,093	2,052,669
Total shares of common stock reserved	23,383,325
2022 Stock Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs issued and outstanding (in shares)	15,375,287	17,434,138
2022 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	7,566,607	5,797,609
Warrants
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 - Stoc

Share-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Stock Options
Beginning balance (in shares)	7,813,366
Exercised (in shares)	(315,363)
Cancelled/Forfeited/Expired (in shares)	(87,506)
Ending balance (in shares)	7,410,497	7,813,366
Vested and exercisable, end of period (in shares)	6,479,059
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 2.06
Exercised (in dollars per share)	0.71
Cancelled/Forfeited/Expired (in dollars per share)	4.53
Ending balance (in dollars per share)	2.09	$ 2.06
Vested and exercisable, end of period (in dollars per share)	$ 1.99
Weighted-Averages Life (Years) and Aggregate Intrinsic Value
Weighted- Average Life (Years)	5 years 9 months 18 days	6 years
Weighted-average life, vested and exercisable	5 years 8 months 12 days
Intrinsic value, Beginning	$ 14,929
Intrinsic value, Ending	5,995	$ 14,929
Aggregate intrinsic value, vested and exercisable	$ 5,603

Share-Based Compensation - RSUs

Share-Based Compensation - RSUs (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Weighted Average Grant Date Fair Value
Total shares of common stock reserved	44,646,803	43,767,101
Restricted stock units
Performance-based
Beginning balance, unvested	17,434,138
Granted (in shares)	4,670,060
Vested (in shares)	(5,880,927)
Forfeited (in shares)	(847,984)
Ending balance, unvested	15,375,287
Weighted Average Grant Date Fair Value
Beginning balance	$ 4.30
Granted (in dollars per share)	2.05
Vested (in dollars per share)	4.53
Forfeited (in dollars per share)	6.48
Ending balance	$ 3.42
Total shares of common stock reserved	2,084,048
Time-based
Performance-based
Beginning balance, unvested	12,351,544
Granted (in shares)	4,140,512
Vested (in shares)	(4,545,030)
Forfeited (in shares)	(631,315)
Ending balance, unvested	11,315,711
Performance-based
Performance-based
Beginning balance, unvested	1,805,550
Granted (in shares)	529,548
Vested (in shares)	(866,890)
Forfeited (in shares)	(216,669)
Ending balance, unvested	1,251,539
Market-based
Performance-based
Beginning balance, unvested	3,277,044
Granted (in shares)	0
Vested (in shares)	(469,007)
Forfeited (in shares)	0
Ending balance, unvested	2,808,037

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate from continuing operations	1.20%	0.90%

Net Loss per Share - Narrative

Net Loss per Share - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss attributable to Forge Global Holdings, Inc., basic	$ (18,624)	$ (21,188)
Net loss attributable to common stockholders, diluted	$ (18,624)	$ (21,188)
Denominator:
Weighted-average number of shares used to compute net loss per share attributable to common stockholders, basic (in shares)	179,910,522	171,816,522
Weighted-average number of shares used to compute net loss per share attributable to common stockholders, diluted (in shares)	179,910,522	171,816,522
Net loss per share attributable to Forge Global Holdings, Inc. common stockholders:
Basic (in dollars per share)	$ (0.10)	$ (0.12)
Diluted (in dollars per share)	$ (0.10)	$ (0.12)

Net Loss per Share - Antidiluti

Net Loss per Share - Antidilutive Securities Excluded from Computation (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	33,821,248	32,858,891
Warrant | Common stock warrants
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
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
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	366,145	884,677
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	7,410,497	12,519,275
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	15,375,287	8,785,620

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Professional services	$ 2,217	$ 2,736
Total revenues	19,242	15,479
Marketplace revenues
Related Party Transaction [Line Items]
Total revenues	8,520	4,632
Affiliated Entity
Related Party Transaction [Line Items]
Professional services	200	400
Immediate Family Member of Management or Principal Owner | Marketplace revenues
Related Party Transaction [Line Items]
Related party transaction	0	2,700
Total revenues	$ 0	$ 100