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Collaboration Agreements	6 Months Ended
Collaboration Agreements	May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration Agreements	Collaboration Agreements Gilead In June 2019, the Company entered into a global strategic collaboration agreement with Gilead (as subsequently amended, the Gilead Agreement) to discover, develop and commercialize a pipeline of targeted protein degradation drugs for patients with cancer and other challenging diseases using the Company’s DELigase platform to identify novel agents that utilize E3 ligases to induce degradation of five specified drug targets. In August 2019 and September 2022, the Company and Gilead entered into the First Amendment and the Second Amendment, respectively, to the Gilead Agreement to clarify certain language of the Gilead Agreement. These amendments had no impact on revenue recognition. In February and March 2024, as part of the existing collaboration agreement, Gilead elected to extend the five-year initial research term by two years for certain drug targets (Gilead Research Term Extension). The Gilead Research Term Extension triggered a $15.0 million payment that the Company received in the second quarter of fiscal year 2024. Under the Gilead Agreement, Gilead has the option to license drug candidates directed to up to five targets resulting from the collaboration and is responsible for the clinical development and commercialization of drug candidates resulting from the collaboration. The Company retains the option to co-develop and co-promote, under a profit share structure, up to two drug candidates in the United States, provided that the Company may only exercise such option once per licensed product and Gilead retains the right to veto the Company’s option selection for any one drug candidate of its choice. The collaboration excludes the Company’s current internal protein degradation programs for which the Company retains all rights, and also excludes the Company’s future internal programs, provided that the Company has distinguished future programs as excluded from the scope of the collaboration. In March 2023, Gilead exercised the option, which did not represent a material right at contract inception, since it was not offered for free or at a discount, to exclusively license one target (Gilead License Option Exercise), the first development candidate resulting from the Gilead Agreement. Pursuant to the Gilead Agreement, the Company received a license option exercise payment of $20.0 million in April 2023 for the Gilead License Option Exercise. The license to the functional intellectual property and all goods and services related to the Gilead License Option Exercise were transferred during the second quarter of fiscal year 2023. Over time, Gilead may elect to replace the initial drug targets with other drug targets. For drug targets that are subject to the collaboration, the Company is obligated to use commercially reasonable efforts to undertake a research program in accordance with a research plan agreed to by the parties and established on a target-by-target basis. The Company has primary responsibility under the Gilead Agreement for performing preclinical research activities (including target validation, drug discovery, identification or synthesis) pursuant to a research plan. Each party will bear its own costs in the conduct of research activities. Gilead will be responsible for any development, commercialization and manufacturing activities, unless the Company exercises its co-development and co-promotion option. For those programs that the Company exercises its option to co-develop and co-promote, the Company and Gilead will split U.S. development costs as well as U.S. profits and losses evenly, and the Company will be eligible to receive royalties on net ex-U.S. sales and reduced milestone payments. Upon signing the Gilead Agreement, Gilead paid the Company an upfront payment of $45.0 million plus $3.0 million in additional fees. In addition, from the signing of the Gilead Agreement to May 31, 2024, the Company has received payments of $47.0 million for research milestones and additional payments, $20.0 million for a license option exercise payment and $15.0 million in research term extension fees. As of May 31, 2024, the Company is eligible to receive up to approximately $1.8 billion in total additional payments, including payments of up to $513.5 million upon the achievement of specified research and development milestones, up to $60.0 million in certain additional fees related to target licensing and reservation and up to $1.2 billion upon the achievement of certain sales milestones. The Company also is eligible to receive mid-single digit to low tens percentage tiered royalties on annual net sales from any commercial products directed to the optioned collaboration targets, subject to certain reductions and excluding sales in the United States of any products for which the Company exercises its option to co-develop and co-promote, for which the parties share profits and losses evenly. Subject to earlier expiration in certain circumstances, the Gilead Agreement expires on a licensed product-by-licensed product and country-by-country basis upon the later of (1) the expiration of the last to expire patent with a valid claim covering the applicable licensed product in the applicable country, (2) the expiration of any regulatory exclusivity for the applicable licensed product in the applicable country or (3) ten years after the first commercial sale of the applicable licensed product in the applicable country covered by the Gilead Agreement, provided that the term for any profit-shared licensed product in the United States will expire upon the expiration or termination of the applicable profit-share term as set forth in an applicable profit-share agreement to be negotiated upon the Company’s exercise of its option to co-develop and co-promote such licensed product. If Gilead does not exercise an option to license a drug candidate, then the Gilead Agreement will terminate at the end of the last to expire option period. The Company identified the following promises in the Gilead Agreement: (1) the research licenses, (2) the research services, including selection campaign research services for certain replacement targets, (3) the obligation to share information during the research term and (4) the participation in the joint research committee and joint steering committee. The Company determined that the research licenses, the obligation to share information and the participation in joint committees are not capable of being distinct from the research services due to the specialized nature of the research services to be provided by the Company, and, accordingly, the promises identified were combined as one single performance obligation. The Company also concluded that, at the inception of the Gilead Agreement, Gilead’s options to obtain an exclusive development, manufacturing and commercialization license for each collaboration target, to extend the five-year research term and to perform selection campaign research services for certain replacement targets do not represent material rights and are not considered performance obligations because they do not contain a significant and incremental discount. The Company concluded that Gilead’s target reservation right is not a performance obligation as it does not require any specific action from the Company and it is rather an exclusivity right and an attribute of other performance obligations in the Gilead Agreement, such as the research licenses. In order to determine the transaction price, the Company evaluated all the payments to be received during the duration of the contract. Certain milestone payments and additional fees were considered variable consideration, which were not included in the transaction price based on the most likely amount method as of May 31, 2024. The Company re-evaluates the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. The Company determined that the transaction price at the inception of the initial research term consisted of the upfront payment of $45.0 million and $3.0 million in additional fees. Upon the achievement of research milestones and additional fees related to target reservations, $47.0 million in variable consideration was added to the transaction price, and a cumulative effect was recorded as revenue in the period the transaction price increased. The transaction price is recognized as collaboration revenue using the cost-based input method over the estimated initial research term of five years, which represents the estimated timing of completion of the identified deliverables. Additionally, the Company considered the impact of Gilead terminating the Gilead Agreement prior to the completion of the research services during the five-year initial research term and determined that there were significant economic costs to Gilead for doing so, and as such, did not adjust the contract term. The Gilead Research Term Extension, which has a term of two years and did not represent a material right at the inception of the Gilead Agreement, because it does not contain a significant and incremental discount, will be accounted for as a separate contract commencing in June 2024. Using the cost-based input method, which the Company determined most faithfully depicts the transfer of its performance obligation to Gilead, the Company recognizes revenue based on actual costs incurred as a percentage of total estimated costs as the Company completes its performance obligation under the contract. Costs consist primarily of internal full-time employee (FTE) and third-party contract costs related to the Gilead Agreement. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligation is recorded in the period in which changes are identified and amounts can be reasonably estimated. Total estimated costs are primarily driven by the number of estimated FTEs, which requires significant management judgment. For the three and six months ended May 31, 2024, the Company recognized collaboration revenue related to the Gilead Agreement of $4.9 million and $9.5 million, respectively, all of which was included in deferred revenue as of November 30, 2023. For the three and six months ended May 31, 2023, the Company recognized collaboration revenue related to the Gilead Agreement of $5.7 million and $13.1 million, respectively, of which $5.7 million and $8.5 million, respectively, was included in deferred revenue as of November 30, 2022, and zero and $4.1 million, respectively, was related to activities satisfied in previous periods. The Company also recognized $20.0 million in license revenue received pursuant to the Gilead License Option Exercise during the three and six months ended May 31, 2023. As of May 31, 2024, deferred revenue related to the Gilead Agreement was $15.5 million, of which $9.0 million was current. As of November 30, 2023, deferred revenue related to the Gilead Agreement was $10.0 million, all of which was current. Sanofi In December 2019, the Company entered into a strategic collaboration with Genzyme Corporation, a subsidiary of Sanofi, which became effective in January 2020 (as subsequently expanded and amended, the Sanofi Agreement), to discover, develop and commercialize a pipeline of targeted protein degradation drugs for patients with challenging diseases in multiple therapeutic areas using the Company’s DELigase platform to identify small molecules designed to induce degradation of three specified initial drug targets. In January 2021, as part of the existing Sanofi Agreement, Sanofi paid the Company $22.0 million to exercise its option to expand the number of targets in the Sanofi Agreement from three to a total of five targets. In January 2021, the Company and Sanofi entered into the First Amendment to the Sanofi Agreement to modify the research term on all targets (the First Sanofi Amendment). In December 2021, the Company and Sanofi entered into the Second Amendment to the Sanofi Agreement to extend the substitution deadline on certain targets. In July 2022, the Company and Sanofi entered into the Third Amendment to the Sanofi Agreement to further extend the substitution deadline on certain targets. The extensions of the substitution deadline had no impact on revenue recognition. Also in July 2022, Sanofi elected to replace certain drug targets, and the substitution extended the research term of those targets by one year to 5.25 years and increased overall forecasted costs, which had an immaterial impact on revenue recognition. In August 2022 and November 2023, the Company and Sanofi entered into the Fourth Amendment and Fifth Amendment, respectively, to the Sanofi Agreement to modify the research plan for certain targets, which had no impact on revenue recognition. In March 2024, the Company and Sanofi entered into the Sixth Amendment to the Sanofi Agreement to extend the research term for the collaboration target STAT6 (signal transducer and activator of transcription 6), a key drug target in type 2 inflammation, by two years (the Sixth Sanofi Amendment), which is expected to increase overall forecasted costs and have an impact on revenue recognition. Under the Sanofi Agreement, Sanofi has exclusive rights and is responsible for the clinical development, commercialization and manufacture of drug candidates resulting from the collaboration while the Company retains the option to co-develop, co-promote and co-commercialize all drug candidates in the United States directed to up to two targets, one of which must be selected from a list of targets designated at the execution of the Sanofi Agreement or any replacement of such targets, and one of which must be selected from targets identified by Sanofi as part of their January 2021 expansion. The Company’s right to exercise its option to co-develop, co-promote and co-commercialize a given target is dependent on its ability to demonstrate, within a given timeframe, that it has sufficient cash resources and personnel to commercialize the product. The collaboration excludes the Company’s current internal protein degradation programs for which it retains all rights, and also excludes future internal programs, provided