0001549595-26-000016 | 10-K | XBRL Viewer

Print Document

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Numerator:
Net loss	$ (264,457)	$ (193,569)	$ (143,948)
Denominator:
Weighted-average number of shares outstanding, basic (in shares)	86,666,907	67,120,266	54,337,901
Weighted-average number of shares outstanding, diluted (in shares)	86,666,907	67,120,266	54,337,901
Net loss per share, basic (in USD per share)	$ (3.05)	$ (2.88)	$ (2.65)
Net loss per share, diluted (in USD per share)	$ (3.05)	$ (2.88)	$ (2.65)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Nov. 30, 2025 USD ($) Segment	Nov. 30, 2024 USD ($)	Nov. 30, 2023 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments \| Segment	1
Number of operating segments \| Segment	1
Restricted cash	$ 968,000	$ 901,000	$ 901,000
Property and equipment, useful life	3 years
Impairment losses	$ 0	0	$ 0
Deferred offering costs	$ 100,000	$ 100,000
Internal-Use Software Development Costs
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, useful life	3 years

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Chief Financial Officer \| Healthcare Plan Provider
Related Party Transaction [Line Items]
Expenses related to the healthcare plan premiums	$ 6.3	$ 4.3	$ 4.4

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Collaboration Agreements	12 Months Ended
Collaboration Agreements	Nov. 30, 2025
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 DEL-AI 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 November 30, 2025, the Company has received payments of $47.0 million for research milestones and additional payments, $20.0 million for a license option exercise payment, $15.0 million in research term extension fees and $5.0 million for a clinical milestone payment. As of November 30, 2025, the Company is eligible to receive up to approximately $1.8 billion in total additional payments, including payments of up to $508.5 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. 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 November 30, 2025. 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 initial research term ended in the third quarter of fiscal year 2024. 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, is accounted for as a separate contract commencing in June 2024. The research term extension fee of $15.0 million is recognized as collaboration revenue using the cost-based input method over the estimated extended research term of two years, which represents the estimated timing of completion of the identified deliverables. As of November 30, 2025, no milestones have been achieved related to the extended research term. 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 year ended November 30, 2025, the Company recognized collaboration revenue related to the Gilead Research Extension of $7.1 million, all of which was included in deferred revenue as of the beginning of the period. The Company also recognized $5.0 million for a clinical milestone payment received during the year ended November 30, 2025. For the year ended November 30, 2024, the Company recognized collaboration revenue related to the Gilead Research Extension of $4.0 million, all of which was related to the $15.0 million research term extension fee received in the second quarter of fiscal year 2024. The Company also recognized collaboration revenue related to the initial research term under the Gilead Agreement of $10.0 million, all of which was included in deferred revenue as of the beginning of the period. For the year ended November 30, 2023, the Company recognized collaboration revenue related to the Gilead Agreement of $29.9 million, of which $20.3 million was included in deferred revenue as of the beginning of the period, and $7.9 million 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 year ended November 30, 2023. As of November 30, 2025, deferred revenue related to the Gilead Agreement was $3.8 million, all of which was current. As of November 30, 2024, deferred revenue related to the Gilead Agreement was $11.0 million, of which $9.1 million 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 DEL-AI 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, a key drug target in type 2 inflammation, by two years (the Sixth Sanofi Amendment), which increased overall forecasted costs and had 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 its future internal programs, provided that the Company distinguished future programs as excluded from the scope of the collaboration. In March 2025, Sanofi exercised its right to exclusively license one target (the First Sanofi License Extension), the first development candidate resulting from the Sanofi Agreement. This right did not represent a material right at contract inception, since it was not offered for free or at a discount. Pursuant to the Sanofi Agreement, the Company received a license extension fee payment of $15.0 million in March 2025 for the First Sanofi License Extension. In May 2025, Sanofi exercised its right to exclusively license a second target (the Second Sanofi License Extension, and together with the First Sanofi License Extension, the Sanofi License Extensions), the second development candidate resulting from the Sanofi Agreement. This right also did not represent a material right at contract inception, since it was not offered for free or at a discount. Pursuant to the Sanofi Agreement, the Company received a license extension fee payment of $15.0 million in June 2025 for the Second Sanofi License Extension. The license to the functional intellectual property and all goods and services related to both the First Sanofi License Extension and the Second Sanofi License Extension were transferred during the second quarter of fiscal year 2025. 