0000950170-22-016936 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	HYPR
Entity Registrant Name	Hyperfine, Inc.
Entity Central Index Key	0001833769
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Class A common stock, $0.0001 Par Value Per Share
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-39949
Entity Tax Identification Number	98-1569027
Entity Address, Address Line One	351 New Whitfield Street
Entity Address, City or Town	Guilford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06437
City Area Code	866
Local Phone Number	-6767
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		55,405,246
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15,055,288

CONDENSED COMBINED AND CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 145,104	$ 188,498
Restricted cash	1,604	2,662
Accounts receivable, less allowance of $151 and $32 as of June 30, 2022 and December 31, 2021, respectively	1,987	553
Unbilled receivables	1,118	91
Inventory	4,646	4,310
Prepaid expenses and other current assets	2,570	1,357
Due from related parties	2	14
Total current assets	157,031	197,485
Property and equipment, net	3,498	3,753
Other long term assets	1,179	1,235
Total assets	161,708	202,473
CURRENT LIABILITIES:
Accounts payable	1,697	2,248
Deferred grant funding	1,604	2,662
Deferred revenue	964	730
Due to related parties	81	1,981
Accrued expenses and other current liabilities	6,109	8,115
Total current liabilities	10,455	15,736
Long term deferred revenue	745	510
Total liabilities	11,200	16,246
COMMITMENTS AND CONTINGENCIES (NOTE 12)
STOCKHOLDERS' EQUITY:
Additional paid-in capital	333,755	322,540
Accumulated deficit	(183,254)	(136,320)
Total stockholders' equity	150,508	186,227
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	161,708	202,473
Class A Common Stock
STOCKHOLDERS' EQUITY:
Common stock	5	5
Class B Common Stock
STOCKHOLDERS' EQUITY:
Common stock	$ 2	$ 2

CONDENSED COMBINED AND CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts receivable	$ 151	$ 32
Class A Common Stock
Common shares, par value, (per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized	600,000,000	600,000,000
Common shares, shares issued	55,312,656	55,312,656
Common shares, shares outstanding	55,277,061	55,277,061
Class B Common Stock
Common shares, par value, (per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized	27,000,000	27,000,000
Common shares, shares issued	15,055,288	15,055,288
Common shares, shares outstanding	15,055,288	15,055,288

CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Sales
Total sales	$ 1,533	$ 358	$ 3,042	$ 689
Cost of sales
Total cost of sales	1,698	457	3,123	1,065
Gross margin	(165)	(99)	(81)	(376)
Operating Expenses:
Research and development	7,265	6,037	15,599	10,511
General and administrative	12,012	6,663	23,372	8,521
Sales and marketing	3,750	1,787	7,911	2,983
Total operating expenses	23,027	14,487	46,882	22,015
Loss from operations	(23,192)	(14,586)	(46,963)	(22,391)
Interest income	32	5	33	10
Other income (expense), net	1	1	(4)	7
Loss before provision for income taxes	(23,159)	(14,580)	(46,934)	(22,374)
Provision for income taxes	0	0	0	0
Net loss and comprehensive loss	$ (23,159)	$ (14,580)	$ (46,934)	$ (22,374)
Earnings Per Share, Basic	$ (0.33)	$ (8.80)	$ (0.67)	$ (13.72)
Earnings Per Share, Diluted	$ (0.33)	$ (8.80)	$ (0.67)	$ (13.72)
Denominator for Basic EPS - Weighted-average common stock	70,350,178	1,657,345	70,341,411	1,630,190
Denominator for Dilutive EPS - Weighted-average common stock	70,350,178	1,657,345	70,341,411	1,630,190
Device
Sales
Total sales	$ 1,168	$ 152	$ 2,360	$ 321
Cost of sales
Total cost of sales	1,259	364	2,296	912
Service
Sales
Total sales	365	206	682	368
Cost of sales
Total cost of sales	$ 439	$ 93	$ 827	$ 153

CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Hyperfine Convertible Preferred Stock	Liminal Convertible Preferred Stock	Additional Paid-in Capital	Accumulated Deficit	Common Stock Class A Common Stock	Common Stock Class B Common Stock
Balance at Dec. 31, 2020	$ (61,054)			$ 10,415	$ (71,469)
Balance (in shares) at Dec. 31, 2020		95,010,858
Balance at Dec. 31, 2020		$ 128,286
Balance (in shares) at Dec. 31, 2020						1,576,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(7,794)				(7,794)
Issuance of Series D convertible preferred stock, net of issuance costs		$ 30,461
Issuance of Series D convertible preferred stock, net of issuance costs (in shares)		14,171,333
Investment from 4Bionics, LLC	700			700
Exercise of stock options	49			49
Exercise of stock options (in shares)						41,958
Stock-based compensation expense	267			267
Balance at Mar. 31, 2021	(67,832)			11,431	(79,263)
Balance (in shares) at Mar. 31, 2021		109,182,191
Balance at Mar. 31, 2021		$ 158,747
Balance (in shares) at Mar. 31, 2021						1,618,095
Balance at Dec. 31, 2020	(61,054)			10,415	(71,469)
Balance (in shares) at Dec. 31, 2020		95,010,858
Balance at Dec. 31, 2020		$ 128,286
Balance (in shares) at Dec. 31, 2020						1,576,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(22,374)
Balance at Jun. 30, 2021	(87,308)			6,535	(93,843)
Balance (in shares) at Jun. 30, 2021		109,182,191	57,500,000
Balance at Jun. 30, 2021		$ 158,747	$ 9,350
Balance (in shares) at Jun. 30, 2021						1,688,847
Balance at Mar. 31, 2021	(67,832)			11,431	(79,263)
Balance (in shares) at Mar. 31, 2021		109,182,191
Balance at Mar. 31, 2021		$ 158,747
Balance (in shares) at Mar. 31, 2021						1,618,095
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(14,580)				(14,580)
Investment from 4Bionics, LLC	2,816			2,816
Conversion of Liminal Common stock			$ 9,350
Conversion of Liminal Common stock (in shares)			57,500,000
Conversion of Liminal Common stock	(9,350)			(9,350)
Conversion of Liminal Common stock (in shares)						(180)
Exercise of stock options	149			149
Exercise of stock options (in shares)						70,932
Stock-based compensation expense	1,489			1,489
Balance at Jun. 30, 2021	(87,308)			6,535	(93,843)
Balance (in shares) at Jun. 30, 2021		109,182,191	57,500,000
Balance at Jun. 30, 2021		$ 158,747	$ 9,350
Balance (in shares) at Jun. 30, 2021						1,688,847
Balance at Dec. 31, 2021	186,227			322,540	(136,320)	$ 5	$ 2
Balance (in shares) at Dec. 31, 2021						55,277,061	15,055,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(23,775)				(23,775)
Stock-based compensation expense	4,111			4,111
Balance at Mar. 31, 2022	166,563			326,651	(160,095)	$ 5	$ 2
Balance (in shares) at Mar. 31, 2022						55,277,061	15,055,288
Balance at Dec. 31, 2021	186,227			322,540	(136,320)	$ 5	$ 2
Balance (in shares) at Dec. 31, 2021						55,277,061	15,055,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(46,934)
Balance at Jun. 30, 2022	150,508			333,755	(183,254)	$ 5	$ 2
Balance (in shares) at Jun. 30, 2022						55,312,656	15,055,288
Balance at Mar. 31, 2022	166,563			326,651	(160,095)	$ 5	$ 2
Balance (in shares) at Mar. 31, 2022						55,277,061	15,055,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(23,159)				(23,159)
Issuance of restricted stock						19,220
Exercise of stock options	$ 2			2
Exercise of stock options (in shares)	16,375					16,375
Stock-based compensation expense	$ 7,102			7,102
Balance at Jun. 30, 2022	$ 150,508			$ 333,755	$ (183,254)	$ 5	$ 2
Balance (in shares) at Jun. 30, 2022						55,312,656	15,055,288

CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (46,934)	$ (22,374)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	516	218
Stock-based compensation expense	11,213	1,756
Write-down of inventory	0	33
Payments received on net investment in lease	4	5
Changes in assets and liabilities:
Accounts receivable	(1,434)	(263)
Unbilled receivables	(1,027)	(39)
Inventory	(336)	(449)
Prepaid expenses and other current assets	(1,213)	(357)
Due from related parties	12	1,279
Other assets - related party		193
Other long term assets	52	(20)
Accounts payable	(551)	196
Deferred grant funding	(1,058)	(322)
Deferred revenue	469	554
Due to related parties	(1,900)	(50)
Accrued expenses and other current liabilities	(2,013)	536
Net cash used in operating activities	(44,200)	(19,104)
Cash flows from investing activities:
Purchases of fixed assets	(254)	(675)
Net cash used in investing activities	(254)	(675)
Cash flows from financing activities:
Proceeds from exercise of stock options	2	198
Proceeds from issuance of Series D convertible preferred stock		30,468
Stock issuance costs related to Series D convertible preferred stock		(7)
Investment from 4Bionics, LLC		3,516
Net cash provided by financing activities	2	34,175
Net (decrease) increase in cash and cash equivalents and restricted cash	(44,452)	14,396
Cash, cash equivalents and restricted cash, beginning of period	191,160	64,286
Cash, cash equivalents and restricted cash, end of period	146,708	78,682
Reconciliation of cash, cash equivalents, and restricted cash reported in the statement of financial position
Cash and cash equivalents	145,104	77,394
Restricted cash	1,604	1,288
Total cash, cash equivalents and restricted cash	146,708	78,682
Supplemental disclosure of cash flow information:
Cash received from exchange of research and development tax credits		$ 324
Supplemental disclosure of noncash information:
Write-off of notes receivable	$ 90

ORGANIZATION AND DESCRIPTION OF BUSINESS

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND DESCRIPTION OF BUSINESS

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Hyperfine, Inc. (together with its subsidiaries, as applicable, “Hyperfine” or the “Company”), formerly known as HealthCor Catalio Acquisition Corp. (“HealthCor”), was incorporated as a Cayman Islands exempted company on November 18, 2020. The Company’s legal name became Hyperfine, Inc. in connection with the closing (the “Closing”) of the business combination with HealthCor (the “Business Combination”) on December 22, 2021 (the “Closing Date”). In connection with the Closing, Hyperfine, Inc., a Delaware corporation (“Legacy Hyperfine”), and Liminal Sciences, Inc., a Delaware corporation (“Liminal”), merged with and into separate wholly owned subsidiaries of HealthCor and became wholly-owned subsidiaries of the Company (the “Mergers”), and changed their names to Hyperfine Operations, Inc. and Liminal Operations, Inc., respectively. Liminal subsequently changed its name to Liminal Sciences, Inc. The prior period financial information represents the combined financial results of Legacy Hyperfine and Liminal.

The Company is an innovative digital health business with a mission to provide affordable and accessible imaging and monitoring through magnetic resonance imaging ("MRI") to revolutionize healthcare for people around the world. Hyperfine's Swoop® Portable Magnetic Resonance (“MR”) Imaging SystemTM produces high-quality images at a lower magnetic field strength than conventional MRI systems, and can be used by healthcare professionals to make effective clinical diagnoses on a patient in a variety of settings where MRI devices have previously been inaccessible. Hyperfine received 510(k) clearance from the U.S. Food and Drug Administration (“FDA”) in 2020 for its Swoop Portable MR Imaging System, which is commercially available in the United States. In 2021, Hyperfine also obtained a Medical Device License issued by Health Canada and expanded into the Canadian market, and also obtained regulatory authorization in New Zealand and Pakistan. All of the Company’s revenue to date has been generated from sales of this machine and related services. Additionally, the Company is in the process of developing a device to non-invasively measure key vital signs in the brain to enable unprecedented access to dramatically improve patient outcomes. The Company is in the early research and development stage of such device and has not generated any revenue to date for it. In addition to Legacy Hyperfine and Liminal, the Company has an indirect wholly-owned subsidiary in the United Kingdom that has not had any significant operations during 2022 and 2021.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying condensed combined and consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. All intercompany transactions and balances have been eliminated.

These condensed combined and consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s audited combined and consolidated financial statements as of and for the years ended December 31, 2021 and 2020. The condensed combined and consolidated balance sheet as of December 31, 2021 included herein was derived from the audited combined and consolidated financial statements as of that date.

In the opinion of management, the accompanying condensed combined and consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter, the year ending December 31, 2022, or any other period.

Except as described elsewhere in this Note 2 under the heading “Recent Accounting Pronouncements”, there have been no material changes to the Company’s significant accounting policies as described in the audited combined and consolidated financial statements as of December 31, 2021 and 2020.

COVID-19 Outbreak

The outbreak of the novel coronavirus (“COVID-19”), which was declared a pandemic by the World Health Organization on March 11, 2020 and declared a National Emergency by the President of the United States on March 13, 2020, has led to adverse impacts on the United States and global economies and created uncertainty regarding potential impacts on the Company’s operating results, financial condition and cash flows. The COVID-19 pandemic had, and is expected to continue to have, an adverse impact on the Company’s operations, particularly as a result of preventive and precautionary measures that the Company, other businesses, and governments are taking. Governmental mandates related to COVID-19 or other infectious diseases, or public health crises, have impacted, and the Company expects them to continue to impact, its personnel and personnel at third-party manufacturing facilities in the United States and other countries, and the availability or cost of materials, which would disrupt or delay the Company’s receipt of instruments, components and supplies from the third parties the Company relies on to, among other things, produce its existing products and products currently under development. The COVID-19 pandemic has also had an adverse effect on the Company’s ability to attract, recruit, interview and hire at the pace the Company would typically expect to support its rapidly expanding operations. To the extent that any governmental authority imposes additional regulatory requirements or changes existing laws, regulations, and policies that apply to the Company’s business and operations, such as additional workplace safety measures, the Company’s product development plans may be delayed, and the Company may incur further costs in bringing its business and operations into compliance with changing or new laws, regulations, and policies. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impacts.

