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EQUITY INCENTIVE PLAN - Summary of Stock Option Activity (Details)
9 Months Ended
Sep. 30, 2023
shares
Share-Based Payment Arrangement [Abstract]  
Number of Options, Beginning balance 10,719,564
Number of Options, Granted 4,974,648 [1],[2],[3],[4]
Number of Options, Exercised (160,787)
Number of Options, Forfeited / Cancelled / Expired (879,190) [5]
Number of Options, Ending balance 14,654,235
[1] Includes inducement stock options to purchase 1,000,000 shares of common stock granted to the Company’s Chief Administrative Officer and Chief Financial Officer outside of the Hyperfine Plan and in accordance with Nasdaq Listing Rule 5635(c)(4).
[2] Includes the annual equity grant to five nonemployee directors of non-qualified stock options to purchase 112,000 shares each of the Company’s Class A common stock effective as of June 9, 2023, for a total of 560,000 shares. Also, includes a one-time special grant to three nonemployee directors of non-qualified stock options to purchase 85,000 shares for a total of 255,000 shares of the Company’s Class A common stock as of June 9, 2023, at an exercise price equal to $1.97 per share, the closing price of the Company’s Class A common stock on the date of grant, which will vest as to 50% on June 9, 2024
and the remaining 50% on June 9, 2025, subject to such director’s continued service to the Company through the applicable vesting dates.
[3] Includes employee new hire grants of stock options to purchase 390,000 shares of the Company's Class A common stock. Also includes annual employee grants of stock options to purchase 2,124,411 shares of the Company's Class A common stock, including grants to executive officers of stock options to purchase 668,400 shares of the Company's Class A common stock and including the grants to promoted employees of stock options to purchase 208,200 shares of the Company's Class A common stock. The grants will vest 25% on the first anniversary date of the grant with the remainder vesting equally over the remaining 36 months, subject to the employee’s continued service to the Company through the applicable vesting dates.
[4] Includes the one-time special grant of non-qualified stock options to purchase 237,437 shares of the Company’s Class A common stock granted to the Company’s Chairperson pursuant to the Hyperfine Plan effective as of June 9, 2023, at an exercise price equal to $1.97 per share, the closing price of the Company’s Class A common stock on the Nasdaq Capital Market on June 9, 2023, which will vest as to 100% on the fifth anniversary of June 9, 2023, subject to the Chairperson continued service to the Company through the vesting date. The grant was contingent upon the cancellation of the non-qualified stock option to purchase 237,437 shares of the Company’s Class A common stock having an exercise price of $0.91 per share previously granted to the Company’s Chairperson, which was cancelled on June 9, 2023. The cancellation and concurrent grant of replacement award is accounted for as a modification of the terms of cancelled award.
[5] Includes the cancellation of the non-qualified stock option to purchase 237,437 shares of the Company’s Class A common stock previously granted to the Company’s Chairperson, which was cancelled on June 9, 2023.