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SHARE OPTION PLANS AND ESPP
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
Share option plans and ESPP SHARE OPTION PLANS AND ESPP
In September 2015, the Company adopted the 2015 Omnibus Incentive Plan (the “2015 Plan”). Under the 2015 Plan, the Company can issue various types of equity compensation awards such as share options, restricted
shares, performance shares, restricted share units (“RSUs”), performance-based share units (“PSUs”), long-term cash awards and other share-based awards.
Options granted under the 2015 Plan generally have a two-year or four-year vesting period and expire ten years after the date of grant. Options granted under the 2015 Plan that are canceled or forfeited before expiration become available for future grants. RSUs granted under the 2015 Plan generally vest over a three-year period. PSUs granted under the 2015 Plan generally vest between a three- and six-year period as performance targets are attained. RSUs and PSUs granted under the 2015 Plan that are canceled before expiration become available for future grants.
As of September 30, 2024, no ordinary shares were available for grant under the 2015 Plan (see below).
In April 2024, the Company adopted the 2024 Omnibus Incentive Plan (the "2024 Plan"), which replaced the 2015 Plan, effective June 5, 2024 (the "Effective Date") following approval from the Company's shareholders. Under the 2024 Plan, the Company can issue various types of equity compensation awards such as share options, restricted shares, performance shares, restricted share units (“RSUs”), performance-based share units (“PSUs”), long-term cash awards and other share-based awards. The total number of shares of the Company’s ordinary shares that may be granted under the 2024 Plan consists of (i) up to 9,000,000 ordinary shares (reduced by 433,018 shares subject to awards granted under the 2015 Plan after April 2, 2024), all of which were available under the 2015 Plan and which ceased to be available for future awards under the 2015 Plan as of the Effective Date and (ii) the number of undelivered shares subject to outstanding awards under the 2015 Plan that become available for future awards under the 2024 Plan as provided for in the 2024 Plan.
Options granted under the 2024 Plan generally will have a two-year or four-year vesting period and expire ten years after the date of grant. Options granted under the 2015 Plan and 2024 Plan that are canceled or forfeited before expiration become available for future grants under the 2024 Plan. RSUs granted under the 2024 Plan generally will vest over a three-year period. PSUs granted under the 2024 Plan generally will vest between a three- and six-year period as performance targets are attained. RSUs and PSUs granted under the 2015 Plan and 2024 Plan that are canceled before expiration become available for future grants under the 2024 Plan.
As of September 30, 2024, 9,581,731 ordinary shares were available for grant under the 2024 Plan.
A summary of the status of the Company’s option plans as of September 30, 2024 and changes during the period then ended is presented below:
Nine months ended September 30, 2024
Unaudited
Number
of options		Weighted
average
exercise
price
Outstanding at beginning of year8,539,507 $40.07 
Granted3,797,704 15.88 
Exercised(184,633)7.77 
Forfeited and canceled(719,823)50.14 
Outstanding as of September 30, 202411,432,755 $31.92 
Exercisable options6,804,138 $35.14 
A summary of the status of the Company’s RSUs and PSUs as of September 30, 2024 and changes during the period then ended is presented below.
Nine months ended September 30, 2024
Unaudited
Number
of RSU/PSUs		Weighted
average
grant date fair value
Unvested at beginning of year5,813,066 $60.52 
Granted9,454,291 15.40 
Vested(661,337)84.17 
Forfeited and cancelled(1,252,395)39.97 
Unvested as of September 30, 2024 (1)13,353,625 29.33 

(1) Includes PSUs that have a mix of service, market and other milestone performance vesting conditions which are vested upon achievements of performance milestones that are not probable as of September 30, 2024, in accordance with ASC 718 "Compensation — Stock Compensation" as follows:
 September 30, 2024
Number of
PSUs		Fair value at grant date per PSUTotal fair value at grant date
541,918 $16.30 $8,833 
37,893 19.44 737 
2,703,852 48.16 130,218 
161,422 76.97 12,425 
234,512 80.59 18,899 
15,210 87.66 1,333 
3,694,807 $172,445 
These PSUs will be expensed over the performance period when the vesting conditions become probable in accordance with ASC 718.
In September 2015, the Company adopted an employee share purchase plan (“ESPP”) to encourage and enable eligible employees to acquire ownership of the Company’s ordinary shares purchased through accumulated payroll deductions on an after-tax basis. In the United States, the ESPP is intended to be an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code and the provisions of the ESPP are construed in a manner consistent with the requirements of such section. As of September 30, 2024, 5,557,123 ordinary shares were available to be purchased by eligible employees under the ESPP.
The fair value of share-based awards was estimated using the Black-Scholes model for all equity grants. For market condition awards, the Company also applied the Monte-Carlo simulation model. The Company assessed fair value using the following underlying assumptions: 
Nine months ended September 30,Year ended December 31,
2023
20242023
UnauditedAudited
Stock Option Plans
Expected term (years)
5.50-5.73
5.50-6.00
5.50-6.00
Expected volatility
71%-73%
63%-67%
63%-70%
Risk-free interest rate
3.88%-4.43%
3.48%-4.16%
3.48%-4.79%
Dividend yield0.00 %0.00 %0.00 %
ESPP
Expected term (years)0.500.500.50
Expected volatility
73%-90%
56%-122%
56%-122%
Risk-free interest rate
5.13%-5.23%
4.76%-5.38%
4.76%-5.38%
Dividend yield0.00 %0.00 %0.00 %
The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three and nine months ended September 30, 2024 and 2023, and the year ended December 31, 2023 was:
Three months ended September 30,Nine months ended September 30,Year ended December 31,
2023
2024202320242023
UnauditedUnauditedAudited
Cost of revenues$1,834 $1,511 $5,280 $5,540 $6,587 
Research, development and clinical studies7,294 6,683 25,421 26,999 31,827 
Sales and marketing10,276 8,973 31,220 30,830 35,968 
General and administrative11,960 9,179 35,357 34,801 41,226 
Total share-based compensation expense$31,364 $26,346 $97,278 $98,170 $115,608