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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands):
As of June 30, 2023
Level 1Level 2Level 3Total
Cash and cash equivalents:
Money market funds$101,442 $— $— $101,442 
Payment-dependent notes receivable, current(1)
2 — — 2 
Payment-dependent notes receivable, non-current— — 5,830 5,830 
Certificates of deposit(1)(2)
— 2,665 — 2,665 
Total financial assets$101,444 $2,665 $5,830 $109,939 
Payment-dependent notes payable, current(3)
$2 $— $— $2 
Payment-dependent notes payable, non-current— — 5,830 5,830 
Legacy Forge warrant liabilities— — 1,468 1,468 
Private placement warrants— — 2,760 2,760 
Total financial liabilities$2 $— $10,058 $10,060 
As of December 31, 2022
Level 1Level 2Level 3Total
Cash and cash equivalents:
Money market funds$149,139 $— $— $149,139 
Payment-dependent notes receivable, current(1)
5 — — 5 
Payment-dependent notes receivable, non-current— — 7,371 7,371 
Total financial assets$149,144 $— $7,371 $156,515 
Payment-dependent notes payable, current(3)
$5 $— $— $5 
Payment-dependent notes payable, non-current— — 7,371 7,371 
Legacy Forge warrant liabilities— — 384 384 
Private placement warrants— — 222 222 
Total financial liabilities$5 $— $7,977 $7,982 
(1) Included in Prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022.
(2) Includes $0.4 million certificates of deposit required to fulfill the Company's obligations in connection with a real estate lease agreement.
(3) Included in Accrued expenses and other current liabilities on the unaudited condensed consolidated balance sheets as of
June 30, 2023 and December 31, 2022.
Fair Value Measurement Inputs and Valuation Techniques
The Company estimated the fair value of the Legacy Forge warrant liabilities, as of June 30, 2023 and December 31, 2022, respectively, using the following key assumptions:    
June 30,
2023		December 31,
2022
Fair value of underlying securities$2.43$1.73
Expected term (years)2.362.9
Expected volatility99.6%46.1%
Risk-free interest rate4.7%4.2%
Expected dividend yield0.0%0.0%
Fair value per warrant $0.56$0.15
The significant assumptions used in the analysis were the trading price of the Company’s Common Stock as of June 30, 2023 and December 31, 2022, respectively, using the following key assumptions:
June 30,
2023		December 31,
2022
Fair value of underlying securities$2.43$1.73
Expected term (years)3.74.2
Expected volatility101.9%44.6%
Risk-free interest rate4.4%4.1%
Expected dividend yield0.0%0.0%
Fair value per warrant$0.37$0.03
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables provide reconciliation for all financial assets and liabilities measured at fair value using significant unobservable inputs (Level 3) for the six months ended June 30, 2023 and 2022 (in thousands):
Total Level 3 Financial AssetsTotal 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— 1,084 
Change in fair value of Private Placement Warrants— 2,538 
Balance as of June 30, 2023$5,830 $10,058 
Total Level 3 Financial AssetsTotal Level 3 Financial Liabilities
Balance as of December 31, 2021$13,453 $21,297 
Change in fair value of payment-dependent notes receivable2,834 — 
Change in fair value of payment-dependent notes payable— 2,834 
Change in fair value of Series B-1 Preferred Stock warrant liability— 106 
Settlement of Series B-1 Preferred Stock Warrant Liability via conversion to equity-classified common stock warrants— (2,950)
Transfer of Private Placement Warrants out of Level 2 to Level 3$— $20,461 
Balance as of June 30, 2022$16,287 $41,748 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables provide reconciliation for all financial assets and liabilities measured at fair value using significant unobservable inputs (Level 3) for the six months ended June 30, 2023 and 2022 (in thousands):
Total Level 3 Financial AssetsTotal 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— 1,084 
Change in fair value of Private Placement Warrants— 2,538 
Balance as of June 30, 2023$5,830 $10,058 
Total Level 3 Financial AssetsTotal Level 3 Financial Liabilities
Balance as of December 31, 2021$13,453 $21,297 
Change in fair value of payment-dependent notes receivable2,834 — 
Change in fair value of payment-dependent notes payable— 2,834 
Change in fair value of Series B-1 Preferred Stock warrant liability— 106 
Settlement of Series B-1 Preferred Stock Warrant Liability via conversion to equity-classified common stock warrants— (2,950)
Transfer of Private Placement Warrants out of Level 2 to Level 3$— $20,461 
Balance as of June 30, 2022$16,287 $41,748