0000950170-24-094720 | 10-Q | XBRL Viewer

ORGANIZATION AND DESCRIPTION OF BUSINESS	6 Months Ended
Jun. 30, 2024
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 Company is an innovative health technology business with a mission to revolutionize patient care globally through accessible, affordable, clinically relevant ultra-low-field (“ULF”) magnetic resonance (“MR”) brain imaging. The Company's Swoop® Portable MR Imaging® System (“Swoop® system”) produces high-quality images at a lower magnetic field strength than conventional magnetic resonance imaging (“MRI”) scanners. The Swoop® system is designed to transform brain MR for the patient, the clinician and the provider, and to provide a highly differentiated experience for patients, timely imaging to clinicians, and favorable economics for hospital administrators. The Swoop® system is a portable, ULF MRI device for producing images that display the internal structures of the head where full diagnostic examination is not clinically practical. When interpreted by a trained physician, these images provide information that can be useful in determining a diagnosis. Healthcare professionals can use the Swoop® system to make effective clinical diagnoses and decisions in various care settings where conventional MRI devices are inaccessible. The easy-to-use interface and portable design of the Company's Swoop® system make it easily and readily accessible anywhere in a hospital, clinic, or patient care site and it does not require any special facilities accommodations nor specialized personnel to operate safely. ULF MR does not expose patients to harmful ionizing radiation and compares favorably in this regard to X-ray computed tomography (“CT”) or positron emission tomography (“PET”). The Company's Swoop® system received initial 510(k) clearance for brain imaging from the U.S. Food and Drug Administration (“FDA”) in 2020. In February and October 2023, the Company received 510(k) clearances from the FDA to its Swoop® system AI-powered software. The combination of these two software updates significantly improved diffusion-weighted imaging (“DWI”), incorporated deep-learning based denoising in the post-processing of DWI images for crisper images, and improved image quality for all Swoop® system sequences. In July 2024, the Company received 510(k) clearance from the FDA for the latest update to its Swoop® system AI-powered software. This software update significantly reduces scan times across multiple MR sequences without sacrificing image quality. The Swoop® system has also received marketing authorization for brain imaging in several countries, including the European Union (CE certification), the United Kingdom (UK Conformity Assessment (“UKCA”)), Canada, Australia and New Zealand. All of the Company’s revenue to date has been generated from sales of the Swoop® system and related services. The Company has an indirect wholly-owned subsidiary in the United Kingdom that did not have any significant operations during 2023 nor during the six months ended June 30, 2024.

ORGANIZATION AND DESCRIPTION OF BUSINESS

6 Months Ended

Jun. 30, 2024

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 Company is an innovative health technology business with a mission to revolutionize patient care globally through accessible, affordable, clinically relevant ultra-low-field (“ULF”) magnetic resonance (“MR”) brain imaging. The Company's Swoop® Portable MR Imaging® System (“Swoop® system”) produces high-quality images at a lower magnetic field strength than conventional magnetic resonance imaging (“MRI”) scanners. The Swoop® system is designed to transform brain MR for the patient, the clinician and the provider, and to provide a highly differentiated experience for patients, timely imaging to clinicians, and favorable economics for hospital administrators. The Swoop® system is a portable, ULF MRI device for producing images that display the internal structures of the head where full diagnostic examination is not clinically practical. When interpreted by a trained physician, these images provide information that can be useful in determining a diagnosis. Healthcare professionals can use the Swoop® system to make effective clinical diagnoses and decisions in various care settings where conventional MRI devices are inaccessible. The easy-to-use interface and portable design of the Company's Swoop® system make it easily and readily accessible anywhere in a hospital, clinic, or patient care site and it does not require any special facilities accommodations nor specialized personnel to operate safely. ULF MR does not expose patients to harmful ionizing radiation and compares favorably in this regard to X-ray computed tomography (“CT”) or positron emission tomography (“PET”).

The Company's Swoop® system received initial 510(k) clearance for brain imaging from the U.S. Food and Drug Administration (“FDA”) in 2020. In February and October 2023, the Company received 510(k) clearances from the FDA to its Swoop® system AI-powered software. The combination of these two software updates significantly improved diffusion-weighted imaging (“DWI”), incorporated deep-learning based denoising in the post-processing of DWI images for crisper images, and improved image quality for all Swoop® system sequences. In July 2024, the Company received 510(k) clearance from the FDA for the latest update to its Swoop® system AI-powered software. This software update significantly reduces scan times across multiple MR sequences without sacrificing image quality. The Swoop® system has also received marketing authorization for brain imaging in several countries, including the European Union (CE certification), the United Kingdom (UK Conformity Assessment (“UKCA”)), Canada, Australia and New Zealand. All of the Company’s revenue to date has been generated from sales of the Swoop® system and related services. The Company has an indirect wholly-owned subsidiary in the United Kingdom that did not have any significant operations during 2023 nor during the six months ended June 30, 2024.

NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

NET LOSS PER SHARE

10. NET LOSS PER SHARE

Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock of the Company outstanding during the period. Diluted net loss per share is computed by giving effect to all common equivalent shares of the Company, including outstanding stock options, RSUs and Earn-Out Shares (defined below), to the extent dilutive. Basic and diluted net loss per share was the same for each period presented as the inclusion of all common equivalent shares of the Company outstanding would have been anti-dilutive.

