NOVOCURE LTD, 10-Q filed on 10/29/2020
Quarterly Report
v3.20.2
Cover - shares
 9 Months Ended
Sep. 30, 2020
Oct. 23, 2020
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2020  
Document Transition Report false  
Entity File Number 001-37565  
Entity Registrant Name NovoCure Limited  
Entity Incorporation, State or Country Code Y9  
Entity Tax Identification Number 98-1057807  
Entity Address, Address Line One No. 4 The Forum  
Entity Address, Address Line Two Grenville Street  
Entity Address, City or Town St. Helier  
Entity Address, Country JE  
Entity Address, Postal Zip Code JE2 4UF  
City Area Code 44 (0) 15  
Local Phone Number 3475 6700  
Title of 12(b) Security Ordinary Shares, no par value  
Trading Symbol NVCR  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   101,797,241
Amendment Flag false  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001645113  
Current Fiscal Year End Date --12-31  
v3.20.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
CURRENT ASSETS:    
Cash and cash equivalents $ 234,461 $ 177,321
Short-term investments 0 148,769
Restricted cash 920 2,095
Trade receivables 84,561 58,859
Receivables and prepaid expenses 37,064 29,202
Inventories 26,479 23,701
Total current assets 383,485 439,947
LONG-TERM ASSETS:    
Property and equipment, net 10,271 9,342
Field equipment, net 9,132 7,684
Right-of-use assets, net 17,122 17,571
Other long-term assets 11,039 4,904
Total long-term assets 47,564 39,501
TOTAL ASSETS 431,049 479,448
CURRENT LIABILITIES:    
Trade payables 42,206 36,925
Other payables, lease liabilities and accrued expenses 53,128 49,386
Total current liabilities 95,334 86,311
LONG-TERM LIABILITIES:    
Long-term loan, net of discount and issuance costs 0 149,424
Deferred revenue 10,859 7,807
Long-term leases 13,080 14,140
Employee benefits 4,571 3,754
Other long-term liabilities 168 222
Total long-term liabilities 28,678 175,347
TOTAL LIABILITIES 124,012 261,658
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:    
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 101,728,327 shares and 99,528,435 shares at September 30, 2020 (unaudited) and December 31, 2019, respectively 0 0
Additional paid-in capital 946,267 871,442
Accumulated other comprehensive income (loss) (3,236) (2,767)
Retained earnings (accumulated deficit) (635,994) (650,885)
TOTAL SHAREHOLDERS' EQUITY 307,037 217,790
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 431,049 $ 479,448
v3.20.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
Sep. 30, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Common stock, shares issued 101,728,327 99,528,435
Common stock, shares outstanding 101,728,327 99,528,435
v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Income Statement [Abstract]          
Net revenues $ 132,660 $ 92,062 $ 350,413 $ 252,084 $ 351,318
Cost of revenues 28,395 22,900 78,365 63,820 88,606
Gross profit 104,265 69,162 272,048 188,264 262,712
Operating costs and expenses:          
Research, development and clinical trials 32,818 18,766 88,008 55,262 79,003
Sales and marketing 29,364 23,830 86,658 69,871 96,675
General and administrative 27,061 22,711 79,073 64,198 87,948
Total operating costs and expenses 89,243 65,307 253,739 189,331 263,626
Operating income (loss) 15,022 3,855 18,309 (1,067) (914)
Financial expenses (income), net 3,983 2,555 9,032 6,165 7,910
Income (loss) before income tax 11,039 1,300 9,277 (7,232) (8,824)
Income tax 1,755 (630) (5,614) 4,258 (1,594)
Net income (loss) $ 9,284 $ 1,930 $ 14,891 $ (11,490) $ (7,230)
Basic net income (loss) per ordinary share (in usd per share) $ 0.09 $ 0.02 $ 0.15 $ (0.12) $ (0.07)
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares) 101,234,306 98,485,519 100,601,427 96,551,041 97,237,549
Diluted net income (loss) per ordinary share (in usd per share) $ 0.09 $ 0.02 $ 0.14 $ (0.12) $ (0.07)
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares) 108,643,814 107,604,578 108,113,416 96,551,041 97,237,549
v3.20.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]          
Net income (loss) $ 9,284 $ 1,930 $ 14,891 $ (11,490) $ (7,230)
Other comprehensive income (loss), net of tax:          
Change in foreign currency translation adjustments 143 (216) 26 (430) (304)
Pension benefit plan 153 (68) (495) (811) (1,063)
Total comprehensive income (loss) $ 9,580 $ 1,646 $ 14,422 $ (12,731) $ (8,597)
v3.20.2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Ordinary shares
Additional paid-in capital
Accumulated other comprehensive loss
Retained earnings (accumulated deficit)
Beginning balance at Dec. 31, 2018 $ 112,259   $ 757,314 $ (1,400) $ (643,655)
Beginning balance (in shares) at Dec. 31, 2018   93,254,185      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation to employees 9,649   9,649    
Exercise of options and warrants and vested RSUs 16,978   16,978    
Exercise of options and warrants and vested RSUs (in shares)   2,438,612      
Other comprehensive income (loss), net of tax benefit (342)     (342)  
Net income (loss) (12,150)       (12,150)
Ending balance at Mar. 31, 2019 126,394   783,941 (1,742) (655,805)
Ending balance (in shares) at Mar. 31, 2019   95,692,797      
Beginning balance at Dec. 31, 2018 112,259   757,314 (1,400) (643,655)
Beginning balance (in shares) at Dec. 31, 2018   93,254,185      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (11,490)        
Ending balance at Sep. 30, 2019 190,365   848,151 (2,641) (655,145)
Ending balance (in shares) at Sep. 30, 2019   98,948,935      
Beginning balance at Dec. 31, 2018 112,259   757,314 (1,400) (643,655)