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 November 30, 2025, the Company has received payments of $20.0 million for research milestones and $30.0 million for license extension fees. As of November 30, 2025, the Company is eligible to receive up to approximately $930.0 million in total additional payments, including payments of up to $180.0 million upon the achievement of specified research and development milestones, up to $250.0 million upon the achievement of specified regulatory milestones and up to $500.0 million 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 November 30, 2025. 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, $20.0 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 was extended as part of the Sixth Sanofi Amendment and a cumulative effect was recorded in the second quarter of fiscal year 2024. The research term ended in the second quarter of fiscal year 2025. 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 year ended November 30, 2025, the Company recognized collaboration revenue related to the Sanofi Agreement of $16.1 million, of which $9.1 million was included in deferred revenue as of the beginning of the period, and $6.4 million was related to activities satisfied in previous periods. The Company also recognized $30.0 million in license revenue received pursuant to the Sanofi License Extensions during the year ended November 30, 2025. For the year ended November 30, 2024, the Company recognized collaboration revenue related to the Sanofi Agreement of $21.7 million, of which $20.2 million was included in deferred revenue as of the beginning of the period, and $1.1 million was related to activities satisfied in previous periods. For the year ended November 30, 2023, the Company recognized collaboration revenue related to the Sanofi Agreement of $25.4 million, of which $21.0 million was included in deferred revenue as of the beginning of the period, and $2.6 million was related to activities satisfied in previous periods. As of November 30, 2025, deferred revenue related to the Sanofi Agreement was zero and all performance obligations were satisfied. As of November 30, 2024, deferred revenue related to the Sanofi Agreement was $9.1 million, all of which was current. 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, from the signing of the Pfizer Agreement to November 30, 2025, the Company has received payments of $10.0 million for research milestones. Additionally, the Company achieved another research milestone in November 2025 of $5.0 million. As of November 30, 2025, the Company is eligible to receive up to approximately $3.4 billion in contingent payments across multiple programs, including payments of up to $626.0 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 November 30, 2025. 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 achievement of research milestones, $15.0 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, not to extend beyond six 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 year ended November 30, 2025, the Company recognized collaboration revenue related to the Pfizer Agreement of $25.7 million, of which $22.6 million was included in deferred revenue as of the beginning of the period and $1.8 million was related to activities satisfied in previous periods. For the year ended November 30, 2024, the Company recognized collaboration revenue related to the Pfizer Agreement of $18.8 million, of which $16.6 million was included in deferred revenue as of the beginning of the period and $0.3 million was related to activities satisfied in previous periods. For the year ended November 30, 2023, the Company recognized collaboration revenue related to the Pfizer Agreement of $1.7 million. As of November 30, 2025, deferred revenue related to the Pfizer Agreement was $23.8 million, of which $13.8 million was current, and included $5.0 million in contract assets representing the unbilled amount related to the research milestone achieved in November 2025. As of November 30, 2024, deferred revenue related to the Pfizer Agreement was $44.5 million, of which $20.0 million was current, and included $5.0 million in contract assets representing the unbilled amount related to the research milestone achieved in November 2024.