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,
	2024			2023			2024			2023
Numerator:
Net Loss	$	(10,156	)	$	(10,637	)	$	(20,004	)	$	(22,797	)
Numerator for Basic and Dilutive EPS – Loss available to common stockholders	$	(10,156	)	$	(10,637	)	$	(20,004	)	$	(22,797	)
Denominator:
Common Stock		72,041,332			71,201,170			71,987,688			71,033,629
Denominator for Basic and Dilutive EPS - Weighted-average common stock		72,041,332			71,201,170			71,987,688			71,033,629
Basic and dilutive net loss per share	$	(0.14	)	$	(0.15	)	$	(0.28	)	$	(0.32	)

Since the Company was in a net loss position for all periods presented, net loss per share attributable to Class A and Class B common stockholders was the same on a basic and diluted basis, as the inclusion of all common equivalent shares outstanding would have been anti-dilutive. Anti-dilutive common equivalent shares were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Outstanding options to purchase common stock		18,501,352		14,244,285		18,501,352		14,244,285
Outstanding RSUs		266,508		911,148		266,508		911,148
Earn-Out Shares (1)		9,357,835		9,357,835		9,357,835		9,357,835
Total anti-dilutive common equivalent shares		28,125,695		24,513,268		28,125,695		24,513,268

_________________________

(1) The Company will issue to holders of Legacy Hyperfine and Liminal securities as of immediately prior to the effective time of the Mergers, in accordance with their pro rata share, up to 10,000,000 shares of Class A common stock as earn-out consideration (the “Earn-Out Shares”) net of forfeitures, if at any time during the period between the Closing Date of December 22, 2021 and the third anniversary of the Closing Date (the “Earn-Out Period”), (i) the last share price of the Class A common stock is greater than or equal to $15.00 for any 20 trading days within any 30 consecutive trading day period, or (ii) there is a transaction that will result in shares of Class A common stock being converted or exchanged into the right to receive cash or other consideration having a value greater than or equal to $15.00. During the Earn-Out Period, if there is a transaction (other than for stock splits, stock dividends, special cash dividends, reorganizations, recapitalizations or similar transactions affecting the Class A common stock) that will result in the shares of Class A common stock being converted or exchanged into the right to receive cash or other consideration having a value less than $15.00, then the right to receive Earn-Out Shares will terminate.

EQUITY INCENTIVE PLAN - Summary of Stock Option Activity (Details) - Hyperfine Plan

6 Months Ended

Jun. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]

Number of Options, Beginning balance

14,271,587

Number of Options, Granted

5,081,283

^[1],[2]

Number of Options, Exercised

(214,791)

Number of Options, Forfeited / Cancelled / Expired

(636,727)

Number of Options, Ending balance

18,501,352

[1]

Includes new hire employee grants of stock options to purchase 275,000 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 1,975,283 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 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.

[2]

Includes the annual equity grants to each of the Company’s five nonemployee directors of non-qualified stock options to purchase 79,200 shares of the Company’s Class A common stock, effective as of June 12, 2024, for an aggregate of non-qualified stock options to purchase 396,000 shares of the Company’s Class A common stock. The grants will vest on the date of the Company's next regular annual stockholders meeting, subject to the directors’ continued service to the Company through the vesting date.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 53,809	$ 75,183
Restricted cash		621
Accounts receivable, less allowance of $308 and $321 as of June 30, 2024 and December 31, 2023, respectively	5,368	3,189
Unbilled receivables	2,121	942
Inventory	7,465	6,582
Prepaid expenses and other current assets	2,262	2,391
Total current assets	71,025	88,908
Property and equipment, net	3,429	2,999
Other long term assets	2,156	2,292
Total assets	76,610	94,199
CURRENT LIABILITIES:
Accounts payable	2,238	1,214
Deferred grant funding		621
Deferred revenue	1,425	1,453
Accrued expenses and other current liabilities	5,056	5,419
Total current liabilities	8,785	8,768
Long term deferred revenue	1,064	968
Other noncurrent liabilities	0	64
Total liabilities	9,849	9,800
COMMITMENTS AND CONTINGENCIES (NOTE 13)
STOCKHOLDERS' EQUITY:
Additional paid-in capital	340,480	338,114
Accumulated deficit	(273,726)	(253,722)
Total stockholders' equity	66,761	84,399
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	76,610	94,199
Class A Common Stock
STOCKHOLDERS' EQUITY:
Common stock	5	5
Class B Common Stock
STOCKHOLDERS' EQUITY:
Common stock	2	2
Related Party
CURRENT LIABILITIES:
Due to related parties	$ 66	$ 61

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2024

RELATED PARTY TRANSACTIONS

12. 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. A total of approximately $120 and $248 was paid during the three and six months ended June 30, 2024, respectively, and a total of approximately $105 and $163 was paid during the three and six months ended June 30, 2023, respectively.

Hyperfine entered into a Master Services Agreement (the “Master Services Agreement”) with 4C effective as of July 7, 2021 pursuant to which Hyperfine 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 Company paid an aggregate of $31 and $65 during the three and six months ended June 30, 2024, respectively, and the Company paid an aggregate of $14 and $121 during the three and six months ended June 30, 2023, respectively, under the Master Services Agreement. As of June 30, 2024 and December 31, 2023 there were $66 and $61 due to 4C, respectively, for expenses paid on the Company's behalf. These payables are included in due to related parties on the condensed consolidated balance sheet.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The unaudited accompanying condensed 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 consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s audited consolidated financial statements as of and for the years ended December 31, 2023 and 2022. The condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date.

The accompanying unaudited condensed 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, 2024 are not necessarily indicative of the results to be expected for any subsequent quarter, the year ending December 31, 2024, or any other period.

Except as described elsewhere in this Note 2 under the heading “Recently Issued Accounting Pronouncements”, there have been no material changes to the Company’s significant accounting policies as described in the audited consolidated financial statements as of December 31, 2023 and 2022.

Risks and Uncertainties

The Company is subject to risks and uncertainties caused by events with significant geopolitical and macroeconomic impacts, including, but not limited to, the conflicts in Ukraine and the Middle East, inflation and actions taken to counter such impacts. The Company relies on single source manufacturers and suppliers for the supply of its products. Disruption from these manufacturers or suppliers has and would have a negative impact on the Company’s business, financial position and results of operations in its consolidated financial statements. The Company continues to critically review its liquidity and anticipated capital requirements in light of the significant uncertainty created by geopolitical and macroeconomic conditions.

Concentrations of Credit Risk

The Company's cash and cash equivalents are deposited with several major financial institutions. At times, deposits in these institutions exceed the amount of insurance provided on such deposits. The Company reduces this risk by maintaining such deposits with high quality financial institutions that management believes are creditworthy and the Company monitors this credit risk and makes adjustments to the concentrations as necessary. The Company has not experienced any losses in such accounts and does not believe that it is exposed to any significant risk of loss on these balances.

