Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-37565

NovoCure Limited

(Exact Name of Registrant as Specified in Its Charter)


Jersey						98-1057807
(State or Other Jurisdiction of						(I.R.S. Employer
Incorporation or Organization)						Identification No.)

No. 4 The Forum

Grenville Street

St. Helier, Jersey JE2 4UF

(Address of principal executive offices, including zip code)

+44 (0) 15 3475 6700

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)

_______________________________________________________

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Ordinary Shares, no par value	NVCR	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding as of October 25, 2024
Ordinary shares, no par value						108,201,434 Shares

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical facts or statements of current condition, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements contained in this report are based on our current plans, expectations, hopes, beliefs, intentions or strategies concerning future developments and their impact on us. Forward-looking statements contained in this report constitute our expectations or forecasts of future events as of the date this report was filed with the Securities and Exchange Commission and are not statements of historical fact. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Such statements may include words such as “anticipate,” “will,” “estimate,” “expect,” “project,” “intend,” “should,” “plan,” “believe,” “hope” and other words and terms of similar meaning in connection with any discussion of, among other things, future operating or financial performance, strategic initiatives and business strategies, regulatory or competitive environments, our intellectual property and research and development related to our Tumor Treating Fields ("TTFields") devices marketed under various brand names, including "Optune Gio" and "Optune Lua", and software, tools and other items to support and optimize the delivery of TTFields (collectively, the “Products”). In particular, these forward-looking statements include, among others, statements about:

•our research and development, clinical study and commercialization activities and projected expenditures;

•the further commercialization of our Products for current and future indications;

•our business strategies and the expansion of our sales and marketing efforts in the United States ("U.S.") and in other countries;

•the market acceptance of our Products for current and future indications by patients, physicians, third-party payers and others in the healthcare and scientific community;

•our plans to pursue the use of our Products for the treatment of indications other than glioblastoma (“GBM”) and malignant pleural mesothelioma (“MPM”);

•our estimates regarding revenues, expenses, capital requirements and needs for additional financing;

•our ability to obtain regulatory approvals for the use of our Products in indications other than GBM and MPM;

•our ability to acquire from third-party suppliers the supplies needed to manufacture our Products;

•our ability to manufacture adequate supply of our Products;

•our ability to secure and maintain adequate coverage from third-party payers to reimburse us for our Products for current and future indications;

•our ability to receive payment from third-party payers for use of our Products for current and future indications;

•our ability to maintain, develop protect, defend or enforce our intellectual property position;

•our ability to manage the risks associated with business disruptions caused by natural disasters, extreme weather events, pandemics such as COVID-19 (coronavirus), or international conflict or other disruptions outside of our control;

•our cash needs; and

•our prospects, financial condition and results of operations.

These forward-looking statements involve a number of risks and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Factors which may cause such differences to occur include those risks and uncertainties set forth under Part I, Item 1A., “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed on February 22, 2024, as well as other risks and uncertainties set forth from time to time in the reports we file with the Securities and Exchange Commission (the "SEC"). In our prior filings, references to Optune now refer to Optune Gio® and NovoTTF-100L refer to Optune Lua®. We do not intend

to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

TRADEMARKS

This Quarterly Report on Form 10-Q includes trademarks of NovoCure Limited and other persons. All trademarks or trade names referred to herein are the property of their respective owners.

Table of Contents

NovoCure Limited

Quarterly Report on Form 10-Q

TABLE OF CONTENTS


		Page
Cautionary Note Regarding Forward Looking Statements		i
Trademarks		ii

PART I—FINANCIAL INFORMATION

Item 1.	Financial Statements	2
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	30

PART II—OTHER INFORMATION

Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	31
Item 5.	Other Information	31
Item 6.	Exhibits	32

	Signatures	33

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements


NOVOCURE LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share data)
	September 30, 2024		December 31, 2023
	Unaudited		Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	185,422	$	240,821
Short-term investments	774,476		669,795
Restricted cash	3,777		1,743
Trade receivables, net	67,060		61,221
Receivables and prepaid expenses	25,437		22,677
Inventories	39,096		38,152
Total current assets	1,095,268		1,034,409
LONG-TERM ASSETS:
Property and equipment, net	73,251		51,479
Field equipment, net	12,913		11,384
Right-of-use assets	28,330		34,835
Other long-term assets	12,224		14,022
Total long-term assets	126,718		111,720
TOTAL ASSETS	$	1,221,986	$	1,146,129

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents


NOVOCURE LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share data)
	September 30, 2024		December 31, 2023
	Unaudited		Audited
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Convertible note	$	557,333	$	—
Trade payables	91,319		94,391
Other payables, lease liabilities and accrued expenses	86,350		84,724
Total current liabilities	735,002		179,115
LONG-TERM LIABILITIES:
Convertible note	—		568,822
Senior secured credit facility, net	97,149		—
Long-term leases	21,144		27,420
Employee benefit liabilities	7,892		8,258
Other long-term liabilities	18		18
Total long-term liabilities	126,203		604,518
TOTAL LIABILITIES	861,205		783,633
COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
Share capital -
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 108,100,392 shares and 107,075,754 shares at September 30, 2024 (unaudited) and December 31, 2023, respectively	—		—
Additional paid-in capital	1,454,367		1,353,468
Accumulated other comprehensive income (loss)	(5,378)		(5,469)
Retained earnings (accumulated deficit)	(1,088,208)		(985,503)
TOTAL SHAREHOLDERS' EQUITY	360,781		362,496
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,221,986	$	1,146,129

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents


NOVOCURE LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)
	Three months ended September 30,				Nine months ended September 30,				Year ended December 31,
	2024		2023		2024		2023		2023
	Unaudited				Unaudited				Audited
Net revenues	$	155,095	$	127,321	$	443,954	$	375,554	$	509,338
Cost of revenues	35,372		32,092		103,715		95,724		128,280
Gross profit	119,723		95,229		340,239		279,830		381,058

Operating costs and expenses:
Research, development and clinical studies	51,882		53,623		158,435		168,754		223,062
Sales and marketing	59,830		57,964		171,652		167,621		226,809
General and administrative	40,103		41,887		117,344		124,609		164,057
Total operating costs and expenses	151,815		153,474		447,431		460,984		613,928

Operating income (loss)	(32,092)		(58,245)		(107,192)		(181,154)		(232,870)
Financial income (expenses), net	10,507		10,023		31,236		27,948		41,130

Income (loss) before income tax	(21,585)		(48,222)		(75,956)		(153,206)		(191,740)
Income tax	8,985		1,263		26,749		6,758		15,303
Net income (loss)	$	(30,570)	$	(49,485)	$	(102,705)	$	(159,964)	$	(207,043)

Basic and diluted net income (loss) per ordinary share	$	(0.28)	$	(0.46)	$	(0.95)	$	(1.51)	$	(1.95)
Weighted average number of ordinary shares used in computing basic and diluted net income (loss) per share	108,247,716		106,772,814		107,679,501		106,219,194		106,391,178

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
U.S. dollars in thousands
	Three months ended September 30,				Nine months ended September 30,				Year ended December 31,
	2024		2023		2024		2023		2023
	Unaudited				Unaudited				Audited
Net income (loss)	$	(30,570)	$	(49,485)	$	(102,705)	$	(159,964)	$	(207,043)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments	64		826		(161)		1,655		1,473
Unrealized gain (loss) from debt securities			15		—		440		445
Pension benefit plan	(1,927)		(852)		252		(1,654)		(4,954)
Total comprehensive income (loss)	$	(32,433)	$	(49,496)	$	(102,614)	$	(159,523)	$	(210,079)


NOVOCURE LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
U.S. dollars in thousands (except share data)
	Ordinary shares	Additional paid-in capital		Accumulated other comprehensive loss		Retained earnings (accumulated deficit)		Total shareholders' equity

Balance as of December 31, 2023 (audited)	107,075,754	$	1,353,468	$	(5,469)	$	(985,503)	$	362,496

Share-based compensation to employees	—	34,084		—		—		34,084
Exercise of options and vested RSUs	528,020	213		—		—		213
Other comprehensive income (loss), net of tax benefit of $0	—	—		1,322		—		1,322
Net income (loss)	—	—		—		(38,760)		(38,760)
Balance as of March 31, 2024 (Unaudited)	107,603,774	$	1,387,765	$	(4,147)	$	(1,024,263)	$	359,355

Share-based compensation to employees	—	31,830		—		—		31,830
Proceeds from issuance of shares	178,668	2,187		—		—		2,187
Exercise of options and vested RSUs	231,388	1,121				—		1,121
Other comprehensive income (loss), net of tax benefit of $0	—	—		632		—		632
Net income (loss)	—	—		—		(33,375)		(33,375)
Balance as of June 30, 2024 (Unaudited)	108,013,830	$	1,422,903	$	(3,515)	$	(1,057,638)	$	361,750

Share-based compensation to employees	—	31,364		—		—		31,364
Exercise of options and vested RSUs	86,562	100		—		—		100
Other comprehensive income (loss), net of tax benefit of $0	—	—		(1,863)		—		(1,863)
Net income (loss)	—	—		—		(30,570)		(30,570)
Balance as of September 30, 2024 (Unaudited)	108,100,392	$	1,454,367	$	(5,378)	$	(1,088,208)	$	360,781

Table of Contents




	Ordinary shares	Additional paid-in capital		Accumulated other comprehensive loss		Retained earnings (accumulated deficit)		Total shareholders' equity

Balance as of December 31, 2022 (audited)	105,049,411	$	1,222,063	$	(2,433)	$	(778,460)	$	441,170

Share-based compensation to employees	—	39,084		—		—		39,084
Exercise of options and vested RSUs	1,137,751	5,211		—		—		5,211
Other comprehensive income (loss), net of tax benefit of $0	—	—		(258)		—		(258)
Net income (loss)	—	—		—		(53,061)		(53,061)
Balance as of March 31, 2023 (Unaudited)	106,187,162	$	1,266,358	$	(2,691)	$	(831,521)	$	432,146

Share-based compensation to employees	—	32,740		—		—		32,740
Proceeds from issuance of shares	81,730	2,883		—		—		2,883
Exercise of options and vested RSUs	336,439	4,622		—		—		4,622
Other comprehensive income (loss), net of tax benefit of $0	—	—		710		—		710
Net income (loss)	—	—		—		(57,418)		(57,418)
Balance as of June 30, 2023 (Unaudited)	106,605,331	$	1,306,603	$	(1,981)	$	(888,939)	$	415,683

Share-based compensation to employees	—	26,346		—		—		26,346
Exercise of options and vested RSUs	142,939	1,171		—		—		1,171
Other comprehensive income (loss), net of tax benefit of $0	—	—		(11)		—		(11)
Net income (loss)	—	—		—		(49,485)		(49,485)
Balance as of September 30, 2023 (Unaudited)	106,748,270	$	1,334,120	$	(1,992)	$	(938,424)	$	393,704

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents


NOVOCURE LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
	Three months ended September 30,				Nine months ended September 30,				Year ended December 31,
	2024		2023		2024		2023		2023
	Unaudited				Unaudited				Audited
Cash flows from operating activities:
Net income (loss)	$	(30,570)	$	(49,485)	$	(102,705)	$	(159,964)	$	(207,043)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,458		2,803		8,131		8,246		10,969
Accrued Interest	(1,213)		480		60		530		(95)
Asset write-downs and impairment of field equipment	450		112		784		374		493
Share-based compensation	31,364		26,346		97,278		98,170		115,608
Foreign currency remeasurement loss (gain)	(503)		1,398		763		2,185		161
Decrease (increase) in accounts receivables and prepaid expenses	5,411		2,642		(8,983)		24,094		29,414
Amortization of discount (premium)	(6,737)		(6,691)		(18,972)		(15,822)		(23,084)
Decrease (increase) in inventories	1,895		(4,080)		(867)		(8,250)		(8,919)
Decrease (increase) in other long-term assets	1,906		3,971		7,969		3,585		4,072
Increase (decrease) in accounts payables and accrued expenses	7,452		6,265		(1,245)		(3,992)		14,869
Increase (decrease) in other long-term liabilities	(1,537)		(3,075)		(5,131)		(7,934)		(9,781)
Net cash provided by (used in) operating activities	$	10,376	$	(19,314)	(22,918)		(58,778)		(73,336)

Cash flows from investing activities:
Purchase of property, equipment and field equipment	$	(10,683)	$	(7,253)	(33,913)		(20,272)		(27,093)
Proceeds from maturity of short-term investments	190,000		275,549		608,000		916,433		1,214,982
Purchase of short-term investments	(169,124)		(251,038)		(692,118)		(810,513)		(1,003,741)
Net cash provided by (used in) investing activities	$	10,193	$	17,258	(118,031)		85,648		184,148

Cash flows from financing activities:
Proceeds from issuance of shares, net	$	—	$	—	2,187		2,883		4,416
Proceeds from senior secured credit facility, net	—		—		96,922		—		—
Repayment and redemption of long-term debt	—		—		(12,913)		(10)		(10)
Exercise of options	100		1,171		1,434		11,004		11,381
Net cash provided by (used in) financing activities	$	100	$	1,171	87,630		13,877		15,787

Effect of exchange rate changes on cash, cash equivalents and restricted cash	$	87	$	(97)	(46)		(69)		131

Increase (decrease) in cash, cash equivalents and restricted cash	20,756		(982)		(53,365)		40,678		126,730
Cash, cash equivalents and restricted cash at the beginning of the period	168,443		157,494		242,564		115,834		115,834

Table of Contents


NOVOCURE LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

Cash, cash equivalents and restricted cash at the end of the period	$	189,199	$	156,512	$	189,199	$	156,512	$	242,564





Supplemental cash flow activities:
Cash paid during the period for:
Income taxes paid (refunded), net	$	6,637	$	1,202	$	17,053	$	8,745	$	13,665
Interest paid	$	2,964	$	—	$	4,934	$	1	$	6
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	185,422	$	154,860	$	185,422	$	154,860	$	240,821
Restricted cash	3,777		1,652		3,777		1,652		1,743
Total cash, cash equivalents and restricted cash	$	189,199	$	156,512	$	189,199	$	156,512	$	242,564
Non-cash activities:
Right-of-use assets obtained (disposed) in exchange for lease liabilities	$	757	$	4,693	$	(610)	$	10,477	$	18,063
Purchase of property incurred but unpaid at period end	$	201	$	—	$	201	$	—	$	1,714

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

NOVOCURE LIMITED AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share data)

NOTE 1: 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 ("TTFields") devices, including Optune Gio and Optune Lua (collectively, our "Products"), for the treatment of solid tumor cancers. The Company markets Optune Gio and Optune Lua in multiple countries around the globe with the majority of revenues coming from the use of Optune Gio in the U.S., Germany, France and Japan. The Company also has a License and Collaboration Agreement (the "Zai Agreement") with Zai Lab (Shanghai) Co., Ltd. ("Zai") to market Optune in China, Hong Kong, Macau and Taiwan ("Greater China").

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 unaudited 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 unaudited consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in these unaudited consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These unaudited 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, 2023 (the "2023 10-K") filed with the Securities and Exchange Commission on February 22, 2024.

The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2023 10-K are applied consistently in these unaudited interim consolidated financial statements.

Concentration Risks. The Company's cash, cash equivalents, short-term investments and trade receivables are potentially subject to a concentration of risk. Cash, cash equivalents and short-term investments are invested at top tier financial institutions globally and the total value invested at any one institution is limited pursuant to the Company's investment policy. These investments may be in excess of insured limitations or not insured in certain jurisdictions. Generally, these investments may be redeemed upon demand according to the terms of the securities.

The Company's trade receivables are due from numerous governments and federal and state agencies that are paid from their respective budgets, and from hundreds of health insurance companies. The Company does not believe that there are significant default risks associated with these governments, agencies and health insurance companies based upon the Company's historical experience.

