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Share capital
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
Share capital Share capital
Share capital is composed as follows:
Issued and outstanding
Number of shares
December 31,
 20242023
Ordinary shares no par value108,516,819 107,075,754 
Equity incentive plans:
Stock option plan
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 restricted shares, performance shares, restricted stock units ("RSUs"), performance share units ("PSUs"), long-term cash award and other share-based awards. Options granted under the 2015 Plan generally have a vesting period of two or four years and expire ten years after the date of grant. RSUs granted under the 2015 Plan vest in equal installments over two or three years. PSUs granted under the 2015 Plan generally vest have a vesting period between three and six years, as performance targets are attained. Options, RSUs and PSUs granted under the 2015 Plan that are canceled before expiration become available for future grants. 
As of December 31, 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 December 31, 2024, 10,702,818 ordinary shares were available for grant under the 2024 Plan.
Employee Stock Purchase Plan
In September 2015, the Company adopted an 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. The ESPP is intended to be an "employee stock purchase plan" within the meaning of Section 423 of the Code and the provisions of the ESPP will be construed in a manner consistent with the requirements of such section. The Company began its offerings under the ESPP on August 1, 2016. The Company issued 311,785 ordinary shares for the plan period from January 1, 2024 through December 31, 2024.
The terms of the ESPP provide that on December 31 of each year, the number of shares available for purchase by eligible employees who participate in the ESPP automatically increases by 1% of the Company’s outstanding ordinary shares outstanding, unless the Company determines that such an increase is not necessary. As of December 31, 2024, 6,507,843 ordinary shares are available for offering under the ESPP.

The following tables sets forth the parameters used in computation of the options and ESPP compensation to employees for the years ended December 31, 2024, 2023 and 2022:
Year ended December 31,
 202420232022
Stock Option Plans
Expected term (years)
5.50-5.73
5.50-6.00
5.33-5.83
Expected volatility
71%-73%
63%-70%
60%-62%
Risk-free interest rate
3.88%-4.43%
3.48%-4.79%
1.58%-4.23%
Dividend yield0.00 %0.00 %0.00 %
ESPP
Expected term (years)0.500.500.50
Expected volatility
73%-90%
56%-122%
51%-77%
Risk-free interest rate
5.13%-5.23%
4.76%-5.38%
0.19%-2.52%
Dividend yield0.00 %0.00 %0.00 %
A summary of the status of the Company’s options to purchase ordinary shares as of December 31, 2024 and changes during the year ended on that date is presented below:
Year ended December 31, 2024
 
Number of
options
Weighted
average
exercise
price
Aggregate
intrinsic
value
Outstanding at beginning of year8,539,507 $40.07 
Granted3,934,564 15.91 
Exercised(235,404)9.16 
Forfeited and cancelled(923,199)51.18 
Outstanding at end of year11,315,468 $31.41 $113,849 
Exercisable options6,739,295 $34.68 $60,993 
A summary of the status of the Company’s RSUs and PSUs as of December 31, 2024 and changes during the year ended on that date is presented below:
 
Year ended December 31, 2024
 Number of
RSUs/PSUs
Weighted
average
grant date
fair value
price
Aggregate
intrinsic
value
Unvested at beginning of year5,813,066 $60.52 
Granted9,655,987 15.43 
Vested(893,876)74.88 
Forfeited and cancelled(2,508,662)42.14 
Unvested at end of year (1)12,066,515 $27.19 $359,582 
(1)    Includes PSUs that have a mix of service, market and other milestone performance vesting conditions which are vested upon achievements of market and performance conditions which are not probable, as of December 31, 2024, in accordance with ASC 718 as follows:

December 31, 2024
Number of
PSUs		Fair value at grant date per PSUTotal fair value at grant date
704,493 $16.30 $11,483 
21,653 19.44 421 
901,284 48.16 43,406 
92,241 76.97 7,100 
234,512 $80.59 $18,899 
15,210 87.66 1,333 
1,969,393 $82,642 

These PSUs will be expensed over the performance period when the vesting conditions become probable in accordance with ASC 718.
The total equity-based compensation expense related to all of the Company’s equity incentive plans recognized for the years ended December 31, 2024, 2023 and 2022, was comprised as follows:
Year ended December 31,
 202420232022
Cost of revenues$6,873 $6,587 $4,690 
Research, development and clinical studies32,716 31,827 30,790 
Sales and marketing43,097 35,968 28,826 
General and administrative77,349 41,226 42,649 
Total share-based compensation expense$160,035 $115,608 $106,955 
As of December 31, 2024, unamortized share-based compensation costs amounted to $119,584 and are expected to be recognized over a weighted average period of approximately 1.59 years.
The weighted average grant date exercise price of the Company’s options granted during the years ended December 31, 2024, 2023 and 2022 were $15.91, $55.65 and $78.69 per share, respectively.
The weighted average grant date fair value of the Company’s options granted during the years ended December 31, 2024, 2023 and 2022 were $10.40, $33.77 and $44.70 per share, respectively.
The weighted average grant date fair value of the Company’s RSU granted during the years ended December 31, 2024, 2023 and 2022 were $15.43, $57.60 and $79.45 per share, respectively.
The weighted average grant date fair values of the Company’s options forfeited and cancelled during the years ended December 31, 2024, 2023 and 2022 were $29.01, $36.54 and $86.79, respectively.
The fair values of the Company’s RSUs and PSUs vested during the years ended December 31, 2024, 2023 and 2022 were $66,933, $83,968 and $44,818, respectively.
The aggregate intrinsic values for the options exercised during the years ended December 31, 2024, 2023 and 2022 were $3,041, $49,679 and $26,436, respectively. The aggregate intrinsic value is calculated as the difference between the per share exercise price and the deemed fair value of the Company’s ordinary shares for each share subject to an option multiplied by the number of shares subject to options at the date of exercise.
Options outstanding as of December 31, 2024 are as follows:
Exercise price
Number
of options
outstanding
Weighted
average
remaining
contractual
term
Number
of options
exercisable
Weighted
average
remaining
contractual
term
$ (years) (years)
0.00 - 10.00
316,030 2.05316,030 2.05
10.01 - 20.00
5,929,168 6.302,395,159 2.13
20.01 - 30.00
1,744,869 3.401,494,664 2.38
30.01 - 40.00
331,187 5.32241,091 4.10
40.01 - 60.00
1,008,600 4.481,008,600 4.48
60.01 - 100.00
1,688,548 6.851,051,806 6.24
100.01 - 160.00
287,804 6.19223,124 6.17
160.01 - 220.00
9,262 6.428,821 6.42
 11,315,468 5.626,739,295 3.38