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EQUITY INCENTIVE PLAN (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021 |  |  | 1,903,479 |  |  | $ | 0.87 |  |  |  | 7.07 |  |  | $ | 2,073 |
Granted |  |  | 6,771,237 |  |  |  | 3.37 |  |  |  |  |  |  |  |  |
Exercised |  |  | (565,533 | ) |  |  | 2.65 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (587,047 | ) |  |  | 3.86 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 7,522,136 |  |  | $ | 3.21 |  |  |  | 8.79 |  |  | $ | 30,052 |
Options exercisable at December 31, 2021 |  |  | 2,332,624 |  |  | $ | 2.98 |  |  |  | 7.82 |  |  | $ | 9,785 |
Vested and expected to vest at December 31, 2021 |  |  | 7,117,220 |  |  | $ | 3.20 |  |  |  | 8.77 |  |  | $ | 28,445 |
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, 2021 and 2020 were as follows:
|  | 2021 |  |  | 2020 |
Risk Free interest rate |  |  | 0.95% - 1.13% |  |  |  | 1.5% - 1.7% |
Expected dividend yield |  |  | 0% |  |  |  | 0% |
Expected term |  |  | 5.40 years - 6.17 years |  |  |  | 5.8 years - 6.0 years |
Expected volatility |  |  | 70% |  |  |  | 60% |
Summary of Stock Options Granted | The stock options granted to the Company’s employees and nonemployees for the periods presented were as follows:
|  | 2021 |  |  | 2020 |
Stock options granted to employee |  |  | 3,534,844 |  |  |  | 897,240 |
Stock options granted to nonemployee |  |  | 3,236,393 |  |  |  | 284,816 |
Total stock options granted |  |  | 6,771,237 |  |  |  | 1,182,056 |
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:
|  | 2021 |  |  | 2020 |
Cost of sales—Device |  | $ | 12 |  |  | $ | — |
Cost of sales—Service |  |  | 12 |  |  |  | — |
Research and development |  |  | 1,327 |  |  |  | 864 |
General and administrative |  |  | 5,482 |  |  |  | 231 |
Sales and marketing |  |  | 68 |  |  |  | 22 |
Total stock-based compensation expense |  | $ | 6,901 |  |  | $ | 1,117 |

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