The estimates of the impact on the Company’s business may change based on new information that may emerge concerning COVID-19 and the actions to contain it or address its impact and the economic impact on local, regional, national and international markets as well as other changes in macroeconomic factors. The COVID-19 pandemic and related economic disruptions have not had a material adverse impact on the Company’s operations to date. While the Company is unable to predict the full impact that the COVID-19 pandemic will have on the Company’s future results of operations, liquidity and financial condition due to numerous uncertainties, including the duration of the pandemic and the actions that may be taken by government authorities across the United States and elsewhere, adverse changes in macroeconomic conditions, if sustained or recurrent, could result in significant changes in costs going forward and could have a material adverse effect on the Company’s operating results, financial condition, and cash flows.

The Company has not incurred any significant impairment losses in the carrying values of the Company’s assets as a result of the COVID-19 pandemic and is not aware of any specific related event or circumstance that would require the Company to revise its estimates reflected in its condensed combined and consolidated financial statements.

Segment Information

The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer (“CEO”). Legacy Hyperfine and Liminal represent two operating segments. Given the similar qualitative and economic characteristics of the two operating segments, such that both are focused upon the development and commercialization of existing and new products and services, Legacy Hyperfine and Liminal are aggregated into one reporting segment. All of the Company’s long-lived assets are located in the United States. Other than $561 and $1,070 of revenue recognized in non-U.S. countries for the three months and six months ended June 30, 2022, respectively, all of the revenues during this period were earned in the United States. Since the Company is aggregated into a single reportable segment, all required financial segment information is provided in the condensed combined and consolidated financial statements.

Use of Estimates

The preparation of the condensed combined and consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions about future events that affect the amounts reported in its condensed combined and consolidated financial statements and accompanying notes. Future events and their effects cannot be determined with certainty. On an ongoing basis, management evaluates these estimates and assumptions. Significant estimates and assumptions included:

•

Revenue recognition, including determination of the timing and pattern of satisfaction of performance obligations, determination of the standalone selling price (“SSP”) of performance obligations and estimation of variable consideration;

•

Allowance for doubtful accounts;

•

Net realizable value (the selling price as well as estimated costs of disposal and transportation) of inventory, and demand and future use of inventory;

•

Valuation allowances with respect to deferred tax assets; and

•

Assumptions underlying the fair value used in calculation of the stock-based compensation expense.

The Company bases these estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed combined and consolidated financial statements.

Recent Accounting Pronouncements

Accounting pronouncements issued but not yet adopted

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842), which outlines a comprehensive lease accounting model and supersedes the current lease guidance. The new guidance requires lessees to recognize almost all of their leases on the balance sheet by recording a lease liability and corresponding right-of-use assets. It also changes the definition of a lease and expands the disclosure requirements of lease arrangements. As per the latest ASU 2020-05 issued by the FASB, entities that have not yet issued or made available for issuance the financial statements as of June 3, 2020 can defer the new guidance for one year. For public entities, this guidance is effective for annual reporting periods beginning January 1, 2020, including interim periods within that annual reporting period. For the Company, this guidance is effective for annual reporting periods beginning January 1, 2022, and interim reporting periods within annual reporting periods beginning January 1, 2023. The Company is in the process of evaluating the impact that the adoption of this pronouncement will have on the Company’s condensed combined and consolidated financial statements and does not expect it to be material.

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which was subsequently amended in November 2018 through ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments — Credit Losses.” ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. ASU No. 2018-19 further clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment from receivables of operating leases should be accounted for in accordance with Topic 842, Leases. As per the latest ASU 2020-02, the FASB deferred the timelines for certain small public and private entities, thus the new guidance will be adopted by the Company for the annual reporting period beginning January 1, 2023, including interim periods within that annual reporting period. The standard will apply as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is in the

process of evaluating the impact that the adoption of this pronouncement will have on the Company’s condensed combined and consolidated financial statements and disclosures.

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

3. REVENUE RECOGNITION

Disaggregation of Revenue

The Company disaggregates revenue from contracts with customers by product type. The Company believes that these categories aggregate the payor types by nature, amount, timing and uncertainty of its revenue streams. The following table summarizes the Company’s disaggregated revenues:


		Three Months Ended June 30,				Six Months Ended June 30,
	Pattern of Recognition	2022		2021		2022		2021
Device	Point in time	$	1,168	$	152	$	2,360	$	321
Service	Over time		365		206		682		368
Total revenue		$	1,533	$	358	$	3,042	$	689

Contract Balances

Contract balances represent amounts presented in the condensed combined and consolidated balance sheets when either the Company has transferred goods or services to the customer, or the customer has paid consideration to the Company under the contract. These contract balances include trade accounts receivable and deferred revenue. Deferred revenue represents consideration received from customers at the beginning of the subscription period for services that are transferred to the customer over the respective subscription period. The accounts receivable balances represent amounts billed to customers for goods and services where the Company has an unconditional right to payment of the amount billed.

The following table provides information about receivables and deferred revenue from contracts with customers:



	June 30, 2022		December 31, 2021
Accounts receivable, net	$	1,987	$	553
Unbilled receivables		1,118		91
Deferred revenue		964		730
Long term deferred revenue		745		510

The Company recognizes a receivable when it has an unconditional right to payment, and payment terms range from 20 days to 6 months based on the terms agreed upon with the respective customer.

For the three and six months ended June 30, 2022, revenue is recognized for sales of hardware devices where control of the product transfers to the customer, which is now typically upon shipment of goods.

The amount of revenue recognized during the three and six months ended June 30, 2022 that was included in the deferred revenue balance at the beginning of the period was $180 and $383, respectively.

The amount of revenue recognized during the three and six months ended June 30, 2021 that was included in the deferred revenue balance at the beginning of the period was $56 and $114, respectively.

Revenue from leasing arrangements is not subject to the revenue standard for contracts with customers and remains separately accounted for under existing lease accounting guidance. The Company records operating lease rental revenue as service revenue on a straight-line basis over the lease term. The Company records revenue from the sale of equipment under sales-type leases as product revenue in an amount equal to the present value of minimum lease

payments at the inception of the lease. Sales-type leases also produce financing income, which is included in device sales in the condensed combined and consolidated statements of operations and comprehensive loss and is recognized at effective rates of return over the lease term.

