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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
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, |
|  | 2022 |  |  | 2021 |
Gross deferred tax assets (liabilities): |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 39,033 |  |  | $ | 29,300 |
Tax credit carryforwards |  |  | 5,478 |  |  |  | 3,429 |
Fixed assets |  |  | (117 | ) |  |  | (117 | )
Stock-based compensation |  |  | 2,621 |  |  |  | 1,634 |
Capitalized R&D |  |  | 5,463 |  |  |  | — |
Deferred revenue |  |  | 817 |  |  |  | 949 |
Accrued bonuses |  |  | — |  |  |  | 857 |
Other |  |  | 70 |  |  |  | 84 |
Total deferred tax assets |  |  | 53,365 |  |  |  | 36,136 |
Valuation allowance |  |  | (53,365 | ) |  |  | (36,136 | )
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, |
|  | 2022 |  |  | 2021 |
Statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal benefit |  |  | 2.1 | % |  |  | 4.0 | %
Federal research and development credit |  |  | 2.5 | % |  |  | 1.5 | %
Stock-based compensation |  |  | (1.5 | )% |  |  | (0.1 | )%
Deferred tax adjustment resulting from tax rate change |  |  | (0.4 | )% |  |  | 2.2 | %
Other |  |  | (0.1 | )% |  |  | (0.5 | )%
Valuation allowance |  |  | (23.5 | )% |  |  | (28.1 | )%
Effective tax rate |  |  | 0.0 | % |  |  | 0.0 | %
Schedule of Tax Net Operating Loss Carryforward and Tax Credit Carryforward | As of December 31, 2022, the Company had the following tax net operating loss carryforwards available to reduce future federal and state taxable income, and tax credit carryforwards available to offset future federal and state 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) |  |  | 132,748 |  |  | No Expiration
States |  |  | 84,977 |  |  | 2031
Tax credit carryforwards: |  |  |  |  |
Federal research and development |  |  | 3,877 |  |  | 2034
Connecticut research and development |  |  | 1,015 |  |  | No Expiration
Connecticut others |  |  | 21 |  |  | 5 Year Carryforward
Federal others |  |  | 135 |  |  | 5 Year Carryforward
|  | Liminal
|  | Amount |  |  | Begin to Expire in
Liminal tax net operating loss carryforwards: |  |  |  |  |
Federal (pre-2018 NOLs) |  | $ | — |  |  |
Federal (post-2017 NOLs) |  |  | 13,446 |  |  | No Expiration
States |  |  | 13,443 |  |  | 2038
Tax credit carryforwards: |  |  |  |  |
Federal research and development |  |  | 717 |  |  | 2038
Connecticut research and development |  |  | 81 |  |  | No Expiration
Federal and state other |  |  | 3 |  |  | 2025

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