The Company has no off-balance sheet concentrations of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements.

Recently announced accounting pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

Table of Contents

NOTE 2: CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash equivalents include items almost as liquid as cash, with maturity periods of three months or less when purchased, and short-term investments include items with maturity dates between three months and one year when purchased. As of September 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of:


	September 30, 2024
	Unaudited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	13,765	$	—	$	—	$	13,765	$	13,765	$	13,765	$	—
Money market funds	Level 1	171,657		—		—		171,657		171,657		171,657		—
Certificate of deposits and term deposits	Level 2	199,410		—		—		199,410		199,410				199,410
HTM securities (1)
U.S. Treasury bills	Level 1	$	118,319	$	194	$	—	118,513		118,319		$	—	$	118,319

Corporate debt securities	Level 2	$	456,747	$	1,942	$	(1)	458,688		456,747		$	—	$	456,747

		$	575,066	$	2,136	$	(1)	$	577,201	$	575,066	$	—	$	575,066

Total		$	959,898	$	2,136	$	(1)	$	962,033	$	959,898	$	185,422	$	774,476


	December 31, 2023
	Audited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	9,955	$	—	$	—	$	9,955	$	9,955	$	9,955	$	—
Money market funds	Level 1	227,166		—		—		227,166		227,166		227,166		—
Certificate of deposits and term deposits	Level 2	153,169		—		—		153,169		153,169		3,700		149,469
HTM securities (1)
U.S. Treasury bills	Level 1	$	78,844	$	55	$	(110)	78,789		78,844		$	—	$	78,844
Government and governmental agencies	Level 2	$	24,940	$	13	$	—	24,953		24,940		$	—	$	24,940
Corporate debt securities	Level 2	$	416,542	$	486	$	(149)	416,879		416,542		$	—	$	416,542

		$	520,326	$	554	$	(259)	$	520,621	$	520,326	$	—	$	520,326

Total		$	910,616	$	554	$	(259)	$	910,911	$	910,616	$	240,821	$	669,795

(1) Changes in fair value of held-to-maturity ("HTM") securities are presented for disclosure purposes as required by ASC 320 "Investments — Debt Securities" and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.

Table of Contents

(2) Pursuant to a bank guaranty agreement,$16,741 of short-term investments are pledged. See Note 4.

In accordance with ASC 820, "Fair Value Measurements and Disclosures," the Company measures its money market funds at fair value. The fair value of the money market funds and HTM securities, which is presented for disclosure purposes, is classified within Level 1 or Level 2. This is because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

As of September 30, 2024 and December 31, 2023, all investments mature in one year or less.

Unrealized losses from debt securities are primarily attributable to changes in interest rates. The Company does not believe any remaining unrealized losses represent impairments based on the evaluation of available evidence.

NOTE 3: 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, 2024 and December 31, 2023, the Company’s inventories were composed of:


	September 30, 2024		December 31, 2023
	Unaudited		Audited
Raw materials	$	8,869	$	10,265
Work in progress	10,342		9,796
Finished products	19,885		18,091
Total	$	39,096	$	38,152

NOTE 4: 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 2044. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2027.

Pledged deposits and bank guarantees. As of September 30, 2024 and December 31, 2023, the Company pledged bank deposits of $2,350 and $2,848, 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 $2,720 and $3,216, respectively. In addition, €15,000 ($16,741) of the Company's short term investments are pledged to a bank as guarantee for the Company's due execution of cash concentration agreements.

Legal Proceedings. In June 2023, a putative class action lawsuit was filed against the Company, its Executive Chairman and its Chief Executive Officer. The complaint, later amended to add our Chief Financial Officer as a defendant, which purports to be brought on behalf of a class of persons and/or entities who purchased or otherwise acquired ordinary shares of the Company from January 5, 2023 through June 5, 2023, alleges material misstatements and/or omissions in the Company’s public statements with respect to the results from its phase 3 LUNAR clinical trial. The Company believes that the action is without merit and plans to defend the lawsuit vigorously. As of September 30, 2024, the Company has not accrued any amounts in respect of this claim, as it believes liability is not probable and the amount of any potential liability cannot be reasonably estimated.

NOTE 5: LONG-TERM DEBT, NET

a.Convertible notes

On November 5, 2020, the Company issued $575,000 aggregate principal amount of 0% Convertible Senior Notes due 2025 (the “Notes”).

The Notes mature on November 1, 2025, unless earlier repurchased, redeemed or converted as set forth in the Notes. As of September 30, 2024, the conditions allowing holders of the Notes to convert were not met.

In June 2024 the Company redeemed $14,055 of Notes in consideration of $12,913. The gain from redemption was reported as finance income in accordance with ASC 470 "Debt with Conversion and Other Options".

Table of Contents

The net carrying amount of the liability of the Notes as of September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024		December 31, 2023
	Unaudited		Audited
Liability component, net:
Principal amount	$	560,945	$	575,000
Unamortized issuance costs	(3,612)		(6,178)
Net carrying amount of liability component (1)	$	557,333	$	568,822

Presented as:
Short-term liability (2)	$	557,333	$	—
Long-term liability	$	—	$	568,822

(1) An effective interest rate determines the fair value of the Notes, therefore they are categorized as Level 3 in accordance with ASC 820. The estimated fair value of the net carrying amount of liability component of the Notes as of September 30, 2024 and December 31, 2023 were $523,068 and $515,962, respectively.

The net carrying amount of the liability is represented by the principal amount of the Notes, less total issuance costs plus any amortization of issuance costs. The total issuance costs upon issuance of the Notes were $16,561 and are amortized to interest expense using the effective interest rate method over the contractual term of the Notes. Interest expense is recognized at an annual effective interest rate of 0.59% over the contractual term of the Notes.

(2) In January 2021, the Company elected to settle all conversions of Notes by a combination of cash and its ordinary shares and the cash portion per $1,000 principal amount of Notes for all conversion settlements shall be $1,000. Holders have the right to convert Notes beginning in August 2025. Since any conversion will result in the payment of cash as described above, the liability has been reclassified as current.

Finance expense related to the Notes was as follows:


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Gain from redemption of Notes	—		—		(1,142)		—		—
Amortization of debt issuance costs	825		836		2,566		2,477		3,313
Total finance expenses (income) recognized	$	825	$	836	$	1,424	$	2,477	$	3,313

b. Senior secured credit facility, net

On May 1, 2024 Novocure Luxembourg S.a.r.l. ("Borrower"), a wholly-owned subsidiary of the Company, entered into a new five-year senior secured credit facility of up to $400.0 million (the "Facility") with BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP (collectively, the "Lenders"), BioPharma Credit PLC, as collateral agent for the Lenders, and the guarantors party to such agreement (the "Loan Agreement"). The Facility may be drawn in up to four drawings. The Loan Agreement provides for an initial term loan in the principal amount of $100.0 million (the "Tranche A Loan"), which was funded to the Borrower on May 1, 2024 (the "Tranche A Funding Date"). Under the Loan Agreement, the Borrower is required to draw $100.0 million on the Facility on or before June 30, 2025 (the "Tranche B Loan"), subject to customary conditions precedent as set forth in the Loan Agreement. Not later than December 31, 2025, the Borrower has the option to draw an additional $100.0 million of the Facility (the "Tranche C Loan") if (i) (A) the Company has received positive results from its PANOVA-3 phase 3 clinical trial or (B) the Company's trailing net revenues for the most recently completed four quarters as reported by the Company in its financial statements filed with the U.S. Securities and Exchange Commission ("Trailing Four Quarters of Net Revenue") are greater than $575.0 million and (ii) the Notes are extinguished in full and are no longer outstanding. Not later than March 31, 2026, the Borrower has the option to draw an additional $100.0 million of the Facility (the "Tranche D Loan") if (i) the Company receives an approval or clearance from the U.S. Food and Drug Administration for the Company's Tumor Treating Fields device for a pancreatic cancer indication or (ii) Trailing

Table of Contents

Four Quarters of Net Revenue is greater than $625.0 million. The obligations under the Loan Agreement are guaranteed by certain of the Company's subsidiaries and secured by a first lien on the Borrower's and certain of the Company's other subsidiaries’ assets. Outstanding term loans under the Loan Agreement will bear interest at an annual rate equal to 6.25% plus the three-month SOFR (subject to a 3.25% floor), payable quarterly in arrears and calculated on the basis of actual days elapsed in a 360-day year. The Borrower must pay 2.5% of additional consideration on each principal draw, with payment for the Tranche A Loan and the Tranche B Loan paid on the Tranche A Funding Date, and payments for the Tranche C Loan and the Tranche D Loan on their respective funding dates. Principal under the Facility will be repaid in eight equal quarterly repayments commencing with the third quarter of 2027 and continuing each quarter thereafter, with the final payment of outstanding principal due on the fifth anniversary of the Tranche A Funding Date. Voluntary prepayment of all, but not less than all, of the term loans outstanding is permitted at any time, subject to make-whole and prepayment premiums as set forth in the Loan Agreement. Prepayment of all term loans outstanding, subject to make-whole and prepayment premiums, is due and payable upon a change-in-control as defined in the Loan Agreement. Make-whole and prepayment premiums are due and payable for the Tranche B Loans for any voluntary prepayment of the term loans outstanding, upon a change-in-control (as defined in the Loan Agreement), and upon any acceleration of the maturity date, in each case regardless of whether the Tranche B Loan is drawn. The Loan Agreement contains a financial covenant only if the Tranche C Loan and/or Tranche D Loan are funded, in which case the Company is required to maintain at least Trailing Four Quarters of Net Revenue of at least $500.0 million, calculated on a trailing twelve-month basis as of the end of each fiscal quarter, beginning with the first quarter of 2027 based on year-end 2026 audited financial statements.

As of September 30, 2024 the Company had borrowed the Tranche A Loan in the principal amount of $100,000.


	September 30, 2024		December 31, 2023
	Unaudited		Audited
Liability component, net:
Principal amount	$	100,000	$	—
Unamortized issuance costs	(2,851)		—
Net carrying amount of liability component (1)	$	97,149	$	—

The net carrying amount of the liability is represented by the principal amount of the Notes, less total issuance costs plus any amortization of issuance costs. The total issuance costs upon issuance of the Notes were $3,078 and are amortized to interest expense using the effective interest rate method over the contractual term of the Notes. For purposes of calculating the net carrying amount, the annual effective interest rate is assumed to be 13.3% over the remaining contractual term of the Notes.

Finance expense related to the Facility was as follows:


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Interest	2,960		—		4,922		—		—
Amortization of debt issuance costs	187		—		227		—		—
Total finance expense recognized	$	3,147	$	—	$	5,149	$	—	$	—

Table of Contents

NOTE 6: REVENUE RECOGNITION

a. Net revenues

The Company’s net revenues by geographic region, based on the patient’s location are summarized as follows:


	Three months ended September 30,					Nine months ended September 30,				Year ended December 31,
	2024		0	2023		2024		2023		2023
United States	$	98,345		$	86,243	$	284,599	$	258,429	$	349,743
International markets:
Germany	16,990			14,683		47,834		45,547		60,210
France	15,243			4,157		39,998		4,157		11,736
Japan	8,581			7,588		24,062		24,118		31,668
Other international markets	11,311			7,894		32,053		24,481		32,757
International markets - Total	52,125			34,322		143,947		98,303		136,371

Greater China (1)	4,625			6,756		15,408		18,822		23,224

Total net revenues	$	155,095		$	127,321	$	443,954	$	375,554	$	509,338

(1) For additional information, see Notes 12 and 13 to the Consolidated Financial Statements in the 2023 10-K.

The Company's net revenues by performance period are as follows:


	Three months ended September 30,					Nine months ended September 30,				Year ended December 31,
	2024		0	2023		2024		2023		2023
Net revenues recognized in the reporting period from performance obligations satisfied in:
Reporting period	$	142,960		$	125,704	$	417,023	$	362,636	$	492,089
Previous periods	12,135			1,617		26,931		12,918		17,249
Total net revenues	$	155,095		$	127,321	$	443,954	$	375,554	$	509,338

b. Contract balances

The following table provides information about trade receivables, unbilled receivables and contract liabilities from contracts with customers:


	September 30, 2024		December 31, 2023
	Unaudited		Audited
Trade receivables	$	61,316	$	56,970
Unbilled receivables	$	5,744	$	4,251
Deferred revenues (short-term contract liabilities)	(14,866)		(16,224)

During the nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023 the Company recognized $16,224, $18,028 and $18,028, respectively, which were included in the deferred revenues (short-term contract liability) balance at January 1, 2024 and 2023.

NOTE 7: SHARE OPTION 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

Table of Contents

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 September 30, 2024, no ordinary shares were available for grant under the 2015 Plan (see below).

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.

As of September 30, 2024, 9,581,731 ordinary shares were available for grant under the 2024 Plan.

A summary of the status of the Company’s option plans as of September 30, 2024 and changes during the period then ended is presented below:


	Nine months ended September 30, 2024
	Unaudited
	Number of options	Weighted average exercise price
Outstanding at beginning of year	8,539,507	$	40.07
Granted	3,797,704	15.88
Exercised	(184,633)	7.77
Forfeited and canceled	(719,823)	50.14
Outstanding as of September 30, 2024	11,432,755	$	31.92

Exercisable options	6,804,138	$	35.14

Table of Contents

A summary of the status of the Company’s RSUs and PSUs as of September 30, 2024 and changes during the period then ended is presented below.


	Nine months ended September 30, 2024
	Unaudited
	Number of RSU/PSUs	Weighted average grant date fair value
Unvested at beginning of year	5,813,066	$	60.52
Granted	9,454,291	15.40
Vested	(661,337)	84.17
Forfeited and cancelled	(1,252,395)	39.97
Unvested as of September 30, 2024 (1)	13,353,625	29.33

(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 September 30, 2024, in accordance with ASC 718 "Compensation — Stock Compensation" as follows:


September 30, 2024
Number of PSUs	Fair value at grant date per PSU		Total fair value at grant date
541,918	$	16.30	$	8,833
37,893	19.44		737
2,703,852	48.16		130,218
161,422	76.97		12,425
234,512	80.59		18,899
15,210	87.66		1,333
3,694,807			$	172,445

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 September 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:

Table of Contents


	Nine months ended September 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%-4.16%		3.48%-4.79%



Dividend yield	0.00	%	0.00	%	0.00	%
ESPP
Expected term (years)	0.50		0.50		0.50


Expected volatility	73%-90%		56%-122%		56%-122%
Risk-free interest rate	5.13%-5.23%		4.76%-5.38%		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 nine months ended September 30, 2024 and 2023, and the year ended December 31, 2023 was:


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Cost of revenues	$	1,834	$	1,511	$	5,280	$	5,540	$	6,587
Research, development and clinical studies	7,294		6,683		25,421		26,999		31,827
Sales and marketing	10,276		8,973		31,220		30,830		35,968
General and administrative	11,960		9,179		35,357		34,801		41,226
Total share-based compensation expense	$	31,364	$	26,346	$	97,278	$	98,170	$	115,608

NOTE 8: Basic and diluted net income (loss) per ordinary 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 (deriving from options, RSUs, PSUs, Notes and the ESPP) considered outstanding during the period, in accordance with ASC 260-10 "Earnings Per Share", as determined under the treasury stock or if-converted method, as applicable.