Beginning balance (in shares) at Dec. 31, 2018   93,254,185      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (7,230)        
Ending balance at Dec. 31, 2019 217,790   871,442 (2,767) (650,885)
Ending balance (in shares) at Dec. 31, 2019   99,528,435      
Beginning balance at Mar. 31, 2019 126,394   783,941 (1,742) (655,805)
Beginning balance (in shares) at Mar. 31, 2019   95,692,797      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation to employees 13,732   13,732    
Proceeds from issuance of shares 1,208   1,208    
Proceeds from issuance of shares (in shares)   43,421      
Exercise of options and warrants and vested RSUs 19,457   19,457    
Exercise of options and warrants and vested RSUs (in shares)   2,122,658      
Other comprehensive income (loss), net of tax benefit (615)     (615)  
Net income (loss) (1,270)       (1,270)
Ending balance at Jun. 30, 2019 158,906   818,338 (2,357) (657,075)
Ending balance (in shares) at Jun. 30, 2019   97,858,876      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation to employees 14,338   14,338    
Exercise of options and warrants and vested RSUs 15,475   15,475    
Exercise of options and warrants and vested RSUs (in shares)   1,090,059      
Other comprehensive income (loss), net of tax benefit (284)     (284)  
Net income (loss) 1,930       1,930
Ending balance at Sep. 30, 2019 190,365   848,151 (2,641) (655,145)
Ending balance (in shares) at Sep. 30, 2019   98,948,935      
Beginning balance at Dec. 31, 2019 217,790   871,442 (2,767) (650,885)
Beginning balance (in shares) at Dec. 31, 2019   99,528,435      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation to employees 16,557   16,557    
Exercise of options and vested RSUs 4,511   4,511    
Exercise of options and vested RSUs (in shares)   834,538      
Other comprehensive income (loss), net of tax benefit (862)     (862)  
Net income (loss) 3,952       3,952
Ending balance at Mar. 31, 2020 241,948   892,510 (3,629) (646,933)
Ending balance (in shares) at Mar. 31, 2020   100,362,973      
Beginning balance at Dec. 31, 2019 217,790   871,442 (2,767) (650,885)
Beginning balance (in shares) at Dec. 31, 2019   99,528,435      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 14,891        
Ending balance at Sep. 30, 2020 307,037   946,267 (3,236) (635,994)
Ending balance (in shares) at Sep. 30, 2020   101,728,327      
Beginning balance at Mar. 31, 2020 241,948   892,510 (3,629) (646,933)
Beginning balance (in shares) at Mar. 31, 2020   100,362,973      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation to employees 18,770   18,770    
Proceeds from issuance of shares 1,667   1,667    
Proceeds from issuance of shares (in shares)   33,075      
Exercise of options and vested RSUs 3,685   3,685    
Exercise of options and vested RSUs (in shares)   624,673      
Other comprehensive income (loss), net of tax benefit 97     97  
Net income (loss) 1,655       1,655
Ending balance at Jun. 30, 2020 267,822   916,632 (3,532) (645,278)
Ending balance (in shares) at Jun. 30, 2020   101,020,721      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation to employees 20,121   20,121    
Exercise of options and vested RSUs 9,514   9,514    
Exercise of options and vested RSUs (in shares)   707,606      
Other comprehensive income (loss), net of tax benefit 296     296  
Net income (loss) 9,284       9,284
Ending balance at Sep. 30, 2020 $ 307,037   $ 946,267 $ (3,236) $ (635,994)
Ending balance (in shares) at Sep. 30, 2020   101,728,327      
v3.20.2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]            
Other comprehensive income (loss), tax benefit $ 0 $ 0 $ 0 $ 11 $ 69 $ 11
v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Cash flows from operating activities:          
Net income (loss) $ 9,284 $ 1,930 $ 14,891 $ (11,490) $ (7,230)
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Depreciation and amortization 2,188 1,932 6,677 5,993 8,460
Asset write-downs and impairment of field equipment 124 78 263 239 398
Share-based compensation 20,121 14,338 55,448 37,719 52,416
Foreign currency remeasurement loss (gain) (79) 0 (549) 0 (917)
Decrease (increase) in accounts receivables (7,678) (9,986) (33,556) (17,020) (36,496)
Amortization of discount (premium) 424 (547) (654) (1,712) (2,176)
Decrease (increase) in inventories (55) 1,067 (2,446) (1,832) (1,159)
Decrease (increase) in other long-term assets (5,173) 1,069 (2,794) 1,151 3,446
Increase (decrease) in accounts payables and accrued expenses 9,908 6,433 7,974 10,902 16,883
Increase (decrease) in other long-term liabilities 1,905 (1,407) 413 (4,292) (7,006)
Net cash provided by (used in) operating activities 30,969 14,907 45,667 19,658 26,620
Cash flows from investing activities:          
Purchase of property, equipment and field equipment (2,782) (2,708) (9,209) (7,430) (10,485)
Proceeds from maturity of short-term investments 150,000 105,000 150,000 315,661 420,661
Purchase of short-term investments 0 (104,466) 0 (313,142) (461,843)
Net cash provided by (used in) investing activities 147,218 (2,174) 140,791 (4,911) (51,667)
Cash flows from financing activities:          
Proceeds from issuance of shares, net 0 0 1,667 1,208 2,467
Repayment of long-term loan (150,007) (7) (150,022) (23) (31)
Exercise of options and warrants 9,514 15,475 17,710 51,910 59,245
Net cash provided by (used in) financing activities (140,493) 15,468 (130,645) 53,095 61,681
Effect of exchange rate changes on cash, cash equivalents and restricted cash 102 (216) 152 (430) 26
