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EQUITY INCENTIVE PLAN | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
EQUITY INCENTIVE PLAN | 9. 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, 2024:
|  | Number of Options |
Outstanding at January 1, 2024 |  |  | 14,271,587 |
Granted (1) |  |  | 4,461,083 |
Exercised |  |  | (70,670 | )
Forfeited / Cancelled / Expired |  |  | (181,006 | )
Outstanding at March 31, 2024 |  |  | 18,480,994 |
_____________________________________________ (1) Includes employee new hire grants of stock options to purchase 91,100 shares of the Company's Class A common stock. Also includes annual employee grants of stock options and special employee grants of stock options to purchase 1,934,983 shares of the Company's Class A common stock, and grants to executive officers of stock options to purchase 2,435,000 shares of the Company's Class A common stock. The grants will vest 25% on the first anniversary date of the grant with the remainder vesting equally over the remaining 36 months, subject to the employee’s continued service to the Company through the applicable vesting dates. In general, employee awards will vest based on continued service which is generally over four years. Nonemployee director awards generally will vest in one year based on continued service on the date of the next regular annual stockholders meeting. 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, 2024:
|  | Number of RSUs |
Outstanding at January 1, 2024 |  |  | 369,026 |
Granted |  |  | — |
Vested |  |  | (41,036 | )
Forfeited |  |  | (13,747 | )
Outstanding at March 31, 2024 |  |  | 314,243 |
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, |
|  | 2024 |  |  | 2023 |
Cost of sales |  | $ | 24 |  |  | $ | 23 |
Research and development |  |  | 337 |  |  |  | 206 |
Sales and marketing |  |  | 39 |  |  |  | 38 |
General and administrative |  |  | 632 |  |  |  | 859 |
|  | $ | 1,032 |  |  | $ | 1,126 |

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