Costs of Obtaining or Fulfilling Contracts

The Company incurs incremental costs of obtaining contracts with customers. Incremental costs of obtaining contracts, which include commissions paid as a result of obtaining contracts with customers, are capitalized to the extent that the Company expects to recover such costs. Capitalized costs are amortized in a pattern that is consistent with the Company’s transfer to the customer of the related goods and services. Such costs are recorded in Other long term assets and were $210 and $158 as of June 30, 2022 and December 31, 2021, respectively.

Transaction price allocated to remaining performance obligations

As of June 30, 2022 and December 31, 2021, the Company had remaining performance obligations amounting to $3,924 and $2,800, respectively. The Company expects to recognize approximately 22% of its remaining performance obligations as revenue in fiscal year 2022, and an additional 78% in fiscal year 2023 and thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

4. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value.

The Company measures fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The Company utilizes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access.

Level 2 — Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.

Level 3 — Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no assets or liabilities valued with Level 3 inputs.

The carrying value of cash and cash equivalents, accounts payable and accrued expenses and other current liabilities approximates their fair values due to the short-term or on demand nature of these instruments.

There were no transfers between fair value measurement levels during the three and six months ended June 30, 2022 and 2021.

The Company had $38,649 and $48,625 of money market funds included in cash and cash equivalents and restricted cash as of June 30, 2022 and December 31, 2021, respectively. These assets were valued using quoted market prices and accordingly were classified as Level 1.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INVENTORIES

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

5. INVENTORIES

A summary of inventories is as follows:


	June 30, 2022		December 31, 2021
Raw materials	$	2,366	$	2,355
Finished goods		2,280		1,955
Total inventories	$	4,646	$	4,310

Manufacturing overhead costs primarily include management’s best estimate and allocation of the labor costs incurred related to acquiring finished goods from the Company’s contract manufacturer. Labor costs include wages, taxes and benefits for employees involved in warehousing, logistics coordination, material sourcing, and production planning activities.

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

6. PROPERTY AND EQUIPMENT, NET

Property and equipment, net, are recorded at historical cost and consist of the following:


	June 30, 2022			December 31, 2021
Laboratory equipment	$	1,021		$	989
Research devices		1,478			1,422
Sales and marketing devices		524			669
Computer equipment		662			575
Construction in progress		343			341
Tooling		372			302
Trade show assets		271			293
Leased devices		453			396
Other		270			176
		5,394			5,163
Less: Accumulated depreciation and amortization		(1,896	)		(1,410	)
Property and equipment, net	$	3,498		$	3,753

Depreciation expense amounted to $263 and $516 for the three and six months ended June 30, 2022, respectively. Depreciation expense amounted to $122 and $218 for the three and six months ended June 30, 2021, respectively.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:



	June 30, 2022		December 31, 2021
Bonus	$	2,986	$	3,421
Contracted services		857		2,711
SPAC bonus and other costs		—		1,071
Legal fees		170		452
Payroll and related benefits		2,031		441
Other		65		19
Total accrued expenses and other current liabilities	$	6,109	$	8,115

EQUITY INCENTIVE PLAN

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

EQUITY INCENTIVE PLAN

8. EQUITY INCENTIVE PLAN

The Hyperfine 2021 Equity Incentive Plan (the “Hyperfine Plan”) is administered by the Company's board of directors. The board of directors 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 and six months ended June 30, 2022:


	Number of Options
Outstanding at January 1, 2022		7,522,136
Granted		4,231,693
Exercised		—
Forfeited		(271,368	)
Outstanding at March 31, 2022		11,482,461
Granted		699,170
Exercised		(16,375	)
Forfeited		(383,090	)
Outstanding at June 30, 2022		11,782,166

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 restricted stock units for the three and six months ended June 30, 2022:


	Number of RSUs
Outstanding at January 1, 2022		117,516
Granted		1,660,535
Vested		—
Forfeited		—
Outstanding at March 31, 2022		1,778,051
Granted		742,900
Vested		(19,220	)
Forfeited		(115,084	)
Outstanding at June 30, 2022		2,386,647

Included in the table above are service-based restricted stock units. During the three and six months ended June 30, 2022, the Company granted 0.7 million and 2.4 million service-based awards, respectively, of which 0.6 million related to awards associated with the Company’s CEO RSUs awarded on April 26, 2022. Each award will vest based on continued service, which is generally over 3-4 years except for the CEO RSUs awarded on April 26, 2022, which do not include a service condition. The grant date fair value of the award will be recognized as stock-based compensation expense over the requisite service period. The fair value of restricted stock units was estimated on the date of grant based on the fair value of the Company’s Class A common stock.

On June 27, 2022, Dave Scott delivered his resignation as the Company’s President, Chief Executive Officer and member of the Board of Directors, effective as July 29, 2022. Pursuant to the terms of the Restricted Stock Unit Award Grant Notice and Agreement dated April 26, 2022 with Mr. Scott under the Hyperfine Plan, the 649,350 RSUs awarded on April 26, 2022 will continue to remain outstanding until paid in accordance with the schedule set forth in the grant notice. All other equity awards held by Mr. Scott will cease to vest as of the resignation date of July 29, 2022, all unvested RSUs and unvested options were immediately forfeited in accordance with the Hyperfine Plan and the applicable award agreement, and any vested options may be exercised in accordance with the Hyperfine Plan and the applicable award agreement.

The following table presents details of stock-based compensation expenses by functional line item noted within the Company's operating expenses:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cost of sales	$	35	$	—	$	51	$	—
Research and development		731		413		1,512		622
Sales and marketing		116		31		212		37
General and administrative		6,220		1,045		9,438		1,097
	$	7,102	$	1,489	$	11,213	$	1,756

INCOME TAXES

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

10. INCOME TAXES

The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

Income taxes for the three and six months ended June 30, 2022 and 2021 are recorded at the Company’s estimated annual effective income tax rate, subject to adjustments for discrete events, if they occur. The Company’s estimated annual effective tax rate was 0.0% for the three and six months ended June 30, 2022 and 2021. The primary reconciling items between the federal statutory rate of 21.0% for these periods and the Company’s overall effective tax rate of 0.0% were related to the effects of deferred state income taxes, research and development credits, and the valuation allowance recorded against the full amount of its net deferred tax assets.