With respect to accounts receivable, credit risk is mitigated by the Company’s ongoing credit evaluation of its customers’ financial condition. As of June 30, 2024 and December 31, 2023, the Company had four customers and two customers, respectively, that each accounted for more than 10% of trade receivables. With respect to revenue four and two customers each accounted for more than 10% of revenue for the three and six months ended June 30, 2024, respectively. One customer accounted for more than 10% of revenue for each of the three and six months ended June 30, 2023.

Segment Information

The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer (“CEO”). Substantially all of the Company’s long-lived assets are located in the United States. Other than revenue recognized in non-U.S. countries of $1,901 and $4,335 for the three and six months ended June 30, 2024, and $2,897 and $3,931 for the three and six months ended June 30, 2023, respectively, all of the revenues during these periods 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 consolidated financial statements.

Use of Estimates

The preparation of the condensed 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 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;

•

Allowance for credit losses;

•

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 the calculation of 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 consolidated financial statements.

Recently Issued Accounting Pronouncements

In March 2024, the SEC issued final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. Effective fiscal year 2026, the Company is required to disclose climate-related risks that are reasonably likely to have a material impact on the Company’s business strategy, results of operations, or financial condition. Additionally, the Company will be required to disclose the effects of severe weather events and other natural conditions within the notes to the financial statements, subject to certain materiality thresholds. Effective fiscal year 2027, required disclosures will also include disclosure of material direct greenhouse gas emissions from operations owned or controlled (Scope 1) and material indirect greenhouse gas emissions from purchased energy consumed in owned or controlled operations (Scope 2). In April 2024, the SEC issued an order voluntarily staying the effectiveness of the new rules pending the completion of judicial review of certain legal challenges to their validity. The Company is currently evaluating the impact of these rules assuming adoption as well as monitoring the status of the related litigation and the SEC’s stay.

In March 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-02, Codification Improvements-Amendments to Remove References to the Concepts Statements. The ASU contains amendments to the ASC that remove references to various FASB Concepts Statements. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements or disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances effective tax rate reconciliation disclosure requirements and provides clarity to the disclosures of income taxes paid, income before taxes and provision for income taxes. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating this ASU to determine the impact of the amendments on the Company’s consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. This ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. This ASU is applicable to the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, and subsequent interim periods, with early application permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements or disclosures.

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC have not had, or are not believed by management to have, a material impact on the Company’s present or future financial statements.

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

14. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued and has determined that there were no subsequent events required to be disclosed.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,156)	$ (9,848)	$ (10,637)	$ (12,160)	$ (20,004)	$ (22,797)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2024

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.

The Company had no assets or liabilities classified as Level 2 or Level 3 and there were no transfers between fair value measurement levels during the three and six months ended June 30, 2024 or 2023.

The Company had $53,658 and $74,685 of money market funds, demand deposit and savings accounts included in cash and cash equivalents and restricted cash as of June 30, 2024 and December 31, 2023, respectively. These assets were valued using quoted prices in active markets 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.

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+ Details

INCOME TAXES - Additional Information (Details)	3 Months Ended		6 Months Ended
INCOME TAXES - Additional Information (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate percent	0.00%	0.00%	0.00%	0.00%
Statutory tax rate	21.00%	21.00%	21.00%	21.00%

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2024

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, 2024			December 31, 2023
Laboratory equipment	$	986		$	986
Research devices		1,396			1,532
Sales and marketing devices		490			490
Computer equipment		678			668
Construction in progress		1,084			595
Tooling		832			505
Trade show assets		254			254
Leased devices		397			397
Other		591			611
		6,708			6,038
Less: Accumulated depreciation and amortization		(3,279	)		(3,039	)
Property and equipment, net	$	3,429		$	2,999

Depreciation expense amounted to $253 and $516 for the three and six months ended June 30, 2024, respectively.

Depreciation expense amounted to $259 and $513 for the three and six months ended June 30, 2023, respectively.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
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	796-6767
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		57,567,341
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15,055,288

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, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Net loss	$ (10,156)	$ (9,848)	$ (10,637)	$ (12,160)	$ (20,004)	$ (22,797)
Numerator for Basic and Dilutive EPS – Loss available to common stockholders	$ (10,156)		$ (10,637)		$ (20,004)	$ (22,797)
Denominator for Basic EPS - Weighted-average common stock	72,041,332		71,201,170		71,987,688	71,033,629
Denominator for Dilutive EPS - Weighted-average common stock	72,041,332		71,201,170		71,987,688	71,033,629
Earnings Per Share, Basic	$ (0.14)		$ (0.15)		$ (0.28)	$ (0.32)
Earnings Per Share, Diluted	$ (0.14)		$ (0.15)		$ (0.28)	$ (0.32)
Common Stock
Denominator for Basic EPS - Weighted-average common stock	72,041,332		71,201,170		71,987,688	71,033,629
Denominator for Dilutive EPS - Weighted-average common stock	72,041,332		71,201,170		71,987,688	71,033,629

- Definition

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

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

RESTRUCTURING - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Operating expense	$ 12,649	$ 13,136	$ 24,653	$ 27,326

