
Alcon to Acquire LumiThera and Its Photobiomodulation Device for the Treatment of Early and Intermediate Dry Age-Related Macular Degeneration (AMD)
'For more than 25 years, Alcon has been a leader in vitreoretinal surgery, and we are excited to expand our offerings into the clinic, to help millions of people living with dry AMD gain vision,' said Sean Clark, Vice President and General Manager, Global Surgical Franchise, Alcon. 'Dry AMD is an area of significant unmet need, and PBM is an efficacious, non-invasive light therapy that can provide visual improvement for patients with early and intermediate disease. With Alcon's global commercial and clinical expertise, we have the potential to make this therapy more broadly available to Eye Care Professionals and their patients, while continuing to strengthen its body of clinical evidence.'
In dry AMD, vision loss results from the dysfunction and break down of retinal cells within the macula—the part of the retina that allows for sharpness and fine detail in seeing what's directly in front of the viewer. 4 In the early stages, central vision becomes distorted and may ultimately progress to a complete loss, making everyday activities difficult, like reading, driving and even recognizing faces. 5
The retina is rich in mitochondria, and mitochondrial dysfunction is a known cause of vision loss in dry AMD. 6 PBM uses low-level light to stimulate mitochondrial energy production, promoting retinal cellular health. It uses three specific, science-backed wavelengths—delivering non-phototoxic light therapy (not laser therapy). 7,8 The non-invasive treatments are administered while the patient is sitting comfortably in a clinic setting.
Data from the LIGHTSITE I, II, and III clinical trials consistently showed that PBM treatments provide visual acuity improvement with no treatment-related serious adverse events reported. 2 The pivotal LIGHTSITE III study was conducted at 10 sites across the U.S. and evaluated two years of PBM treatment versus a control light therapy. The results showed:
Patients with PBM-treated eyes on average experienced visual acuity improvement—gaining one line of visual acuity (ETDRS) from Baseline at Months 13, 21 and maintained at Month 24 9
About 88% of patients in the PBM group maintained or gained vision versus Baseline at Month 24 9
Nearly two-thirds of patients (64%) with PBM-treated eyes experienced visual acuity improvement—gaining at least one line of visual acuity (ETDRS) from Baseline at Month 24 9
More than 97% of patients reported no pain or discomfort 2,9
More than 80% of patients stayed on therapy for two years—the recommended course of treatment 2,9
'At LumiThera, we have been committed to developing novel light therapy technologies that address dry AMD,' said Clark Tedford, Ph.D., President and CEO of LumiThera. 'Our PBM device provides a non-invasive treatment for dry AMD patients that can improve vision and address the disease earlier, before permanent vision loss. We are thrilled that Alcon agrees in the potential that this device has to change the lives of millions living with dry AMD, and we are confident that Alcon has the capabilities to broadly commercialize it.'
PBM received FDA de novo market authorization in November 2024 and received CE Mark in November 2018. PBM is currently available in Europe, Latin America, Singapore, the U.K. and the U.S.
The transaction does not include the acquisition of AdaptDx and Nova/Diopsys diagnostic devices, which will be separated and spun-off to LumiThera's shareholders prior to Alcon's acquisition and will continue to be marketed and sold by the LumiThera spin-off. Subject to customary closing conditions and a LumiThera shareholder vote, Alcon and LumiThera anticipate the acquisition to be completed in the third quarter of 2025.
Forward-looking Statements
This press release contains, and our officers and representatives may from time to time make, certain 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as 'anticipate,' 'intend,' 'commitment,' 'look forward,' 'maintain,' 'plan,' 'goal,' 'seek,' 'target,' 'assume,' 'believe,' 'project,' 'estimate,' 'expect,' 'strategy,' 'future,' 'likely,' 'may,' 'should,' 'will' and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the potential transaction and the expected timing, impacts and benefits thereof.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties and risks that are difficult to predict such as: (i) the proposed merger may not be completed in a timely manner or at all; (ii) the failure to realize the anticipated benefits of the proposed merger; and (iii) there may be liabilities related to the merger that are not known, probable or estimable at this time or unexpected costs, charges or expenses.