Table of Contents

The following table sets forth the computation of the Company’s basic and diluted net income (loss) per ordinary share:


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share	$	(30,570)	$	(49,485)	$	(102,705)	$	(159,964)	$	(207,043)






Weighted average number of ordinary shares used in computing diluted net income (loss) per share	108,247,716		106,772,814		107,679,501		106,219,194		106,391,178

Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share:
Options	9,887,237		6,250,189		9,392,376		6,354,627		6,950,781
RSUs and PSUs	4,651,689		2,590,322		3,880,895		1,470,542		1,423,377
ESPP	79,887		96,444		198,999		150,930		161,627
Weighted anti-dilutive shares outstanding which were not included in the diluted calculation	14,618,813		8,936,955		13,472,270		7,976,099		8,535,785

Basic and diluted net income (loss) per ordinary share	$	(0.28)	$	(0.46)	$	(0.95)	$	(1.51)	$	(1.95)

NOTE 9: SUPPLEMENTAL INFORMATION

The Company operates in a single reportable segment.

The following table presents long-lived assets by location:


	September 30, 2024		December 31, 2023
	Unaudited		Audited
United States	$	53,533	$	41,634
Israel	8,464		8,317
Switzerland	17,070		7,733


Others	7,097		5,179
Total long lived assets	$	86,164	$	62,863

Restructuring

In November 2023, the Company announced a series of actions to strengthen and optimize its business operations to support near-term growth drivers and long-term value creation. The plan included a reduction in headcount of approximately 200 employees or 13% of the Company's then current workforce. The Company incurred restructuring costs (including severance pay, garden leave payments, etc.) for the three and nine months ended September 30, 2024 and the year ended December 31, 2023, as follows:

Table of Contents


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Cost of revenues	$	—	$	—	$	52	$	—	$	262
Research, development and clinical studies	—		—		275		—		2,070
Sales and marketing	—		—		1,512		—		2,404
General and administrative	—		—		164		—		1,495
Total restructuring cost	$	—	$	—	$	2,003	$	—	$	6,231

Restructuring costs paid during the period	$	—	$	—	$	5,455	$	—	$	2,753

These restructuring costs were offset by accrual reversals for the three and nine months ended September 30, 2024 and the year ended December 31, 2023 in the amount of $0, $369 and $3,041, respectively, which relate to the terminated employees' exits from the Company’s cash incentive plans. These restructuring costs were further offset by forfeited equity-based compensation expense reversals for the three and nine months ended September 30, 2024 and the year ended December 31, 2023 in the amount of $0, $1,991 and $9,313, respectively, which relate to the terminated employees' exits from the Company’s equity incentive plan.

NOTE 10: SUBSEQUENT EVENT

On October 15, 2024, the Company issued a press release announcing that that the U.S. Food and Drug Administration (FDA) has approved Optune Lua® for concurrent use with PD-1/PD-L1 inhibitors or docetaxel, for the treatment of adult patients with metastatic non-small cell lung cancer who have progressed on or after a platinum-based regimen. As a result of this approval, the Company expects to expense approximately $33,157 related to the vesting of PSUs granted to an executive officer. See Note 7 above.

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to provide information to assist you in better understanding and evaluating our financial condition and results of operations. We encourage you to read this MD&A in conjunction with our unaudited consolidated financial statements and the notes thereto for the period ended September 30, 2024 included in Part I, Item 1 of this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements that involve risks and uncertainties. Please refer to the information under the heading “Cautionary Note Regarding Forward-Looking Statements” elsewhere in this report. References to the words “we,” “our,” “us,” and the “Company” in this report refer to NovoCure Limited, including its consolidated subsidiaries.

Critical Accounting Policies and Estimates

In accordance with U.S. generally accepted accounting principles (“GAAP”), in preparing our financial statements, we must make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. We develop and periodically change these estimates and assumptions based on historical experience and on various other factors that we believe are reasonable under the circumstances. Actual results may differ from these estimates.

The critical accounting policies requiring estimates, assumptions and judgments that we believe have the most significant impact on our consolidated financial statements can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "2023 10-K"). For additional information, see Note 1 to our unaudited consolidated financial statements in Part I, Item 1 of this Quarterly Report. There were no other material changes to our critical accounting policies and estimates as compared to the critical accounting policies and estimates described in our 2023 10-K.

Overview

We are a global oncology company with a proprietary platform technology called Tumor Treating Fields ("TTFields"), which are electric fields that exert physical forces to kill cancer cells via a variety of mechanisms. Our key priorities are to drive commercial adoption of Optune Gio® and Optune Lua®, our commercial TTFields therapy devices, and to advance clinical and product development programs intended to extend overall survival in some of the most aggressive forms of cancer.

Optune Gio is approved by the U.S. Food and Drug Administration ("FDA") under the Premarket Approval ("PMA") pathway for the treatment of adult patients with newly diagnosed glioblastoma ("GBM") together with temozolomide, a chemotherapy drug, and for adult patients with GBM following confirmed recurrence after chemotherapy as monotherapy treatment. We also have a CE certificate to market Optune Gio for the treatment of GBM in the European Union ("EU"), as well as approval or local registration in the United Kingdom ("UK"), Japan, Canada and certain other countries. Optune Lua is approved by the FDA under the PMA pathway for the treatment of adult patients with metastatic non-small cell lung cancer ("NSCLC") concurrent with PD-1/PD-L1 inhibitors or docetaxel following progression on or after a platinum-based regimen and under the Humanitarian Device Exemption ("HDE") pathway to treat malignant pleural mesothelioma and pleural mesothelioma (together, "MPM") together with standard chemotherapies. We have also received CE certification in the EU and approval or local registration to market Optune Lua in certain other countries for the treatment of MPM. We market Optune Gio and Optune Lua in multiple countries around the globe with the majority of our revenues coming from the use of Optune Gio in the U.S., Germany, France and Japan. We are actively evaluating opportunities to expand our international footprint.

We believe the physical mechanisms of action behind TTFields therapy may be broadly applicable to solid tumor cancers. We are focusing our research and development activities in areas of greatest anticipated value creation. This includes NSCLC, brain cancers, and pancreatic cancer.

In October 2024, the U.S. FDA approved our PMA application for Optune Lua use concurrent use with PD-1/PD-L1 inhibitors or docetaxel for the treatment of adult patients with metastatic NSCLC who have progressed on or after a platinum-based regimen. This application was based on the results from the phase 3 LUNAR trial, which showed patients treated with TTFields therapy concomitant with PD-1/PD-L1 inhibitors or docetaxel exhibited a statistically significant and clinically meaningful improvement in median overall survival (OS) compared to patients treated with PD-1/PD-L1 inhibitors or docetaxel alone. The LUNAR trial included two pre-specified powered secondary endpoints. The first secondary endpoint, which met statistical significance, assessed median OS in patients treated with Optune Lua concurrently with a PD-1/PD-L1 inhibitor versus a PD-1/PD-L1 inhibitor alone. The second secondary endpoint, which showed a positive trend but did not meet statistical significance, assessed Optune Lua

Table of Contents

concurrently with docetaxel versus docetaxel alone. We have also filed applications for use to the necessary regulatory bodies in Europe and Japan.

In June 2024, we presented positive results from the phase 3 METIS trial, evaluating the use of TTFields therapy and supportive care for the treatment of patients with 1-10 brain metastases from NSCLC following stereotactic radiosurgery (“METIS”) at the 2024 American Society of Clinical Oncology (ASCO) annual meeting. The METIS trial met its primary endpoint, demonstrating a statistically significant improvement in time to intracranial progression for adult patients treated with TTFields therapy and supportive care compared to patients treated with supportive care alone. Patients treated with TTFields therapy and supportive care exhibited a median time to intracranial progression of 21.9 months compared to 11.3 months in patients treated with supportive care alone for brain metastasis (n=298; hazard ratio=0.67; P=0.016). These data are expected to serve as the basis for regulatory submissions. In October 2024, the FDA granted Breakthrough Device designation for the use of our NovoTTF-200M device and supportive care for the treatment brain metastases from NSCLC as used in the METIS protocol. The designation offers us an opportunity to interact with FDA experts throughout the premarket review phase and allows for prioritized review of regulatory submissions.

In June 2024, we presented top-line results from the prospective, non-interventional TIGER study at the 2024 ASCO annual meeting. The TIGER study investigated the use of TTFields therapy in routine clinical use in the treatment of newly diagnosed GBM in Germany. Of the 710 patients enrolled in the study between August 2017 to November 2019, 429 patients received TTFields therapy, across 81 participating centers. Median overall survival for patients treated with TTFields therapy was 19.6 months (95% CI, 17.9-22.4) and median progression-free survival was 10.2 months (95% CI, 9.4-11.4). TTFields therapy use was not associated with an increase in systemic toxicity and was well tolerated. The outcomes observed in the TIGER study are consistent with the survival and safety results from our phase 3 EF-14 clinical trial.

In March 2024, an exploratory subgroup analysis of the phase 3 INNOVATE-3 clinical trial was presented at the European Society of Gynaecological Oncology 2024 Congress. The randomized, phase 3 INNOVATE-3 trial evaluated the use of TTFields therapy together with paclitaxel in platinum-resistant ovarian cancer in patients with a maximum of five total prior lines of systemic therapy. While the INNOVATE-3 trial did not meet its primary overall survival endpoint in the intent-to-treat population, the exploratory subgroup analysis found that pegylated liposomal doxorubicin (PLD) -naïve patients randomized to receive TTFields therapy and paclitaxel demonstrated significant improvement in median overall survival compared to PLD-naïve patients treated with paclitaxel alone. These data provide valuable insights into the use of TTFields therapy in the treatment of solid tumors and will be informative in the design of future clinical trials. Novocure and investigators will continue to analyze the data from the INNOVATE-3 trial.

We have several ongoing or planned trials which will further explore the use of TTFields therapy in the treatment of NSCLC, pancreatic cancer, and primary brain cancer.

Alongside the LUNAR and METIS phase 3 trials, our NSCLC program includes the phase 3 LUNAR-2 trial, which explores the use of TTFields therapy together with pembrolizumab and platinum-based chemotherapy as first-line treatment for metastatic NSCLC and the phase 2 LUNAR-4 trial, which evaluates the use of TTFields therapy together with an immune checkpoint inhibitor (ICI) following prior ICI treatment as a second-line treatment for metastatic NSCLC. LUNAR-2 and LUNAR-4 are currently open and enrolling. Finally, our phase 2 KEYNOTE B36 trial is exploring the use of TTFields therapy together with pembrolizumab for front-line treatment of locally advanced or metastatic NSCLC. We are evaluating appropriate next steps for this trial given its pace of enrollment and our focus on LUNAR-2.

Our pancreatic cancer program is comprised of the phase 3 PANOVA-3 trial and the phase 2 PANOVA-4 trial. The PANOVA-3 trial is exploring the use of TTFields therapy together with nab-paclitaxel and gemcitabine as front-line treatment for unresectable locally advanced pancreatic cancer and is fully enrolled with top-line data anticipated in the fourth quarter of 2024. The PANOVA-4 trial is exploring the use of TTFields therapy together with atezolizumab, gemcitabine and nab-paclitaxel for the treatment of metastatic pancreatic cancer and has completed enrollment with data anticipated in 2026.

Our primary brain cancer clinical trial program includes the fully enrolled phase 3 TRIDENT trial and the phase 3 KEYNOTE D58 trial. The TRIDENT trial is exploring the use of TTFields therapy concomitant with radiation and chemotherapy for the treatment of newly diagnosed GBM and data is anticipated in 2026. The KEYNOTE D58 trial is evaluating the use of TTFields therapy together with temozolomide and pembrolizumab for the treatment of newly diagnosed GBM and we are initiating clinical sites.

Table of Contents

We anticipate expanding our clinical pipeline over time to study the safety and efficacy of TTFields therapy for additional solid tumor indications and combinations with other cancer treatment modalities.The table below presents the current status of the ongoing clinical trials in our pipeline and anticipated timing of data.

Our therapy is delivered through a medical device and we continue to advance our Products with the intention to extend survival and maintain quality of life for patients. We have several product development programs underway that are designed to optimize TTFields delivery to the target tumor and enhance patient ease of use. One of these initiatives is the launch of new arrays, which are thinner, lighter and more flexible. We have obtained a CE Mark and rolled out our new arrays in multiple European countries. We submitted the new arrays for regulatory approval in the U.S. and Japan and are awaiting regulatory decisions.

In 2018, we granted Zai Lab (Shanghai) Co., Ltd. ("Zai") a license to commercialize our Products in China, Hong Kong, Macau and Taiwan ("Greater China") under a License and Collaboration Agreement (the "Zai Agreement"). The Zai Agreement also establishes a development partnership intended to accelerate the development of TTFields therapy in multiple solid tumor cancer indications. For additional information, see Note 13 to the 2023 10-K.

In September 2024, we announced that our Chief Executive Officer (CEO), Asaf Danziger, will retire at year-end 2024 and Novocure’s Chief Financial Officer (CFO), Ashley Cordova, will succeed him as the company’s next CEO. Mr. Danziger, who has served as CEO since 2002, will serve as Senior Advisor through 2026, and will continue to serve on Novocure’s Board of Directors. These changes will become effective on January 1, 2025. In addition, Mukund Paravasthu transitioned into the role of Chief Operating Officer, effective October 1, 2024.

In October 2024, we announced the appointment of Christoph Brackmann as our CFO, effective January 1, 2025. Mr. Brackmann joined in October 2024 as a Senior Finance Advisor and will continue in that role until his appointment as CFO takes effect. Prior to joining Novocure, Mr. Brackmann served as Senior Vice President, Finance at Moderna Inc. from October 2019 to June 2024. During that time Mr. Brackmann built out the finance team across FP&A, accounting, tax, treasury, procurement and business service centers to support Moderna’s scale-up. Mr. Brackmann earned his Master of Business Administration from the SDA Bocconi School of Management in 2003 and holds a degree in Business and Economics from the University of Manheim.

We view our operations and manage our business in one operating segment. For the three and nine months ended September 30, 2024, our net revenues were $155.1 million and $444.0 million, respectively. Our net loss for the three and nine months ended September 30, 2024 was $30.6 million and $102.7 million, respectively. As of September 30, 2024, we had an accumulated deficit of $1,088.2 million.

Impact of Current Events

On October 7, 2023, the State of Israel was attacked and is in a state of war. As of the date of this filing, we believe that there is no immediate risk to our business facilities or operations. Our supply chain teams have increased stock levels to mitigate distribution and service risks from our suppliers in Israel.

Table of Contents

Commentary on Results of Operations

Net revenues. Our revenues are primarily derived from patients using our Products in our active markets. We charge for treatment with our Products on a monthly basis. Our potential net revenues per patient are determined by our ability to secure payment, the monthly fee we collect and the number of months that the patient remains on therapy.

We also receive revenues pursuant to the Zai Agreement. For additional information regarding the Zai Agreement, see Note 13 to the Consolidated Financial Statements in our 2023 10-K.

Cost of revenues. We contract with third parties to manufacture our Products. Our cost of revenues is primarily comprised of the following:

•disposable arrays;

•depreciation expense for the field equipment, including the electric field generator used by patients;

•patient support and other personnel costs; and

•overhead costs, such as facilities, freight and depreciation of property, plant and equipment associated with managing our inventory, warehousing and order fulfillment functions.

Operating expenses. Our operating expenses consist of research, development and clinical studies, sales and marketing and general and administrative expenses. Personnel costs are a significant component for each category of operating expenses and consist of wages, benefits and bonuses. Personnel costs also include share-based compensation.

Financial income (expenses), net. Financial income (expenses), net primarily consists of interest income from cash balances and short-term investments, credit facility interest expense and related debt issuance costs, and gains (losses) from foreign currency transactions. Our reporting currency is the U.S. dollar. We have historically held substantially all of our cash balances in U.S. dollar denominated accounts to minimize the risk of translational currency exposure.

Results of Operations

The following discussion provides an analysis of our results of operations and reasons for material changes therein for the three and nine months ended September 30, 2024 as compared to the three and nine months ended September 30, 2023. The tables contained in this section report U.S. dollars in thousands (except share, patient, and prescription data). The following table sets forth our consolidated statements of operations data:

Table of Contents


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	Unaudited				Unaudited
Net revenues	$	155,095	$	127,321	$	443,954	$	375,554
Cost of revenues	35,372		32,092		103,715		95,724
Gross profit	119,723		95,229		340,239		279,830

Operating costs and expenses:
Research, development and clinical studies	51,882		53,623		158,435		168,754
Sales and marketing	59,830		57,964		171,652		167,621
General and administrative	40,103		41,887		117,344		124,609
Total operating costs and expenses	151,815		153,474		447,431		460,984

Operating income (loss)	(32,092)		(58,245)		(107,192)		(181,154)
Financial income (expenses), net	10,507		10,023		31,236		27,948

Income (loss) before income taxes	(21,585)		(48,222)		(75,956)		(153,206)
Income taxes	8,985		1,263		26,749		6,758
Net income (loss)	$	(30,570)	$	(49,485)	$	(102,705)	$	(159,964)

Basic and diluted net income (loss) per ordinary share	$	(0.28)	$	(0.46)	$	(0.95)	$	(1.51)
Weighted average number of ordinary shares used in computing basic and diluted net income (loss) per share	108,247,716		106,772,814		107,679,501		106,219,194

The following table details the share-based compensation expense included in costs and expenses:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	Unaudited				Unaudited
Cost of revenues	$	1,834	$	1,511	$	5,280	$	5,540
Research, development and clinical studies	7,294		6,683		25,421		26,999
Sales and marketing	10,276		8,973		31,220		30,830
General and administrative	11,960		9,179		35,357		34,801
Total share-based compensation expense	$	31,364	$	26,346	$	97,278	$	98,170

Key performance indicators

We believe certain commercial operating statistics are useful to investors in evaluating our commercial business as they help our management team and investors evaluate and compare the adoption of our Products from period to period. The number of active patients on therapy is our principal revenue driver. An "active patient" is a patient who is receiving treatment under a commercial prescription order as of the measurement date, including patients who may be on a temporary break from treatment and who plan to resume treatment in less than 60 days. Prescriptions are a leading indicator of demand. A "prescription received" is a commercial order for Optune Gio or Optune Lua that is received from a physician certified to treat patients with our Products for a patient not previously on Optune Gio or Optune Lua. Orders to renew or extend treatment are not included in this total.

Table of Contents

The following table includes certain commercial operating statistics for and as of the end of the periods presented.


	September 30,
Operating statistics	2024	2023
Active patients at period end
United States	2,200	2,179
International markets:
Germany	570	492
France	393	165
Japan	437	353
Other international	513	450
International markets - Total	1,913	1,460

Total	4,113	3,639


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Prescriptions received in period
United States	934	920	2,881	2,952
International markets:
Germany	217	163	629	575
France	171	150	533	302
Japan	99	85	298	249
Other international	165	149	522	441
International markets - Total	652	547	1,982	1,567

Total	1,586	1,467	4,863	4,519

Three and nine months ended September 30, 2024 compared to three and nine months ended September 30, 2023


	Three months ended September 30,						Nine months ended September 30,
	2024		2023		% Change		2024		2023		% Change
Net revenues	$	155,095	$	127,321	22	%	$	443,954	$	375,554	18	%

Net revenues. Net revenues increased 22% to $155.1 million for the three months ending September 30, 2024 from $127.3 million for the same period in 2023. For the three and nine months ended September 30, 2024, the increase primarily resulted from $11.1 million and $35.8 million of net revenues from the successful launch in France and $12.1 million and $26.2 million of net revenues in the U.S. due to improved approval rates. The improved approval rates in the U.S. resulted in $4.7 million and $14.0 million of increased net revenue from prior period claims during the three- and nine- month periods, primarily from 2023.


	Three months ended September 30,						Nine months ended September 30,
	2024		2023		% Change		2024		2023		% Change
Cost of revenues	$	35,372	$	32,092	10	%	$	103,715	$	95,724	8	%

Cost of revenues. Our cost of revenues for the three months ended September 30, 2024 was $35.4 million, an increase of 10% from $32.1 million for the same period in 2023. For the three and nine months ended September 30, 2024, the increase in cost of revenues was primarily due to 13% growth in active patients, partially offset by lower equipment sales to Zai in the amount of $1.5 million and $1.9 million, respectively.

Excluding sales to Zai, cost of revenues per active patient per month was $2,713 for the three months ended September 30, 2024, an increase of 4% from $2,599 for the same period in 2023, primarily due to an increase in

Table of Contents

costs related to the rollout of our new arrays. Cost of revenues per active patient is calculated by dividing the cost of revenues for the quarter less equipment sales to Zai for the quarter by the average of the active patients at the end of the prior quarter and the ending active patients in the current quarter. This quarterly figure is then divided by three to estimate the monthly cost of revenues per active patient. Sales to Zai are deducted because they are sold at cost and in anticipation of future royalties from Zai, and Zai patient counts are not included in our active patient population. Product sales to Zai totaled $2.5 million and $8.4 million for the three and nine months ended September 30, 2024 compared to $4.0 million and $10.3 million for the three and nine months ended September 30, 2023.

Gross margin was 77% for the three months ended September 30, 2024 compared to 75% for the three months ended September 30, 2023. The improvement in gross margin is due to the increase in net revenue per patient primarily attributed to our improved approval rates in the US and successful launch in France. We expect that our gross margins will be impacted by current and future product enhancements, such as the launch of our new arrays in the U.S. and our launch in NSCLC. We continue to focus on opportunities to increase efficiencies and scale within our supply chain. This includes evaluating new materials, manufacturers, and processes that could lead to lower costs.

Operating Expenses.


	Three months ended September 30,						Nine months ended September 30,
	2024		2023		% Change		2024		2023		% Change
Research, development and clinical studies	$	51,882	$	53,623	(3)	%	$	158,435	$	168,754	(6)	%
Sales and marketing	59,830		57,964		3	%	171,652		167,621		2	%
General and administrative	40,103		41,887		(4)	%	117,344		124,609		(6)	%
Total operating expenses	$	151,815	$	153,474	(1)	%	$	447,431	$	460,984	(3)	%

Research, development and clinical study expenses. Research, development and clinical study expenses decreased 3% to $51.9 million for the three months ended September 30, 2024 from $53.6 million for the same period in 2023. For the three and nine months ended September 30, 2024, the change was primarily due to a decrease in personnel expenses. Total research and development expenses can fluctuate quarter-to-quarter dependent upon the amount of clinical research organization services delivered, clinical materials procured and the number of trials actively underway within a given quarter.

Sales and marketing expenses. Sales and marketing expenses increased 3% to $59.8 million for the three months ended September 30, 2024 from $58.0 million for the same period in 2023. For the three months ended September 30, 2024, the change was primarily driven by an $7.8 million increase in costs related to a sales force expansion in anticipation of a potential launch in NSCLC, partially offset by a $6.2 million reduction in marketing spend. For the nine months ended September 30, 2024, the increase was primarily driven by a $10.8 million increase related to the sales force expansion for NSCLC, partially offset by a $6.7 million reduction in marketing spend.

General and administrative expenses. General and administrative expenses decreased 4% to $40.1 million for the three-month period ended September 30, 2024 from $41.9 million for the same period in 2023. For the three and nine months ended September 30, 2024, these changes were primarily due to lower personnel and professional service expenses.


	Three months ended September 30,						Nine months ended September 30,
	2024		2023		% Change		2024		2023		% Change
Financial income (expenses), net	$	10,507	$	10,023	5	%	$	31,236	$	27,948	12	%

Financial income (expenses), net. For the three months ended September 30, 2024, financial income increased $0.5 million or 5% to $10.5 million from $10.0 million for the same period in 2023, primarily due to $0.8 million higher interest income and $3.5 million in favorable foreign exchange adjustments, offset by $3.0 million in interest expenses related to the senior secured credit facility (see "Senior Secured Term Loan Credit Facility" below). Financial income increased $3.3 million or 12%, to $31.2 million for the nine months ended September 30, 2024

Table of Contents

from $27.9 million in income for the same period in 2023, primarily due to $5.0 million in higher interest income, $2.3 million in favorable foreign exchange impact and $1.1 million in gain from redemption of the Notes, offset by $4.9 million in interest expenses related to the senior secured credit facility.


	Three months ended September 30,						Nine months ended September 30,
	2024		2023		% Change		2024		2023		% Change
Income taxes	$	8,985	$	1,263	611	%	$	26,749	$	6,758	296	%

Income taxes. Income taxes increased 611% to $9.0 million for the three months ended September 30, 2024 from $1.3 million for the same period in 2023 primarily due to $5.6 million resulting from the utilization of tax credits in 2023 related to prior years and a change in the mix of applicable statutory tax rates. Income taxes increased 296% to $26.7 million for the nine months ended September 30, 2024 from $6.8 million for the same period in 2023 primarily due to a $7.3 million decrease in tax benefits from share-based compensation, $5.2 million resulting from the utilization of tax credits in 2023 related to prior years and a change in the mix of applicable statutory tax rates.

Non-GAAP financial measures

We also measure our performance using a non-GAAP measurement of earnings before interest, taxes, depreciation, amortization and shared-based compensation (“Adjusted EBITDA”). We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because it helps investors evaluate and compare the results of our operations from period to period by removing the impact of earnings attributable to our capital structure, tax rate and material non-cash items, specifically share-based compensation.

We calculate Adjusted EBITDA as operating income before financial expenses and income taxes, net of depreciation, amortization and share-based compensation. The following table reconciles net income (loss), which is the most directly comparable GAAP operating performance measure, to Adjusted EBITDA.


	Three months ended September 30,						Nine months ended September 30,
	2024		2023		% Change		2024		2023		% Change
Net income (loss)	$	(30,570)	$	(49,485)	(38)	%	$	(102,705)	$	(159,964)	(36)	%
Add: Income tax	8,985		1,263		611	%	26,749		6,758		296	%
Add: Financial expenses (income), net	(10,507)		(10,023)		5	%	(31,236)		(27,948)		12	%
Add: Depreciation and amortization	2,458		2,803		(12)	%	8,131		8,246		(1)	%
EBITDA	$	(29,634)	$	(55,442)	(47)	%	$	(99,061)	$	(172,908)	(43)	%
Add: Share-based compensation	31,364		26,346		19	%	97,278		98,170		(1)	%
Adjusted EBITDA	$	1,730	$	(29,096)	(106)	%	$	(1,783)	$	(74,738)	(98)	%

Adjusted EBITDA increased by $30.8 million to $1.7 million for the three months ended September 30, 2024 from $(29.1) million for the same period in 2023. This increase was primarily driven by revenue growth from improved approval rates in the U.S. and a successful launch in France. The revenue increase drove a $24.5 million increase in gross profit. Actions taken during the November 2023 restructuring and a heightened focus on operational efficiencies reduced total operating expenses, excluding share-based compensation, by $6.3 million year-over-year. We intend to take actions that prioritize growth and maintain financial health and flexibility as we position our company for future profitability.

Liquidity and Capital Resources

We have incurred significant losses and cumulative negative cash flows from operations since our founding in 2000. As of September 30, 2024, we had an accumulated deficit of $1,088.2 million. To date, we have primarily financed our operations through the issuance and sale of equity and the proceeds from long-term loans.

At September 30, 2024, we had $959.9 million in cash, cash equivalents and short-term investments, an increase of $49.3 million compared to $910.6 million at December 31, 2023, primarily as a result of the $100 million draw down of the first tranche of our senior secured credit facility in May 2024 (see "Senior Secured Term Loan Credit Facility" below), offset by net cash used in operations and used in investing activities. We believe our cash, cash equivalents and short-term investments as of September 30, 2024 are sufficient for our operations for at least the next 12

Table of Contents

months based on our existing business plan and our ability to control the timing of significant expense commitments. We expect that our operating expenses will continue to increase over the next several years and may outpace our gross profit as we prepare to expand into additional indications beyond GBM. As a result, we may need to raise additional capital to fund our operations.

The following summary of our cash flows for the periods indicated has been derived from our unaudited consolidated financial statements, which are included elsewhere in this Quarterly Report:


	Nine months ended September 30,
	2024		2023		Change		% Change
Net cash provided by (used in) operating activities	$	(22,918)	$	(58,778)	$	35,860	(61)	%
Net cash provided by (used in) investing activities	(118,031)		85,648		(203,679)		(238)	%
Net cash provided by financing activities	87,630		13,877		73,753		531	%
Effect of exchange rate changes on cash and cash equivalents	(46)		(69)		23		(33)	%
Net increase (decrease) in cash, cash equivalents and restricted cash	$	(53,365)	$	40,678	$	(94,043)	(231)	%

Operating activities. Net cash used in or provided by operating activities represents our net income (loss) for the periods presented, share-based compensation and depreciation and amortization. Operating cash flows are also impacted by changes in working capital.

Net cash used in operating activities decreased by $35.9 million from $58.8 million net cash used in operating activities for the nine months ended September 30, 2023 to $22.9 million net cash used in operating activities for the nine months ended September 30, 2024. This was a result of a $57.3 million reduction in net loss, offset by a $22.9 million increase in working capital primarily driven by a $33.1 million increase in accounts receivable and a $7.4 million decrease of inventories, a decrease of $6.0 million in cash to non-cash based expenses primarily consisting of shared-based compensation, and a decrease of $4.4 million in other long term assets and an increase of $2.8 million in other long-term liabilities.

Investing activities. Our investing activities consist primarily of investments in and redemptions of our short-term investments as well as investments in property and equipment.

Net cash used in investing activities was $118.0 million for the nine months ended September 30, 2024, compared to $85.6 million provided by investing activities for the nine months ended September 30, 2023. The $118.0 million net cash used in investing activities for the nine months ended September 30, 2024 was primarily attributable to $84.1 million of the net purchase of short term investments and the purchase of $33.9 million of property and equipment. The $85.6 million net cash provided by investing activities for the nine months ended September 30, 2023 was primarily attributable to $105.9 million of net proceeds from maturity of short term investments and by the purchase of $20.3 million of property and equipment.

Financing activities. Net cash provided by financing activities was $87.6 million for the nine months ended September 30, 2024, as compared to $13.9 million provided by financing activities for the nine months ended September 30, 2023, primarily attributable to $96.9 million of net proceeds from the first tranche of our senior secured credit facility offset by $12.9 million used to partially repay Notes, In addition, the net cash provided by financing activities for the nine months ended September 30, 2024 and September 30, 2023 included proceeds from the exercise of options under the Company's share option plan.

Convertible Notes

On November 5, 2020, we issued $575.0 million aggregate principal amount of Notes. The Notes are senior unsecured obligations. The Notes do not bear regular interest, and the principal amount of the Notes will not accrete. The Notes are convertible at an initial conversion rate of 5.9439 ordinary shares per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately $168.24 per ordinary share. The Notes are convertible at the option of the holders upon the satisfaction of certain other conditions and during certain periods, and if the Company exercises its right to redeem the Notes as permitted or required by the indenture. On or after August 1, 2025 until the close of the business on the business day immediately preceding the

Table of Contents

maturity date, holders may convert all or any portion of their Notes at the conversion rate at any time irrespective of the foregoing conditions.

In January 2021, we irrevocably elected to settle all conversions of Notes by a combination of cash and our ordinary shares and that the cash portion per $1,000 principal amount of Notes for all conversion settlements shall be $1,000. Accordingly, from and after the date of the election, upon conversion of any Notes, holders of Notes will receive, with respect to each $1,000 principal amount of Notes converted, cash in an amount up to $1,000 and the balance of the conversion value, if any, in our ordinary shares.

For more information, see Note 10a. to the Consolidated Financial Statements in the 2023 10-K.

