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SHARE OPTION PLANS AND ESPP (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement, Recognized Amount [Abstract]

A summary of the status of the Company’s option plans as of March 31, 2026 and changes during the period then ended is presented below:


	Three months ended March 31, 2026
	Unaudited
	Number of options	Weighted average exercise price
Outstanding at beginning of year	10,827,353	$	29.93
Granted	856,937	13.30
Exercised	(34,547)	11.30
Forfeited and canceled	(561,212)	22.45
Outstanding as of March 31, 2026	11,088,531	$	29.08

Exercisable options	7,527,349	$	34.11

Schedule of RSUs and PSUs

A summary of the status of the Company’s RSUs and PSUs as of March 31, 2026 and changes during the period then ended is presented below.


	Three months ended March 31, 2026
	Unaudited
	Number of RSU/PSUs	Weighted average grant date fair value
Unvested at beginning of year	13,134,654	$	23.67
Granted	4,860,073	13.37
Vested	(3,293,726)	23.02
RSUs withheld for tax liabilities	(40,950)	31.25
Forfeited and cancelled	(2,032,184)	47.43
Unvested as of March 31, 2026 (1)	12,627,867	16.13

(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 March 31, 2026, in accordance with ASC 718 "Compensation - Stock Compensation" as follows:


March 31, 2026
Number of PSUs	Fair value at grant date per PSU		Total fair value at grant date
894,375	$	13.48	$	12,056
49,079	14.99		736
373,003	16.30		6,080
595,755	18.19		10,837



1,912,212			$	29,709

Schedule of fair value assumptions used for all equity based awards estimated using black-scholes option pricing model

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:


	Three months ended March 31,				Year ended December 31, 2025
	2026		2025
	Unaudited				Audited
Stock Option Plans



Expected term (years)	5.84		5.78		5.50-5.79
Expected volatility	77	%	75	%	75%-77%
Risk-free interest rate	3.68	%	4.01	%	4.01%-4.02%
Dividend yield	0.00	%	0.00	%	0.00	%
ESPP
Expected term (years)	0.50		0.50		0.50
Expected volatility	62	%	89	%	56%-89%
Risk-free interest rate	3.52	%	4.16	%	4.16%-4.20%


Dividend yield	0.00	%	0.00	%	0.00	%

Schedule of non-cash share-based compensation expense related to company's equity-based awards

The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three months ended March 31, 2026 and 2025, and the year ended December 31, 2025 was:


	Three months ended March 31,			Year ended December 31, 2025
		2026				2025
	Unaudited			Audited
Cost of revenues		$	599	$	1,102		$	3,627
Research, development and clinical studies		4,026		6,201			25,538
Sales and marketing		4,297		8,517			27,121
General and administrative (1)		54,087		13,732			48,546
Total share-based compensation expense		$	63,009	$	29,552		$	104,832

(1) On February 11, 2026, the U.S. Food and Drug Administration approved Optune Pax for the treatment of adult patients with locally advanced pancreatic cancer concomitant with gemcitabine and nab-paclitaxel. As a result of this approval,we expensed approximately $43,406 related to the vesting of 901,284 PSUs granted in March 2020 to an executive officer that were not distributed and were forfeited and cancelled (see RSU/PSU summary table above).