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EQUITY INCENTIVE PLAN | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
EQUITY INCENTIVE PLAN | 8. EQUITY INCENTIVE PLAN The Company's 2021 Equity Incentive Plan (the “Hyperfine Plan”) is administered by the Company's board of directors and its compensation committee, which may grant restricted stock units (“RSUs”) and options to purchase shares either as incentive stock options or non-qualified stock options, and other stock-based awards. The option grants are subject to certain terms and conditions, option periods and conditions, exercise rights and privileges as set forth in the Hyperfine Plan. Stock option activity The following table summarizes the changes in the Company’s outstanding stock options for the three months ended March 31, 2023:
|  | Number of Options |
Outstanding at January 1, 2023 |  |  | 10,719,564 |
Granted(1) |  |  | 3,077,411 |
Exercised |  |  | (54,211 | )
Forfeited |  |  | (444,776 | )
Outstanding at March 31, 2023 |  |  | 13,297,988 |
_________________________ (1) Includes inducement stock options to purchase 1,000,000 shares of common stock granted to the Company’s Chief Administrative Officer and Chief Financial Officer outside of the Hyperfine Plan and in accordance with Nasdaq Listing Rule 5635(c)(4). In general, each award will vest based on continued service which is generally over 4 years. The grant date fair value of the award will be recognized as stock-based compensation expense over the requisite service period. The grant date fair value was determined using similar methods and assumptions as those previously disclosed by the Company. Restricted stock unit activity The following table summarizes the changes in the Company’s outstanding RSUs for the three months ended March 31, 2023:
|  | Number of RSUs |
Outstanding at January 1, 2023 |  |  | 1,585,359 |
Granted |  |  | 26,500 |
Vested |  |  | (324,296 | )
Forfeited |  |  | (135,967 | )
Outstanding at March 31, 2023 |  |  | 1,151,596 |
Included in the table above are service-based RSUs. During the three months ended March 31, 2023, the Company granted 26,500 service-based awards. The fair value of RSUs was estimated on the date of grant based on the fair value of the Company’s Class A common stock. The following table presents details of s tock-based compensation expenses by functional line item noted within the Company's operating expenses:
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Cost of sales |  | $ | 23 |  |  | $ | 16 |
Research and development |  |  | 206 |  |  |  | 781 |
Sales and marketing |  |  | 38 |  |  |  | 96 |
General and administrative |  |  | 859 |  |  |  | 3,218 |
|  | $ | 1,126 |  |  | $ | 4,111 |

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