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Additional Paid-in Capital	Accumulated Deficit	Common Stock Class A Common Stock	Common Stock Class B Common Stock
Balance at Dec. 31, 2022	$ 123,722	$ 333,199	$ (209,484)	$ 5	$ 2
Balance (in shares) at Dec. 31, 2022				55,622,488	15,055,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(12,160)		(12,160)
Issuance of restricted stock				324,296
Exercise of stock options	49	49
Exercise of stock options (in shares)				54,211
Stock-based compensation expense	1,126	1,126
Balance at Mar. 31, 2023	112,737	334,374	(221,644)	$ 5	$ 2
Balance (in shares) at Mar. 31, 2023				56,000,995	15,055,288
Balance at Dec. 31, 2022	123,722	333,199	(209,484)	$ 5	$ 2
Balance (in shares) at Dec. 31, 2022				55,622,488	15,055,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(22,797)
Balance at Jun. 30, 2023	103,291	335,565	(232,281)	$ 5	$ 2
Balance (in shares) at Jun. 30, 2023				56,284,538	15,055,288
Balance at Mar. 31, 2023	112,737	334,374	(221,644)	$ 5	$ 2
Balance (in shares) at Mar. 31, 2023				56,000,995	15,055,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(10,637)		(10,637)
Issuance of restricted stock				219,887
Exercise of stock options	58	58
Exercise of stock options (in shares)				63,656
Stock-based compensation expense	1,133	1,133
Balance at Jun. 30, 2023	103,291	335,565	(232,281)	$ 5	$ 2
Balance (in shares) at Jun. 30, 2023				56,284,538	15,055,288
Balance at Dec. 31, 2023	84,399	338,114	(253,722)	$ 5	$ 2
Balance (in shares) at Dec. 31, 2023				56,840,989	15,055,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(9,848)		(9,848)
Issuance of restricted stock				41,007
Exercise of stock options	55	55
Exercise of stock options (in shares)				70,670
Stock-based compensation expense	1,032	1,032
Balance at Mar. 31, 2024	75,638	339,201	(263,570)	$ 5	$ 2
Balance (in shares) at Mar. 31, 2024				56,952,666	15,055,288
Balance at Dec. 31, 2023	84,399	338,114	(253,722)	$ 5	$ 2
Balance (in shares) at Dec. 31, 2023				56,840,989	15,055,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(20,004)
Balance at Jun. 30, 2024	66,761	340,480	(273,726)	$ 5	$ 2
Balance (in shares) at Jun. 30, 2024				57,131,702	15,055,288
Balance at Mar. 31, 2024	75,638	339,201	(263,570)	$ 5	$ 2
Balance (in shares) at Mar. 31, 2024				56,952,666	15,055,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(10,156)		(10,156)
Issuance of restricted stock				34,915
Exercise of stock options	105	105
Exercise of stock options (in shares)				144,121
Stock-based compensation expense	1,174	1,174
Balance at Jun. 30, 2024	$ 66,761	$ 340,480	$ (273,726)	$ 5	$ 2
Balance (in shares) at Jun. 30, 2024				57,131,702	15,055,288

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024			December 31, 2023
Laboratory equipment	$	986		$	986
Research devices		1,396			1,532
Sales and marketing devices		490			490
Computer equipment		678			668
Construction in progress		1,084			595
Tooling		832			505
Trade show assets		254			254
Leased devices		397			397
Other		591			611
		6,708			6,038
Less: Accumulated depreciation and amortization		(3,279	)		(3,039	)
Property and equipment, net	$	3,429		$	2,999

INCOME TAXES

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

11. 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, 2024 and 2023 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, 2024 and 2023. 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, stock-based compensation, 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, 2024 and 2023 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) Customer	Jun. 30, 2023 USD ($) Customer	Jun. 30, 2024 USD ($) Customer	Jun. 30, 2023 USD ($) Customer	Dec. 31, 2023 Customer
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized \| $	$ 493	$ 482	$ 879	$ 812
Revenue \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Number Of Customers \| Customer	4	1	2	1
Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Number Of Customers \| Customer			4		2
Non-US
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized \| $	$ 1,901	$ 2,897	$ 4,335	$ 3,931

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule Of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:



	June 30, 2024		December 31, 2023
Bonuses	$	1,828	$	2,463
Contracted services		1,893		1,237
Legal fees		273		412
Payroll and related benefits		661		676
Operating lease liabilities		160		185
Other		241		446
Total accrued expenses and other current liabilities	$	5,056	$	5,419

PROPERTY AND EQUIPMENT, NET - Schedule of Property and equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 6,708	$ 6,038
Less: Accumulated depreciation and amortization	(3,279)	(3,039)
Property and equipment, net	3,429	2,999
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	986	986
Research Devices
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,396	1,532
Sales and Marketing Devices
Property Plant And Equipment [Line Items]
Property and equipment, gross	490	490
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	678	668
Construction In Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,084	595
Tooling
Property Plant And Equipment [Line Items]
Property and equipment, gross	832	505
Trade Show Assets
Property Plant And Equipment [Line Items]
Property and equipment, gross	254	254
Leased Devices
Property Plant And Equipment [Line Items]
Property and equipment, gross	397	397
Other
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 591	$ 611

RIGHT-OF-USE ("ROU") ASSETS AND LEASES LIABILITIES - Additional Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 01, 2024 ft²
Lessee, Lease, Description [Line Items]
Lease expiration date		Apr. 30, 2025
Operating lease ROU assets	$ 149	$ 149
Operating lease, right-of-use asset, statement of financial position	Other long term assets	Other long term assets
Operating lease liability, current	$ 160	$ 160
Operating lease, liability, current, statement of financial position	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Weighted-average remaining lease term - operating leases (in months)	13 months	13 months
Weighted-average discount rate - operating leases	7.90%	7.90%
Short-term operating lease cost	$ 45	$ 90
Cash paid for operating lease	48	98
Future minimum commitments due under the lease agreement remainder of 2024	116	116
Future minimum commitments due under the lease agreement thereafter	50	50
Guilford, Connecticut
Lessee, Lease, Description [Line Items]
Lease term			12 months
Lessee, operating lease, renewal term			1 year
Operating lease, number of square feet of warehouse space \| ft²			10,000
Future minimum commitments due under the lease agreement remainder of 2024	35	35
Future minimum commitments due under the lease agreement thereafter	$ 12	$ 12

REVENUE RECOGNITION - Information about Receivables and Deferred Revenue from Contracts with Customers (Details) - USD ($)
$ in Thousands

Jun. 30, 2024

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Accounts receivable, net

$ 5,368

$ 3,189

Unbilled receivables - current

2,121

942

Unbilled receivables - non-current

^[1]

1,103

1,044

Deferred revenue

1,425

1,453

Long term deferred revenue

$ 1,064

$ 968

[1]	Recorded in other long term assets in the Company’s consolidated balance sheets.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:



	June 30, 2024		December 31, 2023
Bonuses	$	1,828	$	2,463
Contracted services		1,893		1,237
Legal fees		273		412
Payroll and related benefits		661		676
Operating lease liabilities		160		185
Other		241		446
Total accrued expenses and other current liabilities	$	5,056	$	5,419