Senior Secured Term Loan Credit Facility

On May 1, 2024 Novocure Luxembourg S.a.r.l. ("Borrower"), our wholly-owned subsidiary, entered into a new five-year senior secured credit facility of up to $400.0 million (the "Facility") with BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP (collectively, the "Lenders"), BioPharma Credit PLC, as collateral agent for the Lenders, and the guarantors party to such agreement (the "Loan Agreement"). The Facility may be drawn in up to four drawings. The Loan Agreement provides for an initial term loan in the principal amount of $100.0 million (the "Tranche A Loan"), which was funded to the Borrower on May 1, 2024 (the "Tranche A Funding Date"). Under the Loan Agreement, the Borrower is required to draw $100.0 million on the Facility on or before June 30, 2025 (the "Tranche B Loan"), subject to customary conditions precedent as set forth in the Loan Agreement. Not later than December 31, 2025, the Borrower has the option to draw an additional $100.0 million of the Facility (the "Tranche C Loan") if (i) (A) we have received positive results from our PANOVA-3 phase 3 clinical trial or (B) our trailing net revenues for the most recently completed four quarters as reported in our financial statements filed with the U.S. Securities and Exchange Commission ("Trailing Four Quarters of Net Revenue") are greater than $575.0 million and (ii) the Notes are extinguished in full and are no longer outstanding. Not later than March 31, 2026, the Borrower has the option to draw an additional $100.0 million of the Facility (the "Tranche D Loan") if (i) we receive an approval or clearance from the U.S. Food and Drug Administration for our Tumor Treating Fields device for a pancreatic cancer indication or (ii) Trailing Four Quarters of Net Revenue is greater than $625.0 million. The obligations under the Loan Agreement are guaranteed by certain of our subsidiaries and secured by a first lien on the Borrower's and certain of our other subsidiaries’ assets. Outstanding term loans under the Loan Agreement will bear interest at an annual rate equal to 6.25% plus the three-month SOFR (subject to a 3.25% floor), payable quarterly in arrears and calculated on the basis of actual days elapsed in a 360-day year. The Borrower must pay 2.5% of additional consideration on each principal draw, with payment for the Tranche A Loan and the Tranche B Loan paid on the Tranche A Funding Date, and payments for the Tranche C Loan and the Tranche D Loan on their respective funding dates. Principal under the Facility will be repaid in eight equal quarterly repayments commencing with the third quarter of 2027 and continuing each quarter thereafter, with the final payment of outstanding principal due on the fifth anniversary of the Tranche A Funding Date. Voluntary prepayment of all, but not less than all, of the term loans outstanding is permitted at any time, subject to make-whole and prepayment premiums as set forth in the Loan Agreement. Prepayment of all term loans outstanding, subject to make-whole and prepayment premiums, is due and payable upon a change-in-control as defined in the Loan Agreement. Make-whole and prepayment premiums are due and payable for the Tranche B Loans for any voluntary prepayment of the term loans outstanding, upon a change-in-control (as defined in the Loan Agreement), and upon any acceleration of the maturity date, in each case regardless of whether the Tranche B Loan is drawn. The Loan Agreement contains a financial covenant only if the Tranche C Loan and/or Tranche D Loan are funded, in which case we are required to maintain at least Trailing Four Quarters of Net Revenue of at least $500.0 million, calculated on a trailing twelve-month basis as of the end of each fiscal quarter, beginning with the first quarter of 2027 based on year-end 2026 audited financial statements.

Contractual Obligations and Commitments

There have been no material changes from the information disclosed in our 2023 10-K.

Off-Balance Sheet Arrangements

We did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements as defined under U.S. Securities and Exchange Commission (“SEC”) rules.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes from the information disclosed in our 2023 10-K.

Table of Contents

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2024. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of September 30, 2024, our Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2024, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting during the quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

In June 2023, a putative class action lawsuit was filed against the Company, its Executive Chairman and its Chief Executive Officer. The complaint, later amended to add our Chief Financial Officer as a defendant, which purports to be brought on behalf of a class of persons and/or entities who purchased or otherwise acquired ordinary shares of the Company from January 5, 2023 through June 5, 2023, alleges material misstatements and/or omissions in the Company’s public statements with respect to the results from its phase 3 LUNAR clinical trial. The Company believes that the action is without merit and plans to defend the lawsuit vigorously.

In addition, from time to time, we are involved in various legal proceedings, claims, investigations and litigation that arise in the ordinary course of our business. Litigation is inherently uncertain. Accordingly, we cannot predict with certainty the outcome of these matters. After considering a number of factors, including (but not limited to) the views of legal counsel, the nature of contingencies to which the Company is subject and prior experience, management believes that the ultimate disposition of these legal actions will not materially affect its consolidated financial position or results of operations.

Item 1A. Risk Factors

There have been no material changes to our risk factors disclosed in Part I, Item 1A “Risk Factors” in the 2023 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Securities Trading Plans of Executive Officers and Directors

Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables prearranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Insider Trading Policy permits our executive officers and directors to enter into trading plans designed to comply with Rule 10b5-1.

During the three-month period ending September 30, 2024 neither we nor any of our executive officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that are intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) promulgated under the Securities Exchange Act of 1934, as amended or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

Table of Contents

Item 6. Exhibits

EXHIBIT INDEX

Exhibit
Number

Incorporated by Reference

Filed
Herewith

Exhibit Description

Form

Date

Number

10.1

Employment Agreement between Wilhelmus Groenhuysen and Novocure USA LLC effective as of October 1, 2024#

8-K

9/3/2024

10.1

31.1

Certification of Principal Executive Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended

31.2

Certification of Principal Financial Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended

32.1*

Certification of Principal Executive Officer Required Under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. §1350

32.2*

Certification of Principal Financial Officer Required Under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. §1350

101.INS

Inline XBRL Instance Document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Extension Presentation Linkbase Document

104

Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101)

____________________________________________

# Compensation plans and arrangements for executive officers and others.

* The certifications attached as Exhibits 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of NovoCure Limited under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-Q, irrespective of any general incorporation language contained in such filing.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


						NovoCure Limited

Date: October 30, 2024						/s/ Ashley Cordova
						Ashley Cordova Chief Financial Officer (principal financial and accounting officer and duly authorized officer)

Exhibit 31.1

CERTIFICATIONS

I, Asaf Danziger, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of NovoCure Limited;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5.The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.


Date: October 30, 2024

/s/ Asaf Danziger
Asaf Danziger
Chief Executive Officer and Director

Exhibit 31.2

CERTIFICATIONS

I, Ashley Cordova, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of NovoCure Limited;

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.


Date: October 30, 2024

/s/ Ashley Cordova
Ashley Cordova
Chief Financial Officer
(Principal Accounting and Financial Officer)

Exhibit 32.1

NOVOCURE LIMITED

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of NovoCure Limited (the "Company") on Form 10-Q for the quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Asaf Danziger, Chief Executive Officer (Principal Executive Officer) of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.


/s/ Asaf Danziger
Asaf Danziger
Chief Executive Officer
(Principal Executive Officer)

Date: October 30, 2024

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff on request.

This certification accompanies the Report to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of NovoCure Limited under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Report), irrespective of any general incorporation language contained in such filing.

Exhibit 32.2

NOVOCURE LIMITED

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of NovoCure Limited (the "Company") on Form 10-Q for the quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Ashley Cordova, Chief Financial Officer (Principal Financial and Accounting Officer) of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.


/s/ Ashley Cordova
Ashley Cordova
Chief Financial Officer
(Principal Financial and Accounting Officer)

Date: October 30, 2024

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		108,201,434
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001645113
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 185,422	$ 240,821
Short-term investments	774,476	669,795
Restricted cash	3,777	1,743
Trade receivables, net	67,060	61,221
Receivables and prepaid expenses	25,437	22,677
Inventories	39,096	38,152
Total current assets	1,095,268	1,034,409
LONG-TERM ASSETS:
Property and equipment, net	73,251	51,479
Field equipment, net	12,913	11,384
Right-of-use assets	28,330	34,835
Other long-term assets	12,224	14,022
Total long-term assets	126,718	111,720
TOTAL ASSETS	1,221,986	1,146,129
CURRENT LIABILITIES:
Convertible note	557,333	0
Trade payables	91,319	94,391
Other payables, lease liabilities and accrued expenses	86,350	84,724
Total current liabilities	735,002	179,115
LONG-TERM LIABILITIES:
Convertible note	0	568,822
Senior secured credit facility, net	97,149	0
Long-term leases	21,144	27,420
Employee benefit liabilities	7,892	8,258
Other long-term liabilities	18	18
Total long-term liabilities	126,203	604,518
TOTAL LIABILITIES	861,205	783,633
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 108,100,392 shares and 107,075,754 shares at September 30, 2024 (unaudited) and December 31, 2023, respectively	0	0
Additional paid-in capital	1,454,367	1,353,468
Accumulated other comprehensive income (loss)	(5,378)	(5,469)
Retained earnings (accumulated deficit)	(1,088,208)	(985,503)
TOTAL SHAREHOLDERS' EQUITY	360,781	362,496
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,221,986	$ 1,146,129

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, shares issued (in shares)	108,100,392	107,075,754
Common stock, shares outstanding (in shares)	108,100,392	107,075,754

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Statement [Abstract]
Net revenues	$ 155,095	$ 127,321	$ 443,954	$ 375,554	$ 509,338
Cost of revenues	35,372	32,092	103,715	95,724	128,280
Gross profit	119,723	95,229	340,239	279,830	381,058
Operating costs and expenses:
Research, development and clinical studies	51,882	53,623	158,435	168,754	223,062
Sales and marketing	59,830	57,964	171,652	167,621	226,809
General and administrative	40,103	41,887	117,344	124,609	164,057
Total operating costs and expenses	151,815	153,474	447,431	460,984	613,928
Operating income (loss)	(32,092)	(58,245)	(107,192)	(181,154)	(232,870)
Financial income (expenses), net	10,507	10,023	31,236	27,948	41,130
Income (loss) before income tax	(21,585)	(48,222)	(75,956)	(153,206)	(191,740)
Income tax	8,985	1,263	26,749	6,758	15,303
Net income (loss)	$ (30,570)	$ (49,485)	$ (102,705)	$ (159,964)	$ (207,043)
Basic net income (loss) per ordinary share (in usd per share)	$ (0.28)	$ (0.46)	$ (0.95)	$ (1.51)	$ (1.95)
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.28)	$ (0.46)	$ (0.95)	$ (1.51)	$ (1.95)
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares)	108,247,716	106,772,814	107,679,501	106,219,194	106,391,178
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	108,247,716	106,772,814	107,679,501	106,219,194	106,391,178

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (30,570)	$ (49,485)	$ (102,705)	$ (159,964)	$ (207,043)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments	64	826	(161)	1,655	1,473
Unrealized gain (loss) from debt securities		15	0	440	445
Pension benefit plan	(1,927)	(852)	252	(1,654)	(4,954)
Total comprehensive income (loss)	$ (32,433)	$ (49,496)	$ (102,614)	$ (159,523)	$ (210,079)

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 (in shares) at Dec. 31, 2022		105,049,411
Beginning balance at Dec. 31, 2022	$ 441,170		$ 1,222,063	$ (2,433)	$ (778,460)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	39,084		39,084
Exercise of options and vested RSUs (in shares)		1,137,751
Exercise of options and vested RSUs	5,211		5,211
Other comprehensive income (loss), net of tax benefit of $0	(258)			(258)
Net income (loss)	(53,061)				(53,061)
Ending balance (in shares) at Mar. 31, 2023		106,187,162
Ending balance at Mar. 31, 2023	432,146		1,266,358	(2,691)	(831,521)
Beginning balance (in shares) at Dec. 31, 2022		105,049,411
Beginning balance at Dec. 31, 2022	441,170		1,222,063	(2,433)	(778,460)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(159,964)
Ending balance (in shares) at Sep. 30, 2023		106,748,270
Ending balance at Sep. 30, 2023	393,704		1,334,120	(1,992)	(938,424)
Beginning balance (in shares) at Dec. 31, 2022		105,049,411
Beginning balance at Dec. 31, 2022	441,170		1,222,063	(2,433)	(778,460)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(207,043)
Ending balance (in shares) at Dec. 31, 2023		107,075,754
Ending balance at Dec. 31, 2023	362,496		1,353,468	(5,469)	(985,503)
Beginning balance (in shares) at Mar. 31, 2023		106,187,162
Beginning balance at Mar. 31, 2023	432,146		1,266,358	(2,691)	(831,521)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	32,740		32,740
Proceeds from issuance of shares (in shares)		81,730
Proceeds from issuance of shares	2,883		2,883
Exercise of options and vested RSUs (in shares)		336,439
Exercise of options and vested RSUs	4,622		4,622
Other comprehensive income (loss), net of tax benefit of $0	710			710
Net income (loss)	(57,418)				(57,418)
Ending balance (in shares) at Jun. 30, 2023		106,605,331
Ending balance at Jun. 30, 2023	415,683		1,306,603	(1,981)	(888,939)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	26,346		26,346
Exercise of options and vested RSUs (in shares)		142,939
Exercise of options and vested RSUs	1,171		1,171
Other comprehensive income (loss), net of tax benefit of $0	(11)			(11)
Net income (loss)	(49,485)				(49,485)
Ending balance (in shares) at Sep. 30, 2023		106,748,270
Ending balance at Sep. 30, 2023	393,704		1,334,120	(1,992)	(938,424)
Beginning balance (in shares) at Dec. 31, 2023		107,075,754
Beginning balance at Dec. 31, 2023	362,496		1,353,468	(5,469)	(985,503)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	34,084		34,084
Exercise of options and vested RSUs (in shares)		528,020
Exercise of options and vested RSUs	213		213
Other comprehensive income (loss), net of tax benefit of $0	1,322			1,322
Net income (loss)	(38,760)				(38,760)
Ending balance (in shares) at Mar. 31, 2024		107,603,774
Ending balance at Mar. 31, 2024	359,355		1,387,765	(4,147)	(1,024,263)
Beginning balance (in shares) at Dec. 31, 2023		107,075,754
Beginning balance at Dec. 31, 2023	362,496		1,353,468	(5,469)	(985,503)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(102,705)
Ending balance (in shares) at Sep. 30, 2024		108,100,392
Ending balance at Sep. 30, 2024	360,781		1,454,367	(5,378)	(1,088,208)
Beginning balance (in shares) at Mar. 31, 2024		107,603,774
Beginning balance at Mar. 31, 2024	359,355		1,387,765	(4,147)	(1,024,263)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	31,830		31,830
Proceeds from issuance of shares (in shares)		178,668
Proceeds from issuance of shares	2,187		2,187
Exercise of options and vested RSUs (in shares)		231,388
Exercise of options and vested RSUs	1,121		1,121
Other comprehensive income (loss), net of tax benefit of $0	632			632
Net income (loss)	(33,375)				(33,375)
Ending balance (in shares) at Jun. 30, 2024		108,013,830
Ending balance at Jun. 30, 2024	361,750		1,422,903	(3,515)	(1,057,638)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	31,364		31,364
Exercise of options and vested RSUs (in shares)		86,562
Exercise of options and vested RSUs	100		100
Other comprehensive income (loss), net of tax benefit of $0	(1,863)			(1,863)
Net income (loss)	(30,570)				(30,570)
Ending balance (in shares) at Sep. 30, 2024		108,100,392
Ending balance at Sep. 30, 2024	$ 360,781		$ 1,454,367	$ (5,378)	$ (1,088,208)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Other comprehensive income (loss), tax benefit	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ (30,570)	$ (49,485)	$ (102,705)	$ (159,964)	$ (207,043)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,458	2,803	8,131	8,246	10,969
Accrued Interest	(1,213)	480	60	530	(95)
Asset write-downs and impairment of field equipment	450	112	784	374	493
Share-based compensation	31,364	26,346	97,278	98,170	115,608
Foreign currency remeasurement loss (gain)	(503)	1,398	763	2,185	161
Decrease (increase) in accounts receivables and prepaid expenses	5,411	2,642	(8,983)	24,094	29,414
Amortization of discount (premium)	(6,737)	(6,691)	(18,972)	(15,822)	(23,084)
Decrease (increase) in inventories	1,895	(4,080)	(867)	(8,250)	(8,919)
Decrease (increase) in other long-term assets	1,906	3,971	7,969	3,585	4,072
Increase (decrease) in accounts payables and accrued expenses	7,452	6,265	(1,245)	(3,992)	14,869
Increase (decrease) in other long-term liabilities	(1,537)	(3,075)	(5,131)	(7,934)	(9,781)
Net cash provided by (used in) operating activities	10,376	(19,314)	(22,918)	(58,778)	(73,336)
Cash flows from investing activities:
Purchase of property, equipment and field equipment	(10,683)	(7,253)	(33,913)	(20,272)	(27,093)
Proceeds from maturity of short-term investments	190,000	275,549	608,000	916,433	1,214,982
Purchase of short-term investments	(169,124)	(251,038)	(692,118)	(810,513)	(1,003,741)
Net cash provided by (used in) investing activities	10,193	17,258	(118,031)	85,648	184,148
Cash flows from financing activities:
Proceeds from issuance of shares, net	0	0	2,187	2,883	4,416
Proceeds from senior secured credit facility, net	0	0	96,922	0	0
Repayment and redemption of long-term debt	0	0	(12,913)	(10)	(10)
Exercise of options	100	1,171	1,434	11,004	11,381
Net cash provided by (used in) financing activities	100	1,171	87,630	13,877	15,787
Effect of exchange rate changes on cash, cash equivalents and restricted cash	87	(97)	(46)	(69)	131
Increase (decrease) in cash, cash equivalents and restricted cash	20,756	(982)	(53,365)	40,678	126,730
Cash, cash equivalents and restricted cash at the beginning of the period	168,443	157,494	242,564	115,834	115,834
Cash, cash equivalents and restricted cash at the end of the period	189,199	156,512	189,199	156,512	242,564
Cash paid during the period for:
Income taxes paid (refunded), net	6,637	1,202	17,053	8,745	13,665
Interest paid	2,964	0	4,934	1	6
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	185,422	154,860	185,422	154,860	240,821
Restricted cash	3,777	1,652	3,777	1,652	1,743
Total cash, cash equivalents and restricted cash	189,199	156,512	189,199	156,512	242,564
Non-cash activities:
Right-of-use assets obtained (disposed) in exchange for lease liabilities	757	4,693	(610)	10,477	18,063
Purchase of property incurred but unpaid at period end	$ 201	$ 0	$ 201	$ 0	$ 1,714

