Hyperfine Inc-A 2025年度报告

of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☒Emerging growth company☒If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any Large accelerated filer☐Non-accelerated filer☒ new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒The aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates of the registrant (without admitting that any person whose shares are not included in such calculation is an affiliate) computed by reference to the price at which the common equity was lastsold as of the last business day of the registrant’s most recently completed second fiscal quarter was approximately $44.2 million.As of March 13, 2026, the registrant had 82,902,422 shares of Class A common stock outstanding and 15,055,288 shares of Class B common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE The following documents (or parts thereof) are incorporated by reference into the following parts of this Form 10-K: Certain information required in Part III of this Annual Report on Form 10-K is incorporated by reference from the Registrant’s ProxyStatement for the 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission. TABLE OF CONTENTS PART I7Item 1.Business7Item 1A.Risk Factors39Item 1B.Unresolved Staff Comments77Item 1C.Cybersecurity77Item 2.Properties80Item 3.Legal Proceedings80Item 4.Mine Safety Disclosures80PART II81Item 5.Market forRegistrant’sCommon Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities81Item 6.[Reserved]81Item 7.Management’sDiscussion and Analysis of Financial Condition and Results of Operations82Item 7A.Quantitative and Qualitative Disclosures About Market Risk93Item 8.Financial Statements and Supplementary Data93Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure93Item 9A.Controls and Procedures93Item 9B.Other Information94Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections94PART III95Item 10.Directors, Executive Officers and Corporate Governance95Item 11.Executive Compensation95Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters95Item 13.Certain Relationships and Related Transactions, and Director Independence95Item 14.Principal Accountant Fees and Services95PART IV96Item 15Exhibits and Financial Statement Schedules96Item 16.Form 10-K Summary98Signatures99 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),that relate to future events or our future financial performance regarding, among other things, the plans, strategies and prospects, bothbusiness and financial, of the Company. These statements are based on the beliefs and assumptions of our management team.Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements arereasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statementsare inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statementsconcerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking stat