A valuation allowance is required when it is more likely than not that some portion or all of the Company’s deferred tax assets will not be realized. The realization of deferred tax assets depends on the generation of sufficient future taxable income during the period in which the Company’s related temporary differences become deductible. The Company has recorded a full valuation allowance against its net deferred tax assets as of June 30, 2022 and 2021 since management believes that based on the earnings history of the Company, it is more likely than not that the benefits of these assets will not be realized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
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+ Details

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2022

RELATED PARTY TRANSACTIONS

11. RELATED PARTY TRANSACTIONS

The Company utilizes and subleases office and lab space in Connecticut which is being leased from an unrelated landlord by 4Catalyzer Corporation (“4C”), which is owned by a related party. The Company pays rent to 4C on a month-to-month basis, and no lease agreement was entered into between the parties until June 2021. A total of

approximately $67 and $97 was paid during the three and six months ended June 30, 2022, respectively, and a total of approximately $57 and $85 was paid during the three and six months ended June 30, 2021, respectively.

Prior to 4Bionics executing a plan of liquidation and dissolution on April 2, 2021, certain expenses incurred at 4Bionics were allocated to its subsidiaries, including Liminal. Expenses that broadly benefited 4Bionics and its subsidiaries were allocated evenly amongst its three subsidiaries. Expenses that were incurred on behalf of the employees of each company were allocated based on each subsidiary’s relative headcount. The method used to allocate common expenses of 4Bionics to Liminal is reasonable. Total expenses allocated to Liminal for the three and six months ended June 30, 2021 were $10.

In January 2018, the Company entered into a Promissory Note (the “Note”) with one of its employees (the “Borrower”) in the amount of $90. The Note bears interest at a rate equal to 1.68% per annum. In accordance with the terms of the Note, since the Borrower remained employed with the Company on the maturity date of January 11, 2022, $90 of the then outstanding principal amount and all interest accrued to that date was forgiven and the Borrower is no longer required to repay the amount.

The Company was a party to an Amended and Restated Technology Services Agreement (the “ARTSA”), most recently amended on November 11, 2020, by and among 4C, the Company and other participant companies controlled by the Rothberg family. Under the ARTSA, the Company and the other participant companies agreed to share certain non-core technologies, which means any technologies, information or equipment owned or otherwise controlled by the participant company that are not specifically related to the core business area of the participant and subject to certain restrictions on use. The ARTSA also provided for 4C to perform certain services for the Company and each other participant company such as monthly administrative, management and technical consulting services to the Company which are pre-funded approximately once a quarter. The Company recorded a net credit to expenses from 4C of $198 and $44 during the three and six months ended June 30, 2022, respectively. The Company incurred expenses from 4C of $1,100 and $1,970 during the three and six months ended June 30, 2021, respectively. There were no amounts advanced to and due from 4C at June 30, 2022 and December 31, 2021. There was also $60 and $1,872 of amounts due to 4C for expenses paid on the Company's behalf at June 30, 2022 and December 31, 2021, respectively. These payables are included in Due to related parties on the condensed combined and consolidated balance sheets. On July 7, 2021, Legacy Hyperfine, Liminal and 4C entered into First Addendums to the ARTSA, pursuant to which Legacy Hyperfine and Liminal each terminated its participation under the ARTSA immediately prior to the Closing. Legacy Hyperfine and Liminal each entered into a Master Services Agreement with 4C effective as of July 7, 2021 pursuant to which Legacy Hyperfine and Liminal may engage 4C to provide services such as general administration, facilities, information technology, financing, legal, human resources and other services, through future statements of work and under terms and conditions to be determined by the parties with respect to any services to be provided.

The ARTSA also provided for the participant companies to provide other services to each other. The Company also has transactions with other entities under common ownership, which include payments made to third parties on behalf of the Company. The amounts remaining payable at June 30, 2022 and December 31, 2021 are $21 and $110, respectively, and are included in Due to related parties on the condensed combined and consolidated balance sheets. In addition, the Company has transactions with these other entities under common ownership which include payments made by the Company to third parties on behalf of the other entities and the remaining amounts receivable were $1 and $14 in the aggregate at June 30, 2022 and December 31, 2021, respectively, and are reflected in Due from related parties on the condensed combined and consolidated balance sheets. All amounts are paid or received throughout the year within 30 days after the end of each month.

Legacy Hyperfine and Liminal entered into Technology and Services Exchange Agreements (each, a “TSEA” and collectively, the “TSEA”) with other participant companies controlled by the Rothbergs. A TSEA by and among Butterfly Network, Inc., AI Therapeutics, Inc., Quantum-Si Incorporated, 4Bionics, Tesseract Health, Inc., Detect, Inc. (f/k/a Homodeus Inc.), Legacy Hyperfine and Liminal was signed in November 2020; a TSEA by and among Quantum-Si Incorporated, AI Therapeutics, Inc., 4Bionics, Tesseract Health, Inc., Detect, Inc., Legacy Hyperfine and Liminal was signed in February 2021 (and which Protein Evolution, Inc. joined in August 2021); and a TSEA by and among Legacy Hyperfine, Liminal, AI Therapeutics, Inc., Tesseract Health, Inc. and Detect, Inc. was signed in July 2021 and became effective upon the Closing. Under the TSEA, Legacy Hyperfine, Liminal and other

participant companies may, in their discretion, permit the use of non-core technologies, which include any technologies, information or equipment owned or otherwise controlled by the participant company that are not specifically related to the core business area of the participant, such as software, hardware, electronics, fabrication and supplier information, vendor lists and contractor lists, by other participant companies. As of June 30, 2022 and December 31, 2021, the Company had transactions with other participant companies and had expenses of $83 and $11, respectively, included in Accounts payable.

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

12. COMMITMENTS AND CONTINGENCIES

Commitments

The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. The Company did not make any matching contributions to the 401(k) plan for the three and six months ended June 30, 2022 and 2021.

During 2020, the Company was awarded a $1,610 grant from the Bill & Melinda Gates Foundation (“BMGF”) for the provision and equipping of 20 sites with the Company’s portable point-of-care MRI system to enable the performance of a multi-site study focused on optimizing diagnostic image quality (the “Project”). During 2021, the Company was awarded an additional $3,300 grant from the BMGF, of which $2,500 was received for the provision and equipping of 5 sites and other related deliverables. As of June 30, 2022, the amount of $800 was received. The funds are accounted for as restricted cash with an offset to deferred grant revenue. At June 30, 2022 and December 31, 2021, the Company has $1,604 and $2,662, respectively, of restricted cash on the condensed combined and consolidated balance sheets. Any grant funds, plus any income, that have not been used for, or committed to, the Project must be returned promptly to the BMGF upon expiration of or termination of the agreement. As of June 30, 2022 and December 31, 2021, there were no grant fund amounts that were required to be returned under the terms of the Project.

Contingencies

The Company does not have any outstanding or ongoing litigation and legal matters where, based on present information, including its assessment of the merits of the particular claims, the Company believes it is reasonably possible that any asserted or unasserted legal claims or proceedings, individually or in aggregate, will have a material adverse effect on its results of operations or financial condition. The ultimate outcome of any legal matter cannot be predicted with certainty.