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited accompanying condensed 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 consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s audited consolidated financial statements as of and for the years ended December 31, 2023 and 2022. The condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. The accompanying unaudited condensed 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, 2024 are not necessarily indicative of the results to be expected for any subsequent quarter, the year ending December 31, 2024, or any other period. Except as described elsewhere in this Note 2 under the heading “Recently Issued Accounting Pronouncements”, there have been no material changes to the Company’s significant accounting policies as described in the audited consolidated financial statements as of December 31, 2023 and 2022.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks and uncertainties caused by events with significant geopolitical and macroeconomic impacts, including, but not limited to, the conflicts in Ukraine and the Middle East, inflation and actions taken to counter such impacts. The Company relies on single source manufacturers and suppliers for the supply of its products. Disruption from these manufacturers or suppliers has and would have a negative impact on the Company’s business, financial position and results of operations in its consolidated financial statements. The Company continues to critically review its liquidity and anticipated capital requirements in light of the significant uncertainty created by geopolitical and macroeconomic conditions.
Concentration of Credit Risk	Concentrations of Credit Risk The Company's cash and cash equivalents are deposited with several major financial institutions. At times, deposits in these institutions exceed the amount of insurance provided on such deposits. The Company reduces this risk by maintaining such deposits with high quality financial institutions that management believes are creditworthy and the Company monitors this credit risk and makes adjustments to the concentrations as necessary. The Company has not experienced any losses in such accounts and does not believe that it is exposed to any significant risk of loss on these balances. With respect to accounts receivable, credit risk is mitigated by the Company’s ongoing credit evaluation of its customers’ financial condition. As of June 30, 2024 and December 31, 2023, the Company had four customers and two customers, respectively, that each accounted for more than 10% of trade receivables. With respect to revenue four and two customers each accounted for more than 10% of revenue for the three and six months ended June 30, 2024, respectively. One customer accounted for more than 10% of revenue for each of the three and six months ended June 30, 2023.
Segment Information	Segment Information The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer (“CEO”). Substantially all of the Company’s long-lived assets are located in the United States. Other than revenue recognized in non-U.S. countries of $1,901 and $4,335 for the three and six months ended June 30, 2024, and $2,897 and $3,931 for the three and six months ended June 30, 2023, respectively, all of the revenues during these periods 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 consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of the condensed 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 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; • Allowance for credit losses; • 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 the calculation of 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 consolidated financial statements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2024, the SEC issued final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. Effective fiscal year 2026, the Company is required to disclose climate-related risks that are reasonably likely to have a material impact on the Company’s business strategy, results of operations, or financial condition. Additionally, the Company will be required to disclose the effects of severe weather events and other natural conditions within the notes to the financial statements, subject to certain materiality thresholds. Effective fiscal year 2027, required disclosures will also include disclosure of material direct greenhouse gas emissions from operations owned or controlled (Scope 1) and material indirect greenhouse gas emissions from purchased energy consumed in owned or controlled operations (Scope 2). In April 2024, the SEC issued an order voluntarily staying the effectiveness of the new rules pending the completion of judicial review of certain legal challenges to their validity. The Company is currently evaluating the impact of these rules assuming adoption as well as monitoring the status of the related litigation and the SEC’s stay. In March 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-02, Codification Improvements-Amendments to Remove References to the Concepts Statements. The ASU contains amendments to the ASC that remove references to various FASB Concepts Statements. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements or disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances effective tax rate reconciliation disclosure requirements and provides clarity to the disclosures of income taxes paid, income before taxes and provision for income taxes. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating this ASU to determine the impact of the amendments on the Company’s consolidated financial statements and disclosures. In November 2023, the FASB issued ASU No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. This ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. This ASU is applicable to the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, and subsequent interim periods, with early application permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements or disclosures. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC have not had, or are not believed by management to have, a material impact on the Company’s present or future financial statements.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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+ Details

EQUITY INCENTIVE PLAN - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Unit	6 Months Ended
	Jun. 30, 2024 shares
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Number of RSUs, Beginning balance	369,026
Number of RSUs, Vested	(76,069)
Number of RSUs, Forfeited	(26,449)
Number of RSUs, Ending balance	266,508

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2024

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	2024		2023		2024		2023
Device	Point in time	$	2,970	$	2,810	$	5,674	$	4,942
Service	Over time		661		571		1,252		1,074
Total revenue		$	3,631	$	3,381	$	6,926	$	6,016

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, 2024		December 31, 2023
Accounts receivable, net	$	5,368	$	3,189
Unbilled receivables - current	$	2,121	$	942
Unbilled receivables - non-current(1)	$	1,103	$	1,044
Deferred revenue	$	1,425	$	1,453
Long term deferred revenue	$	1,064	$	968

______________________

(1) Recorded in other long term assets in the Company’s consolidated balance sheets.

PROPERTY AND EQUIPMENT, NET - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 253	$ 259	$ 516	$ 513

INVENTORIES

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

5. INVENTORIES

A summary of inventories is as follows:


	June 30, 2024		December 31, 2023
Raw materials	$	3,010	$	1,757
Finished goods		4,455		4,825
Total inventories	$	7,465	$	6,582

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.

INVENTORIES - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 3,010	$ 1,757
Finished goods	4,455	4,825
Total inventories	$ 7,465	$ 6,582

FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets transfer between levels amount	$ 0	$ 0	$ 0	$ 0
Level 1 \| Money Market Funds and Demand Deposit Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	53,658,000		53,658,000		$ 74,685,000
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	0	0	0
Liabilities	0	0	0	0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	0	0	0
Liabilities	$ 0	$ 0	$ 0	$ 0

NET LOSS PER SHARE - Schedule of Anti-dilutive Common Equivalent Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares	28,125,695	24,513,268	28,125,695	24,513,268
Outstanding Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares	18,501,352	14,244,285	18,501,352	14,244,285
Outstanding RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares	266,508	911,148	266,508	911,148
Earn-Out Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares	9,357,835	9,357,835	9,357,835	9,357,835

