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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Shares Issued Under Employee Share Purchase Plan | The following tables summarizes the shares issued under the ESPP:
|  |  |  | Market Price 1 |  | Purchase Price 2 |  |
Issuance Date |  | Number of Ordinary Shares Issued |  | ADS |  | Ordinary |  | ADS |  | Ordinary |  | Proceeds
August 31, 2024 |  | 1,035,996 |  |  | $ | 165.20 |  |  | $ | 12.69 |  |  | $ | 140.27 |  |  | $ | 10.78 |  |  | $ | 11,178 |
February 29, 2024 |  | 1,021,397 |  |  | $ | 165.65 |  |  | $ | 12.74 |  |  | $ | 140.80 |  |  | $ | 10.83 |  |  | $ | 11,063 |
August 31, 2023 |  | 794,144 |  |  | $ | 207.55 |  |  | $ | 15.97 |  |  | $ | 176.42 |  |  | $ | 13.57 |  |  | $ | 10,777 |
February 28, 2023 |  | 930,582 |  |  | $ | 171.10 |  |  | $ | 13.16 |  |  | $ | 145.44 |  |  | $ | 11.19 |  |  | $ | 10,414 |
August 31, 2022 |  | 861,315 |  |  | $ | 171.66 |  |  | $ | 13.20 |  |  | $ | 145.91 |  |  | $ | 11.22 |  |  | $ | 9,667 |
February 28, 2022 |  | 667,160 |  |  | $ | 210.52 |  |  | $ | 16.19 |  |  | $ | 178.94 |  |  | $ | 13.76 |  |  | $ | 9,183 |
1 The market price is the lower of the closing price on Nasdaq on the issuance date or the offering date, in accordance with the terms of the ESPP. 2 The purchase price is the price which was discounted from the applicable market price, in accordance with the terms of the ESPP.
Schedule of Share Option Activities | The following table summarizes the Company’s share option activities under the 2011, 2016 and 2018 Plans:
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
|  |  | $ |  | $ |  | Years |  | $
Outstanding at December 31, 2021 | 72,204,888 |  |  | 7.08 |  |  |  |  |  |  |
Granted | 12,516,816 |  |  | 12.34 |  |  | 6.40 |  |  |  |  |
Exercised | (5,898,217) |  |  | 4.63 |  |  |  |  |  |  | 52,258 |
Forfeited | (2,296,634) |  |  | 16.46 |  |  |  |  |  |  |
Outstanding at December 31, 2022 | 76,526,853 |  |  | 7.85 |  |  |  |  |  |  |
Granted | 9,817,925 |  |  | 16.37 |  |  | 8.14 |  |  |  |  |
Exercised | (6,974,331) |  |  | 4.54 |  |  |  |  |  |  | 92,051 |
Forfeited | (1,225,334) |  |  | 17.60 |  |  |  |  |  |  |
Outstanding at December 31, 2023 | 78,145,113 |  |  | 9.06 |  |  |  |  |  |  |
Granted | 9,180,301 |  |  | 12.53 |  |  | 6.62 |  |  |  |  |
Exercised | (6,812,624) |  |  | 3.87 |  |  |  |  |  |  | 69,946 |
Forfeited | (2,530,134) |  |  | 15.87 |  |  |  |  |  |  |
Outstanding at December 31, 2024 | 77,982,656 |  |  | 9.70 |  |  |  |  | 4.83 |  | 429,581 |
Exercisable as of December 31, 2024 | 60,173,280 |  |  | 8.42 |  |  |  |  | 3.7 |  | 406,868 |
Vested and expected to vest at December 31, 2024 | 75,311,250 |  |  | 9.55 |  |  |  |  | 4.7 |  | 426,174 |
Schedule of the Range of Fair Values and the Assumptions Used to Estimate the Fair Values of the Share Options Granted | The following table presents the range of fair values and the assumptions used to estimate those fair values of the share options granted in the years presented:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Fair value of ordinary share | $5.72 ~ $9.19 |  | $7.26 ~ $10.72 |  | $5.51 ~ $9.04
Risk-free interest rate | 3.8% ~ 4.6% |  | 3.4% ~ 4.6% |  | 1.8% ~ 3.9%
Expected exercise multiple | 2.8 |  | 2.8 |  | 2.8
Expected volatility | 57% ~ 58% |  | 58% ~ 60% |  | 51% ~ 60%
Expected dividend yield | 0% |  | 0% |  | 0%
Contractual life | 10 years |  | 10 years |  | 10 years
Schedule of Employee Restricted Shares Activities and Restricted Share Units Activities | The following table summarizes the Company’s restricted share unit activities under the 2016 and 2018 Plans:
| Numbers of Shares |  | Weighted-Average Grant Date Fair Value
|  |  | $
Outstanding at December 31, 2021 | 36,082,982 |  |  | 18.33 |
Granted | 38,707,669 |  |  | 12.46 |
Vested | (12,533,586) |  |  | 16.37 |
Forfeited | (6,859,892) |  |  | 16.72 |
Outstanding at December 31, 2022 | 55,397,173 |  |  | 14.87 |
Granted | 34,573,994 |  |  | 15.57 |
Vested | (17,862,598) |  |  | 14.71 |
Forfeited | (5,707,546) |  |  | 15.47 |
Outstanding at December 31, 2023 | 66,401,023 |  |  | 15.22 |
Granted | 49,693,592 |  |  | 12.53 |
Vested | (21,251,477) |  |  | 15.53 |
Forfeited | (9,012,471) |  |  | 14.46 |
Outstanding at December 31, 2024 | 85,830,667 |  |  | 13.67 |
Expected to vest at December 31, 2024 | 72,956,067 |  |  | 13.67 |
Schedule of Total Compensation Cost Recognized | The following table summarizes total share-based compensation cost recognized for the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| $ |  | $ |  | $
Research and development | 186,113 |  |  | 163,550 |  |  | 139,348 |
Selling, general and administrative | 255,680 |  |  | 204,038 |  |  | 163,814 |
Total | 441,793 |  |  | 367,588 |  |  | 303,162 |

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