STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of the stock option activity under the Hyperfine Plan is presented in the table below:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2022		7,522,136		$	3.21		8.79	$	30,052
Granted		8,685,663			2.43
Exercised		(25,870	)		0.26
Forfeited		(5,462,365	)		3.03
Outstanding at December 31, 2022		10,719,564		$	1.34		8.75	$	157
Granted		5,323,048			1.65
Exercised		(210,234	)		0.83
Forfeited / Expired		(1,560,791	)		1.41
Outstanding at December 31, 2023		14,271,587		$	1.46
Options exercisable at December 31, 2023		5,604,577		$	1.65		7.30	$	886
Vested or expected to vest at December 31, 2023		14,033,151		$	1.46		8.30	$	1,714

Assumptions Used to Value Option Grants to Employees and Nonemployees

The assumptions used to value option grants to employees and nonemployees for the years ended December 31, 2023 and 2022 were as follows:

	2023	2022
Risk Free interest rate	3.32% - 4.8%	0.91% - 4.18%
Expected dividend yield	0%	0%
Expected term	5.50 ─ 7.50 years	0.51 ─ 7.50 years
Expected volatility	55% ─ 66%	49% ─ 56%

Summary of Stock Options Granted

The stock options granted to the Company’s employees and nonemployees for the periods presented were as follows:

	2023		2022
Stock options granted to employees		4,270,611		7,901,501
Stock options granted to nonemployee directors		1,052,437		784,162
Total stock options granted		5,323,048		8,685,663

Summary of Restricted Stock Unit Activity

The following table summarizes the changes in the Company’s outstanding restricted stock units (“RSUs”) for the year ended December 31, 2023:

	Number of RSUs
Outstanding at January 1, 2022		117,516
Granted		2,493,335
Released		(319,557	)
Forfeited		(694,514	)
Expired		(11,421	)
Outstanding at December 31, 2022		1,585,359
Granted		29,000
Released		(1,008,283	)
Forfeited		(237,050	)
Expired		—
Outstanding at December 31, 2023		369,026

Key Assumptions Used in Valuation for Earn-Out Shares

The key assumptions used in the valuation were as follows:

	2021
Stock Price	10.92
Risk Free interest rate		0.96	%
Expected dividend yield		0.0	%
Term (years)	3
Expected volatility		54.5	%

Summary of Stock-Based Compensation Expense

The Company’s stock-based compensation expense for the periods presented was as follows:

	2023		2022
Cost of sales		109		115
Research and development		1,283		2,141
General and administrative		3,162		8,064
Sales and marketing		187		332
Total stock-based compensation expense	$	4,741	$	10,652