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EQUITY INCENTIVE PLAN (Tables) | 12 Months Ended
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Dec. 31, 2022
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 |
Granted |  |  | 8,685,663 |  |  |  | 2.43 |  |  |  |  |  |  |
Exercised |  |  | (25,870 | ) |  |  | 0.26 |  |  |  |  |  |  |
Forfeited / Expired |  |  | (5,462,365 | ) |  |  | 3.03 |  |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 10,719,564 |  |  | $ | 1.34 |  |  |  |  |  |  |
Options exercisable at December 31, 2022 |  |  | 3,442,085 |  |  | $ | 1.97 |  |  |  | 8.71 |  |  | $ | 124 |
Vested and expected to vest at December 31, 2022 |  |  | 10,719,564 |  |  | $ | 1.34 |  |  |  | 8.75 |  |  | $ | 157 |
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, 2022 and 2021 were as follows:
|  | 2022 |  | 2021 |
Risk Free interest rate |  | 0.91% - 4.18% |  | 0.95% - 1.13% |
Expected dividend yield |  | 0% |  | 0% |
Expected term (1) |  | 0.51 years - 7.50 years |  | 5.40 years - 6.17 years |
Expected volatility |  | 49% - 56% |  | 70% |
_________________________ (1) Expected term of 0.51 years related to certain employee award granted and forfeited within approximately six months.
Summary of Stock Options Granted | The stock options granted to the Company's employees and nonemployees for the periods presented were as follows:
|  | 2022 |  |  | 2021 |  |
Stock options granted to employee |  |  | 7,901,501 |  |  |  | 3,534,844 |  |
Stock options granted to nonemployee |  |  | 784,162 |  |  |  | 3,236,393 |  |
Total stock options granted |  |  | 8,685,663 |  |  |  | 6,771,237 |  |
Summary of Restricted Stock Unit Activity | The following table summarizes the changes in the Company’s outstanding restricted stock units (“RSUs”) for the year ended December 31, 2022:
|  | Number of RSUs |
Outstanding at January 1, 2021 |  |  | — |
Granted |  |  | 117,516 |
Released |  |  | — |
Forfeited |  |  | — |
Outstanding at December 31, 2021 |  |  | 117,516 |
Granted |  |  | 2,493,335 |
Released |  |  | (319,557 | )
Forfeited |  |  | (694,514 | )
Expired |  |  | (11,421 | )
Outstanding at December 31, 2022 |  |  | 1,585,359 |
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:
|  | 2022 |  |  | 2021 |
Cost of sales |  |  | 115 |  |  |  | 24 |
Research and development |  |  | 2,141 |  |  |  | 1,327 |
General and administrative |  |  | 8,064 |  |  |  | 5,482 |
Sales and marketing |  |  | 332 |  |  |  | 68 |
Total stock-based compensation expense |  | $ | 10,652 |  |  | $ | 6,901 |

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