XML 45 R32.htm IDEA: XBRL DOCUMENT
v3.22.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets (Liabilities) | Significant components of the Company’s deferred tax assets (liabilities) are as follows:
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
Gross deferred tax assets (liabilities): |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 29,300 |  |  | $ | 14,512 |
Tax credit carryforwards |  |  | 3,429 |  |  |  | 2,238 |
Fixed assets |  |  | (117 | ) |  |  | 5 |
Stock-based compensation |  |  | 1,634 |  |  |  | 522 |
Deferred revenue |  |  | 949 |  |  |  | 421 |
Accrued bonuses |  |  | 857 |  |  |  | — |
Other |  |  | 84 |  |  |  | 90 |
Total deferred tax assets |  |  | 36,136 |  |  |  | 17,788 |
Valuation allowance |  |  | (36,136 | ) |  |  | (17,788 | )
Net deferred tax assets (liabilities) |  | $ | — |  |  | $ | — |
Schedule of Reconciliation of Anticipated Income Tax Expense Benefit Computed by Statutory Federal Income Tax Rate | A reconciliation of the income tax expense at the federal statutory tax rate to the Company’s effective income tax rate follows:
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
Statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal benefit |  |  | 4.0 | % |  |  | 1.8 | %
Federal research and development credit |  |  | 1.5 | % |  |  | 3.2 | %
Stock-based compensation |  |  | (0.1 | )% |  |  | (0.5 | )%
Write down of federal NOL due to 382 limitation |  |  | — |  |  |  | (2.8 | )%
Write down of federal R&D credits due to 382 limitation |  |  | — |  |  |  | (1.1 | )%
Deferred tax adjustment resulting from tax rate change |  |  | 2.2 | % |  |  | (5.5 | )%
Other |  |  | (0.5 | )% |  |  | (0.2 | )%
Valuation allowance |  |  | (28.1 | )% |  |  | (15.9 | )%
Effective tax rate |  |  | 0.0 | % |  |  | 0.0 | %
Schedule of Tax Net Operating Loss Carryforward and Tax Credit Carryforward | As of December 31, 2021, the Company had the following tax net operating loss carryforwards available to reduce future federal and Connecticut taxable income, and tax credit carryforwards available to offset future federal and Connecticut income taxes:
|  | Hyperfine |
|  | Amount |  |  | Begin to Expire in |
Hyperfine tax net operating loss carryforwards: |  |  |  |  |  |  |  |
Federal (pre-2018 NOLs) |  | $ | 12,084 |  |  |  | 2034 |
Federal (post-2017 NOLs) |  |  | 91,306 |  |  |  | No Expiration |
States |  |  | 72,621 |  |  |  | 2034 |
Tax credit carryforwards: |  |  |  |  |  |  |  |
Federal research and development |  |  | 2,338 |  |  |  | 2034 |
Connecticut research and development |  |  | 752 |  |  |  | No Expiration |
Connecticut others |  |  | 12 |  |  |  | 2022 |
Federal others |  |  | 135 |  |  |  | 2022 |
|  | Liminal |
|  | Amount |  |  | Begin to Expire in |
Liminal tax net operating loss carryforwards: |  |  |  |  |  |  |  |
Federal (pre-2018 NOLs) |  | $ | — |  |  |  |  |
Federal (post-2017 NOLs) |  |  | 12,304 |  |  |  | No Expiration |
States |  |  | 12,300 |  |  |  | 2038 |
Tax credit carryforwards: |  |  |  |  |  |  |  |
Federal research and development |  |  | 449 |  |  |  | 2038 |
Connecticut research and development |  |  | 49 |  |  |  | No Expiration |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32559-109319 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration