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SHARE OPTION PLANS AND ESPP (Tables)
9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
Schedule of stock option plans
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 
Schedule of RSUs and PSUs
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 
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: 
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 %
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, 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