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts receivable	$ 308	$ 321
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	57,131,702	56,840,949
Common shares, shares outstanding	57,131,702	56,840,949
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 CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (20,004)	$ (22,797)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	516	513
Stock-based compensation expense	2,206	2,259
Loss on disposal of property and equipment, net	100	100
Payments received on net investment in lease	18	4
Changes in assets and liabilities:
Accounts receivable, net	(2,179)	(1,845)
Unbilled receivables	(1,179)	(209)
Inventory	(1,000)	(1,537)
Prepaid expenses and other current assets	(518)	946
Due from related parties		48
Prepaid inventory	693	281
Other long term assets	46	129
Accounts payable	867	666
Deferred grant funding	(621)	198
Deferred revenue	68	(134)
Due to related parties	5	45
Accrued expenses and other current liabilities	(912)	(1,817)
Operating lease liabilities, net	1
Net cash used in operating activities	(21,893)	(23,150)
Cash flows from investing activities:
Purchases of property and equipment	(216)	(283)
Net cash used in investing activities	(216)	(283)
Cash flows from financing activities:
Proceeds from exercise of stock options	114	107
Net cash provided by financing activities	114	107
Net decrease in cash and cash equivalents and restricted cash	(21,995)	(23,326)
Cash, cash equivalents and restricted cash, beginning of period	75,804	118,243
Cash, cash equivalents and restricted cash, end of period	53,809	94,917
Reconciliation of cash, cash equivalents, and restricted cash reported in the balance sheets
Cash and cash equivalents	53,809	93,948
Restricted cash		969
Total cash, cash equivalents and restricted cash	53,809	94,917
Supplemental disclosure of noncash information:
Unpaid purchase of property and equipment	$ 735	$ 28

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2024

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 best represent 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	2024		2023		2024		2023
Device	Point in time	$	2,970	$	2,810	$	5,674	$	4,942
Service	Over time		661		571		1,252		1,074
Total revenue		$	3,631	$	3,381	$	6,926	$	6,016

Contract Balances

Contract balances represent amounts presented in the condensed 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, 2024		December 31, 2023
Accounts receivable, net	$	5,368	$	3,189
Unbilled receivables - current	$	2,121	$	942
Unbilled receivables - non-current(1)	$	1,103	$	1,044
Deferred revenue	$	1,425	$	1,453
Long term deferred revenue	$	1,064	$	968

______________________

(1) Recorded in other long term assets in the Company’s consolidated balance sheets.

The Company recognizes a receivable when it has an unconditional right to payment. Typical payment terms require the Company's customers to pay the Company within 30 days of invoice and up to less than one year based on the terms agreed upon with the respective customer.

Accounts Receivable, Unbilled Services, and Deferred Revenue

Accounts receivable are recorded at net realizable value. Unbilled receivables arise when performance obligations are satisfied for which revenue has been recognized but the customers have not been billed. Contractual provisions and payment schedules may or may not correspond to the timing of the performance of services under the contract.

Deferred revenue is a contract liability that consists of customer payments received in advance of performance and billings in excess of revenue recognized, net of revenue recognized from the balance at the beginning of the period.

The amount of revenue recognized during the three and six months ended June 30, 2024 that was included in the deferred revenue balance at the beginning of the period was $493 and $879, respectively.

The amount of revenue recognized during the three and six months ended June 30, 2023 that was included in the deferred revenue balance at the beginning of the period was $482 and $812, respectively.

Timing of Billing and Performance

Difference in the timing of revenue recognition and associated billings and cash collections result in recording of billed accounts receivable, unbilled accounts receivable (including contract assets), and deferred revenue on the consolidated balance sheet. Amounts are billed in accordance with the agreed-upon contractual terms, resulting in recording unbilled accounts receivable in instances where the right to bill is contingent solely on the passage of time, and contract assets in instances where the right to consideration is conditional on something other than the passage of time.

Revenue from Leasing Arrangements

Revenue from leasing arrangements is not subject to the revenue standard for contracts with customers and remains separately accounted for under ASC 842, including leases for the three and six months ended June 30, 2024 and the year ended December 31, 2023. The Company recorded service revenue from lease arrangements of $77 and $159 for the three and six months ended June 30, 2024, respectively. The Company recorded service revenue from lease arrangements of $114 and $229 for the three and six months ended June 30, 2023, respectively. The Company records revenue from the sale of hardware devices under sales-type leases as device 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 revenue in the 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 $388 and $391 as of June 30, 2024 and December 31, 2023, respectively. During the three and six months ended June 30, 2024, the Company recognized $328 and $406, respectively, in expense related to the amortization of the capitalized contract costs. During the three and six months ended June 30, 2023, the Company recognized $25 and $125, respectively, in expense related to the amortization of the capitalized contract costs.

Transaction price allocated to remaining performance obligations

As of June 30, 2024 and December 31, 2023, the Company had remaining performance obligations amounting to $5,621 and $5,661, respectively. The Company expects to recognize approximately 25% of its remaining performance obligations as revenue in fiscal year 2024, and an additional 75% in fiscal year 2025 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Summary of Inventories

A summary of inventories is as follows:


	June 30, 2024		December 31, 2023
Raw materials	$	3,010	$	1,757
Finished goods		4,455		4,825
Total inventories	$	7,465	$	6,582

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Payment terms range, minimum			30 days
Payment terms range, maximum			1 year
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	$ 493	$ 482	$ 879	$ 812
Capitalized contract cost	388		388		$ 391
Amortization of capitalized contract cost	328	25	406	125
Remaining performance obligation	5,621		5,621		$ 5,661
Service
Disaggregation Of Revenue [Line Items]
Revenue from lease arrangements	$ 77	$ 114	$ 159	$ 229

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

EQUITY INCENTIVE PLAN - Summary of Stock Option Activity (Parenthetical) (Details)		6 Months Ended
	Jun. 12, 2024 Director shares	Jun. 30, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of nonemployee directors \| Director	5
Vesting Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting Rights, Percentage		25.00%
Employee New Hire \| Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares to be purchased upon exercise of non-qualified stock options		275,000
Annual Employee Grants [Member] \| Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares to be purchased upon exercise of non-qualified stock options		1,975,283
Executive \| Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares to be purchased upon exercise of non-qualified stock options		2,435,000
Non-employee Directors \| Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares to be purchased upon exercise of non-qualified stock options by each director	79,200
Number of shares to be purchased upon exercise of special grant non-qualified stock options	396,000

RIGHT-OF-USE ("ROU") ASSETS AND LEASES LIABILITIES

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

RIGHT-OF-USE ("ROU") ASSETS AND LEASES LIABILITIES

7. RIGHT-OF-USE (“ROU”) ASSETS AND LEASES LIABILITIES

The Company has operating leases for its corporate offices, including its Palo Alto, California lease agreement which expires on April 30, 2025. As of June 30, 2024, the Palo Alto, California lease had an operating lease ROU assets of $149, current lease liabilities of $160, which are included in the Company's condensed consolidated balance sheets in other long term assets, accrued expenses and other current liabilities.