Additional factors are discussed in our filings with the United States Securities and Exchange Commission, including our Form 20-F. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date of its filing, and we assume no obligation to update forward-looking statements as a result of new information, future events or otherwise.
About Alcon
Alcon helps people see brilliantly. As the global leader in eye care with a heritage spanning over 75 years, we offer the broadest portfolio of products to enhance sight and improve people's lives. Our Surgical and Vision Care products touch the lives of more than 260 million people in over 140 countries each year living with conditions like cataracts, glaucoma, retinal diseases and refractive errors. Our more than 25,000 associates are enhancing the quality of life through innovative products, partnerships with Eye Care Professionals and programs that advance access to quality eye care. Learn more at www.alcon.com.
About LumiThera
LumiThera, Inc. is an ophthalmic medical device company that is Harnessing the Power of Light™ to offer a comprehensive approach for detecting, treating, and monitoring retinal diseases, specifically dry AMD. LumiThera is the leader in ophthalmic PBM innovation; for more information visit www.lumithera.com.
About PBM
The photobiomodulation (PBM) device (a.k.a. Valeda) multiwavelength treatments are for patients suffering from dry AMD. The Food & Drug Administration (FDA) has authorized marketing of the PBM device treatment for dry AMD patients to improve vision.
*It is possible that treatment benefit may not persist significantly after treatment is stopped.
Important Product Information
Indications for Use
The Valeda Light Delivery System is intended to provide improved visual acuity in patients with best-corrected visual acuity of 20/32 through 20/70 and who have dry age-related macular degeneration (AMD) characterized by:
The presence of at least 3 medium drusen (> 63 μm and = 125 μm in diameter), or large drusen (> 125 μm in diameter), or non-central geographic atrophy, AND
The absence of neovascular maculopathy or central-involving geographic atrophy
After about two years, the Valeda Light Delivery System treatment provides improved mean visual acuity of approximately one line of visual acuity (ETDRS) compared to those not receiving the treatment.
Contraindications for Use
As a precaution, patients have not been tested and should not be treated with Valeda if they have any known photosensitivity to yellow light, red light, or near-infrared radiation (NIR), or if they have a history of light-activated central nervous system disorders (e.g., epilepsy, migraine). In addition, patients should not receive treatment within 30 days of using photosensitizing agents (e.g., topicals, injectables) that are affected by 590, 660, and/or 850 nm light before consulting with their physician.
Precautions
It is possible that treatment benefit may not persist significantly after treatment is stopped. The clinical study provided no significant data concerning the safety and effectiveness of the device should treatments be applied more frequently than described in this manual, or if more than 54 total treatments are delivered per eye.
References
U.S. Food and Drug Administration. De Novo classification request for Valeda Light Delivery System (DEN230083). Accessed June 2025 at https://www.accessdata.fda.gov/cdrh_docs/pdf23/DEN230083.pdf.
LumiThera, Inc. A double-masked, randomized, sham-controlled, parallel group, multi-center study to assess the safety and efficacy of photobiomodulation (PBM) in subjects with dry age-related macular degeneration (AMD) (LIGHTSITE III). Clinical Study Report CSP005.
Wong WL, Su X, Li X, et al. Global prevalence of age-related macular degeneration and disease burden projection for 2020 and 2040: a systematic review and meta-analysis. The Lancet Global Health. 2014;2(2):e106–e116. DOI: 10.1016/S2214-109X(13)70145-170145-1.
Centers for Disease Control and Prevention. About Common Eye Disorders and Diseases. Accessed in June 2025 at www.cdc.gov/vision-health/about-eye-disorders/index.html.
Mitchell P, Liew G, Gopinath B, Wong TY. Age-related macular degeneration. The Lancet. 2018;392(10153):1147–1159. DOI: 10.1016/S0140-6736(18)31550-2.
Eells JT. Mitochondrial dysfunction in the aging retina. Biology (Basel). 2019;8(2):31. DOI: 10.3390/biology8020031.
Wong-Riley MTT, Liang HL, Eells JT, Chance B. Photobiomodulation directly benefits primary neurons functionally inactivated by toxins: Role of cytochrome c oxidase. J Biol Chem. 2005;280(6):4761–4771. DOI: 10.1074/jbc.M409650200.