Increase (decrease) in cash, cash equivalents and restricted cash 37,796 27,985 55,965 67,412 36,660
Cash, cash equivalents and restricted cash at the beginning of the period 197,585 182,183 179,416 142,756 142,756
Cash, cash equivalents and restricted cash at the end of the period 235,381 210,168 235,381 210,168 179,416
Cash paid during the period for:          
Income taxes, net of refunds 4,382 3,040 11,319 10,431 11,241
Interest 1,840 3,453 8,671 10,247 13,699
Non-cash activities in accordance with ASC-842:          
Right-of-use assets obtained in exchange for lease obligations $ 675 $ 1,062 $ 2,849 $ 18,335 $ 22,943
v3.20.2
Organization and Basis of Presentation
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Basis of Presentation ORGANIZATION AND BASIS OF PRESENTATION
Organization. NovoCure Limited (including its consolidated subsidiaries, the “Company”) was incorporated in the Bailiwick of Jersey and is principally engaged in the development, manufacture and commercialization of Tumor Treating Fields delivery systems, including Optune and Optune Lua, for the treatment of solid tumors. The Company has received regulatory approval from the U.S. Food and Drug Administration (“FDA”) under the Premarket Approval (“PMA") pathway and regulatory approvals and clearances in certain other countries for Optune to treat adult patients with glioblastoma multiforme (“GBM”).  The Company also has received FDA approval under the Humanitarian Device Exemption pathway to market Optune Lua for unresectable, locally advanced or metastatic malignant pleural mesothelioma (“MPM”) in combination with standard chemotherapies.
Financial statement preparation. The accompanying unaudited consolidated financial statements include the accounts of the Company and intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation for the periods presented. The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “2019 10-K”) filed with the Securities and Exchange Commission on February 27, 2020.
The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2019 10-K are applied consistently in these unaudited interim consolidated financial statements, except as noted below:
Recently Adopted Accounting Pronouncements.
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. ASU 2016-13 also applies to employee benefit plan accounting, effective date for the first quarter of fiscal year 2020. The Company adopted the standard effective as of January 1, 2020, and the adoption of this standard did not have an impact on the Company's consolidated financial statements.
In August 2018, FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The implementation costs incurred in a hosting arrangement that is a service contract should be presented as a prepaid asset in the balance sheet and expensed over the term of the hosting arrangement to the same line item in the statement of income as the costs related to the hosting fees. The Company adopted the standard effective as of January 1, 2020, and the adoption of this standard did not have an impact on the Company's consolidated financial statements.
v3.20.2
Cash, Cash Equivalents and Short-Term Investments
 9 Months Ended
Sep. 30, 2020
Cash, Cash Equivalents, and Short-term Investments [Abstract]  
Cash, Cash Equivalents and Short-Term Investments CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Cash equivalents include items almost as liquid as cash, such as certificates of deposit and time deposits with maturity periods of three months or less when purchased. As of September 30, 2020 and December 31, 2019, the Company’s cash and cash equivalents were composed of:
September 30,
2020		December 31,
2019
UnauditedAudited
Cash$25,595 $18,377 
Money market funds208,866 158,944 
Total cash and cash equivalents$234,461 $177,321 
The Company also invests in marketable U.S. Treasury Bills (“T-bills”) that are classified as held-to-maturity securities. The amortized cost and recorded basis of the T-bills are presented as short-term investments. In August 2020, all outstanding short-term investments matured and were used to prepay the Company's outstanding term loan. See Note 5: Long Term Loan below. As of September 30, 2020 and December 31, 2019, the Company’s short-term investments were:
September 30,
2020		December 31,
2019
 UnauditedAudited
Short-term investments$— $148,769 
Quoted market prices were applied to determine the fair value of cash equivalents and short-term investments, therefore they were categorized as Level 1 in accordance with Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures.” The estimated fair value of the Company’s short-term investments as of September 30, 2020 and December 31, 2019 was $0 and $148,738, respectively.
v3.20.2
Inventories
 9 Months Ended
Sep. 30, 2020
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
Inventories are stated at the lower of cost or net realizable value. The weighted average methodology is applied to determine cost. As of September 30, 2020 and December 31, 2019, the Company’s inventories were composed of:
September 30,
2020		December 31,
2019
 UnauditedAudited
Raw materials$5,711 $3,912 
Work in progress6,987 6,482 
Finished products13,781 13,308 
Total$26,479 $23,701 
v3.20.2
Commitments and Contingent Liabilities
 9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities COMMITMENTS AND CONTINGENT LIABILITIES
Operating Leases. The facilities of the Company are leased under various operating lease agreements for periods, including options for extensions, ending no later than 2030. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2024.