The weighted-average remaining lease term associated with the measurement of the Company's operating lease obligations is 13 months and the weighted-average discount rate is 7.9%.

The Company recorded short-term operating lease cost during the three and six months ended June 30, 2024 of $45 and $90, respectively. Cash paid for operating lease during the three and six months ended June 30, 2024 was $48 and $98, respectively.

Future minimum commitments due under the lease agreement as of June 30, 2024 are $116 for the remainder of 2024 and $50 thereafter.

On March 1, 2024, the Company entered into a lease agreement for approximately 10,000 square feet of warehouse space in Guilford, Connecticut. The lease term is 12 months beginning March 1, 2024, and includes an option to renew for an additional one-year term at the then prevailing rental rate. The exercise of the lease renewal option is at the Company’s sole discretion. The Company applied the practical expedient, which allows entities with leases of 12 months or shorter to not recognize ROU assets and lease liabilities for short-term leases. Future minimum commitments due under the lease agreement as of June 30, 2024 are $35 for the remainder of 2024 and $12 thereafter.

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

13. 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, 2024 or 2023.

During 2020 and 2021, the Company was awarded multiple grants totaling $4,910 from the Bill & Melinda Gates Foundation (“BMGF”) for the provision and equipping of sites with the Company’s portable MR brain imaging system to enable the performance of a multi-site study focused on optimizing diagnostic image quality. These grants are designed to provide data to validate the use of the Swoop® system in measuring the impact of maternal anemia, malnutrition, infection and birth related injury. All of these grants are designed to support the deployment of a total of 25 Swoop® system devices and other services to investigators, which commenced in the spring of 2021. In March 2023, the term of the BMGF grant agreement was extended to February 2024. As of June 30, 2024 and December 31, 2023, 25 and 22 Swoop® system units, respectively, have been delivered to the BMGF. In May 2023, the Company was awarded an additional $3,354 grant from the BMGF to continue to develop a scalable approach to measuring neurodevelopment via low-field MRI in neonates, infants, and young children in low-to-middle income countries through February 2026. The funds are accounted for as restricted cash with a corresponding credit to deferred grant funding. Any grant funds, plus any interest 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. During the three and six months ended June 30, 2024, the Company completed and delivered the remaining Swoop system® devices and delivered a grant milestone of a software update. During the three months ended June 30, 2024, the Company received cash of $561 from the BMGF which settled an outstanding grant receivable of $470 as of March 31, 2024, and partially paid $91 of grant fulfilled during the three months ended June 30, 2024. As of June 30, 2024, the Company recorded grant receivable of $150 excluding interest earned of $10, in prepaid expenses and other current assets in the unaudited condensed consolidated balance sheet. As of June 30, 2024, and December 31, 2023, there were no grant fund amounts that were required to be returned under the terms of the project.

Purchase Commitments

The Company’s purchase commitments and obligations include all open purchase orders and contractual obligations in the ordinary course of business, including commitments with contract manufacturers and suppliers, for which the Company has not received the goods or services. A majority of these purchase obligations are due within a year. Although open purchase orders are considered enforceable and legally binding, the terms generally allow the Company the option to cancel, reschedule, and adjust its requirements based on the Company’s business needs prior to the delivery of goods or performance of services.

Contingencies

The Company is, from time to time, a party to litigation that arises in the normal course of its business operations. The Company is not presently a party to any litigation for which it believes a loss is probable requiring an amount to be accrued or a possible loss contingency requiring disclosure.

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. The Company has not recorded any liability under such indemnification provisions within its condensed 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 Company's 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 consolidated balance sheets. See Note 10. Net Loss Per Share, for further information regarding the earn-out criteria.

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	May 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2021 USD ($) System	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2020 USD ($)
Product Liability Contingency [Line Items]
Matching contributions to the plan		$ 0	$ 0	$ 0	$ 0
Deferred grant funding						$ 4,910,000		$ 621,000	$ 4,910,000
Grant awarded from the BMGF	$ 3,354,000
Expenses allocated				1,000,000
Number of swoop systems and other services deployed \| System						25
Earn-out liability		0		0
Cash received		561,000		561,000
Partially Paid Grant		91,000
Grant receivable		150,000		150,000			$ 470,000
Interest earned		10,000		10,000
Grant fund amounts required to be returned under provisions		0		0				$ 0
Indemnification Agreement
Product Liability Contingency [Line Items]
Liability under indemnifications		$ 0		$ 0

REVENUE RECOGNITION - Summary of Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenue	$ 3,631	$ 3,381	$ 6,926	$ 6,016
Device
Disaggregation Of Revenue [Line Items]
Total revenue	2,970	2,810	5,674	4,942
Device \| Point In Time
Disaggregation Of Revenue [Line Items]
Total revenue	2,970	2,810	5,674	4,942
Service
Disaggregation Of Revenue [Line Items]
Total revenue	661	571	1,252	1,074
Service \| Over Time
Disaggregation Of Revenue [Line Items]
Total revenue	$ 661	$ 571	$ 1,252	$ 1,074

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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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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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EQUITY INCENTIVE PLAN - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024
Employee Stock Option
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Stock based compensation award requisite service period	4 years
Non Employee Director
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Stock based compensation award requisite service period	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

NET LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

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,
	2024			2023			2024			2023
Numerator:
Net Loss	$	(10,156	)	$	(10,637	)	$	(20,004	)	$	(22,797	)
Numerator for Basic and Dilutive EPS – Loss available to common stockholders	$	(10,156	)	$	(10,637	)	$	(20,004	)	$	(22,797	)
Denominator:
Common Stock		72,041,332			71,201,170			71,987,688			71,033,629
Denominator for Basic and Dilutive EPS - Weighted-average common stock		72,041,332			71,201,170			71,987,688			71,033,629
Basic and dilutive net loss per share	$	(0.14	)	$	(0.15	)	$	(0.28	)	$	(0.32	)

