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Share Option Plans and ESPP
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, 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 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, 2021, 14,467,854 ordinary shares were available for grant under the 2015 Plan.
A summary of the status of the Company’s option plans as of September 30, 2021 and changes during the period then ended is presented below:
Nine months ended September 30, 2021
Unaudited
Number
of options		Weighted
average
exercise
price
Outstanding at beginning of year9,220,326 $26.21 
Granted425,339 154.03 
Exercised(918,859)21.54 
Forfeited and canceled(101,320)60.64 
Outstanding as of September 30, 20218,625,486 $32.61 
Exercisable options5,153,158 $19.35 
For the nine months ended September 30, 2021, options to purchase 918,859 ordinary shares were exercised, resulting in the issuance of 918,859 ordinary shares.
A summary of the status of the Company’s RSUs and PSUs as of September 30, 2021 and changes during the period then ended is presented below.
Nine months ended September 30, 2021
Unaudited
Number
of RSU/PSUs		Weighted
average
grant date fair value
Unvested at beginning of year4,466,151 $54.06 
Granted592,104 140.46 
Vested(547,140)51.38 
Forfeited and cancelled(52,283)89.79 
Unvested as of September 30, 2021 (1)4,458,832 65.44 

(1) Includes PSUs that have a mix of service, market and other milestone performance vesting conditions which are vested upon achievements of performance milestones which are not probable, as of September 30, 2021, in accordance with ASC 718 as follows:
 September 30, 2021
Number of
PSUs		Fair value at grant date per PSUTotal fair value at grant date
2,703,852 $48.16 $130,218 
108,113 69.37 7,500 
17,712 84.68 1,500 
5,266 94.94 500 
94,813 $114.26 10,833 
2,929,756 $150,551 
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, 2021, 4,989,076 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. We assessed fair value using the following underlying assumptions: 
Nine months ended September 30,Year ended December 31,
2020
20212020
UnauditedAudited
Stock Option Plans
Expected term (years)
5.50-6.00
5.50-6.25
5.50-6.25
Expected volatility
60%-63%
54%-56%
54%-56%
Risk-free interest rate
0.78%-1.02%
0.30%-0.86%
0.30%-0.86%
Dividend yield0.00 %0.00 %0.00 %
ESPP
Expected term (years)0.500.500.50
Expected volatility
54%-81%
47%-66%
47%-66%
Risk-free interest rate
0.05%-0.09%
0.17%-1.57%
0.17%-1.57%
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, 2021 and 2020 and the year ended December 31, 2020 was:
Three months ended September 30,Nine months ended September 30,Year ended December 31,
2020
2021202020212020
UnauditedUnauditedAudited
Cost of revenues$808 $767 $2,368 $1,916 $2,221 
Research, development and clinical trials7,761 5,101 21,390 12,275 18,125 
Sales and marketing5,806 4,677 16,706 13,061 17,672 
General and administrative11,383 9,576 32,038 28,196 37,703 
Total share-based compensation expense$25,758 $20,121 $72,502 $55,448 $75,721