that the Company distinguished future programs as excluded from the scope of the collaboration. For drug targets that are subject to the collaboration, the Company has primary responsibility for conducting preclinical research activities (including target validation, drug discovery, identification or synthesis) in accordance with the applicable research plan agreed to by the parties and established on a target-by-target basis. The Company is obligated to use commercially reasonable efforts to identify relevant target binders and targeted protein degraders in order to identify development candidates. Subject to certain exceptions, each party will bear its own costs in the conduct of such research. Sanofi will be responsible for any development and commercialization activities unless the Company exercises its co-development and co-promotion option. For those programs that the Company exercises its option to co-develop, co-promote and co-commercialize, the Company will be responsible for a portion of the U.S. development costs, and the parties will split U.S. profits and losses evenly and the Company will be eligible to receive royalties on ex-U.S. net sales and reduced milestone payments on such optioned products. Upon signing the Sanofi Agreement, Sanofi paid the Company an upfront payment of $55.0 million. Subsequently, in January 2021, Sanofi paid the Company an additional $22.0 million to exercise its option to expand the number of targets beyond the initial targets included in the collaboration. In addition, from the signing of the Sanofi Agreement to May 31, 2024, the Company has received payments of $13.0 million for research milestones. As of May 31, 2024, the Company is eligible to receive up to approximately $2.4 billion in total additional payments, including payments of up to $487.0 million upon the achievement of specified research and development milestones, up to $78.5 million in certain additional fees related to target licensing and reservation, up to $625.0 million upon the achievement of specified regulatory milestones and up to $1.3 billion upon the achievement of certain sales milestones. The Company is also eligible to receive mid-single digit to low teen percentage tiered royalties on annual net sales of any commercial products that may result from the collaboration, subject to certain reductions and excluding sales in the United States of any products for which the Company exercises its option to co-develop and co-promote, for which the parties share profits and losses evenly. Subject to earlier expiration in certain circumstances, the Sanofi Agreement expires on a licensed product-by-licensed product or profit-shared licensed product-by-profit-shared licensed product basis and country-by-country basis upon on the later of (1) the expiration of the last-to-expire patent with a valid claim covering the applicable licensed product in the applicable country, (2) the expiration of any regulatory exclusivity for the applicable licensed product in the applicable country or (3) ten years after the first commercial sale of the applicable licensed product in the applicable country covered by the Sanofi Agreement. The Company identified the following promises in the Sanofi Agreement: (1) the research licenses, (2) the research services, (3) the obligation to share information during the research term and (4) the participation of alliance managers in the joint research committee and joint patent committee. The Company determined that the research licenses, the obligation to share information and the participation in the joint committees are not capable of being distinct from the research services due to the specialized nature of the research services to be provided by the Company, and, accordingly, the promises identified were combined as one single performance obligation. The Company also determined that Sanofi’s exclusive right to add up to two additional targets constitutes a material right as it represents a significant and incremental discount that Sanofi would not have received without entering into the Sanofi Agreement. The option to extend the license term does not represent a material right because it does not contain a significant and incremental discount. In order to determine the transaction price, the Company evaluated all the payments to be received during the duration of the contract. Certain milestone payments and additional fees were considered variable consideration, which were not included in the transaction price based on the most likely amount method as of May 31, 2024. The Company re-evaluates the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. At the inception of the Sanofi Agreement, the Company determined that the transaction price consisted of the upfront payment of $55.0 million for three initial drug targets and $22.0 million for two additional targets. Subsequently, upon the achievement of research milestones, $13.0 million in variable consideration was added to the transaction price, and a cumulative effect was recorded as revenue in the period the transaction price increased. Revenue is recognized using the cost-based input method over the research term of 4.25 years, the revised research period that was agreed to in January 2021 in the First Sanofi Amendment for certain targets, and 5.25 years, the revised research period due to the target substitutions in July 2022, for certain other targets. The research period for STAT6 was extended as part of the Sixth Sanofi Amendment and a cumulative effect was recorded in the second quarter of fiscal year 2024. Using the cost-based input method, which the Company determined most faithfully depicts the transfer of its performance obligation to Sanofi, the Company recognizes revenue based on actual costs incurred as a percentage of total estimated costs as the Company completes its performance obligation under the contract. Costs consist primarily of internal FTE and third-party contract costs related to the Sanofi Agreement. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligation is recorded in the period in which changes are identified and amounts can be reasonably estimated. Total estimated costs are primarily driven by the number of estimated FTEs, which requires significant management judgment. For the three and six months ended May 31, 2024, the Company recognized collaboration revenue related to the Sanofi Agreement of $2.0 million and $10.3 million, respectively, of which $2.0 million and $8.8 million, respectively, was included in deferred revenue as of November 30, 2023, and zero and $1.2 million, respectively, was related to activities satisfied in previous periods. For the three and six months ended May 31, 2023, the Company recognized collaboration revenue related to the Sanofi Agreement of $5.0 million and $10.3 million, respectively, of which $5.0 million and $9.8 million, respectively, was included in deferred revenue as of November 30, 2022, and zero and $0.4 million, respectively, was related to activities satisfied in previous periods. As of May 31, 2024, deferred revenue related to the Sanofi Agreement was $20.5 million, of which $20.4 million was current. As of November 30, 2023, deferred revenue related to the Sanofi Agreement was $24.9 million, of which $20.3 million was current, and included $4.0 million in contract assets representing the unbilled amount related to the research milestone achieved in November 2023. Pfizer In September 2023, the Company entered into a strategic collaboration with Seagen Inc. (now a part of Pfizer Inc.) (the Pfizer Agreement) to develop a suite of targeted protein degraders against multiple targets nominated by Pfizer that are suitable for antibody conjugation. Pfizer will be responsible for conjugating these degraders to antibodies to make Degrader-Antibody Conjugates (DACs), a new class of medicines for use in cancer treatment, and advancing these DAC drug candidates through preclinical and clinical development and commercialization. Under the Pfizer Agreement, Pfizer has the option to obtain exclusive licenses to develop and commercialize certain degraders, while the Company retains an option for U.S. profit sharing and co-promotion on two products arising from the collaboration. The collaboration excludes the Company’s current internal protein degradation programs for which the Company retains all rights, and also excludes the Company’s future internal programs, provided that the Company has distinguished future programs as excluded from the scope of the collaboration. For the targets nominated by Pfizer under the collaboration, the Company shall use commercially reasonable efforts to identify, synthesize, characterize and deliver targeted protein degraders that selectively bind to and degrade such targets. Development of licensed degraders, with the exception of licensed products for which the Company exercises its profit-share options, will be at Pfizer’s sole cost and expense. For the profit-share products, the parties will share net profits and net losses and global development costs, and the Company will be eligible to receive royalty and milestone payments on such optioned products. Under the terms of the Pfizer Agreement, the Company received an upfront payment of $60.0 million. In addition, the Company achieved a research milestone in May 2024 and expects to receive a payment of $5.0 million in the third quarter of fiscal year 2024. The Company is eligible to receive up to approximately $3.4 billion in contingent payments across multiple programs, including payments of up to $631.0 million upon the achievement of specified research and development milestones, up to $19.5 million in certain additional fees related to target licensing and reservation, up to $873.0 million upon the achievement of specified regulatory milestones and up to $1.8 billion upon the achievement of certain sales milestones. The Company is also eligible for mid-single to low double digit percentage tiered royalties on future sales. Subject to the exceptions described in the Pfizer Agreement, the Pfizer Agreement expires upon the first to occur of (1) the expiration of the last-to-expire option exercise period under the Pfizer Agreement if no such option has been exercised prior to such expiration and (2) the expiration of the last-to-expire royalty term under the Pfizer Agreement. The Company identified the following promises in the Pfizer Agreement: (1) the research licenses, (2) the research services, (3) the participation of a gatekeeper and an alliance managers and the participation in various joint committees, and (4) the obligation to share information during the research term. The Company determined that the research licenses, the participation in the joint committees and the obligation to share information are not capable of being distinct from the research services, and, accordingly, the identified promises were combined as one single performance obligation. The Company also determined that, at the inception of the Pfizer Agreement, Pfizer’s options to obtain an exclusive development, manufacturing and commercialization license for each collaboration target and to extend the four-year research term do not represent material rights and are not considered performance obligations because they do not contain a significant and incremental discount. Additionally, Pfizer’s target reservation right is not a performance obligation as it is an exclusivity right and an attribute of other performance obligations in the Pfizer Agreement, such as the research licenses, and does not require any specific actions from the Company. In order to determine the transaction price, the Company evaluated all the payments to be received during the duration of the contract. Milestone payments and additional fees were considered variable consideration, which were not included in the transaction price based on the most likely amount method as of May 31, 2024. The Company re-evaluates the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. The Company determined that the transaction price at the inception of the Pfizer Agreement consisted of the upfront payment of $60.0 million. Subsequently, upon the achievement of a research milestone, $5.0 million in variable consideration was added to the transaction price and a cumulative effect was recorded as revenue in the period the transaction price increased. The transaction price is recognized as collaboration revenue using the cost-based input method over the estimated research term of four years, which represents the estimated period to complete the identified deliverables. Additionally, the Company considered the impact of Pfizer terminating the Pfizer Agreement prior to the completion of the research services during the initial four-year research term and determined that there were significant economic costs to Pfizer for doing so, and as such, did not adjust the contract term. Using the cost-based input method, which the Company determined most faithfully depicts the transfer of its performance obligation to Pfizer, the Company recognizes revenue based on actual costs incurred as a percentage of total estimated costs as the Company completes its performance obligation under the contract. Costs consist primarily of internal FTE and third-party contract costs related to the Pfizer Agreement. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligation is recorded in the period in which changes are identified and amounts can be reasonably estimated. Total estimated costs are primarily driven by the number of estimated FTEs, which requires significant management judgment. For the three and six months ended May 31, 2024, the Company recognized collaboration revenue related to the Pfizer Agreement of $5.2 million and $8.9 million, respectively, of which $4.4 million and $8.1 million, respectively, was included in deferred revenue as of November 30, 2023 and $0.5 million and $0.1 million, respectively, was related to activities satisfied in previous periods. As of May 31, 2024, deferred revenue related to the Pfizer Agreement was $54.4 million, of which $22.3 million was current. As of November 30, 2023, deferred revenue related to the Pfizer Agreement was $58.3 million, of which $17.9 million was current.