Pledged deposits and bank guarantees. As of September 30, 2020 and December 31, 2019, the Company pledged bank deposits of $1,420 and $1,390, respectively, to cover bank guarantees in respect of its leases of operating facilities and obtained bank guarantees for the fulfillment of the Company’s lease and other contractual commitments of $1,652 and $1,557, respectively.
v3.20.2
Long Term Loan
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Long Term Loan LONG TERM LOANOn August 18, 2020, the Company terminated its outstanding term loan, which bore interest at 9.0% per annum. The prepayment included $150,000 in principal repayment and $3,000 in prepayment premium, plus accrued and unpaid interest and expenses payable through the payoff date. The un-amortized issuance costs in the amount of $478 that were fully amortized upon the repayment and the prepayment premium were included in the Company’s third quarter finance expenses.
v3.20.2
Equity Incentive Plans and ESPP
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]  
Equity Incentive Plans and ESPP EQUITY INCENTIVE 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 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 September 30, 2020, 11,263,270 ordinary shares were available for grant under the 2015 Plan.
A summary of the status of the Company’s option plans as of September 30, 2020 and changes during the period then ended is presented below: 
Nine months ended September 30, 2020
Unaudited
Number
of options		Weighted
average
exercise
price
Outstanding at beginning of year10,350,810 $20.40 
Granted861,551 70.56 
Exercised(1,260,709)14.16 
Forfeited and canceled(183,758)19.26 
Outstanding as of September 30, 20209,767,894 $25.65 
Exercisable options4,858,926 $16.84 
For the nine months ended September 30, 2020, options to purchase 1,260,709 ordinary shares were exercised, resulting in the issuance of 1,260,709 ordinary shares.
A summary of the status of the Company’s RSUs and PSUs as of September 30, 2020 and changes during the period then ended is presented below.
Nine months ended September 30, 2020
Unaudited
Number
of RSU/PSUs		Weighted
average
grant date fair value
Unvested at beginning of year1,474,395 $30.26 
Granted (1)3,923,573 55.06 
Vested(906,108)21.31 
Forfeited and cancelled(24,394)48.49 
Unvested as of September 30, 20204,467,466 53.76 
(1) Includes RSUs and PSUs granted on March 3, 2020 as follows: (a) 527,041 RSUs that are expensed based on their grant date fair value of $69.37 per RSU over the service period of three years; (b) 408,539 PSUs that have a mix of service and clinical milestone vesting conditions, cliff-vest in pre-determined increments, and that have been deemed probable to vest and are therefore expensed beginning in the first quarter of 2020 based on their grant date fair value of $69.37 per PSU; (c) 108,113 PSUs that have a mix of service and clinical milestone vesting conditions, cliff-vest in pre-determined increments, and that will begin to be expensed at $69.37 per PSU when it becomes probable that the milestones will be achieved, and (d) 2,703,852 PSUs that have a mix of service, market and other milestone performance vesting conditions (including but not limited to new FDA approved indications), cliff-vest in pre-determined increments, and have a compensation cost of $48.16 per PSU that will not be recognized until the performance condition becomes probable. Also includes RSUs and PSUs granted on September 1, 2020 as follows: (a) 25,090 RSUs that are expensed based on their grant date fair value of $84.68 per RSU over the service period of three years; (b) 17,712 PSUs that have a mix of service and clinical milestone vesting conditions, cliff-vest in pre-determined increments, and that have been deemed probable to vest and are therefore expensed beginning in the third quarter of 2020 based on their grant date fair value of $84.68 per PSU; and (c) 17,712 PSUs that have a mix of service and clinical milestone vesting conditions, cliff-vest in pre-determined increments, and that will begin to be expensed at $84.68 per PSU when it becomes probable that the milestones will be achieved. The PSUs vest no earlier than three years from the date of grant and no later than six years from the date of grant. The grant date fair value of PSUs with market vesting conditions were obtained by using Monte Carlo simulations. The Company accounts for share-based compensation 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 September 30, 2020, 4,017,014 ordinary shares were available to be purchased by eligible employees under the ESPP and 447,634 shares had been issued 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. We assessed fair value using the following underlying assumptions: 
Nine months ended September 30,Year ended December 31,
2019
20202019
UnauditedAudited
Stock Option Plans
Expected term (years)
5.50-6.25
5.50-6.50
5.50-6.5
Expected volatility
54%-56%
55%-61%
55%-61%
Risk-free interest rate
0.30%-0.86%
1.90%-2.40%
1.73%-2.40%
Dividend yield0.00 %0.00 %0.00 %
ESPP
Expected term (years)0.500.500.50
Expected volatility
47%-66%
44%-62%
44%-62%
Risk-free interest rate
0.17%-1.57%
2.10%-2.51%
2.10%-2.51%
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 and nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019 was:
Three months ended September 30,Nine months ended September 30,Year ended December 31,
2019
2020201920202019
UnauditedUnauditedAudited
Cost of revenues$767 $605 $1,916 $1,626 $2,231 
Research, development and clinical trials5,101 2,202 12,275 5,203 7,570 
Sales and marketing4,677 3,368 13,061 8,585 11,897 
General and administrative9,576 8,163 28,196 22,305 30,718 
Total share-based compensation expense$20,121 $14,338 $55,448 $37,719 $52,416 
v3.20.2
Earnings Per Share
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
Basic net income (loss) per share is computed based on the weighted average number of ordinary shares outstanding during each period. Diluted net income per share is computed based on the weighted average number of ordinary shares outstanding during the period, plus potential dilutive shares considered outstanding during the period, in accordance with ASC 260-10, as determined under the treasury stock method. Basic and diluted net income per ordinary share was the same for each period presented, except for the three months ended September 30, 2020, as the inclusion of all potential dilutive shares (deriving from options, RSUs and the ESPP) outstanding would be anti-dilutive.
