Share Option Plans and ESPP (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]

Schedule of Stock Option Plans

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 year	9,220,326	$	26.21
Granted	425,339	154.03
Exercised	(918,859)	21.54
Forfeited and canceled	(101,320)	60.64
Outstanding as of September 30, 2021	8,625,486	$	32.61
Exercisable options	5,153,158	$	19.35

Schedule of RSUs and PSUs

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 year	4,466,151	$	54.06
Granted	592,104	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 PSU		Total 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

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. We assessed fair value using the following underlying assumptions: 

	Nine months ended September 30,				Year ended December 31, 2020
	2021		2020
	Unaudited				Audited
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 yield	0.00	%	0.00	%	0.00	%
ESPP
Expected term (years)	0.50		0.50		0.50
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 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 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
	2021		2020		2021		2020
	Unaudited				Unaudited				Audited
Cost of revenues	$	808	$	767	$	2,368	$	1,916	$	2,221
Research, development and clinical trials	7,761		5,101		21,390		12,275		18,125
Sales and marketing	5,806		4,677		16,706		13,061		17,672
General and administrative	11,383		9,576		32,038		28,196		37,703
Total share-based compensation expense	$	25,758	$	20,121	$	72,502	$	55,448	$	75,721