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SHARE OPTION PLANS AND ESPP (Tables) | 3 Months Ended
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Mar. 31, 2024
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 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 |
Schedule of RSUs and PSUs | 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 |
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:
| 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 | %
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 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 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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