Commitments and Contingencies (Tables)

6 Months Ended

May 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Other Information Related to Leases

Other information related to leases were as follows (in thousands):


	Six Months Ended May 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating leases	$	4,037	$	2,778

Stock-Based Compensation - Schedule of Option Activity under the Stock Plans (Details) - Options to purchase common stock issued and outstanding	6 Months Ended
	May 31, 2024 $ / shares shares
Number of options outstanding
Options outstanding, beginning balance (in shares) \| shares	8,340,968
Options granted (in shares) \| shares	2,321,241
Options exercised (in shares) \| shares	(99,470)
Options forfeited (in shares) \| shares	(590,734)
Options outstanding, ending balance (in shares) \| shares	9,972,005
Weighted- average exercise price
Weighted-average exercise price, beginning balance (in USD per share) \| $ / shares	$ 17.17
Weighted-average exercise price, options granted (in USD per share) \| $ / shares	9.65
Weighted-average exercise price, options exercised (in USD per share) \| $ / shares	5.74
Weighted-average exercise price, options forfeited (in USD per share) \| $ / shares	18.90
Weighted-average exercise price, ending balance (in USD per share) \| $ / shares	$ 15.43

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	May 31, 2024	Feb. 29, 2024	May 31, 2023	Feb. 28, 2023	May 31, 2024	May 31, 2023
Numerator:
Net loss	$ (44,546)	$ (41,518)	$ (24,277)	$ (40,733)	$ (86,064)	$ (65,010)
Denominator:
Weighted-average number of shares outstanding, basic (in shares)	62,377,551		54,259,045		58,660,900	54,144,909
Weighted-average number of shares outstanding, diluted (in shares)	62,377,551		54,259,045		58,660,900	54,144,909
Net loss per share, basic (in USD per share)	$ (0.71)		$ (0.45)		$ (1.47)	$ (1.20)
Net loss per share, diluted (in USD per share)	$ (0.71)		$ (0.45)		$ (1.47)	$ (1.20)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	May 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The Company’s condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of the Company’s financial position as of and for the three and six months ended May 31, 2024. The condensed consolidated balance sheet as of November 30, 2023, was derived from the audited annual financial statements as of that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. These interim financial statements and related disclosures have been prepared with the presumption that users of the interim financial statements have read or have access to the audited annual financial statements for the preceding fiscal year. Accordingly, these financial statements should be read in conjunction with the audited annual financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended November 30, 2023, as filed with the SEC on February 15, 2024. These interim results are not necessarily indicative of results to be expected for the full fiscal year or any future interim period.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to the useful lives of long-lived assets, the measurement of stock-based compensation, accruals for research and development activities, income taxes and revenue recognition. The Company also makes certain commencement date estimates for its leases, including the incremental borrowing rate, the expected lease term and the fair value of the leased asset. The Company bases its estimates on historical experience and on other relevant assumptions that are reasonable under the circumstances. Actual results could materially differ from those estimates. Refer to Note 3 for more information regarding the estimates related to revenue recognition.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s marketable securities consist of debt securities issued by the U.S. federal government or state and local governments. The Company’s exposure to any individual corporate entity is limited by policy. Deposits may, at times, exceed federally insured limits. The Company invests its cash equivalents in highly rated money market funds. During the periods presented, the Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities.
Other Risks and Uncertainties	Other Risks and Uncertainties The Company is subject to a number of risks similar to other clinical stage biopharmaceutical companies, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on its future financial position or results of operations: risks related to the successful discovery and development of its drug candidates, ability to raise additional capital, development of new technological innovations by its competitors and delay or inability to obtain drug substance and finished drug product from the Company’s third-party contract manufacturers necessary for the Company’s drug candidates, protection of intellectual property rights, litigation or claims against the Company based on intellectual property rights and regulatory clearance and market acceptance for any of the Company’s products candidates for which the Company receives marketing approval. Moreover, the Company is subject to risks and uncertainties as a result of global business, political and macroeconomic events and conditions, including increasing financial market volatility and uncertainty, inflation, increasing interest rates, uncertainty with respect to the federal budget and debt ceiling and potential government shutdowns related thereto, potential instability in the global banking system, cybersecurity events, the impact of war or military conflict, including regional conflicts around the world, and public health pandemics. The extent to which business, political and macroeconomic factors, including increasing financial market volatility and uncertainty, will impact the Company’s business will depend on future developments that are highly uncertain and cannot be predicted at this time. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The extent to which the increasing financial market volatility and uncertainty may directly or indirectly impact the Company’s financial statements is highly uncertain and subject to change. The Company relies on single source manufacturers and suppliers for the supply of its drug candidates. Disruption from these manufacturers or suppliers would have a negative impact on the Company’s business, financial position and results of operations.
Leases	Leases The Company determines if an arrangement contains a lease and the classification of the lease at inception. An arrangement contains a lease if there is an identified asset and if the Company controls the use of the identified asset throughout the period of use. The evaluation of whether the lease is an operating or a finance lease requires judgments in determining the fair value of the leased asset. Lease right-of-use (ROU) assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term at the commencement date. ROU assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less any lease incentives received. The Company uses its incremental borrowing rate, if an implicit rate is not readily available, and the information available at the date of lease commencement in determining its lease liabilities. The Company’s incremental borrowing rate is based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment, and the determination of the rate requires the Company to make certain assumptions and judgements, including on its synthetic credit rating. Leases may include options to extend or early terminate the lease term. If the Company, using judgement, is reasonably certain that an option will be exercised, then the option will be included in the calculation of the lease term. The Company elected to combine lease and non-lease components for all underlying assets groups, and not recognize ROU assets or lease liabilities for short-term leases. A short-term lease is a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company does not have any finance leases.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To recognize revenue from a contract with a customer, the Company performs the following five steps: (i)identify the contract(s) with a customer; (ii)identify the performance obligations in the contract; (iii)determine the transaction price; (iv)allocate the transaction price to the performance obligations in the contract; and (v)recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, the Company assesses the goods or services promised within each contract, whether each promised good or service is distinct, and determines those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied. The Company enters into collaboration agreements under which it may obtain upfront payments, milestone payments, royalty payments and other fees. Promises under these arrangements may include research licenses, research services, including selection campaign research services for certain replacement targets, the obligation to share information during the research and the participation of alliance managers and in joint research committees, joint patent committees and joint steering committees. The Company assesses these promises within the context of the agreements to determine the performance obligations. Exclusive license rights: If a license to the Company’s intellectual property is determined to be distinct from the other promises identified in the arrangement, the Company recognizes revenue from nonrefundable, upfront payments allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license and the underlying intellectual property. If the license is the predominant promise, and it is determined that the license represents functional intellectual property, revenue is recognized at the point in time when control of the license is transferred. If it is determined that the license does not represent functional intellectual property, revenue is recognized over time using an appropriate method of measuring progress. Research and collaboration licenses: Collaboration agreements may include research licenses and research and development services to be performed by the Company. For research licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, upfront payments. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone payments: At the inception of each arrangement that includes research, development or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. The Company uses the most likely amount method for research, development and regulatory milestone payments. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. If it is probable that a significant revenue reversal would not occur, the associated milestone amount is included in the transaction price. Sales-based milestones and royalties: For arrangements that include sales-based milestone or royalty payments based on the level of sales, and in which the license is deemed to be the predominant item to which the sales-based milestone or royalties relate to, the Company recognizes revenue in the period in which the sales-based milestone is achieved and in the period in which the sales associated with the royalty occur. To date, the Company has not recognized any sales-based milestone or royalty revenue resulting from its collaboration arrangements. Customer options: Customer options, such as options granted to allow a licensee to extend a license or research term, to select additional research targets or to choose to research, develop and commercialize licensed compounds are evaluated at contract inception to determine whether those options provide a material right (i.e., an optional good or service offered for free or at a discount) to the customer. If the customer options represent a material right, the material right is treated as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the standalone selling price. As a practical alternative to estimating the standalone selling price of a material right when the underlying goods or services are both (i) similar to the original goods or services in the contract and (ii) provided in accordance with the terms of the original contract, the Company allocates the total amount of consideration expected to be received from the customer to the total goods or services expected to be provided to the customer. Amounts allocated to any material right are recognized as revenue when or as the related future goods or services are transferred or when the option expires. If the option does not provide a material right, then the option is considered a marketing offer, which would be accounted for as a separate contract upon exercise. Deferred revenue, which is a contract liability, represents net amounts received by the Company for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the balance sheet date based on the estimated performance period of the underlying performance obligation. The non-current portion of deferred revenue represents amounts to be recognized after one year through the end of the performance period of the performance obligation.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023‑07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures (ASU 2023-07), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 should be applied on a retrospective basis. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its disclosures. In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which is intended to enhance the transparency and decision usefulness of income tax disclosures, primarily by amending disclosure requirements for the effective tax rate reconciliation and income taxes paid. ASU 2023-09 should be applied on a prospective basis, and retrospective application is permitted. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its disclosures.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 17
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Defined Contribution Plan	6 Months Ended
Defined Contribution Plan	May 31, 2024
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company sponsors a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code of 1986, as amended (the 401(k) Plan), which provides for the Company to make discretionary matching or discretionary annual contributions to the 401(k) Plan, for its employees. Substantially all of the Company’s employees are eligible to participate in the 401(k) Plan. Employees may contribute a percentage of their annual compensation to the plan, subject to statutory limitations. The Company has made contributions to the 401(k) Plan and recorded contribution expense of $0.4 million and $0.8 million during the three and six months ended May 31, 2024, respectively, $0.2 million and $0.8 million during the three and six months ended May 31, 2023, respectively.

Condensed Consolidated Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	May 31, 2024	Nov. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 9,174	$ 15,303
Accrued clinical, contract research and lab supplies	10,430	7,131
Accrued professional services	1,945	1,755
Accrued taxes	710	30
Other	1,004	751
Total accrued expenses and other current liabilities	$ 23,263	$ 24,970

Defined Contribution Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Retirement Benefits [Abstract]
Contribution expense	$ 0.4	$ 0.2	$ 0.8	$ 0.8

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	May 31, 2024	Feb. 29, 2024	May 31, 2023	Feb. 28, 2023	May 31, 2024	May 31, 2023
Pay vs Performance Disclosure
Net loss	$ (44,546)	$ (41,518)	$ (24,277)	$ (40,733)	$ (86,064)	$ (65,010)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Commitments and Contingencies - Other Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2024	May 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating leases	$ 4,037	$ 2,778

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	May 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended	6 Months Ended
	May 31, 2024	Apr. 30, 2024	Jul. 31, 2022	Jun. 30, 2022	May 31, 2024	May 31, 2024	May 31, 2023	Jul. 11, 2024	Nov. 30, 2023	Aug. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock, shares issued (in shares)	64,356,535				64,356,535	64,356,535			48,718,552
Net proceeds from offering						$ 48,649	$ 0
Warrants issued to purchase common stock (in shares)	22,238,395				22,238,395	22,238,395			18,828,875
Issuance costs					$ 1,684
Cash and short-term investments	$ 443,100				443,100	$ 443,100
Accumulated deficit	$ 631,264				$ 631,264	$ 631,264			$ 545,200
Additional paid-in capital
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of pre funded warrants		$ 188,700
Pre Funded Warrants
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Warrants issued to purchase common stock (in shares)	7,597,660				7,597,660	7,597,660			6,097,560
Number of warrants (in shares)	6,097,560		6,814,920		6,097,560	6,097,560
Exercise price of warrants (in USD per share)	$ 0.001				$ 0.001	$ 0.001
Purchase price of warrants (in USD per share)			$ 13.939
Equity Distribution Agreement \| Maximum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity distribution agreement, value of common stock available for Issuance										$ 450,000
At the Market Offering \| Equity Distribution Agreement \| Piper Sandler & Co.
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity distribution agreement, commission percentage on gross sales price of shares										3.00%
Number of shares issued (in shares)	3,194,809			2,000,000
Stock issued, price per share (in USD per share)				$ 10.00
Net proceeds from offering	$ 48,500			$ 19,300
At the Market Offering \| Equity Distribution Agreement \| Piper Sandler & Co. \| Maximum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity distribution agreement, value of common stock available for Issuance	$ 79,800				$ 79,800	$ 79,800				$ 150,000
Stock issued, price per share (in USD per share)	$ 16.00				$ 16.00	$ 16.00
At the Market Offering \| Equity Distribution Agreement \| Piper Sandler & Co. \| Maximum \| Subsequent Event
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity distribution agreement, value of common stock available for Issuance								$ 150,000
At the Market Offering \| Equity Distribution Agreement \| Piper Sandler & Co. \| Minimum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued, price per share (in USD per share)	$ 15.50				$ 15.50	$ 15.50
2024 Public Offering
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued (in shares)		11,916,667
Sale price of stock (in USD per share)		$ 15.00
Number of warrants (in shares)		1,500,100
Purchase price of warrants (in USD per share)		$ 14.999
Issuance costs		$ 12,500
Registered Direct Offerings \| Pre Funded Warrants
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of warrants (in shares)			6,814,920
Purchase price of warrants (in USD per share)			$ 13.939
Net proceeds from warrants			$ 94,800
Warrants offering expenses			$ 200
Underwriters
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued (in shares)		1,750,000