Ball KA, Castello PR, Poyton RO. Low intensity light stimulates nitrite-dependent nitric oxide synthesis but not oxygen consumption by cytochrome c oxidase: Implications for phototherapy. Biochim Biophys Acta. 2011;1807(7):964–970. DOI: 10.1016/j.bbabio.2011.04.003.
Valeda ® Light Delivery System User Manual (LBL-0001-01 REV C).

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Forward-Looking Statements This press release contains "forward-looking statements," which generally are accompanied by words such as "believe," "may," "could," "will," "estimate," "continue," "anticipate," "intend," "target," "goal," "expect," "should," "would," "plan," "predict," "project," "forecast," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict, indicate, or relate to future events or trends or Forge's future financial or operating performance, or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Forge's beliefs regarding its financial position and operating performance, as well as future opportunities for Forge to expand its business. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, while considered reasonable by Forge and its management, are subject to risks and uncertainties that may cause actual results to differ materially from current expectations. You should carefully consider the risks and uncertainties described in Forge's documents filed, or to be filed, with the SEC. There may be additional risks that Forge presently does not know of or that it currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect Forge's expectations, plans, or forecasts of future events and views as of the date of this press release. Forge anticipates that subsequent events and developments will cause its assessments to change. However, while Forge may elect to update these forward-looking statements at some point in the future, Forge specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Forge's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. About Forge Forge (NYSE: FRGE) is a leading provider of marketplace infrastructure, data services and technology and investment solutions for the private market. Forge Securities LLC is a registered broker-dealer and a member of FINRA that operates an alternative trading system. FORGE GLOBAL HOLDINGS, INC. Unaudited Consolidated Balance Sheets (In thousands of U.S. dollars, except share and per share data) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 54,310 $ 105,140 Restricted cash 1,138 1,116 Accounts receivable, net 8,119 4,706 Prepaid expenses and other current assets 10,020 8,205 Investments 26,393 — Total current assets $ 99,980 $ 119,167 Internal-use software, property and equipment, net 1,557 2,920 Goodwill and other intangible assets, net 126,055 126,456 Operating lease right-of-use assets 3,985 5,107 Payment-dependent notes receivable 9,604 7,412 Other assets, noncurrent 1,664 2,444 Total assets $ 242,845 $ 263,506 Liabilities and stockholders' equity Current liabilities: Accounts payable 2,744 1,941 Accrued compensation and benefits 13,600 13,430 Accrued expenses and other current liabilities 6,765 6,310 Operating lease liabilities, current 2,032 3,463 Total current liabilities $ 25,141 $ 25,144 Payment-dependent notes payable 9,604 7,412 Operating lease liabilities, noncurrent 3,231 3,694 Warrant liabilities 296 192 Other liabilities, noncurrent 329 322 Total liabilities $ 38,601 $ 36,764 Commitments and contingencies Stockholders' equity (1): Common stock, $0.0001 par value; 133,333 shares authorized; 12,411 and 12,427 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 1 1 Treasury stock, at cost; 10 shares as of both June 30, 2025 and December 31, 2024, respectively (625 ) (625 ) Additional paid-in capital 575,676 570,606 Accumulated other comprehensive income 1,193 572 Accumulated deficit (375,724 ) (346,972 ) Total Forge Global Holdings, Inc. stockholders' equity $ 200,521 $ 223,582 Noncontrolling Interest 3,723 3,160 Total stockholders' equity $ 204,244 $ 226,742 Total liabilities and stockholders' equity $ 242,845 $ 263,506 (1) Amounts have been adjusted to reflect the Reverse Stock Split. FORGE GLOBAL HOLDINGS, INC. Unaudited