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 year	8,539,507	$	40.07
Granted	3,456,485	15.35
Exercised	(26,547)	8.70
Forfeited and canceled	(180,377)	58.72
Outstanding as of March 31, 2024	11,789,068	$	32.61

Exercisable options	6,990,097	$	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 year	5,813,066	$	60.52
Granted	8,930,183	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 PSU		Total 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
	2024		2023
	Unaudited				Audited
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 yield	0.00	%	0.00	%	0.00	%
ESPP
Expected term (years)	0.50		0.50		0.50
Expected volatility	90	%	56	%	56%-122%
Risk-free interest rate	5.13	%	4.76	%	4.76%-5.38%


Dividend yield	0.00	%	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
		2024				2023
	Unaudited			Audited
Cost of revenues		$	1,747	$	2,006		$	6,587
Research, development and clinical studies		8,610		11,779			31,827
Sales and marketing		11,048		11,644			35,968
General and administrative		12,679		13,655			41,226
Total share-based compensation expense		$	34,084	$	39,084		$	115,608