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Sep. 30, 2024
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 ("TTFields") devices, including Optune Gio and Optune Lua (collectively, our "Products"), for the treatment of solid tumor cancers. The Company markets Optune Gio and Optune Lua in multiple countries around the globe with the majority of revenues coming from the use of Optune Gio in the U.S., Germany, France and Japan. The Company also has a License and Collaboration Agreement (the "Zai Agreement") with Zai Lab (Shanghai) Co., Ltd. ("Zai") to market Optune in China, Hong Kong, Macau and Taiwan ("Greater China"). 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 unaudited 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 unaudited consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in these unaudited consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These unaudited 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, 2023 (the "2023 10-K") filed with the Securities and Exchange Commission on February 22, 2024. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2023 10-K are applied consistently in these unaudited interim consolidated financial statements. Concentration Risks. The Company's cash, cash equivalents, short-term investments and trade receivables are potentially subject to a concentration of risk. Cash, cash equivalents and short-term investments are invested at top tier financial institutions globally and the total value invested at any one institution is limited pursuant to the Company's investment policy. These investments may be in excess of insured limitations or not insured in certain jurisdictions. Generally, these investments may be redeemed upon demand according to the terms of the securities. The Company's trade receivables are due from numerous governments and federal and state agencies that are paid from their respective budgets, and from hundreds of health insurance companies. The Company does not believe that there are significant default risks associated with these governments, agencies and health insurance companies based upon the Company's historical experience. The Company has no off-balance sheet concentrations of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. Recently announced accounting pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

9 Months Ended

Sep. 30, 2024

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash, cash equivalents and short-term investments

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS


	September 30, 2024
	Unaudited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	13,765	$	—	$	—	$	13,765	$	13,765	$	13,765	$	—
Money market funds	Level 1	171,657		—		—		171,657		171,657		171,657		—
Certificate of deposits and term deposits	Level 2	199,410		—		—		199,410		199,410				199,410
HTM securities (1)
U.S. Treasury bills	Level 1	$	118,319	$	194	$	—	118,513		118,319		$	—	$	118,319

Corporate debt securities	Level 2	$	456,747	$	1,942	$	(1)	458,688		456,747		$	—	$	456,747

		$	575,066	$	2,136	$	(1)	$	577,201	$	575,066	$	—	$	575,066

Total		$	959,898	$	2,136	$	(1)	$	962,033	$	959,898	$	185,422	$	774,476


	December 31, 2023
	Audited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	9,955	$	—	$	—	$	9,955	$	9,955	$	9,955	$	—
Money market funds	Level 1	227,166		—		—		227,166		227,166		227,166		—
Certificate of deposits and term deposits	Level 2	153,169		—		—		153,169		153,169		3,700		149,469
HTM securities (1)
U.S. Treasury bills	Level 1	$	78,844	$	55	$	(110)	78,789		78,844		$	—	$	78,844
Government and governmental agencies	Level 2	$	24,940	$	13	$	—	24,953		24,940		$	—	$	24,940
Corporate debt securities	Level 2	$	416,542	$	486	$	(149)	416,879		416,542		$	—	$	416,542

		$	520,326	$	554	$	(259)	$	520,621	$	520,326	$	—	$	520,326

Total		$	910,616	$	554	$	(259)	$	910,911	$	910,616	$	240,821	$	669,795

(2) Pursuant to a bank guaranty agreement,$16,741 of short-term investments are pledged. See Note 4.

As of September 30, 2024 and December 31, 2023, all investments mature in one year or less.

INVENTORIES

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

INVENTORIES


	September 30, 2024		December 31, 2023
	Unaudited		Audited
Raw materials	$	8,869	$	10,265
Work in progress	10,342		9,796
Finished products	19,885		18,091
Total	$	39,096	$	38,152

COMMITMENTS AND CONTINGENT LIABILITIES	9 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Sep. 30, 2024
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 2044. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2027. Pledged deposits and bank guarantees. As of September 30, 2024 and December 31, 2023, the Company pledged bank deposits of $2,350 and $2,848, 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 $2,720 and $3,216, respectively. In addition, €15,000 ($16,741) of the Company's short term investments are pledged to a bank as guarantee for the Company's due execution of cash concentration agreements. Legal Proceedings. In June 2023, a putative class action lawsuit was filed against the Company, its Executive Chairman and its Chief Executive Officer. The complaint, later amended to add our Chief Financial Officer as a defendant, which purports to be brought on behalf of a class of persons and/or entities who purchased or otherwise acquired ordinary shares of the Company from January 5, 2023 through June 5, 2023, alleges material misstatements and/or omissions in the Company’s public statements with respect to the results from its phase 3 LUNAR clinical trial. The Company believes that the action is without merit and plans to defend the lawsuit vigorously. As of September 30, 2024, the Company has not accrued any amounts in respect of this claim, as it believes liability is not probable and the amount of any potential liability cannot be reasonably estimated.

LONG-TERM DEBT, NET

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-term debt, net

LONG-TERM DEBT, NET

a.Convertible notes

On November 5, 2020, the Company issued $575,000 aggregate principal amount of 0% Convertible Senior Notes due 2025 (the “Notes”).

The net carrying amount of the liability of the Notes as of September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024		December 31, 2023
	Unaudited		Audited
Liability component, net:
Principal amount	$	560,945	$	575,000
Unamortized issuance costs	(3,612)		(6,178)
Net carrying amount of liability component (1)	$	557,333	$	568,822

Presented as:
Short-term liability (2)	$	557,333	$	—
Long-term liability	$	—	$	568,822

Finance expense related to the Notes was as follows:


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Gain from redemption of Notes	—		—		(1,142)		—		—
Amortization of debt issuance costs	825		836		2,566		2,477		3,313
Total finance expenses (income) recognized	$	825	$	836	$	1,424	$	2,477	$	3,313

b. Senior secured credit facility, net

As of September 30, 2024 the Company had borrowed the Tranche A Loan in the principal amount of $100,000.


	September 30, 2024		December 31, 2023
	Unaudited		Audited
Liability component, net:
Principal amount	$	100,000	$	—
Unamortized issuance costs	(2,851)		—
Net carrying amount of liability component (1)	$	97,149	$	—

The net carrying amount of the liability is represented by the principal amount of the Notes, less total issuance costs plus any amortization of issuance costs. The total issuance costs upon issuance of the Notes were $3,078 and are amortized to interest expense using the effective interest rate method over the contractual term of the Notes. For purposes of calculating the net carrying amount, the annual effective interest rate is assumed to be 13.3% over the remaining contractual term of the Notes.

Finance expense related to the Facility was as follows:


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Interest	2,960		—		4,922		—		—
Amortization of debt issuance costs	187		—		227		—		—
Total finance expense recognized	$	3,147	$	—	$	5,149	$	—	$	—

REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

a. Net revenues

The Company’s net revenues by geographic region, based on the patient’s location are summarized as follows:


	Three months ended September 30,					Nine months ended September 30,				Year ended December 31,
	2024		0	2023		2024		2023		2023
United States	$	98,345		$	86,243	$	284,599	$	258,429	$	349,743
International markets:
Germany	16,990			14,683		47,834		45,547		60,210
France	15,243			4,157		39,998		4,157		11,736
Japan	8,581			7,588		24,062		24,118		31,668
Other international markets	11,311			7,894		32,053		24,481		32,757
International markets - Total	52,125			34,322		143,947		98,303		136,371

Greater China (1)	4,625			6,756		15,408		18,822		23,224

Total net revenues	$	155,095		$	127,321	$	443,954	$	375,554	$	509,338

(1) For additional information, see Notes 12 and 13 to the Consolidated Financial Statements in the 2023 10-K.

The Company's net revenues by performance period are as follows:


	Three months ended September 30,					Nine months ended September 30,				Year ended December 31,
	2024		0	2023		2024		2023		2023
Net revenues recognized in the reporting period from performance obligations satisfied in:
Reporting period	$	142,960		$	125,704	$	417,023	$	362,636	$	492,089
Previous periods	12,135			1,617		26,931		12,918		17,249
Total net revenues	$	155,095		$	127,321	$	443,954	$	375,554	$	509,338

b. Contract balances

The following table provides information about trade receivables, unbilled receivables and contract liabilities from contracts with customers:


	September 30, 2024		December 31, 2023
	Unaudited		Audited
Trade receivables	$	61,316	$	56,970
Unbilled receivables	$	5,744	$	4,251
Deferred revenues (short-term contract liabilities)	(14,866)		(16,224)

SHARE OPTION PLANS AND ESPP

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement, Recognized Amount [Abstract]

Share option plans and ESPP

SHARE OPTION PLANS AND ESPP

shares, performance shares, restricted share units (“RSUs”), performance-based share units (“PSUs”), long-term cash awards and other share-based awards.

As of September 30, 2024, no ordinary shares were available for grant under the 2015 Plan (see below).

As of September 30, 2024, 9,581,731 ordinary shares were available for grant under the 2024 Plan.

A summary of the status of the Company’s option plans as of September 30, 2024 and changes during the period then ended is presented below:


	Nine months ended September 30, 2024
	Unaudited
	Number of options	Weighted average exercise price
Outstanding at beginning of year	8,539,507	$	40.07
Granted	3,797,704	15.88
Exercised	(184,633)	7.77
Forfeited and canceled	(719,823)	50.14
Outstanding as of September 30, 2024	11,432,755	$	31.92

Exercisable options	6,804,138	$	35.14

A summary of the status of the Company’s RSUs and PSUs as of September 30, 2024 and changes during the period then ended is presented below.


	Nine months ended September 30, 2024
	Unaudited
	Number of RSU/PSUs	Weighted average grant date fair value
Unvested at beginning of year	5,813,066	$	60.52
Granted	9,454,291	15.40
Vested	(661,337)	84.17
Forfeited and cancelled	(1,252,395)	39.97
Unvested as of September 30, 2024 (1)	13,353,625	29.33


September 30, 2024
Number of PSUs	Fair value at grant date per PSU		Total fair value at grant date
541,918	$	16.30	$	8,833
37,893	19.44		737
2,703,852	48.16		130,218
161,422	76.97		12,425
234,512	80.59		18,899
15,210	87.66		1,333
3,694,807			$	172,445

These PSUs will be expensed over the performance period when the vesting conditions become probable in accordance with ASC 718.


	Nine months ended September 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%-4.16%		3.48%-4.79%



Dividend yield	0.00	%	0.00	%	0.00	%
ESPP
Expected term (years)	0.50		0.50		0.50


Expected volatility	73%-90%		56%-122%		56%-122%
Risk-free interest rate	5.13%-5.23%		4.76%-5.38%		4.76%-5.38%
Dividend yield	0.00	%	0.00	%	0.00	%


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Cost of revenues	$	1,834	$	1,511	$	5,280	$	5,540	$	6,587
Research, development and clinical studies	7,294		6,683		25,421		26,999		31,827
Sales and marketing	10,276		8,973		31,220		30,830		35,968
General and administrative	11,960		9,179		35,357		34,801		41,226
Total share-based compensation expense	$	31,364	$	26,346	$	97,278	$	98,170	$	115,608

Basic and diluted net income (loss) per ordinary share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Basic and diluted net income (loss) per ordinary share

The following table sets forth the computation of the Company’s basic and diluted net income (loss) per ordinary share:


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share	$	(30,570)	$	(49,485)	$	(102,705)	$	(159,964)	$	(207,043)






Weighted average number of ordinary shares used in computing diluted net income (loss) per share	108,247,716		106,772,814		107,679,501		106,219,194		106,391,178

Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share:
Options	9,887,237		6,250,189		9,392,376		6,354,627		6,950,781
RSUs and PSUs	4,651,689		2,590,322		3,880,895		1,470,542		1,423,377
ESPP	79,887		96,444		198,999		150,930		161,627
Weighted anti-dilutive shares outstanding which were not included in the diluted calculation	14,618,813		8,936,955		13,472,270		7,976,099		8,535,785

Basic and diluted net income (loss) per ordinary share	$	(0.28)	$	(0.46)	$	(0.95)	$	(1.51)	$	(1.95)

SUPPLEMENTAL INFORMATION

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
	Unaudited		Audited
United States	$	53,533	$	41,634
Israel	8,464		8,317
Switzerland	17,070		7,733


Others	7,097		5,179
Total long lived assets	$	86,164	$	62,863

Restructuring


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Cost of revenues	$	—	$	—	$	52	$	—	$	262
Research, development and clinical studies	—		—		275		—		2,070
Sales and marketing	—		—		1,512		—		2,404
General and administrative	—		—		164		—		1,495
Total restructuring cost	$	—	$	—	$	2,003	$	—	$	6,231