Common Stock - Additional Information (Details)	6 Months Ended
Common Stock - Additional Information (Details)	May 31, 2024 vote $ / shares shares	Apr. 30, 2024 $ / shares shares	Nov. 30, 2023 $ / shares shares	Jul. 31, 2022 $ / shares shares
Class Of Stock [Line Items]
Common stock, shares authorized to issue (in shares) \| shares	500,000,000		500,000,000
Common stock, par value (in USD per share)	$ 0.001		$ 0.001
Voting rights \| vote	1
Common stock, dividends declared (in USD per share)	$ 0
2024 Public Offering
Class Of Stock [Line Items]
Number of warrants (in shares) \| shares		1,500,100
Purchase price of warrants (in USD per share)		$ 14.999
Pre Funded Warrants
Class Of Stock [Line Items]
Number of warrants (in shares) \| shares	6,097,560			6,814,920
Purchase price of warrants (in USD per share)				$ 13.939
Exercise price of warrants (in USD per share)	$ 0.001
Minimum common stock holding percentage	9.99%
Maximum increase or decrease percentage of warrants	19.99%

Collaboration Agreements (Details) $ in Thousands	1 Months Ended							2 Months Ended	3 Months Ended			6 Months Ended
Collaboration Agreements (Details) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023 USD ($) product	Apr. 30, 2023 USD ($)	Jul. 31, 2022	Jan. 31, 2021 USD ($) target performanceObligation	Dec. 31, 2019 USD ($) target	Jun. 30, 2019 USD ($) target candidate	Mar. 31, 2024	Aug. 31, 2024 USD ($)	May 31, 2024 USD ($)	May 31, 2023 USD ($)	May 31, 2024 USD ($)	May 31, 2023 USD ($)	Nov. 30, 2023 USD ($)	Mar. 31, 2023 target
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of drug candidates \| candidate							1
Revenue										$ 12,092	$ 30,676	$ 28,677	$ 43,361
Deferred revenue, current										46,769		46,769		$ 48,098
Pfizer Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development milestone payments										631,000		631,000
Target licensing and reservation payments										19,500		19,500
Certain sales milestones payments										1,800,000		1,800,000
Regulatory milestone payments										873,000		873,000
Gilead Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development milestone payments										513,500		513,500
Target licensing and reservation payments										60,000		60,000
Certain sales milestones payments										1,200,000		1,200,000
Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development milestone payments										487,000		487,000
Target licensing and reservation payments										78,500		78,500
Certain sales milestones payments										1,300,000		1,300,000
Regulatory milestone payments										625,000		625,000
License revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue										0	20,000	$ 0	20,000
Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of drug candidates \| candidate							2
Gilead Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Drug targets \| target							5								1
Collaboration agreement contract term							5 years					5 years
Term extension								2 years
Extension payment										15,000
Revenue										4,900	5,700	$ 9,500	13,100
Upfront payment							$ 45,000
Upfront payment of additional fees							$ 3,000
Research milestones payments received												47,000
Expiration term							10 years
Variable consideration included in transaction price												47,000
Collaboration revenue recognized from opening contract liability											5,700		8,500
Performance obligation satisfied											0		4,100
Recorded deferred revenue										15,500		15,500		10,000
Deferred revenue, current										9,000		9,000
Gilead Agreement \| License revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue			$ 20,000								20,000		20,000
Gilead Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional payments										1,800,000		1,800,000
Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Drug targets \| target					5	3
Term extension	2 years
Revenue										2,000	5,000	10,300	10,300
Upfront payment						$ 55,000
Research milestones payments received												13,000
Expiration term						10 years
Variable consideration included in transaction price					$ 13,000
Collaboration revenue recognized from opening contract liability										2,000	5,000	8,800	9,800
Performance obligation satisfied										0	$ 0	1,200	$ 400
Recorded deferred revenue										20,500		20,500		24,900
Deferred revenue, current										20,400		$ 20,400		20,300
Additional payment received to exercise option to expand number of targets					$ 22,000
Number of performance obligations \| performanceObligation					1
Additional drug targets \| target					2
Contractual initial research period												4 years 3 months
Contract assets														4,000
Sanofi Agreement \| Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Extended research term				1 year
Sanofi Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional payments										2,400,000		$ 2,400,000
Extended research term				5 years 3 months
Pfizer Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue										5,200		8,900
Upfront payment		$ 60,000
Additional payments										3,400,000		3,400,000
Variable consideration included in transaction price		$ 5,000
Collaboration revenue recognized from opening contract liability										4,400		8,100
Performance obligation satisfied										500		100
Recorded deferred revenue										54,400		54,400		58,300
Deferred revenue, current										$ 22,300		$ 22,300		$ 17,900
Contractual initial research period		4 years
Products arising from collaboration \| product		2
Pfizer Agreement \| Forecast
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research milestones payments received									$ 5,000

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	May 31, 2024	May 31, 2023
Cash flows from operating activities
Net loss	$ (86,064,000)	$ (65,010,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,375,000	3,648,000
Stock-based compensation	16,667,000	17,204,000
Net accretion of discount on marketable securities	(4,089,000)	(1,808,000)
Loss on disposal of property and equipment	0	96,000
Amortization of operating lease right-of-use assets	3,604,000	2,865,000
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,337,000	515,000
Accounts payable	(3,471,000)	(1,839,000)
Deferred revenue	(7,677,000)	(14,861,000)
Operating lease liabilities	(3,092,000)	(3,084,000)
Accrued expenses and other current liabilities	(3,246,000)	(4,647,000)
Net cash used in operating activities	(81,656,000)	(66,921,000)
Cash flows from investing activities
Purchases of marketable securities	(279,921,000)	(83,353,000)
Maturities of marketable securities	189,185,000	146,609,000
Purchases of property and equipment	(4,821,000)	(3,357,000)
Net cash (used in) provided by investing activities	(95,557,000)	59,899,000
Cash flows from financing activities
Proceeds from issuances of common stock and pre-funded warrants in equity financing, net of issuance costs	188,902,000	0
Proceeds from issuances of common stock in "at the market" financing, net of issuance costs	48,649,000	0
Proceeds from exercise of stock options	571,000	53,000
Proceeds from issuance under employee stock purchase plan	1,269,000	1,453,000
Repurchase of unvested early exercised stock options	(15,000)	0
Net cash provided by financing activities	239,376,000	1,506,000
Net increase (decrease) in cash, cash equivalents and restricted cash	62,163,000	(5,516,000)
Cash, cash equivalents and restricted cash at beginning of period	55,528,000	65,375,000
Cash, cash equivalents and restricted cash at end of period	117,691,000	59,859,000
Supplemental disclosures of non-cash investing and financing activities:
Additions to property and equipment included in accounts payable and accrued expenses and other current liabilities	1,932,000	3,045,000
Right-of-use assets recognized in exchange for lease obligations	1,297,000	0
Capitalized stock-based compensation related to internal-use software development	3,000	47,000
Issuance costs related to equity financing included in accrued expenses and other current liabilities	170,000	0
Deferred issuance costs recognized related to the "at the market" financing	180,000	0
Vesting of early exercised stock options	33,000	62,000
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	116,790,000	58,958,000
Restricted cash	901,000	901,000
Total cash, cash equivalents and restricted cash	$ 117,691,000	$ 59,859,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2024	Nov. 30, 2023
Current assets:
Cash and cash equivalents	$ 116,790	$ 54,627
Marketable securities, current	326,349	233,281
Prepaid expenses and other current assets	7,078	7,595
Total current assets	450,217	295,503
Marketable securities, non‑current	9,380	7,421
Operating lease right-of-use assets	28,835	31,142
Property and equipment, net	18,557	16,808
Restricted cash	901	901
Other assets	3,141	3,823
Total assets	511,031	355,598
Current liabilities:
Accounts payable	2,813	6,401
Accrued expenses and other current liabilities	23,263	24,970
Operating lease liabilities, current	7,934	7,489
Deferred revenue, current	46,769	48,098
Total current liabilities	80,779	86,958
Operating lease liabilities, net of current portion	20,885	23,125
Deferred revenue, net of current portion	38,674	45,022
Total liabilities	140,338	155,105
Commitments and contingencies (Note 6)
Stockholdersʼ equity:
Preferred stock, $0.001 par value— 10,000,000 shares authorized as of May 31, 2024 and November 30, 2023; no shares issued and outstanding as of May 31, 2024 and November 30, 2023	0	0
Common stock, $0.001 par value— 500,000,000 shares authorized as of May 31, 2024 and November 30, 2023; 64,356,535 and 48,718,552 shares issued and outstanding as of May 31, 2024 and November 30, 2023, respectively	64	49
Additional paid-in capital	1,002,028	746,299
Accumulated other comprehensive loss	(135)	(655)
Accumulated deficit	(631,264)	(545,200)
Total stockholdersʼ equity	370,693	200,493
Total liabilities and stockholdersʼ equity	$ 511,031	$ 355,598

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	6 Months Ended
	May 31, 2024 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total compensation cost related to stock-based awards yet to recognize \| $	$ 57.2
Total compensation cost related to stock-based awards, recognition period	2 years 1 month 6 days
Shares expected to be purchased under employee stock purchase plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued (in shares) \| shares	173,558
Weighted-average price per share (in USD per share) \| $ / shares	$ 7.31

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Subsequent Events	6 Months Ended
Subsequent Events	May 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Refer to Note 1 for more information on the Company's Automatic Shelf Registration Statement filed in June 2024 and Equity Distribution Agreement entered into in July 2024.

Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) - shares	May 31, 2024	Nov. 30, 2023
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	22,238,395	18,828,875
Pre-funded warrants issued and outstanding
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	7,597,660	6,097,560
Shares available for issuance under employee stock purchase plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	1,843,908	1,530,281
Options to purchase common stock issued and outstanding
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	9,972,005	8,340,968
Restricted stock units issued and outstanding
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	2,110,719	1,246,031
Shares available for future equity grants
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	714,103	1,614,035

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Condensed Consolidated Balance Sheet Components - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	May 31, 2024	Nov. 30, 2023
Total property and equipment, gross
Total property and equipment, gross	$ 48,265	$ 43,057
Less: Accumulated depreciation and amortization	(29,708)	(26,249)
Total property and equipment, net	18,557	16,808
Laboratory equipment
Total property and equipment, gross
Total property and equipment, gross	37,130	32,239
Leasehold improvements
Total property and equipment, gross
Total property and equipment, gross	3,238	3,238
Computer equipment
Total property and equipment, gross
Total property and equipment, gross	895	938
Furniture and fixtures
Total property and equipment, gross
Total property and equipment, gross	1,013	652
Software
Total property and equipment, gross
Total property and equipment, gross	5,376	5,403
Software in progress
Total property and equipment, gross
Total property and equipment, gross	$ 613	$ 587

Commitments and Contingencies

6 Months Ended

May 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

From time to time, the Company may be involved in legal proceedings in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. Legal fees and other costs associated with such actions are expensed as incurred. As of May 31, 2024, the Company was not a party to any material legal proceedings.

Indemnifications

In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its partners, suppliers and vendors, among others. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company has not incurred any material costs as a result of such indemnifications and has not accrued any liabilities related to such obligations in these condensed consolidated financial statements as management believes such liability is immaterial.

