XML 25 R9.htm IDEA: XBRL DOCUMENT v3.24.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (91,549) $ (111,905) $ (18,499)
Adjustments to reconcile net loss to net cash (used in) provided by operations:      
Share-based compensation 34,334 57,924 12,231
Depreciation and amortization 6,954 6,026 5,390
Amortization of right-of-use assets 3,153 3,999 2,804
Loss on impairment of long lived assets 599 446 0
Bad debt reserve 270 433 121
Change in fair value of warrant liabilities 6,465 (19,836) 6,064
Change in fair value of contingent liability [1] 2,545 0 0
Settlement of related party promissory notes 0 5,517 0
Other (625) 3,132 107
Changes in operating assets and liabilities:      
Accounts receivable (792) 1,403 382
Prepaid expenses and other assets 2,018 (3,321) (1,031)
Accounts payable (1,216) 904 (692)
Accrued expenses and other liabilities 2,805 (788) (520)
Accrued compensation and benefits (2,267) (7,911) 8,080
Operating lease liabilities (4,150) (4,829) (3,536)
Net cash (used in) provided by operating activities (41,456) (68,806) 10,901
Cash flows from investing activities:      
Receipts of term deposit maturities 2,115 0 0
Purchases of property and equipment (527) (220) 0
Purchases of term deposit (9,748) 0 0
Purchases of intangible assets 0 (118) (2,202)
Capitalized internal-use software development costs 0 (6,312) (1,054)
Net cash used in investing activities (8,160) (6,650) (3,256)
Cash flows from financing activities:      
Proceeds from exercise of options, including proceeds from repayment of promissory notes 710 1,086 1,621
Taxes withheld and paid related to net share settlement of equity awards (653) 0 0
Proceeds from PIPE investment and A&R FPA investors 0 208,500 0
Proceeds from exercise of Public Warrants 0 22,940 0
Formation of Forge Europe 0 9,488 0
Proceeds from the Merger 0 7,865 0
Payments for redemption of Public Warrants 0 (165) 0
Payments for offering costs 0 (56,852) (4,954)
Cash paid to purchase equity awards 0 0 (23)
Repayment of notes payable 0 0 (19,438)
Net cash provided by financing activities 57 192,862 26,581
Effect of changes in currency exchange rates on cash and cash equivalents 378 1,155 0
Net (decrease) increase in cash and cash equivalents (49,181) 118,561 34,226
Cash, cash equivalents and restricted cash, beginning of the period 194,965 76,404 42,178
Cash, cash equivalents and restricted cash, end of the period 145,784 194,965 76,404
Reconciliation of cash, cash equivalents and restricted cash to the amounts reported within the consolidated balance sheets      
Cash and cash equivalents 144,722 193,136 74,781
Restricted cash 1,062 1,829 1,623
Total cash, cash equivalents and restricted cash, end of the period 145,784 194,965 76,404
Supplemental disclosures of cash flow information:      
Cash paid for interest 0 0 2,118
Supplemental disclosure of non-cash investing and financing activities:      
Lease liabilities arising from obtaining right-of-use assets 1,755 3,087 1,702
Vesting of early exercised stock options and restricted stock awards 262 1,554 145
Purchase of property and equipment accrued and not yet paid 250 0 0
Conversion of preferred stock 0 246,049 0
Assumption of merger warrants liability 0 13,983 0
Reclassification of deferred offering costs to equity 0 5,923 0
Issuance of common stock upon settlement of related party promissory notes 0 4,207 0
Warrants issued in connection with A&R FPA 0 3,080 0
Conversion of May 2020 and October 2020 preferred stock warrants of Legacy Forge to common stock warrants 0 2,949 0
Early exercise of stock options upon settlement of related party promissory notes 0 1,310 0
Warrant liability reclassified to additional paid-in capital upon exercise of Public Warrants 0 698 0
Warrant liability reclassified to additional paid-in capital upon exercise of Junior Preferred Stock Warrants 0 653 0
Non-cash assets acquired in the Merger 0 193 0
Capitalized internal-use software development costs accrued and not yet paid 0 180 214
Exchange of Class AA common stock for Series B-1 convertible preferred stock 0 0 39,722
Deferred offering cost accrued and not yet paid 0 0 969
Series B-1 Convertible Preferred Stock      
Cash flows from financing activities:      
Proceeds from issuance of convertible preferred stock, net of issuance costs 0 0 47,735
Supplemental disclosure of non-cash investing and financing activities:      
Conversion of convertible notes into Series B-1 convertible preferred stock 0 0 111
Series B-2 Convertible Preferred Stock      
Cash flows from financing activities:      
Proceeds from issuance of convertible preferred stock, net of issuance costs $ 0 $ 0 $ 1,640
[1] The change in fair value of contingent liability in connection with the modification of Junior Preferred warrants ( December 2023 Warrants) is recorded in the consolidated statement of operations within General and administrative expense. See Note 4, "Fair Value Measurements," for additional information.