The calculation of diluted earnings per share includes the weighted average of potentially dilutive securities, which consists of ordinary shares underlying outstanding share options, RSUs, performance share units and the ESPP. The effect of these dilutive securities under the treasury stock method was approximately 7,409,508 and 7,511,989 shares for the three and nine months ended September 30, 2020, respectively.
The Company excluded 952,823 and 717,492 share options under the treasury stock method from the computation of dilutive net income per share for the three and nine months ended September 30, 2020 because including them would have had an anti-dilutive effect.
v3.20.2
Supplemental Information
 9 Months Ended
Sep. 30, 2020
Geographic Areas, Long-Lived Assets [Abstract]  
Supplemental Information SUPPLEMENTAL INFORMATION
The Company operates in a single reportable segment.
The following table presents long-lived assets by location:
September 30,
2020		December 31,
2019
 UnauditedAudited
United States$10,317 $8,896 
Switzerland2,012 3,067 
Israel3,998 2,753 
Japan1,237 999 
Germany895 729 
Others944 582 
Total long-term assets$19,403 $17,026 
The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows:
Three months ended September 30,Nine months ended September 30,Year ended December 31,
2019
2020201920202019
UnauditedUnauditedAudited
United States$92,635 $61,399 $243,103 $166,937 $232,805 
EMEA:
Germany22,756 21,688 66,027 64,065 86,564 
Other EMEA5,468 2,794 12,069 5,442 8,782 
Japan7,523 4,779 21,153 12,334 17,912 
Greater China (1)4,278 1,402 8,061 3,306 5,255 
Total net revenues$132,660 $92,062 $350,413 $252,084 $351,318 

(1) Reflects revenue recognized in accordance with a License and Collaboration Agreement (the “Zai Agreement”) between the Company and Zai Lab (Shanghai) Co., Ltd. (“Zai”), dated September 10, 2018, pursuant to which Zai is commercializing Optune in China, Hong Kong, Macau and Taiwan (referred to in this table as “Greater China”). During the nine month period ended September 30, 2020, the Company triggered an $8,000 milestone related to the approval of Optune for the treatment of GBM in China and a $2,000 clinical trial milestone, each of which are being recognized over the remainder of the Zai performance period ending in September 2024. For additional information, see Note 12 to the Consolidated Financial Statements in the 2019 10-K.
v3.20.2
Income Tax
 9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Income Tax INCOME TAXIn accordance with the changes to the U.S. tax code enacted in response to the economic impacts of COVID-19 signed into legislation on March 27, 2020 the Company recorded a net tax benefit of $11,269 in the first quarter of 2020. The benefit results from net operating loss carry-backs in the U.S.
v3.20.2
Organization and Basis of Presentation (Policies)
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements.
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. ASU 2016-13 also applies to employee benefit plan accounting, effective date for the first quarter of fiscal year 2020. The Company adopted the standard effective as of January 1, 2020, and the adoption of this standard did not have an impact on the Company's consolidated financial statements.
In August 2018, FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The implementation costs incurred in a hosting arrangement that is a service contract should be presented as a prepaid asset in the balance sheet and expensed over the term of the hosting arrangement to the same line item in the statement of income as the costs related to the hosting fees. The Company adopted the standard effective as of January 1, 2020, and the adoption of this standard did not have an impact on the Company's consolidated financial statements.
v3.20.2
Cash, Cash Equivalents and Short-Term Investments (Tables)
 9 Months Ended
Sep. 30, 2020
Cash, Cash Equivalents, and Short-term Investments [Abstract]  
Summary of Cash and Cash Equivalents As of September 30, 2020 and December 31, 2019, the Company’s cash and cash equivalents were composed of:
September 30,
2020		December 31,
2019
UnauditedAudited
Cash$25,595 $18,377 
Money market funds208,866 158,944 
Total cash and cash equivalents$234,461 $177,321 
Summary of Amortized Cost and Recorded Basis of T-bills in Short-Term Investments As of September 30, 2020 and December 31, 2019, the Company’s short-term investments were:
September 30,
2020		December 31,
2019
 UnauditedAudited
Short-term investments$— $148,769 
v3.20.2
Inventories (Tables)
 9 Months Ended
Sep. 30, 2020
Inventory Disclosure [Abstract]  
Schedule of Inventories As of September 30, 2020 and December 31, 2019, the Company’s inventories were composed of:
September 30,
2020		December 31,
2019
 UnauditedAudited
Raw materials$5,711 $3,912 
Work in progress6,987 6,482 
Finished products13,781 13,308 
Total$26,479 $23,701 
v3.20.2
Equity Incentive Plans and ESPP (Tables)
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]  
Schedule of Stock Option Plans
A summary of the status of the Company’s option plans as of September 30, 2020 and changes during the period then ended is presented below: 
Nine months ended September 30, 2020
Unaudited
Number
of options		Weighted
average
exercise
price
Outstanding at beginning of year10,350,810 $20.40 
Granted861,551 70.56 
Exercised(1,260,709)14.16 
Forfeited and canceled(183,758)19.26 
Outstanding as of September 30, 20209,767,894 $25.65 
Exercisable options4,858,926 $16.84 
Schedule of RSUs and PSUs A summary of the status of the Company’s RSUs and PSUs as of September 30, 2020 and changes during the period then ended is presented below.