In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon the Company to provide indemnification under such agreements, and thus, there are no claims that the Company is aware of that could have a material effect on the Company’s condensed consolidated financial statements. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is not specified in the agreements. However, the Company currently has directors’ and officers’ insurance that reduces its exposure and may enable the Company to recover a portion of any future amounts paid.

Operating Leases

The Company leases office and laboratory facilities totaling approximately 57,902 square feet within the same building in San Francisco, California under several lease agreements. The terms of these lease agreements expire in April 2025. The Company has an option to renew these leases for an additional two years, and the renewal term has not been included in the lease term used to calculate the ROU asset and lease liability as it is not reasonably certain that the Company will exercise the option.

In July 2021, the Company entered into a lease agreement for the lease of approximately 19,320 square feet of office space in a different building in San Francisco, California (the Mission Bay Lease). The lease commenced in December 2021 and will expire in June 2024, unless terminated earlier. In March 2024, the Company entered into a second amendment (the Second Amendment) to the Mission Bay Lease. The Second Amendment extends the lease term by approximately ten months. The minimum rent payable by the Company under the Second Amendment is approximately $0.1 million per month.

In March 2022, the Company entered into a lease agreement for the lease of approximately 46,434 square feet of office space in The Woodlands, Texas. In August 2023, the lease agreement was amended to increase the square footage of the leased premise to 50,094 square feet. The amendment had no impact on the accounting for the lease. The Company has an option to renew for two additional terms of five years each, and the renewal terms have not been included in the lease term used to calculate the ROU asset and lease liability as it is not reasonably certain that the Company will exercise the option. The lease commenced in September 2023 when the underlying assets became available for use and will expire in March 2035.

The Company is required to pay base rent plus its proportionate share of operating expenses, as defined in the applicable lease agreement on all of its leases. Variable lease payments related to operating expenses, including utilities, maintenance costs and real estate taxes, were $1.8 million and $3.3 million for the three and six months ended May 31, 2024, respectively, and $1.8 million and $3.1 million for the three and six months ended May 31, 2023, respectively.

Operating lease expenses, excluding variable lease payments, were $2.2 million and $4.5 million for the three and six months ended May 31, 2024, respectively, and $1.5 million and $3.0 million for the three and six months ended May 31, 2023, respectively. Short-term lease expense was not material for the periods presented.

Other information related to leases were as follows (in thousands):


	Six Months Ended May 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating leases	$	4,037	$	2,778

Net Loss Per Share

6 Months Ended

May 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders, which excludes shares which are legally outstanding but subject to repurchase by the Company (in thousands, except share and per share data):


	Three Months Ended May 31,				Six Months Ended May 31,
	2024		2023		2024		2023
Numerator:
Net loss	$	(44,546)	$	(24,277)	$	(86,064)	$	(65,010)
Denominator:
Weighted-average number of shares outstanding, basic and diluted(1)	62,377,551		54,259,045		58,660,900		54,144,909
Net loss per share, basic and diluted	$	(0.71)	$	(0.45)	$	(1.47)	$	(1.20)


(1)			The shares underlying the pre-funded warrants to purchase shares of the Company’s common stock have been included in the calculation of the weighted-average number of shares outstanding, basic and diluted, for the three and six months ended May 31, 2024 and 2023.

The following potentially dilutive securities were excluded from the computation of the diluted net loss per share of common stock for the periods presented because their effect would have been anti-dilutive:


	May 31,
	2024	2023
Options to purchase common stock issued and outstanding	9,972,005	8,949,950
Options early exercised subject to vesting	—	11,893
Restricted stock units issued and outstanding	2,110,719	1,489,429
Shares expected to be purchased under employee stock purchase plan	110,065	102,506
Total	12,192,789	10,553,778

Related Party Transactions	6 Months Ended
Related Party Transactions	May 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company’s Chief Financial Officer is a trustee for the multiple employer welfare association that facilitates the acquisition and administration of the Company’s healthcare plans. Expenses related to the healthcare plan premiums were $1.0 million and $2.1 million for the three and six months ended May 31, 2024, respectively, and $1.1 million and $2.3 million for the three and six months ended May 31, 2023, respectively. As of May 31, 2024 and November 30, 2023, the amount recorded in accounts payable and accrued expenses and other current liabilities in connection with this healthcare plan provider was not material.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Income Tax Disclosure [Abstract]
Current income tax (benefits) expense or provision	$ 90,000	$ 0	$ 180,000	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes	6 Months Ended
Income Taxes	May 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and six months ended May 31, 2024, the Company recorded an income tax provision of $90,000 and $180,000, respectively. For the three and six months ended May 31, 2023, the Company did not record any current income tax expense or provision. Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of the deferred tax assets is dependent upon future taxable income, the amount, if any, and timing of which are uncertain. The Company has generated losses since inception and has established a valuation allowance to offset deferred tax assets as of May 31, 2024 and 2023 due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets. The Company files income tax returns in the United States and in various states. In January 2019, the California Franchise Tax Board (FTB) initiated an examination of the Company’s California tax return for tax years ending in 2015, 2016, 2017 and 2018. During the year ended November 30, 2021, the FTB issued proposed audit assessments related to revenue sourcing and R&D credits. The Company did not agree with the FTB’s assessments and challenged the assessments. Pursuant to a measurement analysis, the Company has not recorded an unrecognized tax benefit related to the FTB’s sourcing position. The Company maintains an unrecognized tax benefit related to its California R&D credits for all years. All of the Company’s tax years will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of the utilization of any net operating losses.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss per Share of Common Stock (Details) - shares	6 Months Ended
	May 31, 2024	May 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net income (loss) per share (in shares)	12,192,789	10,553,778
Shares expected to be purchased under employee stock purchase plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net income (loss) per share (in shares)	110,065	102,506
Options to purchase common stock issued and outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net income (loss) per share (in shares)	9,972,005	8,949,950
Options early exercised subject to vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net income (loss) per share (in shares)	0	11,893
Restricted stock units issued and outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net income (loss) per share (in shares)	2,110,719	1,489,429

Organization	6 Months Ended
Organization	May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Description of Business Nurix Therapeutics, Inc. (the Company) was incorporated in the state of Delaware on August 27, 2009, and is headquartered in San Francisco, California. The Company is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of innovative small molecules and antibody therapies based on the modulation of cellular protein levels as a novel treatment approach for cancer, inflammatory conditions and other challenging diseases. Leveraging the Company’s expertise in E3 ligases together with its proprietary DNA-encoded libraries, the Company has built DELigase, an integrated discovery platform to identify and advance novel drug candidates targeting E3 ligases, a broad class of enzymes that can modulate proteins within the cell. The Company’s drug discovery approach is to either harness or inhibit the natural function of E3 ligases within the ubiquitin-proteasome system to selectively decrease or increase cellular protein levels. The Company’s wholly owned, clinical stage pipeline includes targeted protein degraders of Bruton’s tyrosine kinase, a B-cell signaling protein, and inhibitors of Casitas B-lineage lymphoma proto-oncogene B, an E3 ligase that regulates activation of multiple immune cell types including T cells and NK cells. The Company’s partnered drug discovery pipeline consists of multiple programs under collaboration agreements with Gilead Sciences, Inc. (Gilead), Sanofi S.A. (Sanofi) and Seagen Inc. (now a part of Pfizer Inc. (Pfizer)), within which the Company retains certain options for co-development, co-commercialization and profit sharing in the United States for multiple drug candidates. Equity Distribution Agreement In August 2021, the Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC), which was amended in February 2023 (the Shelf Registration Statement). The Shelf Registration Statement, which includes a base prospectus, allows the Company at any time to offer and sell up to $450.0 million of the Company’s registered common stock, preferred stock, debt securities, warrants, subscriptions rights and/or units or any combination of securities described in the prospectus in one or more offerings. In addition, in August 2021, the Company entered into an Equity Distribution Agreement with Piper Sandler & Co. (Piper Sandler) pursuant to which, from time to time, the Company may offer and sell through Piper Sandler up to $150.0 million of the common stock registered under the Shelf Registration Statement pursuant to one or more “at the market” offerings. The Company is not required to sell any shares at any time during the term of the Equity Distribution Agreement. The Company agreed to pay Piper Sandler a commission of 3% of the gross sales price of any shares sold pursuant to the Equity Distribution Agreement. In June 2022, the Company issued and sold 2,000,000 shares of common stock under the Equity Distribution Agreement at a price of $10.00 per share of common stock for net proceeds of $19.3 million after deducting offering commissions and expenses paid by the Company. In May 2024, the Company issued and sold 3,194,809 shares of common stock under the Equity Distribution Agreement at various prices ranging from $15.50 to $16.00 for total net proceeds of $48.5 million, after deducting offering commissions and expenses paid by the Company. As of May 31, 2024, the Company had $79.8 million of common stock remaining available for sale under the Equity Distribution Agreement. In June 2024, the Company filed an automatic shelf registration statement on Form S-3ASR (the Automatic Shelf Registration Statement). The Automatic Shelf Registration Statement, which includes a base prospectus, allows the Company at any time to offer and sell the Company’s registered common stock, preferred stock, debt securities, warrants, subscriptions rights and/or units or any combination of securities described in the prospectus in one or more offerings. On July 11, 2024, the Company entered into an amendment to the Equity Distribution Agreement, pursuant to which, from time to time, the Company may offer and sell through Piper Sandler up to $150.0 million of common stock registered under the Automatic Shelf Registration Statement pursuant to one or more “at the market” offerings. As of July 11, 2024, the Company had $150.0 million of common stock remaining available for sale under the Equity Distribution Agreement. Public Offering In April 2024, the Company completed a public offering (2024 Public Offering) made pursuant to the Shelf Registration Statement and issued 11,916,667 shares of common stock (including the exercise by the underwriters of their option to purchase an additional 1,750,000 shares of common stock) at a price to the public of $15.00 per share, and pre-funded warrants to purchase an aggregate of 1,500,100 shares of the Company’s common stock at a price of $14.999 per pre-funded warrant (the 2024 Pre-Funded Warrants). Net proceeds from the 2024 Public Offering were approximately $188.7 million, after deducting offering commissions and expenses of $12.5 million. Refer to Note 7 for more information regarding the 2024 Pre-Funded Warrants. Registered Direct Offerings In July 2022, the Company entered into separate securities purchase agreements with certain purchasers to issue and sell pre‑funded warrants to purchase an aggregate of 6,814,920 shares of the Company’s common stock in registered direct offerings (RDOs) at a price of $13.939 per pre-funded warrant (the 2022 Pre-Funded Warrants). Net proceeds from the RDOs were $94.8 million, after deducting offering expenses of $0.2 million. Refer to Note 7 for more information regarding the 2022 Pre-Funded Warrants. Liquidity and Management Plans The Company’s operations have historically been financed through the issuance of common stock, redeemable convertible preferred stock and pre-funded warrants and proceeds received under the Company’s collaboration and license agreements. Since inception, the Company has generally incurred significant losses and negative net cash flows from operations. The Company does not expect its existing cash, cash equivalents and marketable securities to be sufficient to fund the completion of its clinical trials through commercialization and will need substantial additional funding to support its continuing operations and pursue its long-term business plan. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its drug candidates currently in development. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of May 31, 2024, the Company had cash, cash equivalents and short-term marketable securities of $443.1 million and an accumulated deficit of $631.3 million. Management believes that its cash, cash equivalents and short-term marketable securities are sufficient to continue operating activities for at least 12 months following the issuance date of these condensed consolidated financial statements. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development and payments the Company may receive under its collaboration agreements with Sanofi, Gilead and Pfizer or future collaboration agreements, if any. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company if at all. If additional capital is not available, failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company’s ability to achieve its intended business objectives. Management considered whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern and evaluated the funds necessary to maintain operations. Based on the Company’s current forecast of future operating results, the Company has concluded that its cash, cash equivalents and short-term marketable securities are sufficient to continue operating activities for at least 12 months following the issuance date of these condensed consolidated financial statements.