Consolidated Statements of Operations (In thousands of U.S. dollars, except share and per share data) Three Months Ended Six Months Ended June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Revenues: Marketplace revenue $ 18,597 $ 15,997 $ 11,679 $ 34,594 $ 20,199 Custodial administration fees 9,142 9,299 10,603 18,441 21,325 Total revenues $ 27,739 $ 25,296 $ 22,282 $ 53,035 $ 41,524 Transaction-based expenses: Transaction-based expenses (155 ) (192 ) (256 ) (347 ) (285 ) Total revenues, less transaction-based expenses $ 27,584 $ 25,104 $ 22,026 $ 52,688 $ 41,239 Operating expenses: Compensation and benefits 27,193 29,491 28,784 56,684 58,627 Technology and communications 4,667 4,349 2,649 9,016 5,709 Professional services 1,204 2,332 1,605 3,536 3,822 General and administrative 2,144 2,254 2,508 4,398 7,570 Advertising and market development 1,528 1,215 1,243 2,743 2,333 Acquisition-related transaction costs 1,988 — — 1,988 — Depreciation and amortization 909 986 1,781 1,895 3,597 Rent and occupancy 786 946 1,107 1,732 2,242 Total operating expenses $ 40,419 $ 41,573 $ 39,677 $ 81,992 $ 83,900 Operating loss $ (12,835 ) $ (16,469 ) $ (17,651 ) $ (29,304 ) $ (42,661 ) Interest and other income: Interest income 803 1,042 1,495 1,845 3,204 Change in fair value of warrant liabilities (294 ) 191 2,280 (103 ) 6,727 Other income, net 76 54 94 130 170 Total interest and other (expense) income $ 585 $ 1,287 $ 3,869 $ 1,872 $ 10,101 Loss before provision for income taxes $ (12,250 ) $ (15,182 ) $ (13,782 ) $ (27,432 ) $ (32,560 ) Provision for income taxes 189 1,016 258 1,205 474 Net loss $ (12,439 ) $ (16,198 ) $ (14,040 ) $ (28,637 ) $ (33,034 ) Net income (loss) attributable to noncontrolling interest $ 141 $ (26 ) $ (316 ) $ 115 $ (686 ) Net loss attributable to Forge Global Holdings, Inc. $ (12,580 ) $ (16,172 ) $ (13,724 ) $ (28,752 ) $ (32,348 ) Net loss per share attributable to Forge Global Holdings, Inc. common stockholders: Basic $ (1.01 ) $ (1.29 ) $ (1.13 ) $ (2.30 ) $ (2.67 ) Diluted $ (1.01 ) $ (1.29 ) $ (1.13 ) $ (2.30 ) $ (2.67 ) Weighted-average shares used in computing net loss per share attributable to Forge Global Holdings, Inc. common stockholders: Basic 12,474 12,534 12,179 12,503 12,112 Diluted 12,474 12,534 12,179 12,503 12,112 FORGE GLOBAL HOLDINGS, INC. Unaudited Consolidated Statements of Cash Flows (In thousands of U.S. dollars) Three Months Ended Six Months Ended June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Cash flows from operating activities: Net loss $ (12,439 ) $ (16,198 ) $ (14,040 ) (28,637 ) $ (33,034 ) Adjustments to reconcile net loss to net cash used in operations: Share-based compensation 3,436 6,519 7,859 9,955 17,326 Depreciation and amortization 746 941 1,781 1,687 3,597 Amortization of right-of-use assets 509 613 662 1,122 1,305 Loss on impairment of long lived assets — — — — 186 Allowance for doubtful accounts 99 170 107 269 216 Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Other (6 ) 4 — (2 ) (10 ) Changes in operating assets and liabilities: Accounts receivable (2,365 ) (1,317 ) 923 (3,682 ) (673 ) Prepaid expenses and other assets (1,523 ) 506 (5,353 ) (1,017 ) (4,228 ) Accounts payable 363 461 (1,004 ) 824 62 Accrued expenses and other liabilities 100 396 (4,636 ) 496 (1,854 ) Accrued compensation and benefits 4,004 (3,833 ) 2,041 171 (1,926 ) Operating lease liabilities (990 ) (904 ) (491 ) (1,894 ) (1,046 ) Net cash used in operating activities $ (7,772 ) $ (12,833 ) $ (14,431 ) $ (20,605 ) $ (26,806 ) Cash flows from investing activities: Maturity of investments and term deposits 14,673 534 6,559 15,207 6,559 Purchases of investments and term deposits (19,397 ) (22,012 ) — (41,409 ) — Purchases of property and equipment (100 ) (51 ) (267 ) (151 ) (667 ) Net cash provided by (used in) investing activities $ (4,824 ) $ (21,529 ) $ 6,292 $ (26,353 ) $ 5,892 Cash flows from financing activities: Proceeds from exercise of options 47 26 235 73 461 Taxes withheld and paid related to net share settlement of equity awards (170 ) (679 ) (1,135 ) (849 ) (3,437 ) Share buyback $ (4,139 ) $ — $ — $ (4,139 ) $ — Cash