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.

In April 2024, the Company adopted the 2024 Omnibus Incentive Plan (the "2024 Plan"), which replaced the 2015 Plan, effective June 5, 2024 (the "Effective Date") following approval from the Company's shareholders. Under the 2024 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. The total number of shares of the Company’s ordinary shares that may be granted under the 2024 Plan consists of (i) up to 9,000,000 ordinary shares (reduced by 433,018 shares subject to awards granted under the 2015 Plan after April 2, 2024), all of which were available under the 2015 Plan and which ceased to be available for future awards under the 2015 Plan as of the Effective Date and (ii) the number of undelivered shares subject to outstanding awards under the 2015 Plan that become available for future awards under the 2024 Plan as provided for in the 2024 Plan.

Options granted under the 2024 Plan generally will have a two-year or four-year vesting period and expire ten years after the date of grant. Options granted under the 2015 Plan and 2024 Plan that are canceled or forfeited before expiration become available for future grants under the 2024 Plan. RSUs granted under the 2024 Plan generally will vest over a three-year period. PSUs granted under the 2024 Plan generally will vest between a three- and six-year period as performance targets are attained. RSUs and PSUs granted under the 2015 Plan and 2024 Plan that are canceled before expiration become available for future grants under the 2024 Plan.


	Six months ended June 30, 2024
	Unaudited
	Number of options	Weighted average exercise price
Outstanding at beginning of year	8,539,507	$	40.07
Granted	3,593,899	15.46
Exercised	(172,463)	7.74
Forfeited and canceled	(431,933)	49.89
Outstanding as of June 30, 2024	11,529,010	$	32.51

Exercisable options	6,897,941	$	35.39


	Six months ended June 30, 2024
	Unaudited
	Number of RSU/PSUs	Weighted average grant date fair value
Unvested at beginning of year	5,813,066	$	60.52
Granted	9,225,787	15.21
Vested	(586,945)	88.14
Forfeited and cancelled	(816,451)	47.71
Unvested as of June 30, 2024 (1)	13,635,457	29.44

(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, 2024, in accordance with ASC 718 "Compensation — Stock Compensation" as follows:


June 30, 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
199,315	76.97		15,341
234,512	80.59		18,899
15,210	87.66		1,333
3,741,841			$	175,393

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, 2024, 5,557,123 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, 2023
	2024		2023
	Unaudited				Audited
Stock Option Plans
Expected term (years)	5.50-5.73		5.50-6.00		5.50-6.00
Expected volatility	71%-73%		63%-67%		63%-70%
Risk-free interest rate	3.88%-4.43%		3.48%-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 and six months ended June 30, 2024 and 2023, and the year ended December 31, 2023 was:


	Three months ended June 30,				Six months ended June 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Cost of revenues	$	1,698	$	2,023	$	3,446	$	4,029	$	6,587
Research, development and clinical studies	9,517		8,537		18,127		20,316		31,827
Sales and marketing	9,896		10,213		20,944		21,857		35,968
General and administrative	10,719		11,967		23,397		25,622		41,226
Total share-based compensation expense	$	31,830	$	32,740	$	65,914	$	71,824	$	115,608