Net Loss Per Share (Tables)

6 Months Ended

May 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders


	Three Months Ended May 31,				Six Months Ended May 31,
	2024		2023		2024		2023
Numerator:
Net loss	$	(44,546)	$	(24,277)	$	(86,064)	$	(65,010)
Denominator:
Weighted-average number of shares outstanding, basic and diluted(1)	62,377,551		54,259,045		58,660,900		54,144,909
Net loss per share, basic and diluted	$	(0.71)	$	(0.45)	$	(1.47)	$	(1.20)


(1)			The shares underlying the pre-funded warrants to purchase shares of the Company’s common stock have been included in the calculation of the weighted-average number of shares outstanding, basic and diluted, for the three and six months ended May 31, 2024 and 2023.

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss per Share of Common Stock


	May 31,
	2024	2023
Options to purchase common stock issued and outstanding	9,972,005	8,949,950
Options early exercised subject to vesting	—	11,893
Restricted stock units issued and outstanding	2,110,719	1,489,429
Shares expected to be purchased under employee stock purchase plan	110,065	102,506
Total	12,192,789	10,553,778

Condensed Consolidated Balance Sheet Components

6 Months Ended

May 31, 2024

Balance Sheet Related Disclosures [Abstract]

Condensed Consolidated Balance Sheet Components

Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	May 31, 2024		November 30, 2023
Laboratory equipment	$	37,130	$	32,239
Leasehold improvements	3,238		3,238
Computer equipment	895		938
Furniture and fixtures	1,013		652
Software	5,376		5,403
Software in progress	613		587
Total property and equipment, gross	48,265		43,057
Less: Accumulated depreciation and amortization	(29,708)		(26,249)
Total property and equipment, net	$	18,557	$	16,808

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	May 31, 2024		November 30, 2023
Accrued compensation	$	9,174	$	15,303
Accrued clinical, contract research and lab supplies	10,430		7,131
Accrued professional services	1,945		1,755
Accrued taxes	710		30
Other	1,004		751
Total accrued expenses and other current liabilities	$	23,263	$	24,970

Common Stock

6 Months Ended

May 31, 2024

Equity, Attributable to Parent [Abstract]

Common Stock

The Company’s Restated Certificate of Incorporation authorizes the Company to issue up to 500,000,000 shares of common stock, $0.001 par value per share, as of May 31, 2024 and November 30, 2023. Holders of common stock are entitled to dividends when and if declared by the Company’s board of directors, subject to the prior rights of the holders of shares of preferred stock. The holder of each share of common stock is entitled to one vote. As of May 31, 2024, no dividends have been declared.

In July 2022, the Company issued the 2022 Pre-Funded Warrants to purchase an aggregate of 6,814,920 shares of the Company’s common stock at a price of $13.939 per pre-funded warrant. As of May 31, 2024, a total of 6,097,560 of the 2022 Pre-Funded Warrants remained available for exercise.

In April 2024, the Company issued the 2024 Pre-Funded Warrants to purchase an aggregate of 1,500,100 shares of the Company’s common stock at a price of $14.999 per pre-funded warrant. As of May 31, 2024, all of the 2024 Pre-Funded Warrants remained available for exercise.

All pre-funded warrants were immediately exercisable at issuance, have an exercise price of $0.001 and may be exercised at any time after the date of issuance. A holder of pre-funded warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise. A holder of the pre-funded warrants may increase or decrease this percentage not in excess of 19.99% by providing at least 61 days’ prior notice to the Company.

The pre-funded warrants were classified as a component of permanent equity in the Company's condensed consolidated balance sheet as they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its own shares and permit the holders to receive a fixed number of shares of common stock upon exercise. All of the shares underlying the pre-funded warrants have been included in the weighted-average number of shares of common stock used to calculate net loss per share, basic and diluted, attributable to common stockholders because the shares may be issued for little or no consideration, are fully vested and are exercisable after the original issuance date of the pre-funded warrants.

Common stock reserved for future issuance, on an as-if converted basis, as of May 31, 2024 and November 30, 2023, consists of the following:


	May 31, 2024	November 30, 2023
Options to purchase common stock issued and outstanding	9,972,005	8,340,968
Restricted stock units issued and outstanding	2,110,719	1,246,031
Shares available for future equity grants	714,103	1,614,035
Shares available for issuance under employee stock purchase plan	1,843,908	1,530,281
Pre-funded warrants issued and outstanding	7,597,660	6,097,560
Total common stock reserved for future issuance	22,238,395	18,828,875

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Related to Stock Options and ESPP Included in the Statements of Operations (Details) - Stock Plans and ESPP - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 8,845	$ 8,723	$ 16,667	$ 17,204
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	4,285	4,859	8,112	10,013
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 4,560	$ 3,864	$ 8,555	$ 7,191

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Equity Financing	At The Market Financing	Common stock	Common stock Equity Financing	Common stock At The Market Financing	Additional paid-in capital	Additional paid-in capital Equity Financing	Additional paid-in capital At The Market Financing	Accumulated other comprehensive income (loss)	Accumulated deficit
Beginning balance (in shares) at Nov. 30, 2022				47,172,299
Beginning balance at Nov. 30, 2022	$ 303,696			$ 47			$ 709,220			$ (4,319)	$ (401,252)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)				8,768
Exercise of stock options	28						28
Vesting of restricted stock units (in shares)				98,571
Vesting of early exercised stock options	31						31
Issuance under employee stock purchase plan (in shares)				165,215
Issuance under employee stock purchase plan	1,453						1,453
Stock-based compensation	8,505						8,505
Unrealized gain (loss) on available-for-sale marketable securities	1,072									1,072
Net loss	(40,733)										(40,733)
Ending balance (in shares) at Feb. 28, 2023				47,444,853
Ending balance at Feb. 28, 2023	274,052			$ 47			719,237			(3,247)	(441,985)
Beginning balance (in shares) at Nov. 30, 2022				47,172,299
Beginning balance at Nov. 30, 2022	303,696			$ 47			709,220			(4,319)	(401,252)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(65,010)
Ending balance (in shares) at May. 31, 2023				47,631,208
Ending balance at May. 31, 2023	259,921			$ 48			728,038			(1,903)	(466,262)
Beginning balance (in shares) at Feb. 28, 2023				47,444,853
Beginning balance at Feb. 28, 2023	$ 274,052			$ 47			719,237			(3,247)	(441,985)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of pre-funded warrants (in shares)	148,497
Exercise of pre-funded warrants	$ 1			$ 1
Exercise of stock options (in shares)				5,597
Exercise of stock options	24						24
Vesting of restricted stock units (in shares)				32,261
Vesting of early exercised stock options	31						31
Stock-based compensation	8,746						8,746
Unrealized gain (loss) on available-for-sale marketable securities	1,344									1,344
Net loss	(24,277)										(24,277)
Ending balance (in shares) at May. 31, 2023				47,631,208
Ending balance at May. 31, 2023	259,921			$ 48			728,038			(1,903)	(466,262)
Beginning balance (in shares) at Nov. 30, 2023				48,718,552
Beginning balance at Nov. 30, 2023	200,493			$ 49			746,299			(655)	(545,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)				75,362
Exercise of stock options	355						355
Vesting of restricted stock units (in shares)				171,030
Vesting of early exercised stock options	21						21
Repurchase of unvested early exercised stock (in shares)				(1,548)
Issuance under employee stock purchase plan (in shares)				173,558
Issuance under employee stock purchase plan	1,269						1,269
Stock-based compensation	7,823						7,823
Unrealized gain (loss) on available-for-sale marketable securities	305									305
Net loss	(41,518)										(41,518)
Ending balance (in shares) at Feb. 29, 2024				49,136,954
Ending balance at Feb. 29, 2024	168,748			$ 49			755,767			(350)	(586,718)
Beginning balance (in shares) at Nov. 30, 2023				48,718,552
Beginning balance at Nov. 30, 2023	200,493			$ 49			746,299			(655)	(545,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(86,064)
Ending balance (in shares) at May. 31, 2024				64,356,535
Ending balance at May. 31, 2024	370,693			$ 64			1,002,028			(135)	(631,264)
Beginning balance (in shares) at Feb. 29, 2024				49,136,954
Beginning balance at Feb. 29, 2024	168,748			$ 49			755,767			(350)	(586,718)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in "at the market" financing, net of issuance costs of $1,684 (in shares)					11,916,667	3,194,809
Issuance of common stock in "at the market" financing, net of issuance costs of $1,684		$ 188,732	$ 48,469		$ 12	$ 3		$ 188,720	$ 48,466
Exercise of stock options (in shares)				24,108
Exercise of stock options	216						216
Vesting of restricted stock units (in shares)				83,997
Vesting of early exercised stock options	12						12
Stock-based compensation	8,847						8,847
Unrealized gain (loss) on available-for-sale marketable securities	215									215
Net loss	(44,546)										(44,546)
Ending balance (in shares) at May. 31, 2024				64,356,535
Ending balance at May. 31, 2024	$ 370,693			$ 64			$ 1,002,028			$ (135)	$ (631,264)

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Healthcare Plan Provider \| Chief Financial Officer
Related Party Transaction [Line Items]
Expenses related to the healthcare plan premiums	$ 1.0	$ 1.1	$ 2.1	$ 2.3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	May 31, 2024	Nov. 30, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares outstanding (in shares)	64,356,535	48,718,552
Common stock, shares issued (in shares)	64,356,535	48,718,552

Condensed Statements of Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	May 31, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Offering costs	$ 12,518
Issuance costs	$ 1,684

Stock-Based Compensation (Tables)

6 Months Ended

May 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Activity under 2020 Plan and 2012 Plan

Option activity under the Stock Plans is set forth below:


	Number of options outstanding	Weighted- average exercise price
Balances as of November 30, 2023	8,340,968	$	17.17
Options granted	2,321,241	9.65
Options exercised	(99,470)	5.74
Options forfeited	(590,734)	18.90
Balances as of May 31, 2024	9,972,005	$	15.43

Summary of RSU Activity

RSU activity under the Stock Plans is set forth below:


	Number of RSUs	Weighted-average grant date fair value
Balances as of November 30, 2023	1,246,031	$	12.58
RSUs granted	1,349,905	8.79
RSUs vested	(255,027)	13.96
RSUs forfeited	(230,190)	11.92
Balances as of May 31, 2024	2,110,719	$	10.06

Summary of Stock-Based Compensation Expense Related to Stock Options and 2020 ESPP Included in Statements of Operations

Stock-based compensation expense related to the Stock Plans and the ESPP that is included in the Company’s condensed consolidated statements of operations is as follows (in thousands):