paid for fractional shares related to stock split $ (4 ) $ — $ — $ (4 ) $ — Net cash used in financing activities $ (4,266 ) $ (653 ) $ (900 ) $ (4,919 ) $ (2,976 ) Effect of changes in currency exchange rates on cash and cash equivalents $ 711 $ 358 $ (78 ) 1,069 (331 ) Net decrease in cash and cash equivalents (16,151 ) (34,657 ) (9,117 ) $ (50,808 ) $ (24,221 ) Cash, cash equivalents and restricted cash, beginning of the period $ 71,599 $ 106,256 $ 130,681 $ 106,256 $ 145,785 Cash, cash equivalents and restricted cash, end of the period $ 55,448 $ 71,599 $ 121,564 $ 55,448 $ 121,564 Reconciliation of cash, cash equivalents and restricted cash to the amounts reported within the consolidated balance sheets Cash and cash equivalents 54,310 70,472 120,475 54,310 120,475 Restricted cash 1,138 1,127 1,089 1,138 1,089 Total cash, cash equivalents and restricted cash, end of the period $ 55,448 $ 71,599 $ 121,564 $ 55,448 $ 121,564 FORGE GLOBAL HOLDINGS, INC. Unaudited Reconciliation of GAAP to Non-GAAP Results (In thousands of U.S. dollars) Three Months Ended Six Months Ended June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Net loss attributable to Forge Global Holdings, Inc. $ (12,580 ) $ (16,172 ) $ (13,724 ) $ (28,752 ) $ (32,348 ) Add: Interest expense, net (803 ) (1,042 ) (1,495 ) (1,845 ) (3,204 ) Provision for income taxes 189 1,016 258 1,205 474 Depreciation and amortization 909 986 1,781 1,895 3,597 Net loss attributable to noncontrolling interest 141 (26 ) (316 ) 115 (686 ) Loss or impairment on long lived assets — — — — 186 Share-based compensation expense 3,436 6,519 7,859 9,955 17,326 Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Acquisition-related transaction costs 1,988 — — 1,988 — Other 993 — $ — 993 $ — Adjusted EBITDA $ (5,433 ) $ (8,910 ) $ (7,917 ) $ (14,343 ) $ (21,382 ) Three Months Ended Six Months Ended June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Net loss attributable to Forge Global Holdings, Inc. $ (12,580 ) $ (16,172 ) $ (13,724 ) $ (28,752 ) $ (32,348 ) Add: Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Income tax (expense) benefit of adjustment (4 ) 13 48 (4 ) 108 Adjusted net loss attributable to Forge Global Holdings, Inc. $ (12,290 ) $ (16,350 ) $ (15,956 ) $ (28,653 ) $ (38,967 ) Weighted average shares - basic and diluted 12,474 12,534 12,179 12,503 12,112 EPS - basic and diluted $ (1.01 ) $ (1.29 ) $ (1.13 ) $ (2.30 ) $ (2.67 ) Adjusted EPS - basic and diluted $ (0.99 ) $ (1.30 ) $ (1.31 ) $ (2.30 ) $ (3.22 ) Amounts may not recalculate due to rounding SUPPLEMENTAL FINANCIAL INFORMATIONUnaudited KEY OPERATING METRICS(In thousands of U.S. dollars) Key Business Metrics Forge monitors the following key business metrics to help evaluate its business, identify trends affecting its business, formulate business plans, and make strategic decisions. The tables below reflect period-over-period changes in Forge's key business metrics, along with the percentage change between such periods. Forge believes the following business metrics are useful in evaluating its business: Three Months Ended Six Months Ended Dollars in thousands June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 MARKETPLACE SOLUTIONS Trades 927 963 831 1,890 1,436 Volume $ 756,110 $ 692,391 $ 426,318 $ 1,448,501 $ 688,856 Net Take Rate 2.4 % 2.3 % 2.7 % 2.4 % 2.9 % Marketplace revenues, less transaction-based expenses $ 18,490 $ 15,831 $ 11,423 $ 34,321 $ 19,914 Average trade size (volume/trades) $ 816 $ 719 $ 513 $ 766 $ 480 Trades are defined as the total number of orders executed by Forge on behalf of private investors and shareholders. Increasing the number of orders is critical to increasing Forge's revenue and, in turn, to achieving profitability. Volume is defined as the total sales value for all securities traded through the Forge marketplace, which is the aggregate value of the issuer company's equity attributed to both the buyer and seller in a trade and as such a $100 trade of equity between buyer and seller would be captured as $200 volume for Forge. Although Forge typically captures a commission on each side of a trade, Forge may not in certain