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SHARE OPTION PLANS AND ESPP
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023, 18,945,024 ordinary shares were available for grant under the 2015 Plan.
A summary of the status of the Company’s option plans as of June 30, 2023 and changes during the period then ended is presented below:
Six months ended June 30, 2023
Unaudited
Number
of options		Weighted
average
exercise
price
Outstanding at beginning of year8,786,364 $37.27 
Granted779,388 74.07 
Exercised(704,027)13.93 
Forfeited and canceled(239,866)75.47 
Outstanding as of June 30, 20238,621,859 $41.44 
Exercisable options6,862,376 $30.57 
For the six months ended June 30, 2023, options to purchase 704,027 ordinary shares were exercised, resulting in the issuance of 704,027 ordinary shares.
A summary of the status of the Company’s RSUs and PSUs as of June 30, 2023 and changes during the period then ended is presented below.
Six months ended June 30, 2023
Unaudited
Number
of RSU/PSUs		Weighted
average
grant date fair value
Unvested at beginning of year5,377,459 $66.87 
Granted1,267,758 76.04 
Vested(770,163)84.96 
Forfeited and cancelled(121,741)92.59 
Unvested as of June 30, 2023 (1)5,753,313 65.95 

(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 June 30, 2023, in accordance with ASC 718 "Compensation — Stock Compensation" as follows:
 June 30, 2023
Number of
PSUs		Fair value at grant date per PSUTotal fair value at grant date
2,703,852 $48.16 $130,218 
189,029 76.97 14,550 
124,701 80.59 10,050 
7,605 87.66 667 
10,532 94.94 1,000 
161,912 114.26 18,500 
3,197,631 $174,985 
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 June 30, 2023, 4,787,003 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: 
Six months ended June 30,Year ended December 31,
2022
20232022
UnauditedAudited
Stock Option Plans
Expected term (years)
5.50-6.00
5.33-5.83
5.33-5.83
Expected volatility
63%-67%
60%-62%
60%-62%
Risk-free interest rate
3.48%-4.10%
1.58%-3.04%
1.58%-4.23%
Dividend yield0.00 %0.00 %0.00 %
ESPP
Expected term (years)0.500.500.50
Expected volatility56 %51 %
51%-77%
Risk-free interest rate4.76 %0.19 %
0.19%-2.52%
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 six months ended June 30, 2023 and 2022, and the year ended December 31, 2022 was:
Three months ended June 30,Six months ended June 30,Year ended December 31,
2022
2023202220232022
UnauditedUnauditedAudited
Cost of revenues$2,023 $1,029 $4,029 $1,981 $4,690 
Research, development and clinical studies8,537 7,624 20,316 14,425 30,790 
Sales and marketing10,213 6,802 21,857 13,457 28,826 
General and administrative11,967 10,368 25,622 21,005 42,649 
Total share-based compensation expense$32,740 $25,823 $71,824 $50,868 $106,955