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EQUITY INCENTIVE PLAN (Tables)
 12 Months Ended
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