cases due to factors such as the use of a third-party broker by one of the parties or supply factors that would not allow Forge to attract sellers of shares of certain issuers. Volume is influenced by, among other things, the pricing and quality of Forge's services as well as market conditions that affect private company valuations, such as increases in valuations of comparable companies at IPO. Net Take Rates are defined as Forge's marketplace revenues, less markets-related transaction-based expenses, divided by Volume. These represent the percentage of fees earned by the Forge marketplace on any transactions executed from the commission Forge charged on such transactions less transaction-based expenses, which is a determining factor in Forge's revenue. The Net Take Rate can vary based upon the service or product offering and is also affected by the average order size and transaction frequency. As of or for the Three Months Ended Dollars in thousands June 30,2025 March 31,2025 December 31,2024 CUSTODY SOLUTIONS Total Custodial Accounts 2,598,846 2,508,443 2,376,099 Assets Under Custody $ 18,132,637 $ 17,635,034 $ 16,897,318 Custodial Client Cash $ 440,278 $ 459,685 $ 482,946 Custodial administration fees, less transaction-based expenses $ 9,094 $ 9,273 $ 9,839 Total Custodial Accounts are defined as Forge clients' custodial accounts that are established on Forge's platform and billable. These relate to Forge's Custodial Administration fees revenue stream and are an important measure of Forge's business as the number of Total Custodial Accounts is an indicator of Forge's future revenues from certain account maintenance, transaction and cash administration fees. Assets Under Custody is the reported value of all client holdings held under Forge's agreements, including cash submitted to Forge by the responsible party. These assets can be held at various financial institutions, issuers and in Forge's vault. As the custodian of the accounts, Forge collects all interest and dividends, handles all fees and transactions and any other considerations for the assets concerned. Fees are earned from the overall maintenance activities of all assets and are not charged on the basis of the dollar value of Assets Under Custody, but Forge believes that Assets Under Custody is a useful metric for assessing the relative size and scope of its business. Custodial Client Cash, previously called Custodial Cash Balance, is a component of Assets Under Custody representing the value of cash held on behalf of clients held under Forge's agreements. These assets are held at various financial institutions. Fees are earned from the administration activities performed with respect to these balances. The amount of Custodial Client Cash is a determining factor in Forge's revenue. Please note that starting in the first quarter of 2025, Forge has added Custodial Client Cash as a key business metric for its custody solution as cash administration fee revenue is highly correlated to this metric. Custodial Client Cash has been provided as a metric in Forge's quarterly supplemental information furnished with the SEC since the third quarter of 2022 and was previously called Custodial Cash Balance. Forge has not adjusted methodology, assumptions, or otherwise changed any aspects of this metric and it is comparable to prior period presentations of Custodial Cash Balance in Forge's quarterly supplemental information. Custodial Client Cash represents the value of cash held on behalf of clients held under Forge's custody solution agreements. Forge believes that disclosing Custodial Client Cash provides investors with valuable insight into custody solution revenue as cash administration fees currently make up the majority of Forge's custodial administration fee revenue. Cash administration fees are based on prevailing interest rates and custodial client cash balances. Forge has included Custodial Client Cash balances for all periods presented to facilitate comparability and trend analysis. View source version on Contacts Investor Relations Contact: Idalia Rodriguez, Arbor Advisory Groupir@ Media Contact: Lindsay Riddellpress@