Nine months ended September 30, 2020
Unaudited
Number
of RSU/PSUs		Weighted
average
grant date fair value
Unvested at beginning of year1,474,395 $30.26 
Granted (1)3,923,573 55.06 
Vested(906,108)21.31 
Forfeited and cancelled(24,394)48.49 
Unvested as of September 30, 20204,467,466 53.76 
(1) Includes RSUs and PSUs granted on March 3, 2020 as follows: (a) 527,041 RSUs that are expensed based on their grant date fair value of $69.37 per RSU over the service period of three years; (b) 408,539 PSUs that have a mix of service and clinical milestone vesting conditions, cliff-vest in pre-determined increments, and that have been deemed probable to vest and are therefore expensed beginning in the first quarter of 2020 based on their grant date fair value of $69.37 per PSU; (c) 108,113 PSUs that have a mix of service and clinical milestone vesting conditions, cliff-vest in pre-determined increments, and that will begin to be expensed at $69.37 per PSU when it becomes probable that the milestones will be achieved, and (d) 2,703,852 PSUs that have a mix of service, market and other milestone performance vesting conditions (including but not limited to new FDA approved indications), cliff-vest in pre-determined increments, and have a compensation cost of $48.16 per PSU that will not be recognized until the performance condition becomes probable. Also includes RSUs and PSUs granted on September 1, 2020 as follows: (a) 25,090 RSUs that are expensed based on their grant date fair value of $84.68 per RSU over the service period of three years; (b) 17,712 PSUs that have a mix of service and clinical milestone vesting conditions, cliff-vest in pre-determined increments, and that have been deemed probable to vest and are therefore expensed beginning in the third quarter of 2020 based on their grant date fair value of $84.68 per PSU; and (c) 17,712 PSUs that have a mix of service and clinical milestone vesting conditions, cliff-vest in pre-determined increments, and that will begin to be expensed at $84.68 per PSU when it becomes probable that the milestones will be achieved. The PSUs vest no earlier than three years from the date of grant and no later than six years from the date of grant. The grant date fair value of PSUs with market vesting conditions were obtained by using Monte Carlo simulations. The Company accounts for share-based compensation in accordance with ASC 718.
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. We assessed fair value using the following underlying assumptions: 
Nine months ended September 30,Year ended December 31,
2019
20202019
UnauditedAudited
Stock Option Plans
Expected term (years)
5.50-6.25
5.50-6.50
5.50-6.5
Expected volatility
54%-56%
55%-61%
55%-61%
Risk-free interest rate
0.30%-0.86%
1.90%-2.40%
1.73%-2.40%
Dividend yield0.00 %0.00 %0.00 %
ESPP
Expected term (years)0.500.500.50
Expected volatility
47%-66%
44%-62%
44%-62%
Risk-free interest rate
0.17%-1.57%
2.10%-2.51%
2.10%-2.51%
Dividend yield0.00 %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 and nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019 was:
Three months ended September 30,Nine months ended September 30,Year ended December 31,
2019
2020201920202019
UnauditedUnauditedAudited
Cost of revenues$767 $605 $1,916 $1,626 $2,231 
Research, development and clinical trials5,101 2,202 12,275 5,203 7,570 
Sales and marketing4,677 3,368 13,061 8,585 11,897 
General and administrative9,576 8,163 28,196 22,305 30,718 
Total share-based compensation expense$20,121 $14,338 $55,448 $37,719 $52,416 
v3.20.2
Supplemental Information (Tables)
 9 Months Ended
Sep. 30, 2020
Geographic Areas, Long-Lived Assets [Abstract]  
Schedule of Long-Lived Assets by Location
The following table presents long-lived assets by location:
September 30,
2020		December 31,
2019
 UnauditedAudited
United States$10,317 $8,896 
Switzerland2,012 3,067 
Israel3,998 2,753 
Japan1,237 999 
Germany895 729 
Others944 582 
Total long-term assets$19,403 $17,026 
Schedule of Revenues by Geographic Region
The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows:
Three months ended September 30,Nine months ended September 30,Year ended December 31,
2019
2020201920202019
UnauditedUnauditedAudited
United States$92,635 $61,399 $243,103 $166,937 $232,805 
EMEA:
Germany22,756 21,688 66,027 64,065 86,564 
Other EMEA5,468 2,794 12,069 5,442 8,782 
Japan7,523 4,779 21,153 12,334 17,912 
Greater China (1)4,278 1,402 8,061 3,306 5,255 
Total net revenues$132,660 $92,062 $350,413 $252,084 $351,318 

(1) Reflects revenue recognized in accordance with a License and Collaboration Agreement (the “Zai Agreement”) between the Company and Zai Lab (Shanghai) Co., Ltd. (“Zai”), dated September 10, 2018, pursuant to which Zai is commercializing Optune in China, Hong Kong, Macau and Taiwan (referred to in this table as “Greater China”). During the nine month period ended September 30, 2020, the Company triggered an $8,000 milestone related to the approval of Optune for the treatment of GBM in China and a $2,000 clinical trial milestone, each of which are being recognized over the remainder of the Zai performance period ending in September 2024. For additional information, see Note 12 to the Consolidated Financial Statements in the 2019 10-K.