Restructuring costs paid during the period	$	—	$	—	$	5,455	$	—	$	2,753

SUBSEQUENT EVENT	9 Months Ended
SUBSEQUENT EVENT	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	10: SUBSEQUENT EVENT On October 15, 2024, the Company issued a press release announcing that that the U.S. Food and Drug Administration (FDA) has approved Optune Lua® for concurrent use with PD-1/PD-L1 inhibitors or docetaxel, for the treatment of adult patients with metastatic non-small cell lung cancer who have progressed on or after a platinum-based regimen. As a result of this approval, the Company expects to expense approximately $33,157 related to the vesting of PSUs granted to an executive officer. See Note 7 above.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (30,570)	$ (33,375)	$ (38,760)	$ (49,485)	$ (57,418)	$ (53,061)	$ (102,705)	$ (159,964)	$ (207,043)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Executive Officer And Director Trading Agreement [Member]
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Preparation	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 unaudited 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 unaudited consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in these unaudited consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These unaudited 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, 2023 (the "2023 10-K") filed with the Securities and Exchange Commission on February 22, 2024. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2023 10-K are applied consistently in these unaudited interim consolidated financial statements.
Concentration Risks	Concentration Risks. The Company's cash, cash equivalents, short-term investments and trade receivables are potentially subject to a concentration of risk. Cash, cash equivalents and short-term investments are invested at top tier financial institutions globally and the total value invested at any one institution is limited pursuant to the Company's investment policy. These investments may be in excess of insured limitations or not insured in certain jurisdictions. Generally, these investments may be redeemed upon demand according to the terms of the securities. The Company's trade receivables are due from numerous governments and federal and state agencies that are paid from their respective budgets, and from hundreds of health insurance companies. The Company does not believe that there are significant default risks associated with these governments, agencies and health insurance companies based upon the Company's historical experience. The Company has no off-balance sheet concentrations of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements.
Recently announced accounting pronouncements	Recently announced accounting pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Schedule of cash and cash equivalents

As of September 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of:


	September 30, 2024
	Unaudited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	13,765	$	—	$	—	$	13,765	$	13,765	$	13,765	$	—
Money market funds	Level 1	171,657		—		—		171,657		171,657		171,657		—
Certificate of deposits and term deposits	Level 2	199,410		—		—		199,410		199,410				199,410
HTM securities (1)
U.S. Treasury bills	Level 1	$	118,319	$	194	$	—	118,513		118,319		$	—	$	118,319

Corporate debt securities	Level 2	$	456,747	$	1,942	$	(1)	458,688		456,747		$	—	$	456,747

		$	575,066	$	2,136	$	(1)	$	577,201	$	575,066	$	—	$	575,066

Total		$	959,898	$	2,136	$	(1)	$	962,033	$	959,898	$	185,422	$	774,476


	December 31, 2023
	Audited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	9,955	$	—	$	—	$	9,955	$	9,955	$	9,955	$	—
Money market funds	Level 1	227,166		—		—		227,166		227,166		227,166		—
Certificate of deposits and term deposits	Level 2	153,169		—		—		153,169		153,169		3,700		149,469
HTM securities (1)
U.S. Treasury bills	Level 1	$	78,844	$	55	$	(110)	78,789		78,844		$	—	$	78,844
Government and governmental agencies	Level 2	$	24,940	$	13	$	—	24,953		24,940		$	—	$	24,940
Corporate debt securities	Level 2	$	416,542	$	486	$	(149)	416,879		416,542		$	—	$	416,542

		$	520,326	$	554	$	(259)	$	520,621	$	520,326	$	—	$	520,326

Total		$	910,616	$	554	$	(259)	$	910,911	$	910,616	$	240,821	$	669,795

(2) Pursuant to a bank guaranty agreement,$16,741 of short-term investments are pledged. See Note 4.

Schedule of amortized cost and recorded basis of T-bills in short-term Investments

As of September 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of:


	September 30, 2024
	Unaudited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	13,765	$	—	$	—	$	13,765	$	13,765	$	13,765	$	—
Money market funds	Level 1	171,657		—		—		171,657		171,657		171,657		—
Certificate of deposits and term deposits	Level 2	199,410		—		—		199,410		199,410				199,410
HTM securities (1)
U.S. Treasury bills	Level 1	$	118,319	$	194	$	—	118,513		118,319		$	—	$	118,319

Corporate debt securities	Level 2	$	456,747	$	1,942	$	(1)	458,688		456,747		$	—	$	456,747

		$	575,066	$	2,136	$	(1)	$	577,201	$	575,066	$	—	$	575,066

Total		$	959,898	$	2,136	$	(1)	$	962,033	$	959,898	$	185,422	$	774,476


	December 31, 2023
	Audited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	9,955	$	—	$	—	$	9,955	$	9,955	$	9,955	$	—
Money market funds	Level 1	227,166		—		—		227,166		227,166		227,166		—
Certificate of deposits and term deposits	Level 2	153,169		—		—		153,169		153,169		3,700		149,469
HTM securities (1)
U.S. Treasury bills	Level 1	$	78,844	$	55	$	(110)	78,789		78,844		$	—	$	78,844
Government and governmental agencies	Level 2	$	24,940	$	13	$	—	24,953		24,940		$	—	$	24,940
Corporate debt securities	Level 2	$	416,542	$	486	$	(149)	416,879		416,542		$	—	$	416,542

		$	520,326	$	554	$	(259)	$	520,621	$	520,326	$	—	$	520,326

Total		$	910,616	$	554	$	(259)	$	910,911	$	910,616	$	240,821	$	669,795

(2) Pursuant to a bank guaranty agreement,$16,741 of short-term investments are pledged. See Note 4.

Schedule of available-for-sale securities reconciliation

As of September 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of:


	September 30, 2024
	Unaudited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	13,765	$	—	$	—	$	13,765	$	13,765	$	13,765	$	—
Money market funds	Level 1	171,657		—		—		171,657		171,657		171,657		—
Certificate of deposits and term deposits	Level 2	199,410		—		—		199,410		199,410				199,410
HTM securities (1)
U.S. Treasury bills	Level 1	$	118,319	$	194	$	—	118,513		118,319		$	—	$	118,319

Corporate debt securities	Level 2	$	456,747	$	1,942	$	(1)	458,688		456,747		$	—	$	456,747

		$	575,066	$	2,136	$	(1)	$	577,201	$	575,066	$	—	$	575,066

Total		$	959,898	$	2,136	$	(1)	$	962,033	$	959,898	$	185,422	$	774,476


	December 31, 2023
	Audited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	9,955	$	—	$	—	$	9,955	$	9,955	$	9,955	$	—
Money market funds	Level 1	227,166		—		—		227,166		227,166		227,166		—
Certificate of deposits and term deposits	Level 2	153,169		—		—		153,169		153,169		3,700		149,469
HTM securities (1)
U.S. Treasury bills	Level 1	$	78,844	$	55	$	(110)	78,789		78,844		$	—	$	78,844
Government and governmental agencies	Level 2	$	24,940	$	13	$	—	24,953		24,940		$	—	$	24,940
Corporate debt securities	Level 2	$	416,542	$	486	$	(149)	416,879		416,542		$	—	$	416,542

		$	520,326	$	554	$	(259)	$	520,621	$	520,326	$	—	$	520,326

Total		$	910,616	$	554	$	(259)	$	910,911	$	910,616	$	240,821	$	669,795

(2) Pursuant to a bank guaranty agreement,$16,741 of short-term investments are pledged. See Note 4.

INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

As of September 30, 2024 and December 31, 2023, the Company’s inventories were composed of:


	September 30, 2024		December 31, 2023
	Unaudited		Audited
Raw materials	$	8,869	$	10,265
Work in progress	10,342		9,796
Finished products	19,885		18,091
Total	$	39,096	$	38,152

LONG-TERM DEBT NET (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of the convertible notes

The net carrying amount of the liability of the Notes as of September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024		December 31, 2023
	Unaudited		Audited
Liability component, net:
Principal amount	$	560,945	$	575,000
Unamortized issuance costs	(3,612)		(6,178)
Net carrying amount of liability component (1)	$	557,333	$	568,822

Presented as:
Short-term liability (2)	$	557,333	$	—
Long-term liability	$	—	$	568,822

Finance expense related to the Notes was as follows:


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Gain from redemption of Notes	—		—		(1,142)		—		—
Amortization of debt issuance costs	825		836		2,566		2,477		3,313
Total finance expenses (income) recognized	$	825	$	836	$	1,424	$	2,477	$	3,313

Schedule of senior secured credit facility


	September 30, 2024		December 31, 2023
	Unaudited		Audited
Liability component, net:
Principal amount	$	100,000	$	—
Unamortized issuance costs	(2,851)		—
Net carrying amount of liability component (1)	$	97,149	$	—

Finance expense related to the Facility was as follows:


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Interest	2,960		—		4,922		—		—
Amortization of debt issuance costs	187		—		227		—		—
Total finance expense recognized	$	3,147	$	—	$	5,149	$	—	$	—

Revenue from Contract with Customer (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of revenues by geographic region

The Company’s net revenues by geographic region, based on the patient’s location are summarized as follows:


	Three months ended September 30,					Nine months ended September 30,				Year ended December 31,
	2024		0	2023		2024		2023		2023
United States	$	98,345		$	86,243	$	284,599	$	258,429	$	349,743
International markets:
Germany	16,990			14,683		47,834		45,547		60,210
France	15,243			4,157		39,998		4,157		11,736
Japan	8,581			7,588		24,062		24,118		31,668
Other international markets	11,311			7,894		32,053		24,481		32,757
International markets - Total	52,125			34,322		143,947		98,303		136,371

Greater China (1)	4,625			6,756		15,408		18,822		23,224

Total net revenues	$	155,095		$	127,321	$	443,954	$	375,554	$	509,338

(1) For additional information, see Notes 12 and 13 to the Consolidated Financial Statements in the 2023 10-K.

Revenue recognized according performance period

The Company's net revenues by performance period are as follows:


	Three months ended September 30,					Nine months ended September 30,				Year ended December 31,
	2024		0	2023		2024		2023		2023
Net revenues recognized in the reporting period from performance obligations satisfied in:
Reporting period	$	142,960		$	125,704	$	417,023	$	362,636	$	492,089
Previous periods	12,135			1,617		26,931		12,918		17,249
Total net revenues	$	155,095		$	127,321	$	443,954	$	375,554	$	509,338

Trade receivables, unbilled receivables and contract liabilities

The following table provides information about trade receivables, unbilled receivables and contract liabilities from contracts with customers:


	September 30, 2024		December 31, 2023
	Unaudited		Audited
Trade receivables	$	61,316	$	56,970
Unbilled receivables	$	5,744	$	4,251
Deferred revenues (short-term contract liabilities)	(14,866)		(16,224)

SHARE OPTION PLANS AND ESPP (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and changes during the period then ended is presented below:


	Nine months ended September 30, 2024
	Unaudited
	Number of options	Weighted average exercise price
Outstanding at beginning of year	8,539,507	$	40.07
Granted	3,797,704	15.88
Exercised	(184,633)	7.77
Forfeited and canceled	(719,823)	50.14
Outstanding as of September 30, 2024	11,432,755	$	31.92

Exercisable options	6,804,138	$	35.14

Schedule of RSUs and PSUs

A summary of the status of the Company’s RSUs and PSUs as of September 30, 2024 and changes during the period then ended is presented below.


	Nine months ended September 30, 2024
	Unaudited
	Number of RSU/PSUs	Weighted average grant date fair value
Unvested at beginning of year	5,813,066	$	60.52
Granted	9,454,291	15.40
Vested	(661,337)	84.17
Forfeited and cancelled	(1,252,395)	39.97
Unvested as of September 30, 2024 (1)	13,353,625	29.33


September 30, 2024
Number of PSUs	Fair value at grant date per PSU		Total fair value at grant date
541,918	$	16.30	$	8,833
37,893	19.44		737
2,703,852	48.16		130,218
161,422	76.97		12,425
234,512	80.59		18,899
15,210	87.66		1,333
3,694,807			$	172,445

Schedule of fair value assumptions used for All equity based awards estimated using black-scholes option pricing model


	Nine months ended September 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%-4.16%		3.48%-4.79%



Dividend yield	0.00	%	0.00	%	0.00	%
ESPP
Expected term (years)	0.50		0.50		0.50


Expected volatility	73%-90%		56%-122%		56%-122%
Risk-free interest rate	5.13%-5.23%		4.76%-5.38%		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


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Cost of revenues	$	1,834	$	1,511	$	5,280	$	5,540	$	6,587
Research, development and clinical studies	7,294		6,683		25,421		26,999		31,827
Sales and marketing	10,276		8,973		31,220		30,830		35,968
General and administrative	11,960		9,179		35,357		34,801		41,226
Total share-based compensation expense	$	31,364	$	26,346	$	97,278	$	98,170	$	115,608

Basic and diluted net income (loss) per ordinary share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of basic and diluted net income (loss) per ordinary share

The following table sets forth the computation of the Company’s basic and diluted net income (loss) per ordinary share:


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share	$	(30,570)	$	(49,485)	$	(102,705)	$	(159,964)	$	(207,043)






Weighted average number of ordinary shares used in computing diluted net income (loss) per share	108,247,716		106,772,814		107,679,501		106,219,194		106,391,178

Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share:
Options	9,887,237		6,250,189		9,392,376		6,354,627		6,950,781
RSUs and PSUs	4,651,689		2,590,322		3,880,895		1,470,542		1,423,377
ESPP	79,887		96,444		198,999		150,930		161,627
Weighted anti-dilutive shares outstanding which were not included in the diluted calculation	14,618,813		8,936,955		13,472,270		7,976,099		8,535,785

Basic and diluted net income (loss) per ordinary share	$	(0.28)	$	(0.46)	$	(0.95)	$	(1.51)	$	(1.95)

SUPPLEMENTAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2024

Geographic Areas, Long-Lived Assets [Abstract]

Schedule of long-lived assets by location

The following table presents long-lived assets by location:


	September 30, 2024		December 31, 2023
	Unaudited		Audited
United States	$	53,533	$	41,634
Israel	8,464		8,317
Switzerland	17,070		7,733


Others	7,097		5,179
Total long lived assets	$	86,164	$	62,863

Schedule of restructuring and related costs

The Company incurred restructuring costs (including severance pay, garden leave payments, etc.) for the three and nine months ended September 30, 2024 and the year ended December 31, 2023, as follows:


	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2023
	2024		2023		2024		2023
	Unaudited				Unaudited				Audited
Cost of revenues	$	—	$	—	$	52	$	—	$	262
Research, development and clinical studies	—		—		275		—		2,070
Sales and marketing	—		—		1,512		—		2,404
General and administrative	—		—		164		—		1,495
Total restructuring cost	$	—	$	—	$	2,003	$	—	$	6,231

