INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets (Liabilities)

Significant components of the Company's deferred tax assets (liabilities) are as follows:


		As of December 31,
		2022				2021
Gross deferred tax assets (liabilities):
Net operating loss carryforwards		$	39,033			$	29,300
Tax credit carryforwards			5,478				3,429
Fixed assets			(117	)			(117	)
Stock-based compensation			2,621				1,634
Capitalized R&D			5,463				—
Deferred revenue			817				949
Accrued bonuses			—				857
Other			70				84
Total deferred tax assets			53,365				36,136
Valuation allowance			(53,365	)			(36,136	)
Net deferred tax assets (liabilities)		$	—			$	—

Schedule of Reconciliation of Anticipated Income Tax Expense Benefit Computed by Statutory Federal Income Tax Rate

A reconciliation of the income tax expense at the federal statutory tax rate to the Company’s effective income tax rate follows:


		As of December 31,
		2022				2021
Statutory tax rate			21.0	%			21.0	%
State taxes, net of federal benefit			2.1	%			4.0	%
Federal research and development credit			2.5	%			1.5	%
Stock-based compensation			(1.5	)%			(0.1	)%
Deferred tax adjustment resulting from tax rate change			(0.4	)%			2.2	%
Other			(0.1	)%			(0.5	)%
Valuation allowance			(23.5	)%			(28.1	)%
Effective tax rate			0.0	%			0.0	%

Schedule of Tax Net Operating Loss Carryforward and Tax Credit Carryforward

As of December 31, 2022, the Company had the following tax net operating loss carryforwards available to reduce future federal and state taxable income, and tax credit carryforwards available to offset future federal and state income taxes:


		Hyperfine
		Amount				Begin to Expire in
Hyperfine tax net operating loss carryforwards:
Federal (pre-2018 NOLs)		$	12,084			2034
Federal (post-2017 NOLs)			132,748			No Expiration
States			84,977			2031
Tax credit carryforwards:
Federal research and development			3,877			2034
Connecticut research and development			1,015			No Expiration
Connecticut others			21			5 Year Carryforward
Federal others			135			5 Year Carryforward


		Liminal
		Amount				Begin to Expire in
Liminal tax net operating loss carryforwards:
Federal (pre-2018 NOLs)		$	—
Federal (post-2017 NOLs)			13,446			No Expiration
States			13,443			2038
Tax credit carryforwards:
Federal research and development			717			2038
Connecticut research and development			81			No Expiration
Federal and state other			3			2025