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SHARE OPTION PLANS AND ESPP
 9 Months Ended
Sep. 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 September 30, 2023, 18,729,954 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, 2023 and changes during the period then ended is presented below:
Nine months ended September 30, 2023
Unaudited
Number
of options		Weighted
average
exercise
price
Outstanding at beginning of year8,786,364 $37.27 
Granted942,643 66.90 
Exercised(787,569)13.94 
Forfeited and canceled(321,556)73.09 
Outstanding as of September 30, 20238,619,882 $41.31 
Exercisable options6,810,232 $31.18 
For the nine months ended September 30, 2023, options to purchase 787,569 ordinary shares were exercised, resulting in the issuance of 787,569 ordinary shares.
A summary of the status of the Company’s RSUs and PSUs as of September 30, 2023 and changes during the period then ended is presented below.
Nine months ended September 30, 2023
Unaudited
Number
of RSU/PSUs		Weighted
average
grant date fair value
Unvested at beginning of year5,377,459 $66.87 
Granted1,457,681 70.39 
Vested(829,560)84.94 
Forfeited and cancelled(178,399)86.51 
Unvested as of September 30, 2023 (1)5,827,181 64.60 

(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 September 30, 2023, in accordance with ASC 718 "Compensation — Stock Compensation" as follows:
 September 30, 2023
Number of
PSUs		Fair value at grant date per PSUTotal fair value at grant date
2,703,852 $48.16 $130,218 
220,533 76.97 16,974 
249,402 80.59 20,099 
15,210 87.66 1,333 
10,532 94.94 1,000 
161,912 114.26 18,500 
3,361,441 $188,127 
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, 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: 
Nine months ended September 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%-4.16%
1.58%-3.04%
1.58%-4.23%
Dividend yield0.00 %0.00 %0.00 %
ESPP
Expected term (years)0.500.500.50
Expected volatility
56%-122%
51%-77%
51%-77%
Risk-free interest rate
4.76%-5.38%
0.19%-2.52%
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 nine months ended September 30, 2023 and 2022, and the year ended December 31, 2022 was:
Three months ended September 30,Nine months ended September 30,Year ended December 31,
2022
2023202220232022
UnauditedUnauditedAudited
Cost of revenues$1,511 $1,013 $5,540 $2,994 $4,690 
Research, development and clinical studies6,683 7,430 26,999 21,855 30,790 
Sales and marketing8,973 7,686 30,830 21,143 28,826 
General and administrative9,179 10,176 34,801 31,181 42,649 
Total share-based compensation expense$26,346 $26,305 $98,170 $77,173 $106,955