Hyperfine, Inc. (HYPR) is a single-segment commercial-stage medical device company selling the Swoop portable MRI system. Under a liquidation lens as of December 31, 2025, equity recovery is marginally positive but thin, and the subsequent-event debt draw materially changes the post-period liability stack. Total assets per balance sheet are $55.3M; total liabilities are $14.3M; stated book equity is $41.0M. Applying liquidation haircuts: cash and restricted cash ($36.0M at 100%) contributes $36.0M; AR net of allowance ($5.3M at 92%) contributes ~$4.9M; inventory ($7.1M at 60%) contributes ~$4.3M; PP&E net ($2.5M at 55%) contributes ~$1.4M; capitalized contract costs, ROU asset, and other non-cash assets are assigned zero recoverable value. Gross liquidation asset pool is approximately $46.6M. Against this, face-value liabilities of $14.3M (current $11.7M plus non-current $2.5M including lease and deferred grant obligations) are settled first, leaving an estimated residual to equity of approximately $32.3M. MFFAIS reports CLV of $23.3M, LLV of $28.5M, and OLV of $35.6M, broadly consistent with this range depending on inventory and receivable recovery assumptions. The primary risk to equity recovery is cash burn: the company consumed $27.9M in operating cash in FY2025 and carries an accumulated deficit of $330.0M. Year-end cash of $35.1M is the dominant liquidation asset. A material subsequent event disclosed in Note 16 — a $15M initial draw under a new $40M senior secured term loan facility with Horizon Technology Finance, closed March 18, 2026 at prime plus 4.25% — adds a senior secured creditor ahead of equity, reducing the net recovery pool by at least $15M (face) if assessed at period-end pro forma. This debt does not appear on the December 31, 2025 balance sheet but is the single most significant post-period liability development. Filing discusses deferred grant funding ($957K restricted cash offset) and warrant liabilities (fair value change of negative $825K) in the financial statements; warrant liabilities are not separately tagged in XBRL as a balance sheet liability line. The valuation allowance against $78.9M gross deferred tax assets ($58.7M from NOL carryforwards, $12.0M capitalized R&D) is 100%, confirming zero tax asset recovery. Section 382 ownership change analysis is incomplete for post-2021 periods, creating an undisclosed potential limitation on NOL carryforward utility. Operating lease obligations are small ($314K total) and do not materially shift the liability stack.
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