The Company has indemnification obligations under some agreements that the Company enters into with other parties in the ordinary course of business, including business partners, investors, contractors, and the Company’s officers, directors and certain employees. The Company has agreed to indemnify and defend the indemnified party against claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims because of the Company’s activities or non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in any particular case. That Company has not recorded any liability under such indemnification provisions within its condensed combined and consolidated balance sheets. The Company is not aware of any claims or other circumstances that would give rise to material payments from the Company under such indemnification provisions.

The Company agreed to pay $1,000 to a third party service provider if the Companies’ pre-closing equity holders receive any Earn-Out Shares. As the Company has not met the criteria to trigger the earn-out, such payment is not determined to be probable and no liability was recognized within our condensed combined and consolidated balance sheets. See Note 9. Net Loss Per Share, for further information regarding the earn-out criteria.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed combined and consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. All intercompany transactions and balances have been eliminated. These condensed combined and consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s audited combined and consolidated financial statements as of and for the years ended December 31, 2021 and 2020. The condensed combined and consolidated balance sheet as of December 31, 2021 included herein was derived from the audited combined and consolidated financial statements as of that date. In the opinion of management, the accompanying condensed combined and consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter, the year ending December 31, 2022, or any other period. Except as described elsewhere in this Note 2 under the heading “Recent Accounting Pronouncements”, there have been no material changes to the Company’s significant accounting policies as described in the audited combined and consolidated financial statements as of December 31, 2021 and 2020.
COVID-19 Outbreak	COVID-19 Outbreak The outbreak of the novel coronavirus (“COVID-19”), which was declared a pandemic by the World Health Organization on March 11, 2020 and declared a National Emergency by the President of the United States on March 13, 2020, has led to adverse impacts on the United States and global economies and created uncertainty regarding potential impacts on the Company’s operating results, financial condition and cash flows. The COVID-19 pandemic had, and is expected to continue to have, an adverse impact on the Company’s operations, particularly as a result of preventive and precautionary measures that the Company, other businesses, and governments are taking. Governmental mandates related to COVID-19 or other infectious diseases, or public health crises, have impacted, and the Company expects them to continue to impact, its personnel and personnel at third-party manufacturing facilities in the United States and other countries, and the availability or cost of materials, which would disrupt or delay the Company’s receipt of instruments, components and supplies from the third parties the Company relies on to, among other things, produce its existing products and products currently under development. The COVID-19 pandemic has also had an adverse effect on the Company’s ability to attract, recruit, interview and hire at the pace the Company would typically expect to support its rapidly expanding operations. To the extent that any governmental authority imposes additional regulatory requirements or changes existing laws, regulations, and policies that apply to the Company’s business and operations, such as additional workplace safety measures, the Company’s product development plans may be delayed, and the Company may incur further costs in bringing its business and operations into compliance with changing or new laws, regulations, and policies. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impacts. The estimates of the impact on the Company’s business may change based on new information that may emerge concerning COVID-19 and the actions to contain it or address its impact and the economic impact on local, regional, national and international markets as well as other changes in macroeconomic factors. The COVID-19 pandemic and related economic disruptions have not had a material adverse impact on the Company’s operations to date. While the Company is unable to predict the full impact that the COVID-19 pandemic will have on the Company’s future results of operations, liquidity and financial condition due to numerous uncertainties, including the duration of the pandemic and the actions that may be taken by government authorities across the United States and elsewhere, adverse changes in macroeconomic conditions, if sustained or recurrent, could result in significant changes in costs going forward and could have a material adverse effect on the Company’s operating results, financial condition, and cash flows. The Company has not incurred any significant impairment losses in the carrying values of the Company’s assets as a result of the COVID-19 pandemic and is not aware of any specific related event or circumstance that would require the Company to revise its estimates reflected in its condensed combined and consolidated financial statements.
Segment Information	Segment Information The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer (“CEO”). Legacy Hyperfine and Liminal represent two operating segments. Given the similar qualitative and economic characteristics of the two operating segments, such that both are focused upon the development and commercialization of existing and new products and services, Legacy Hyperfine and Liminal are aggregated into one reporting segment. All of the Company’s long-lived assets are located in the United States. Other than $561 and $1,070 of revenue recognized in non-U.S. countries for the three months and six months ended June 30, 2022, respectively, all of the revenues during this period were earned in the United States. Since the Company is aggregated into a single reportable segment, all required financial segment information is provided in the condensed combined and consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of the condensed combined and consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions about future events that affect the amounts reported in its condensed combined and consolidated financial statements and accompanying notes. Future events and their effects cannot be determined with certainty. On an ongoing basis, management evaluates these estimates and assumptions. Significant estimates and assumptions included: • Revenue recognition, including determination of the timing and pattern of satisfaction of performance obligations, determination of the standalone selling price (“SSP”) of performance obligations and estimation of variable consideration; • Allowance for doubtful accounts; • Net realizable value (the selling price as well as estimated costs of disposal and transportation) of inventory, and demand and future use of inventory; • Valuation allowances with respect to deferred tax assets; and • Assumptions underlying the fair value used in calculation of the stock-based compensation expense. The Company bases these estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed combined and consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting pronouncements issued but not yet adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842), which outlines a comprehensive lease accounting model and supersedes the current lease guidance. The new guidance requires lessees to recognize almost all of their leases on the balance sheet by recording a lease liability and corresponding right-of-use assets. It also changes the definition of a lease and expands the disclosure requirements of lease arrangements. As per the latest ASU 2020-05 issued by the FASB, entities that have not yet issued or made available for issuance the financial statements as of June 3, 2020 can defer the new guidance for one year. For public entities, this guidance is effective for annual reporting periods beginning January 1, 2020, including interim periods within that annual reporting period. For the Company, this guidance is effective for annual reporting periods beginning January 1, 2022, and interim reporting periods within annual reporting periods beginning January 1, 2023. The Company is in the process of evaluating the impact that the adoption of this pronouncement will have on the Company’s condensed combined and consolidated financial statements and does not expect it to be material. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which was subsequently amended in November 2018 through ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments — Credit Losses.” ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. ASU No. 2018-19 further clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment from receivables of operating leases should be accounted for in accordance with Topic 842, Leases. As per the latest ASU 2020-02, the FASB deferred the timelines for certain small public and private entities, thus the new guidance will be adopted by the Company for the annual reporting period beginning January 1, 2023, including interim periods within that annual reporting period. The standard will apply as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is in the process of evaluating the impact that the adoption of this pronouncement will have on the Company’s condensed combined and consolidated financial statements and disclosures.

