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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

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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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.

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-Publisher FASB
-Name Accounting Standards Codification
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