Schedule of Anti-dilutive Common Equivalent Shares

Anti-dilutive common equivalent shares were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Outstanding options to purchase common stock		18,501,352		14,244,285		18,501,352		14,244,285
Outstanding RSUs		266,508		911,148		266,508		911,148
Earn-Out Shares (1)		9,357,835		9,357,835		9,357,835		9,357,835
Total anti-dilutive common equivalent shares		28,125,695		24,513,268		28,125,695		24,513,268

_________________________

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

REVENUE RECOGNITION - Additional Information (Details1)	Jun. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Disaggregation Of Revenue [Line Items]
Remaining performance obligation expected to be recognized, percentage	25.00%
Remaining performance obligation expected to be recognized, duration	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Disaggregation Of Revenue [Line Items]
Remaining performance obligation expected to be recognized, percentage	75.00%
Remaining performance obligation expected to be recognized, duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

EQUITY INCENTIVE PLAN

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

EQUITY INCENTIVE PLAN

9. EQUITY INCENTIVE PLAN

The Company's 2021 Equity Incentive Plan (the “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 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, 2024:


	Number of Options
Outstanding at January 1, 2024		14,271,587
Granted (1) (2)		5,081,283
Exercised		(214,791	)
Forfeited / Cancelled / Expired		(636,727	)
Outstanding at June 30, 2024		18,501,352

_____________________________________________

(1)

(2)

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 and six months ended June 30, 2024:


	Number of RSUs
Outstanding at January 1, 2024		369,026
Granted		—
Vested		(76,069	)
Forfeited		(26,449	)
Outstanding at June 30, 2024		266,508

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,
	2024		2023		2024		2023
Cost of sales	$	24	$	28	$	48	$	51
Research and development		387		228		724		434
Sales and marketing		47		57		86		95
General and administrative		716		820		1,348		1,679
	$	1,174	$	1,133	$	2,206	$	2,259

NET LOSS PER SHARE - Schedule of Anti-dilutive Common Equivalent Shares (Parenthetical) (Details) - Class A Common Stock - $ / shares	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock, shares issued	57,131,702	56,840,949
Number of trading days	20 days
Number of consecutive trading days	30 days
Earnout shares right to terminate threshold consideration value	$ 15
Minimum
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share price	15
Value of cash or other consideration received upon conversion of stock	$ 15
Earn-Out Shares \| Maximum
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock, shares issued	10,000,000

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Bonuses	$ 1,828	$ 2,463
Contracted services	1,893	1,237
Legal fees	273	412
Payroll and related benefits	661	676
Operating lease liabilities	160	185
Other	241	446
Total accrued expenses and other current liabilities	$ 5,056	$ 5,419

EQUITY INCENTIVE PLAN (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024:


	Number of Options
Outstanding at January 1, 2024		14,271,587
Granted (1) (2)		5,081,283
Exercised		(214,791	)
Forfeited / Cancelled / Expired		(636,727	)
Outstanding at June 30, 2024		18,501,352

_____________________________________________

(1)

(2)

Summary of Restricted Stock Unit Activity

The following table summarizes the changes in the Company’s outstanding RSUs for the three and six months ended June 30, 2024:


	Number of RSUs
Outstanding at January 1, 2024		369,026
Granted		—
Vested		(76,069	)
Forfeited		(26,449	)
Outstanding at June 30, 2024		266,508

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,
	2024		2023		2024		2023
Cost of sales	$	24	$	28	$	48	$	51
Research and development		387		228		724		434
Sales and marketing		47		57		86		95
General and administrative		716		820		1,348		1,679
	$	1,174	$	1,133	$	2,206	$	2,259

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Sales
Total sales	$ 3,631	$ 3,381	$ 6,926	$ 6,016
Cost of sales
Total cost of sales	1,828	1,937	3,769	3,417
Gross margin	1,803	1,444	3,157	2,599
Operating Expenses:
Research and development	5,959	5,331	11,529	10,792
General and administrative	4,421	5,306	8,851	11,488
Sales and marketing	2,269	2,499	4,273	5,046
Total operating expenses	12,649	13,136	24,653	27,326
Loss from operations	(10,846)	(11,692)	(21,496)	(24,727)
Interest income	675	1,030	1,471	1,899
Other income, net	15	25	21	31
Loss before provision for income taxes	(10,156)	(10,637)	(20,004)	(22,797)
Provision for income taxes	0	0	0	0
Net loss and comprehensive loss	$ (10,156)	$ (10,637)	$ (20,004)	$ (22,797)
Earnings Per Share, Basic	$ (0.14)	$ (0.15)	$ (0.28)	$ (0.32)
Earnings Per Share, Diluted	$ (0.14)	$ (0.15)	$ (0.28)	$ (0.32)
Denominator for Basic EPS - Weighted-average common stock	72,041,332	71,201,170	71,987,688	71,033,629
Denominator for Dilutive EPS - Weighted-average common stock	72,041,332	71,201,170	71,987,688	71,033,629
Device
Sales
Total sales	$ 2,970	$ 2,810	$ 5,674	$ 4,942
Cost of sales
Total cost of sales	1,422	1,549	2,921	2,620
Service
Sales
Total sales	661	571	1,252	1,074
Cost of sales
Total cost of sales	$ 406	$ 388	$ 848	$ 797

EQUITY INCENTIVE PLAN - Summary of Stock-Based Compensation Expenses by Function (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Stock-based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,174	$ 1,133	$ 2,206	$ 2,259
Cost of Sales
Employee Service Stock-based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	24	28	48	51
Research and Development
Employee Service Stock-based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	387	228	724	434
Sales and Marketing
Employee Service Stock-based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	47	57	86	95
General and Administrative
Employee Service Stock-based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 716	$ 820	$ 1,348	$ 1,679

RELATED PARTY TRANSACTIONS - Additional Information (Details) - 4C - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Payments for rent	$ 120	$ 105	$ 248	$ 163
Payment for services	31	$ 14	65	$ 121
Due to related parties	$ 66		$ 66		$ 61