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Summary of Disaggregated Revenues

The following table summarizes the Company’s disaggregated revenues:


		Three Months Ended June 30,				Six Months Ended June 30,
	Pattern of Recognition	2022		2021		2022		2021
Device	Point in time	$	1,168	$	152	$	2,360	$	321
Service	Over time		365		206		682		368
Total revenue		$	1,533	$	358	$	3,042	$	689

Information about Receivables and Deferred Revenue from Contracts with Customers

The following table provides information about receivables and deferred revenue from contracts with customers:



	June 30, 2022		December 31, 2021
Accounts receivable, net	$	1,987	$	553
Unbilled receivables		1,118		91
Deferred revenue		964		730
Long term deferred revenue		745		510

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Summary of Inventories

A summary of inventories is as follows:


	June 30, 2022		December 31, 2021
Raw materials	$	2,366	$	2,355
Finished goods		2,280		1,955
Total inventories	$	4,646	$	4,310

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net, are recorded at historical cost and consist of the following:


	June 30, 2022			December 31, 2021
Laboratory equipment	$	1,021		$	989
Research devices		1,478			1,422
Sales and marketing devices		524			669
Computer equipment		662			575
Construction in progress		343			341
Tooling		372			302
Trade show assets		271			293
Leased devices		453			396
Other		270			176
		5,394			5,163
Less: Accumulated depreciation and amortization		(1,896	)		(1,410	)
Property and equipment, net	$	3,498		$	3,753

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Schedule Of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:



	June 30, 2022		December 31, 2021
Bonus	$	2,986	$	3,421
Contracted services		857		2,711
SPAC bonus and other costs		—		1,071
Legal fees		170		452
Payroll and related benefits		2,031		441
Other		65		19
Total accrued expenses and other current liabilities	$	6,109	$	8,115

EQUITY INCENTIVE PLAN (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the changes in the Company’s outstanding stock options for the three and six months ended June 30, 2022:


	Number of Options
Outstanding at January 1, 2022		7,522,136
Granted		4,231,693
Exercised		—
Forfeited		(271,368	)
Outstanding at March 31, 2022		11,482,461
Granted		699,170
Exercised		(16,375	)
Forfeited		(383,090	)
Outstanding at June 30, 2022		11,782,166

Summary of Restricted Stock Unit Activity

The following table summarizes the changes in the Company’s outstanding restricted stock units for the three and six months ended June 30, 2022:


	Number of RSUs
Outstanding at January 1, 2022		117,516
Granted		1,660,535
Vested		—
Forfeited		—
Outstanding at March 31, 2022		1,778,051
Granted		742,900
Vested		(19,220	)
Forfeited		(115,084	)
Outstanding at June 30, 2022		2,386,647

Summary of Stock-Based Compensation Expenses by Function

The following table presents details of stock-based compensation expenses by functional line item noted within the Company's operating expenses:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cost of sales	$	35	$	—	$	51	$	—
Research and development		731		413		1,512		622
Sales and marketing		116		31		212		37
General and administrative		6,220		1,045		9,438		1,097
	$	7,102	$	1,489	$	11,213	$	1,756

NET LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table presents the calculation of basic and diluted net loss per share for the Company’s common stock:


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Numerator:
Net Loss	$	(23,159	)	$	(14,580	)	$	(46,934	)	$	(22,374	)
Numerator for Basic and Dilutive EPS – Loss available to common stockholders	$	(23,159	)	$	(14,580	)	$	(46,934	)	$	(22,374	)
Denominator:
Common Stock		70,350,178			1,657,345			70,341,411			1,630,190
Denominator for Basic and Dilutive EPS - Weighted-average common stock		70,350,178			1,657,345			70,341,411			1,630,190
Basic and dilutive net loss per share	$	(0.33	)	$	(8.80	)	$	(0.67	)	$	(13.72	)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Segment	Jun. 30, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments \| Segment			2
Number of reporting segment \| Segment			1
Revenue recognized \| $	$ 180	$ 56	$ 383	$ 114
Non-US Countries
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized \| $	$ 561		$ 1,070

REVENUE RECOGNITION - Summary of Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Total revenue	$ 1,533	$ 358	$ 3,042	$ 689
Device
Disaggregation Of Revenue [Line Items]
Total revenue	1,168	152	2,360	321
Device \| Point In Time
Disaggregation Of Revenue [Line Items]
Total revenue	1,168	152	2,360	321
Service
Disaggregation Of Revenue [Line Items]
Total revenue	365	206	682	368
Service \| Over Time
Disaggregation Of Revenue [Line Items]
Total revenue	$ 365	$ 206	$ 682	$ 368

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE RECOGNITION - Information about Receivables and Deferred Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 1,987	$ 553
Unbilled receivables	1,118	91
Deferred revenue	964	730
Long term deferred revenue	$ 745	$ 510

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Payment terms range, minimum			20 days
Payment terms range, maximum			6 months
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	$ 180	$ 56	$ 383	$ 114
Capitalized contract cost	210		210		$ 158
Remaining performance obligation	$ 3,924		$ 3,924		$ 2,800

REVENUE RECOGNITION - Additional Information (Details1)	Jun. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01
Disaggregation Of Revenue [Line Items]
Remaining performance obligation expected to be recognized, percentage	22.00%
Remaining performance obligation expected to be recognized, duration	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Disaggregation Of Revenue [Line Items]
Remaining performance obligation expected to be recognized, percentage	78.00%
Remaining performance obligation expected to be recognized, duration

FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value asset transfers, Level 1 to Level 2	$ 0		$ 0
Fair value asset transfers, Level 2 to Level 1	0		0
Fair value liabilities transfers, Level 1 to Level 2	0		0
Fair value liabilities transfers, Level 2 to Level 1	0		$ 0
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 38,649,000	$ 48,625,000

INVENTORIES - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 2,366	$ 2,355
Finished goods	2,280	1,955
Total inventories	$ 4,646	$ 4,310

PROPERTY AND EQUIPMENT, NET - Schedule of Property and equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 5,394	$ 5,163
Less: Accumulated depreciation and amortization	(1,896)	(1,410)
Property and equipment, net	3,498	3,753
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,021	989
Research Devices
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,478	1,422
Sales and Marketing Devices
Property Plant And Equipment [Line Items]
Property and equipment, gross	524	669
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	662	575
Construction In Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	343	341
Tooling
Property Plant And Equipment [Line Items]
Property and equipment, gross	372	302
Trade Show Assets
Property Plant And Equipment [Line Items]
Property and equipment, gross	271	293
Leased Devices
Property Plant And Equipment [Line Items]
Property and equipment, gross	453	396
Other
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 270	$ 176

PROPERTY AND EQUIPMENT, NET - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 263	$ 122	$ 516	$ 218

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Bonus	$ 2,986	$ 3,421
Contracted services	857	2,711
SPAC bonus and other costs		1,071
Legal fees	170	452
Payroll and related benefits	2,031	441
Other	65	19
Total accrued expenses and other current liabilities	$ 6,109	$ 8,115

