Heat a large skillet over medium-high heat. Add olive oil to pan; swirl to coat. Add zucchini, squash, thyme, and garlic; sauté 5 minutes. Stir in 1/2 teaspoon salt and 1/4 teaspoon pepper. Remove zucchini mixture from pan, and cool completely.
Combine remaining 1/4 teaspoon salt, 1/4 teaspoon pepper, ricotta, mozzarella water, and mozzarella in a food processor. Pulse until smooth. Combine 1/2 cup ricotta mixture and 1/2 cup Parmesan.
Arrange 2 noodles in an 8-inch square glass baking dish coated with cooking spray; trim to fit if needed. Top with half of zucchini mixture and half of ricotta mixture. Repeat layers, ending with noodles. Top with the ricotta-Parmesan mixture. Cover dish with foil. Bake lasagna at 375° for 30 minutes; uncover. Bake, uncovered, an additional 15 minutes.
Turn broiler to high. Sprinkle lasagna with remaining 2 tablespoons Parmesan cheese. Broil 2 minutes or until lightly browned. Let stand for 5 minutes. Cut into 6 slices.
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