	Three Months Ended, May 31,				Six Months Ended May 31,
	2024		2023		2024		2023
Research and development	$	4,285	$	4,859	$	8,112	$	10,013
General and administrative	4,560		3,864		8,555		7,191
Total stock-based compensation	$	8,845	$	8,723	$	16,667	$	17,204

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Statement of Other Comprehensive Income [Abstract]
Net loss	$ (44,546)	$ (24,277)	$ (86,064)	$ (65,010)
Other comprehensive income, net of tax:
Unrealized gain on available-for-sale marketable securities	215	1,344	520	2,416
Total comprehensive loss	$ (44,331)	$ (22,933)	$ (85,544)	$ (62,594)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted stock units issued and outstanding	6 Months Ended
	May 31, 2024 $ / shares shares
Number of RSUs
Number of RSUs, beginning balance (in shares) \| shares	1,246,031
RSUs granted (in shares) \| shares	1,349,905
RSUs vested (in shares) \| shares	(255,027)
RSUs forfeited (in shares) \| shares	(230,190)
Number of RSUs, ending balance (in shares) \| shares	2,110,719
Weighted-average grant date fair value
Weighted-average grant date fair value, beginning balance (in USD per share) \| $ / shares	$ 12.58
Weighted-average grant date fair value, RSUs granted (in USD per share) \| $ / shares	8.79
Weighted-average grant date fair value, RSUs vested (in USD per share) \| $ / shares	13.96
Weighted-average grant date fair value, RSUs forfeited (in USD per share) \| $ / shares	11.92
Weighted-average grant date fair value, ending balance (in USD per share) \| $ / shares	$ 10.06

Common Stock (Tables)

6 Months Ended

May 31, 2024

Equity, Attributable to Parent [Abstract]

Schedule of Common Stock Shares Reserved for Future Issuance

Common stock reserved for future issuance, on an as-if converted basis, as of May 31, 2024 and November 30, 2023, consists of the following:


	May 31, 2024	November 30, 2023
Options to purchase common stock issued and outstanding	9,972,005	8,340,968
Restricted stock units issued and outstanding	2,110,719	1,246,031
Shares available for future equity grants	714,103	1,614,035
Shares available for issuance under employee stock purchase plan	1,843,908	1,530,281
Pre-funded warrants issued and outstanding	7,597,660	6,097,560
Total common stock reserved for future issuance	22,238,395	18,828,875

Cover - shares	6 Months Ended
Cover - shares	May 31, 2024	Jul. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2024
Document Transition Report	false
Entity File Number	001-39398
Entity Registrant Name	NURIX THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0838048
Entity Address, Address Line One	1700 Owens Street
Entity Address, Address Line Two	Suite 205
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94158
City Area Code	415
Local Phone Number	660-5320
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	NRIX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		64,411,870
Entity Central Index Key	0001549595
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Fair Value Measurements

6 Months Ended

May 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1—Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and

Level 3—Inputs that are unobservable.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and considers factors specific to the asset or liability.

The following tables present the Company’s investments, which consist of cash equivalents and available-for-sale marketable securities, that are measured at fair value on a recurring basis as of May 31, 2024 and November 30, 2023 (in thousands):


May 31, 2024	Level	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value
Money market funds	Level 1	$	77,138	$	—	$	—	$	77,138
U.S. treasury securities	Level 1	316,454		56		(49)		316,461
U.S. government agency securities	Level 2	36,824		1		(77)		36,748
Long-term marketable securities:
U.S. treasury securities	Level 1	1,954		—		—		1,954
U.S. government agency securities	Level 2	7,493		—		(67)		7,426
Total		$	439,863	$	57	$	(193)	$	439,727
Included in cash and cash equivalents		$	103,990	$	8	$	—	$	103,998
Included in marketable securities, current		$	326,426	$	49	$	(126)	$	326,349
Included in marketable securities, non-current		$	9,447	$	—	$	(67)	$	9,380


November 30, 2023	Level	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value
Money market funds	Level 1	$	44,187	$	—	$	—	$	44,187
U.S. treasury securities	Level 1	160,991		61		(29)		161,023
Corporate debt securities	Level 2	3,487		—		(56)		3,431
U.S. government agency securities	Level 2	69,389		5		(567)		68,827
Long-term marketable securities:
U.S. government agency securities	Level 2	7,490		—		(69)		7,421
Total		$	285,544	$	66	$	(721)	$	284,889
Included in cash and cash equivalents		$	44,187	$	—	$	—	$	44,187
Included in marketable securities, current		$	233,867	$	66	$	(652)	$	233,281
Included in marketable securities, non-current		$	7,490	$	—	$	(69)	$	7,421

The accrued interest receivable related to the Company’s marketable securities was $0.6 million and $0.8 million as of May 31, 2024 and November 30, 2023, respectively, and was included in prepaid expenses and other current assets on the condensed consolidated balance sheet. Long-term marketable securities held by the Company generally mature within two years from the balance sheet date.

The Company classifies its money market funds and U.S. treasury securities, which are valued based on quoted market prices in active markets with no valuation adjustment, as Level 1 assets within the fair value hierarchy.

The Company classifies its marketable securities in corporate debt securities, U.S. government agency securities, corporate commercial paper and foreign government securities as Level 2 assets within the fair value hierarchy. The fair values of these marketable securities are estimated by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs. There were no transfers of financial instruments between valuation levels during the three and six months ended May 31, 2024 and 2023.

As of May 31, 2024 and November 30, 2023, the unrealized losses for available-for-sale securities were non-credit related, and the Company does not intend to sell the securities that were in an unrealized loss position, nor will it be required to sell those securities before recovery of their amortized cost basis, which may be maturity. As of May 31, 2024 and November 30, 2023, no allowance for credit losses for the Company’s marketable securities was recorded. During the three and six months ended May 31, 2024 and 2023, the Company did not recognize any impairment losses related to marketable securities.

Fair Value Measurements - Summary of Investments Fair Value Measurement on Recurring Basis (Details) - USD ($) $ in Thousands	May 31, 2024	Nov. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimated fair value, short-term	$ 326,349	$ 233,281
Marketable securities, non‑current	9,380	7,421
Fair Value Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term	326,426	233,867
Amortized cost, long-term	9,447	7,490
Amortized cost	439,863	285,544
Unrealized gain, short-term	49	66
Unrealized gain, long-term	0	0
Unrealized gain	57	66
Unrealized loss, short-term	(126)	(652)
Unrealized loss, long-term	(67)	(69)
Unrealized loss	(193)	(721)
Estimated fair value, short-term	326,349	233,281
Marketable securities, non‑current	9,380	7,421
Estimated fair value	439,727	284,889
Fair Value Measurements, Recurring \| Included in cash and cash equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	103,990	44,187
Unrealized gain	8	0
Unrealized loss	0	0
Estimated fair value	103,998	44,187
Fair Value Measurements, Recurring \| Level 1 \| Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term	77,138	44,187
Unrealized gain, short-term	0	0
Unrealized loss, short-term	0	0
Estimated fair value, short-term	77,138	44,187
Fair Value Measurements, Recurring \| Level 1 \| U.S. treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term	316,454	160,991
Unrealized gain, short-term	56	61
Unrealized loss, short-term	(49)	(29)
Estimated fair value, short-term	316,461	161,023
Fair Value Measurements, Recurring \| Level 2 \| U.S. treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, long-term	1,954
Unrealized gain, long-term	0
Unrealized loss, long-term	0
Marketable securities, non‑current	1,954
Fair Value Measurements, Recurring \| Level 2 \| Corporate debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term		3,487
Unrealized gain, short-term		0
Unrealized loss, short-term		(56)
Estimated fair value, short-term		3,431
Fair Value Measurements, Recurring \| Level 2 \| U.S. government agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term	36,824	69,389
Amortized cost, long-term	7,493	7,490
Unrealized gain, short-term	1	5
Unrealized gain, long-term	0	0
Unrealized loss, short-term	(77)	(567)
Unrealized loss, long-term	(67)	(69)
Estimated fair value, short-term	36,748	68,827
Marketable securities, non‑current	$ 7,426	$ 7,421

Fair Value Measurements (Tables)

6 Months Ended

May 31, 2024

Fair Value Disclosures [Abstract]

Summary of Investments Fair Value Measurement on Recurring Basis


May 31, 2024	Level	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value
Money market funds	Level 1	$	77,138	$	—	$	—	$	77,138
U.S. treasury securities	Level 1	316,454		56		(49)		316,461
U.S. government agency securities	Level 2	36,824		1		(77)		36,748
Long-term marketable securities:
U.S. treasury securities	Level 1	1,954		—		—		1,954
U.S. government agency securities	Level 2	7,493		—		(67)		7,426
Total		$	439,863	$	57	$	(193)	$	439,727
Included in cash and cash equivalents		$	103,990	$	8	$	—	$	103,998
Included in marketable securities, current		$	326,426	$	49	$	(126)	$	326,349
Included in marketable securities, non-current		$	9,447	$	—	$	(67)	$	9,380


November 30, 2023	Level	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value
Money market funds	Level 1	$	44,187	$	—	$	—	$	44,187
U.S. treasury securities	Level 1	160,991		61		(29)		161,023
Corporate debt securities	Level 2	3,487		—		(56)		3,431
U.S. government agency securities	Level 2	69,389		5		(567)		68,827
Long-term marketable securities:
U.S. government agency securities	Level 2	7,490		—		(69)		7,421
Total		$	285,544	$	66	$	(721)	$	284,889
Included in cash and cash equivalents		$	44,187	$	—	$	—	$	44,187
Included in marketable securities, current		$	233,867	$	66	$	(652)	$	233,281
Included in marketable securities, non-current		$	7,490	$	—	$	(69)	$	7,421

Condensed Consolidated Balance Sheet Components (Tables)

6 Months Ended

May 31, 2024

Balance Sheet Related Disclosures [Abstract]

Summary of Property and Equipment

Property and equipment, net, consisted of the following (in thousands):


	May 31, 2024		November 30, 2023
Laboratory equipment	$	37,130	$	32,239
Leasehold improvements	3,238		3,238
Computer equipment	895		938
Furniture and fixtures	1,013		652
Software	5,376		5,403
Software in progress	613		587
Total property and equipment, gross	48,265		43,057
Less: Accumulated depreciation and amortization	(29,708)		(26,249)
Total property and equipment, net	$	18,557	$	16,808

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	May 31, 2024		November 30, 2023
Accrued compensation	$	9,174	$	15,303
Accrued clinical, contract research and lab supplies	10,430		7,131
Accrued professional services	1,945		1,755
Accrued taxes	710		30
Other	1,004		751
Total accrued expenses and other current liabilities	$	23,263	$	24,970

Fair Value Measurements - Additional Information (Details)	3 Months Ended		6 Months Ended
	May 31, 2024 USD ($) security	May 31, 2023 USD ($)	May 31, 2024 USD ($) security	May 31, 2023 USD ($)	Nov. 30, 2023 USD ($) security
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term marketable securities maturity (in years)	2 years		2 years
Debt securities unrealized loss position, more than12 months number of positions \| security	0		0		0
Allowance for credit losses	$ 0		$ 0		$ 0
Impairment losses related to marketable securities	0	$ 0	0	$ 0
Prepaid Expenses and Other Current Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Accrued interest receivable	$ 600,000		$ 600,000		$ 800,000

