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SHARE OPTION PLANS AND ESPP
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024, 11,027,556 ordinary shares were available for grant under the 2015 Plan.
A summary of the status of the Company’s option plans as of March 31, 2024 and changes during the period then ended is presented below:
Three months ended March 31, 2024
Unaudited
Number
of options		Weighted
average
exercise
price
Outstanding at beginning of year8,539,507 $40.07 
Granted3,456,485 15.35 
Exercised(26,547)8.70 
Forfeited and canceled(180,377)58.72 
Outstanding as of March 31, 202411,789,068 $32.61 
Exercisable options6,990,097 $34.67 
A summary of the status of the Company’s RSUs and PSUs as of March 31, 2024 and changes during the period then ended is presented below.
Three months ended March 31, 2024
Unaudited
Number
of RSU/PSUs		Weighted
average
grant date fair value
Unvested at beginning of year5,813,066 $60.52 
Granted8,930,183 15.17 
Vested(501,473)90.19 
Forfeited and cancelled(337,925)74.50 
Unvested as of March 31, 2024 (1)13,903,851 29.98 

(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 March 31, 2024, in accordance with ASC 718 "Compensation — Stock Compensation" as follows:
 March 31, 2024
Number of
PSUs		Fair value at grant date per PSUTotal fair value at grant date
588,952 $16.30 $9,600 
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 
3,777,949 $178,226 
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 March 31, 2024, 5,735,791 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: 
Three months ended March 31,Year ended December 31,
2023
20242023
UnauditedAudited
Stock Option Plans
Expected term (years)
5.73-5.73
5.75-6.00
5.50-6.00
Expected volatility
71%-72%
63%-64%
63%-70%
Risk-free interest rate
3.88%-4.28%
4.08%-4.10%
3.48%-4.79%
Dividend yield0.00 %0.00 %0.00 %
ESPP
Expected term (years)0.500.500.50
Expected volatility90 %56 %
56%-122%
Risk-free interest rate5.13 %4.76 %
4.76%-5.38%
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 months ended March 31, 2024 and 2023, and the year ended December 31, 2023 was:
Three months ended March 31,Year ended December 31,
2023
20242023
UnauditedAudited
Cost of revenues$1,747 $2,006 $6,587 
Research, development and clinical studies8,610 11,779 31,827 
Sales and marketing11,048 11,644 35,968 
General and administrative12,679 13,655 41,226 
Total share-based compensation expense$34,084 $39,084 $115,608