v3.20.2
Cash, Cash Equivalents and Short-Term Investments - Summary of Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Cash $ 25,595 $ 18,377
Money market funds 208,866 158,944
Total cash and cash equivalents $ 234,461 $ 177,321
v3.20.2
Cash, Cash Equivalents and Short-Term Investments - Summary of Amortized Cost And Recorded Basis of T-bills in Short Term Investments (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Short-term investments $ 0 $ 148,769
v3.20.2
Cash, Cash Equivalents and Short-Term Investments - Additional Information (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Estimated fair value of short-term investments $ 0 $ 148,738
v3.20.2
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Inventory Disclosure [Abstract]    
Raw materials $ 5,711 $ 3,912
Work in progress 6,987 6,482
Finished products 13,781 13,308
Total $ 26,479 $ 23,701
v3.20.2
Commitments and Contingent Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]    
Pledged bank deposits $ 1,420 $ 1,390
Operating lease and other contractual commitments $ 1,652 $ 1,557
v3.20.2
Long Term Loan (Details) - 2018 Loan Agreement - Medium-term Notes - USD ($)
$ in Thousands
Aug. 18, 2020
Feb. 07, 2018
Debt Instrument [Line Items]    
Stated interest rate   9.00%
Debt principal repayment $ 150,000  
Debt prepayment premium 3,000  
Debt instrument, un-amortized issuance costs $ 478  
v3.20.2
Equity Incentive Plans and ESPP - Additional Information (Details) - shares
 9 Months Ended
Sep. 01, 2020
Mar. 03, 2020
Sep. 30, 2020
Share Capital [Line Items]      
Options exercised (in shares)     1,260,709
ESPP      
Share Capital [Line Items]      
Ordinary shares available for grants (in shares)     4,017,014
Shares issued under plan (in shares)     447,634
RSUs      
Share Capital [Line Items]      
Stock awards granted, vesting period (years) 3 years 3 years  
PSUs | Minimum      
Share Capital [Line Items]      
Stock awards granted, vesting period (years)     3 years
PSUs | Maximum      
Share Capital [Line Items]      
Stock awards granted, vesting period (years)     6 years
2015 Plan      
Share Capital [Line Items]      
Ordinary shares available for grants (in shares)     11,263,270
2015 Plan | Option      
Share Capital [Line Items]      
Stock awards granted, vesting period (years)     4 years
Stock awards granted, expiration period (years)     10 years
2015 Plan | RSUs      
Share Capital [Line Items]      
Stock awards granted, vesting period (years)     3 years
2015 Plan | PSUs | Minimum      
Share Capital [Line Items]      
Stock awards granted, vesting period (years)     3 years
2015 Plan | PSUs | Maximum      
Share Capital [Line Items]      
Stock awards granted, vesting period (years)     6 years
v3.20.2
Equity Incentive Plans and ESPP - Schedule of Stock Option Plan (Details)
 9 Months Ended
Sep. 30, 2020
$ / shares
shares
Number of options  
Number of options, beginning outstanding (in shares) | shares 10,350,810
Number of options, granted (in shares) | shares 861,551
Number of options, exercised (in shares) | shares (1,260,709)
Number of options, forfeited and canceled (in shares) | shares (183,758)
Number of options, ending outstanding (in shares) | shares 9,767,894
Number of options, exercisable options (in shares) | shares 4,858,926
Weighted average exercise price  
Weighted average exercise price, beginning outstanding (in usd per share) | $ / shares $ 20.40
Weighted average exercise price, granted (in usd per share) | $ / shares 70.56
Weighted average exercise price, exercised (in usd per share) | $ / shares 14.16
Weighted average exercise price, forfeited and canceled (in usd per share) | $ / shares 19.26
Weighted average exercise price, ending outstanding (in usd per share) | $ / shares 25.65
Weighted average exercise price, exercisable options (in usd per share) | $ / shares $ 16.84
v3.20.2
Equity Incentive Plans and ESPP - Schedule of RSUs and PSUs (Details) - $ / shares
 9 Months Ended
Sep. 01, 2020
Mar. 03, 2020
Sep. 30, 2020
Number of RSU/PSUs      
Number of RSUs, beginning unvested (in shares)     1,474,395
Number of RSUs, granted (in shares)     3,923,573
Number of RSUs, vested (in shares)     (906,108)
Number of RSUs, forfeited and cancelled (in shares)     (24,394)
Number of RSUs, ending unvested (in shares)     4,467,466
Weighted average grant date fair value      
Weighted average grant date fair value price, beginning unvested (in usd per share)     $ 30.26
Weighted average grant date fair value price, granted (in usd per share)     55.06
Weighted average grant date fair value price, vested (in usd per share)     21.31
Weighted average grant date fair value price, forfeited and cancelled (in usd per share)     48.49
Weighted average grant date fair value price, ending unvested (in usd per share)     $ 53.76
RSUs      
Number of RSU/PSUs      
Number of RSUs, granted (in shares) 25,090 527,041  
Weighted average grant date fair value      
Weighted average grant date fair value price, granted (in usd per share) $ 84.68 $ 69.37  
Stock awards granted, vesting period (years) 3 years 3 years  
PSUs | Minimum      
Weighted average grant date fair value      
Stock awards granted, vesting period (years)     3 years
PSUs | Maximum      
Weighted average grant date fair value      