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	May 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The Company’s condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of the Company’s financial position as of and for the three and six months ended May 31, 2024. The condensed consolidated balance sheet as of November 30, 2023, was derived from the audited annual financial statements as of that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. These interim financial statements and related disclosures have been prepared with the presumption that users of the interim financial statements have read or have access to the audited annual financial statements for the preceding fiscal year. Accordingly, these financial statements should be read in conjunction with the audited annual financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended November 30, 2023, as filed with the SEC on February 15, 2024. These interim results are not necessarily indicative of results to be expected for the full fiscal year or any future interim period. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to the useful lives of long-lived assets, the measurement of stock-based compensation, accruals for research and development activities, income taxes and revenue recognition. The Company also makes certain commencement date estimates for its leases, including the incremental borrowing rate, the expected lease term and the fair value of the leased asset. The Company bases its estimates on historical experience and on other relevant assumptions that are reasonable under the circumstances. Actual results could materially differ from those estimates. Refer to Note 3 for more information regarding the estimates related to revenue recognition. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s marketable securities consist of debt securities issued by the U.S. federal government or state and local governments. The Company’s exposure to any individual corporate entity is limited by policy. Deposits may, at times, exceed federally insured limits. The Company invests its cash equivalents in highly rated money market funds. During the periods presented, the Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities. Other Risks and Uncertainties The Company is subject to a number of risks similar to other clinical stage biopharmaceutical companies, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on its future financial position or results of operations: risks related to the successful discovery and development of its drug candidates, ability to raise additional capital, development of new technological innovations by its competitors and delay or inability to obtain drug substance and finished drug product from the Company’s third-party contract manufacturers necessary for the Company’s drug candidates, protection of intellectual property rights, litigation or claims against the Company based on intellectual property rights and regulatory clearance and market acceptance for any of the Company’s products candidates for which the Company receives marketing approval. Moreover, the Company is subject to risks and uncertainties as a result of global business, political and macroeconomic events and conditions, including increasing financial market volatility and uncertainty, inflation, increasing interest rates, uncertainty with respect to the federal budget and debt ceiling and potential government shutdowns related thereto, potential instability in the global banking system, cybersecurity events, the impact of war or military conflict, including regional conflicts around the world, and public health pandemics. The extent to which business, political and macroeconomic factors, including increasing financial market volatility and uncertainty, will impact the Company’s business will depend on future developments that are highly uncertain and cannot be predicted at this time. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The extent to which the increasing financial market volatility and uncertainty may directly or indirectly impact the Company’s financial statements is highly uncertain and subject to change. The Company relies on single source manufacturers and suppliers for the supply of its drug candidates. Disruption from these manufacturers or suppliers would have a negative impact on the Company’s business, financial position and results of operations. Leases The Company determines if an arrangement contains a lease and the classification of the lease at inception. An arrangement contains a lease if there is an identified asset and if the Company controls the use of the identified asset throughout the period of use. The evaluation of whether the lease is an operating or a finance lease requires judgments in determining the fair value of the leased asset. Lease right-of-use (ROU) assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term at the commencement date. ROU assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less any lease incentives received. The Company uses its incremental borrowing rate, if an implicit rate is not readily available, and the information available at the date of lease commencement in determining its lease liabilities. The Company’s incremental borrowing rate is based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment, and the determination of the rate requires the Company to make certain assumptions and judgements, including on its synthetic credit rating. Leases may include options to extend or early terminate the lease term. If the Company, using judgement, is reasonably certain that an option will be exercised, then the option will be included in the calculation of the lease term. The Company elected to combine lease and non-lease components for all underlying assets groups, and not recognize ROU assets or lease liabilities for short-term leases. A short-term lease is a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company does not have any finance leases. Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To recognize revenue from a contract with a customer, the Company performs the following five steps: (i)identify the contract(s) with a customer; (ii)identify the performance obligations in the contract; (iii)determine the transaction price; (iv)allocate the transaction price to the performance obligations in the contract; and (v)recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, the Company assesses the goods or services promised within each contract, whether each promised good or service is distinct, and determines those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied. The Company enters into collaboration agreements under which it may obtain upfront payments, milestone payments, royalty payments and other fees. Promises under these arrangements may include research licenses, research services, including selection campaign research services for certain replacement targets, the obligation to share information during the research and the participation of alliance managers and in joint research committees, joint patent committees and joint steering committees. The Company assesses these promises within the context of the agreements to determine the performance obligations. Exclusive license rights: If a license to the Company’s intellectual property is determined to be distinct from the other promises identified in the arrangement, the Company recognizes revenue from nonrefundable, upfront payments allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license and the underlying intellectual property. If the license is the predominant promise, and it is determined that the license represents functional intellectual property, revenue is recognized at the point in time when control of the license is transferred. If it is determined that the license does not represent functional intellectual property, revenue is recognized over time using an appropriate method of measuring progress. Research and collaboration licenses: Collaboration agreements may include research licenses and research and development services to be performed by the Company. For research licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, upfront payments. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone payments: At the inception of each arrangement that includes research, development or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. The Company uses the most likely amount method for research, development and regulatory milestone payments. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. If it is probable that a significant revenue reversal would not occur, the associated milestone amount is included in the transaction price. Sales-based milestones and royalties: For arrangements that include sales-based milestone or royalty payments based on the level of sales, and in which the license is deemed to be the predominant item to which the sales-based milestone or royalties relate to, the Company recognizes revenue in the period in which the sales-based milestone is achieved and in the period in which the sales associated with the royalty occur. To date, the Company has not recognized any sales-based milestone or royalty revenue resulting from its collaboration arrangements. Customer options: Customer options, such as options granted to allow a licensee to extend a license or research term, to select additional research targets or to choose to research, develop and commercialize licensed compounds are evaluated at contract inception to determine whether those options provide a material right (i.e., an optional good or service offered for free or at a discount) to the customer. If the customer options represent a material right, the material right is treated as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the standalone selling price. As a practical alternative to estimating the standalone selling price of a material right when the underlying goods or services are both (i) similar to the original goods or services in the contract and (ii) provided in accordance with the terms of the original contract, the Company allocates the total amount of consideration expected to be received from the customer to the total goods or services expected to be provided to the customer. Amounts allocated to any material right are recognized as revenue when or as the related future goods or services are transferred or when the option expires. If the option does not provide a material right, then the option is considered a marketing offer, which would be accounted for as a separate contract upon exercise. Deferred revenue, which is a contract liability, represents net amounts received by the Company for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the balance sheet date based on the estimated performance period of the underlying performance obligation. The non-current portion of deferred revenue represents amounts to be recognized after one year through the end of the performance period of the performance obligation. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023‑07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures (ASU 2023-07), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 should be applied on a retrospective basis. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its disclosures. In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which is intended to enhance the transparency and decision usefulness of income tax disclosures, primarily by amending disclosure requirements for the effective tax rate reconciliation and income taxes paid. ASU 2023-09 should be applied on a prospective basis, and retrospective application is permitted. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its disclosures.

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2023 ft² option	May 31, 2024 USD ($) ft²	May 31, 2023 USD ($)	May 31, 2024 USD ($) ft²	May 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2022 ft²	Jul. 31, 2021 ft²
Commitments and Contingencies Disclosure [Abstract]
Area of office space leased \| ft²	50,094	57,902		57,902			46,434	19,320
Renewal term	5 years	2 years		2 years		10 months
Rent payable per month						$ 0.1
Number of renewal options \| option	2
Maintenance costs and real estate taxes		$ 1.8	$ 1.8	$ 3.3	$ 3.1
Operating lease expenses, excluding variable lease payments		$ 2.2	$ 1.5	$ 4.5	$ 3.0

Stock-Based Compensation

6 Months Ended

May 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Incentive Plans

The Company’s 2020 Equity Incentive Plan (the 2020 Plan) serves as the successor to the Company’s 2012 Equity Incentive Plan (together with the 2020 Plan, the Stock Plans) and provides for the granting of stock options, stock appreciation rights, restricted stock awards, restricted stock units (RSUs), performance awards and stock bonus awards to employees, directors, consultants, independent contractors and advisors of the Company.

Option activity under the Stock Plans is set forth below:


	Number of options outstanding	Weighted- average exercise price
Balances as of November 30, 2023	8,340,968	$	17.17
Options granted	2,321,241	9.65
Options exercised	(99,470)	5.74
Options forfeited	(590,734)	18.90
Balances as of May 31, 2024	9,972,005	$	15.43

RSU activity under the Stock Plans is set forth below:


	Number of RSUs	Weighted-average grant date fair value
Balances as of November 30, 2023	1,246,031	$	12.58
RSUs granted	1,349,905	8.79
RSUs vested	(255,027)	13.96
RSUs forfeited	(230,190)	11.92
Balances as of May 31, 2024	2,110,719	$	10.06

Employee Stock Purchase Plan

Under the Company’s 2020 Employee Stock Purchase Plan (the ESPP), eligible employees are entitled to purchase shares of common stock with accumulated payroll deductions. During the six months ended May 31, 2024, the Company issued 173,558 shares of common stock pursuant to the ESPP at a weighted-average price of $7.31 per share.

Stock-Based Compensation

Stock-based compensation expense related to the Stock Plans and the ESPP that is included in the Company’s condensed consolidated statements of operations is as follows (in thousands):


	Three Months Ended, May 31,				Six Months Ended May 31,
	2024		2023		2024		2023
Research and development	$	4,285	$	4,859	$	8,112	$	10,013
General and administrative	4,560		3,864		8,555		7,191
Total stock-based compensation	$	8,845	$	8,723	$	16,667	$	17,204

As of May 31, 2024, the total compensation cost related to stock-based awards not yet recognized was $57.2 million, which is expected to be amortized on a straight-line basis over the weighted-average remaining vesting period of approximately 2.1 years.

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Total revenue	$ 12,092,000	$ 30,676,000	$ 28,677,000	$ 43,361,000
Operating expenses:
Research and development	48,922,000	45,763,000	98,927,000	91,579,000
General and administrative	11,710,000	11,678,000	23,509,000	21,499,000
Total operating expenses	60,632,000	57,441,000	122,436,000	113,078,000
Loss from operations	(48,540,000)	(26,765,000)	(93,759,000)	(69,717,000)
Interest and other income, net	4,084,000	2,488,000	7,875,000	4,707,000
Loss before income taxes	(44,456,000)	(24,277,000)	(85,884,000)	(65,010,000)
Provision for income taxes	90,000	0	180,000	0
Net loss	$ (44,546,000)	$ (24,277,000)	$ (86,064,000)	$ (65,010,000)
Net loss per share, basic (in USD per share)	$ (0.71)	$ (0.45)	$ (1.47)	$ (1.20)
Net loss per share, diluted (in USD per share)	$ (0.71)	$ (0.45)	$ (1.47)	$ (1.20)
Weighted-average number of shares outstanding, basic (in shares)	62,377,551	54,259,045	58,660,900	54,144,909
Weighted-average number of shares outstanding, diluted (in shares)	62,377,551	54,259,045	58,660,900	54,144,909
Collaboration revenue
Total revenue	$ 12,092,000	$ 10,676,000	$ 28,677,000	$ 23,361,000
License revenue
Total revenue	$ 0	$ 20,000,000	$ 0	$ 20,000,000