STOCKHOLDERS' EQUITY (DEFICIT) - Additional Information (Details) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Class A Common Stock
Class Of Stock [Line Items]
Common shares, shares authorized	600,000,000	600,000,000
Common shares, par value, (per share)	$ 0.0001	$ 0.0001
Common shares, shares issued	55,312,656	55,312,656
Common shares, shares outstanding	55,277,061	55,277,061
Class B Common Stock
Class Of Stock [Line Items]
Common shares, shares authorized	27,000,000	27,000,000
Common shares, par value, (per share)	$ 0.0001	$ 0.0001
Common shares, shares issued	15,055,288	15,055,288
Common shares, shares outstanding	15,055,288	15,055,288

EQUITY INCENTIVE PLAN - Summary of Stock Option Activity (Details) - shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of Options, Beginning balance	11,482,461	7,522,136
Number of Options, Granted	699,170	4,231,693
Number of Options, Exercised	(16,375)
Number of Options, Forfeited	(383,090)	(271,368)
Number of Options, Ending balance	11,782,166	11,482,461

EQUITY INCENTIVE PLAN - Additional Information (Details) - shares		3 Months Ended		6 Months Ended
	Apr. 26, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022
Stock Option
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Stock based compensation award requisite service period				4 years
Restricted Stock Unit
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Service based awards granted		742,900	1,660,535	2,400,000
Restricted Stock Unit \| CEO
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Service based awards granted	600,000
Stock based compensation award vesting date				Apr. 26, 2022
Restricted Stock Unit \| Minimum
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Stock based compensation award requisite service period				3 years
Restricted Stock Unit \| Maximum
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Stock based compensation award requisite service period				4 years
Restricted Stock Unit \| Hyperfine Plan \| CEO
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Service based awards granted	649,350

EQUITY INCENTIVE PLAN - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Unit - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Number of RSUs, Beginning balance	1,778,051	117,516	117,516
Number of RSUs, Granted	742,900	1,660,535	2,400,000
Number of RSUs, Vested	(19,220)
Number of RSUs, Forfeited	(115,084)
Number of RSUs, Ending balance	2,386,647	1,778,051	2,386,647

EQUITY INCENTIVE PLAN - Summary of Stock-Based Compensation Expenses by Function (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Stock-based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 7,102	$ 1,489	$ 11,213	$ 1,756
Cost of Sales
Employee Service Stock-based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	35		51
Research and Development
Employee Service Stock-based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	731	413	1,512	622
Sales and marketing
Employee Service Stock-based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	116	31	212	37
General and Administrative
Employee Service Stock-based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 6,220	$ 1,045	$ 9,438	$ 1,097

NET LOSS PER SHARE - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Net loss	$ (23,159)	$ (23,775)	$ (14,580)	$ (7,794)	$ (46,934)	$ (22,374)
Numerator for Basic and Dilutive EPS – Loss available to common stockholders	$ (23,159)		$ (14,580)		$ (46,934)	$ (22,374)
Denominator for Basic EPS - Weighted-average common stock	70,350,178		1,657,345		70,341,411	1,630,190
Denominator for Dilutive EPS - Weighted-average common stock	70,350,178		1,657,345		70,341,411	1,630,190
Earnings Per Share, Basic	$ (0.33)		$ (8.80)		$ (0.67)	$ (13.72)
Earnings Per Share, Diluted	$ (0.33)		$ (8.80)		$ (0.67)	$ (13.72)
Common Stock
Denominator for Basic EPS - Weighted-average common stock	70,350,178		1,657,345		70,341,411	1,630,190
Denominator for Dilutive EPS - Weighted-average common stock	70,350,178		1,657,345		70,341,411	1,630,190

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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NET LOSS PER SHARE - Schedule of Anti-dilutive Common Equivalent Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares	24,148,716	54,511,052	24,148,716	54,511,052
Outstanding Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares	11,782,166	8,426,884	11,782,166	8,426,884
Outstanding Legacy Hyperfine Convertible Preferred Stock (Series A through D)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares		46,084,168		46,084,168
Outstanding RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares	2,386,647		2,386,647
Earn-Out Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares	9,979,903		9,979,903

NET LOSS PER SHARE - Schedule of Anti-dilutive Common Equivalent Shares (Parenthetical) (Details) - Class A Common Stock - $ / shares	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock, shares issued	55,312,656	55,312,656
Number of trading days	20 days
Number of consecutive trading days	30 days
Earnout shares right to terminate threshold consideration value	$ 15.00
Minimum
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share price	15.00
Value of cash or other consideration received upon conversion of stock	$ 15.00
Earn-Out Shares \| Maximum
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock, shares issued	10,000,000

INCOME TAXES - Additional Information (Details)	3 Months Ended		6 Months Ended
INCOME TAXES - Additional Information (Details)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate percent	0.00%	0.00%	0.00%	0.00%
Statutory tax rate			21.00%

RELATED PARTY TRANSACTIONS - Additional Information (Details)		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 11, 2022 USD ($)	Jan. 31, 2018 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Subsidiary	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Expenses allocated							$ 1,000,000
Promissory Note with one of the employees		$ 90,000
Interest rate of the Note		1.68%
Promissory Note with one of the employees will be forgiven	$ 90,000
Due from related parties			$ 2,000		$ 2,000		14,000
ARTSA
Related Party Transaction [Line Items]
Due to related parties for payments paid on their behalf			21,000		21,000		110,000
Due from related parties for payments made on behalf of the other entities			1,000		$ 1,000		14,000
4Bionics
Related Party Transaction [Line Items]
Number of subsidiaries \| Subsidiary					3
4C
Related Party Transaction [Line Items]
Payments for rent			67,000	$ 57,000	$ 97,000	$ 85,000
Due from related parties			0		0		0
Due to related parties for payments paid on their behalf			60,000		60,000		1,872,000
Expenses incurred			198,000	1,100,000	44,000	1,970,000
Liminal \| Allocation of Expense Incurred
Related Party Transaction [Line Items]
Expenses allocated				$ 10,000		$ 10,000
TESA
Related Party Transaction [Line Items]
Due to related parties for payments paid on their behalf			$ 83,000		$ 83,000		$ 11,000

COMMITMENTS AND CONTINGENCIES (Details)	6 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) Site	Dec. 31, 2020 USD ($) Site
Product Liability Contingency [Line Items]
Deferred grant funding	$ 1,604,000	$ 2,662,000	$ 1,610,000
Number of sites for equipping Hyperfine portable point-of-care MRI system \| Site		5	20
Grant awarded from the BMGF		$ 3,300,000
Grant awarded for provision and equipping	800,000	2,500,000
Expenses allocated		1,000,000
Grant fund amounts required to be returned under provisions	0	$ 0
Earn-out liability	0
Indemnification Agreement
Product Liability Contingency [Line Items]
Liability under indemnifications	$ 0