Stock awards granted, vesting period (years)     6 years
PSUs | Share-based Compensation Award, Tranche One      
Number of RSU/PSUs      
Number of RSUs, granted (in shares) 17,712 408,539  
Weighted average grant date fair value      
Weighted average grant date fair value price, granted (in usd per share) $ 84.68 $ 69.37  
PSUs | Share-based Compensation Award, Tranche Two      
Number of RSU/PSUs      
Number of RSUs, granted (in shares) 17,712 108,113  
Weighted average grant date fair value      
Weighted average grant date fair value price, granted (in usd per share) $ 84.68 $ 69.37  
PSUs | Share-based Compensation Award, Tranche Three      
Number of RSU/PSUs      
Number of RSUs, granted (in shares)   2,703,852  
Weighted average grant date fair value      
Weighted average grant date fair value price, granted (in usd per share)   $ 48.16  
v3.20.2
Equity Incentive Plans and ESPP - Schedule of Fair Value Assumptions Used Only for Equity Based Awards Estimated Using Black-Scholes Option Pricing Model (Details)
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 6 months 6 months 6 months
Expected volatility, minimum 47.00% 44.00% 44.00%
Expected volatility, maximum 66.00% 62.00% 62.00%
Risk-free interest rate, minimum 0.17% 2.10% 2.10%
Risk-free interest rate, maximum 1.57% 2.51% 2.51%
Dividend yield 0.00% 0.00% 0.00%
Stock Option Plans      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility, minimum 54.00% 55.00% 55.00%
Expected volatility, maximum 56.00% 61.00% 61.00%
Risk-free interest rate, minimum 0.30% 1.90% 1.73%
Risk-free interest rate, maximum 0.86% 2.40% 2.40%
Dividend yield 0.00% 0.00% 0.00%
Stock Option Plans | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 5 years 6 months 5 years 6 months 5 years 6 months
Stock Option Plans | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 6 years 3 months 6 years 6 months 6 years 6 months
v3.20.2
Equity Incentive Plans and ESPP - Schedule of Non-cash Share-Based Compensation Expenses Related to Company's Equity-Based Awards (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total share-based compensation expense $ 20,121 $ 14,338 $ 55,448 $ 37,719 $ 52,416
Cost of revenues          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total share-based compensation expense 767 605 1,916 1,626 2,231
Research, development and clinical trials          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total share-based compensation expense 5,101 2,202 12,275 5,203 7,570
Sales and marketing          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total share-based compensation expense 4,677 3,368 13,061 8,585 11,897
General and administrative          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total share-based compensation expense $ 9,576 $ 8,163 $ 28,196 $ 22,305 $ 30,718
v3.20.2
Earnings Per Share (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Effect of dilutive shares (in shares) 7,409,508 7,511,989
Stock Option Plans    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive share options (in shares) 952,823 717,492
v3.20.2
Supplemental Information - Schedule of Long-Lived Assets by Location (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-term assets $ 19,403 $ 17,026
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-term assets 10,317 8,896
Switzerland    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-term assets 2,012 3,067
Israel    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-term assets 3,998 2,753
Japan    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-term assets 1,237 999
Germany    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-term assets 895 729
Others    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-term assets $ 944 $ 582
v3.20.2
Supplemental Information - Schedule of Revenues by Geographic Region (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues $ 132,660 $ 92,062 $ 350,413 $ 252,084 $ 351,318
Zai License and Collaboration Agreement          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Regulatory and commercial milestone payable 2   2    
Zai License and Collaboration Agreement | License | Accounting Standards Update 2014-09          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Liability, revenue recognized     8    
United States          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues 92,635 61,399 243,103 166,937 232,805
Germany          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues 22,756 21,688 66,027 64,065 86,564
Other EMEA          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues 5,468 2,794 12,069 5,442 8,782
Japan          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues 7,523 4,779 21,153 12,334 17,912
Greater China          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues $ 4,278 $ 1,402 $ 8,061 $ 3,306 $ 5,255
v3.20.2
Income Tax (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Mar. 31, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Unusual or Infrequent Item, or Both [Line Items]            
Net tax expense (benefit), COVID-19 $ 1,755   $ (630) $ (5,614) $ 4,258 $ (1,594)
Natural Disasters and Other Casualty Events, COVID-19            
Unusual or Infrequent Item, or Both [Line Items]            
Net tax expense (benefit), COVID-19   $ (11,269)