Restructuring costs paid during the period	$	—	$	—	$	5,455	$	—	$	2,753

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Schedule of Cash and Cash Equivalents and Short-Term Investments (Details) € in Thousands, $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	$ 185,422		$ 240,821	$ 154,860
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	575,066		520,326
Unrealized gains	2,136		554
Unrealized losses	(1)		(259)
Fair market value	577,201		520,621
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis	959,898		910,616
Debt securities, available-for-sale and held-to-maturity, unrealized gains	2,136		554
Debt securities, available-for-sale and held-to-maturity, unrealized losses	(1)		(259)
Debt securities, available-for-sale and held-to-maturity, fair value	962,033		910,911
Debt securities, available-for-sale and held-to-maturity	959,898		910,616
Asset pledged as collateral
HTM Securities
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis	16,741	€ 15,000
Level 1 \| U.S. Treasury bills
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	118,319		78,844
Unrealized gains	194		55
Unrealized losses	0		(110)
Fair market value	118,513		78,789
Level 2 \| Government and governmental agencies
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis			24,940
Unrealized gains			13
Unrealized losses			0
Fair market value			24,953
Level 2 \| Corporate debt securities
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	456,747		416,542
Unrealized gains	1,942		486
Unrealized losses	(1)		(149)
Fair market value	458,688		416,879
Cash and cash equivalents
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	0		0
Debt securities, available-for-sale and held-to-maturity	185,422		240,821
Cash and cash equivalents \| Level 1 \| U.S. Treasury bills
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	0
Cash and cash equivalents \| Level 2 \| Corporate debt securities
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	0		0
Short-term investments (2)
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	575,066		520,326
Debt securities, available-for-sale and held-to-maturity	774,476		669,795
Short-term investments (2) \| Level 1 \| U.S. Treasury bills
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	118,319		78,844
Short-term investments (2) \| Level 2 \| Government and governmental agencies
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis			24,940
Short-term investments (2) \| Level 2 \| Corporate debt securities
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	456,747		416,542
Cash
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	13,765		9,955
Cash \| Cash and cash equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	13,765		9,955
Money market funds \| Level 1
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	171,657		227,166
Money market funds \| Cash and cash equivalents \| Level 1
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	171,657		227,166
Certificate of deposits and term deposits \| Level 2
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	199,410		153,169
Certificate of deposits and term deposits \| Cash and cash equivalents \| Level 2
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents			3,700
Certificate of deposits and term deposits \| Short-term investments (2) \| Level 2
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	$ 199,410		$ 149,469

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 8,869	$ 10,265
Work in progress	10,342	9,796
Finished products	19,885	18,091
Total	$ 39,096	$ 38,152

COMMITMENTS AND CONTINGENT LIABILITIES (Details) € in Thousands, $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Pledged bank deposits	$ 2,350		$ 2,848
Operating lease and other contractual commitments	2,720		3,216
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis	959,898		$ 910,616
Asset pledged as collateral
Line of Credit Facility [Line Items]
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis	$ 16,741	€ 15,000

LONG-TERM DEBT, NET - Convertible notes Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Nov. 05, 2020
Debt Instrument [Line Items]
Repayments of long-term debt		$ 0	$ 0	$ 12,913	$ 10	$ 10
Convertible debt \| 0% Convertible senior notes due 2025
Debt Instrument [Line Items]
Principal amount							$ 575,000
Stated interest rate							0.00%
Redeemed convertible note		14,055		14,055
Repayments of long-term debt	$ 12,913
Debt issuance costs, gross		$ 16,561		$ 16,561
Debt instrument, interest rate, effective percentage		0.59%		0.59%

LONG-TERM DEBT, NET - Liability and Equity Components of the Convertible Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Jan. 01, 2021
Debt Instrument [Line Items]
Short-term liability	$ 557,333	$ 0
Long-term liability	0	568,822
Convertible debt \| 0% Convertible senior notes due 2025
Debt Instrument [Line Items]
Principal amount	560,945	575,000
Unamortized issuance costs	(3,612)	(6,178)
Net carrying amount of liability component	557,333	568,822
Estimated fair value	$ 523,068	$ 515,962
Cash portion per principal amount of notes converted			$ 1,000

LONG-TERM DEBT, NET - Amortization of Finance Expense Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Financial income (expenses), net	$ 10,507	$ 10,023	$ 31,236	$ 27,948	$ 41,130
0% Convertible senior notes due 2025 \| Convertible debt
Debt Instrument [Line Items]
Gain from redemption of Notes	0	0	(1,142)	0	0
Amortization of debt issuance costs	825	836	2,566	2,477	3,313
Financial income (expenses), net	$ 825	$ 836	$ 1,424	$ 2,477	$ 3,313

LONG-TERM DEBT, NET - Senior Secured Credit Facility Narrative (Details) - Revolving credit facility $ in Thousands			12 Months Ended
	Jun. 30, 2025 USD ($)	May 01, 2024 USD ($) yr drawing repayment	Dec. 31, 2026 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)
2024 Credit Facility
Debt Instrument [Line Items]
Contractual term		5 years
Maximum borrowing capacity		$ 400,000
Number of drawings \| drawing		4
Stated interest rate		6.25%				13.30%
Debt instrument additional interest rate		2.50%
Number of repayments \| repayment		8
Final payment of outstanding principal due, year \| yr		5
2024 Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%
2024 Credit Facility \| Forecast \| Minimum
Debt Instrument [Line Items]
Trailing net revenues			$ 500,000	$ 625,000	$ 575,000
2024 Credit Facility Tranche A
Debt Instrument [Line Items]
Drawing amount		$ 100,000
Debt issuance costs, gross						$ 3,078
2024 Credit Facility Tranche B \| Forecast
Debt Instrument [Line Items]
Drawing amount	$ 100,000
2024 Credit Facility Tranche C \| Forecast
Debt Instrument [Line Items]
Accordion additional borrowing option					$ 100,000
2024 Credit Facility Tranche D \| Forecast
Debt Instrument [Line Items]
Accordion additional borrowing option				$ 100,000

LONG-TERM DEBT, NET - Liability and Equity Components of the Senior Secured Credit Facility (Details) - Revolving credit facility - 2024 Credit Facility Tranche A - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal amount	$ 100,000	$ 0
Unamortized issuance costs	(2,851)	0
Net carrying amount of liability component	97,149	0
Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Estimated fair value	$ 115,011	$ 0

LONG-TERM DEBT, NET - Amortization of Finance Expense Senior Secured Credit Facility (Details) - Revolving credit facility - 2024 Credit Facility Tranche A - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Interest	$ 2,960	$ 0	$ 4,922	$ 0	$ 0
Amortization of debt issuance costs	187	0	227	0	0
Total finance expenses (income) recognized	$ 3,147	$ 0	$ 5,149	$ 0	$ 0

Revenue from Contract with Customer - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 155,095	$ 127,321	$ 443,954	$ 375,554	$ 509,338
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	98,345	86,243	284,599	258,429	349,743
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	16,990	14,683	47,834	45,547	60,210
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	15,243	4,157	39,998	4,157	11,736
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	8,581	7,588	24,062	24,118	31,668
Other international markets
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	11,311	7,894	32,053	24,481	32,757
International markets - Total
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	52,125	34,322	143,947	98,303	136,371
Greater China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 4,625	$ 6,756	$ 15,408	$ 18,822	$ 23,224

REVENUE RECOGNITION - Revenue Recognized According Performance Period (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net revenues	$ 155,095	$ 127,321	$ 443,954	$ 375,554	$ 509,338
Reporting period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net revenues	142,960	125,704	417,023	362,636	492,089
Previous periods
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net revenues	$ 12,135	$ 1,617	$ 26,931	$ 12,918	$ 17,249

REVENUE RECOGNITION - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 61,316	$ 56,970
Unbilled receivables	5,744	4,251
Deferred revenues (short-term contract liabilities)	$ (14,866)	$ (16,224)

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Liability, revenue recognized	$ 16,224	$ 18,028	$ 18,028

SHARE OPTION PLANS AND ESPP - Additional Information (Details) - shares	1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Sep. 30, 2024	Jun. 05, 2024
Share Capital [Line Items]
Number of options, granted (in shares)			3,797,704
ESPP
Share Capital [Line Items]
Ordinary shares available for grants (in shares)			5,557,123
RSUs and PSUs
Share Capital [Line Items]
Granted (in shares)			9,454,291
2015 plan
Share Capital [Line Items]
Ordinary shares available for grants (in shares)			0
Number of options, granted (in shares)		433,018
2015 plan \| Options
Share Capital [Line Items]
Stock awards granted, expiration period (years)			10 years
2015 plan \| Options \| Minimum
Share Capital [Line Items]
Stock awards granted, vesting period (years)			2 years
2015 plan \| Options \| Maximum
Share Capital [Line Items]
Stock awards granted, vesting period (years)			4 years
2015 plan \| Restricted share units
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
2024 plan
Share Capital [Line Items]
Ordinary shares available for grants (in shares)			9,581,731	9,000,000
2024 plan \| Options \| Minimum
Share Capital [Line Items]
Stock awards granted, vesting period (years)	2 years
2024 plan \| Options \| Maximum
Share Capital [Line Items]
Stock awards granted, vesting period (years)			4 years
2024 plan \| Restricted share units
Share Capital [Line Items]
Stock awards granted, vesting period (years)			3 years
2024 plan \| PSUs \| Minimum
Share Capital [Line Items]
Stock awards granted, vesting period (years)	3 years
2024 plan \| PSUs \| Maximum
Share Capital [Line Items]
Stock awards granted, vesting period (years)	6 years

SHARE OPTION PLANS AND ESPP - Schedule of Stock Option Plan (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of options
Number of options, beginning outstanding (in shares) \| shares	8,539,507
Number of options, granted (in shares) \| shares	3,797,704
Number of options, exercised (in shares) \| shares	(184,633)
Number of options, forfeited and canceled (in shares) \| shares	(719,823)
Number of options, ending outstanding (in shares) \| shares	11,432,755
Number of options, exercisable options (in shares) \| shares	6,804,138
Weighted average exercise price
Weighted average exercise price, beginning outstanding (in usd per share) \| $ / shares	$ 40.07
Weighted average exercise price, granted (in usd per share) \| $ / shares	15.88
Weighted average exercise price, exercised (in usd per share) \| $ / shares	7.77
Weighted average exercise price, forfeited and canceled (in usd per share) \| $ / shares	50.14
Weighted average exercise price, ending outstanding (in usd per share) \| $ / shares	31.92
Weighted average exercise price, exercisable options (in usd per share) \| $ / shares	$ 35.14

SHARE OPTION PLANS AND ESPP - Schedule of RSUs and PSUs (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
RSUs and PSUs
Number of RSU/PSUs
Unvested at beginning of year (in shares)	5,813,066
Granted (in shares)	9,454,291
Vested (in shares)	(661,337)
Forfeited and cancelled (in shares)	(1,252,395)
Unvested at ending of year (in shares)	13,353,625
Weighted average grant date fair value
Unvested at beginning of year (in usd per share) \| $ / shares	$ 60.52
Granted (in usd per share) \| $ / shares	15.40
Vested (in usd per share) \| $ / shares	84.17
Forfeited and cancelled (in usd per share) \| $ / shares	39.97
Unvested at ending of year (in usd per share) \| $ / shares	$ 29.33
PSUs
Weighted average grant date fair value
Number of PSUs (in shares)	3,694,807
Total fair value at grant date \| $	$ 172,445
PSUs \| Award One
Weighted average grant date fair value
Number of PSUs (in shares)	541,918
Fair value at grant date per PSU (in usd per share) \| $ / shares	$ 16.30
Total fair value at grant date \| $	$ 8,833
PSUs \| Award Two
Weighted average grant date fair value
Number of PSUs (in shares)	37,893
Fair value at grant date per PSU (in usd per share) \| $ / shares	$ 19.44
Total fair value at grant date \| $	$ 737
PSUs \| Award Three
Weighted average grant date fair value
Number of PSUs (in shares)	2,703,852
Fair value at grant date per PSU (in usd per share) \| $ / shares	$ 48.16
Total fair value at grant date \| $	$ 130,218
PSUs \| Award Four
Weighted average grant date fair value
Number of PSUs (in shares)	161,422
Fair value at grant date per PSU (in usd per share) \| $ / shares	$ 76.97
Total fair value at grant date \| $	$ 12,425
PSUs \| Award Five
Weighted average grant date fair value
Number of PSUs (in shares)	234,512
Fair value at grant date per PSU (in usd per share) \| $ / shares	$ 80.59
Total fair value at grant date \| $	$ 18,899
PSUs \| Award Six
Weighted average grant date fair value
Number of PSUs (in shares)	15,210
Fair value at grant date per PSU (in usd per share) \| $ / shares	$ 87.66
Total fair value at grant date \| $	$ 1,333

SHARE OPTION 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, 2024	Sep. 30, 2023	Dec. 31, 2023
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 months	6 months	6 months
Expected volatility, minimum	73.00%	56.00%	56.00%
Expected volatility, maximum	90.00%	122.00%	122.00%
Risk-free interest rate, minimum	5.13%	4.76%	4.76%
Risk-free interest rate, maximum	5.23%	5.38%	5.38%
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	71.00%	63.00%	63.00%
Expected volatility, maximum	73.00%	67.00%	70.00%
Risk-free interest rate, minimum	3.88%	3.48%	3.48%
Risk-free interest rate, maximum	4.43%	4.16%	4.79%
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)	5 years 8 months 23 days	6 years	6 years

SHARE OPTION 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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 31,364	$ 26,346	$ 97,278	$ 98,170	$ 115,608
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1,834	1,511	5,280	5,540	6,587
Research, development and clinical studies
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	7,294	6,683	25,421	26,999	31,827
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	10,276	8,973	31,220	30,830	35,968
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 11,960	$ 9,179	$ 35,357	$ 34,801	$ 41,226

Basic and diluted net income (loss) per ordinary share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share	$ (30,570)	$ (33,375)	$ (38,760)	$ (49,485)	$ (57,418)	$ (53,061)	$ (102,705)	$ (159,964)	$ (207,043)
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	108,247,716			106,772,814			107,679,501	106,219,194	106,391,178
Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share:	14,618,813			8,936,955			13,472,270	7,976,099	8,535,785
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.28)			$ (0.46)			$ (0.95)	$ (1.51)	$ (1.95)
Basic net income (loss) per ordinary share (in usd per share)	$ (0.28)			$ (0.46)			$ (0.95)	$ (1.51)	$ (1.95)
Stock Option Plans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share:	9,887,237			6,250,189			9,392,376	6,354,627	6,950,781
RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share:	4,651,689			2,590,322			3,880,895	1,470,542	1,423,377
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share:	79,887			96,444			198,999	150,930	161,627

SUPPLEMENTAL INFORMATION - Schedule of Long-Lived Assets by Location (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 86,164	$ 62,863
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	53,533	41,634
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	8,464	8,317
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	17,070	7,733
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 7,097	$ 5,179

SUPPLEMENTAL INFORMATION - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Nov. 30, 2023 employee	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Geographic Areas, Long-Lived Assets [Abstract]
Number of reporting units \| segment			1
Restructuring , number of positions eliminated \| employee	200
Restructuring, positions eliminated percent	13.00%
Employee benefit and share-based payment arrangement, reversal of accrual		$ 0	$ 369	$ 3,041
Forfeited share-based compensation expense		$ 0	$ 1,991	$ 9,313

SUPPLEMENTAL INFORMATION - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Total restructuring cost	$ 0	$ 0	$ 2,003	$ 0	$ 6,231
Restructuring costs paid during the period	0	0	5,455	0	2,753
Cost of revenues
Restructuring Cost and Reserve [Line Items]
Total restructuring cost	0	0	52	0	262
Research, development and clinical studies
Restructuring Cost and Reserve [Line Items]
Total restructuring cost	0	0	275	0	2,070
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring cost	0	0	1,512	0	2,404
General and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring cost	$ 0	$ 0	$ 164	$ 0	$ 1,495

SUBSEQUENT EVENT - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 15, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Subsequent Event [Line Items]
Expense for vesting PSU granted		$ 31,364	$ 26,346	$ 97,278	$ 98,170	$ 115,608
Subsequent Event \| PSUs \| Forecast
Subsequent Event [Line Items]
Expense for vesting PSU granted	$ 33,157

NovoCure (NASDAQ:NVCR)
Historical Stock Chart
From Oct 2024 to Oct 2024

NovoCure (NASDAQ:NVCR)
Historical Stock Chart
From Oct 2023 to Oct 2024

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

NVCR NovoCure Ltd

Latest NVCR Messages

Loading Messages....

NovoCure Ltd News

Loading Messages....

Your Recent History

Company

Business

Popular

Get The App

Trending Now

Toplists

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

NVCR NovoCure Ltd

Latest NVCR Messages

Loading Messages....

NovoCure Ltd News

Loading Messages....

Your Recent History

Company

Business

Popular

Get The App