Balance Sheet Components - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 60,272	$ 52,259
Less: Accumulated depreciation and amortization	(37,782)	(34,502)
Total property and equipment, net	22,490	17,757
Laboratory equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	43,573	39,031
Leasehold improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	9,369	5,140
Computer equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	542	936
Furniture and fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, gross	631	1,077
Software
Property Plant And Equipment [Line Items]
Total property and equipment, gross	6,016	5,578
Software in progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 141	$ 497

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Nov. 30, 2025 Segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Property Plant And Equipment [Line Items]
Depreciation and amortization	$ 8,740	$ 9,318	$ 7,533
Software
Property Plant And Equipment [Line Items]
Depreciation and amortization	$ 600	$ 1,300	$ 1,400

Segment Information

12 Months Ended

Nov. 30, 2025

Segment Reporting [Abstract]

Segment Information

The Company operates and manages its business as a single reportable and operating segment. The Company is in the business of discovery, development and commercialization of innovative medicines based on the modulation of cellular protein levels as a novel treatment approach for cancer and other challenging diseases.

The Company’s CODM is the Chief Executive Officer, who reviews and evaluates net loss to monitor budget versus actual results and to analyze cash flows for purposes of allocating resources and assessing financial performance. The measure of segment assets is reported on the balance sheet as total assets. All of the Company's long-lived assets are located in the United States and all of the Company's revenue was derived from customers located in the United States.

In addition to the significant expense categories included within net loss presented in the Company's statements of operations, disaggregated research and development expenses are as follows (in thousands):


	Year ended November 30,
	2025		2024		2023
External clinical development expenses:
Bexobrutideg (NX-5948)	$	82,233	$	37,879	$	6,963
Zelebrudomide (NX-2127)	5,648		3,901		10,839
NX-1607	7,443		6,502		8,466
Internal research and development expenses	221,579		173,350		162,880
Total research and development expenses	$	316,903	$	221,632	$	189,148

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Income Tax Examination [Line Items]
Provision for income taxes	$ 760	$ 270	$ 0
Increase in valuation allowance	104,200	33,300
Valuation allowance	(331,247)	(227,050)
Unrecognized tax benefits	32,307	$ 21,866	$ 15,508	$ 10,261
Valuation allowance offsetting unrecognized tax benefits	31,800
Unrecognized tax benefits that would impact effective tax rate	500
Interest on unrecognized tax benefits	200
Federal
Income Tax Examination [Line Items]
NOL carryforwards	323,400
Federal \| Research
Income Tax Examination [Line Items]
Tax credit carryforwards	60,500
State Authorities
Income Tax Examination [Line Items]
NOL carryforwards	507,700
State Authorities \| Research
Income Tax Examination [Line Items]
Tax credit carryforwards	$ 32,400

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Nov. 30, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Fair Value Measurements

12 Months Ended

Nov. 30, 2025

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 November 30, 2025 and 2024 (in thousands):


November 30, 2025	Level	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value
Money market funds	Level 1	$	241,364	$	—	$	—	$	241,364
U.S. treasury securities	Level 1	345,876		115		(10)		345,981

Total		$	587,240	$	115	$	(10)	$	587,345
Included in cash and cash equivalents		$	241,364	$	—	$	—	$	241,364
Included in marketable securities, current		$	345,876	$	115	$	(10)	$	345,981


November 30, 2024	Level	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value
Money market funds	Level 1	$	90,380	$	—	$	—	$	90,380
U.S. treasury securities	Level 1	470,607		271		(138)		470,740
U.S. government agency securities	Level 2	28,829		32		(15)		28,846
Total		$	589,816	$	303	$	(153)	$	589,966
Included in cash and cash equivalents		$	90,380	$	—	$	—	$	90,380
Included in marketable securities, current		$	499,436	$	303	$	(153)	$	499,586

The following tables summarize the available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of November 30, 2025 and 2024, aggregated by investment category and length of time in a continuous unrealized loss position (in thousands):


	Less than 12 months				Greater than 12 months				Total
November 30, 2025	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
U.S. treasury securities	$	68,755	$	(10)	$	—	$	—	$	68,755	$	(10)

Total	$	68,755	$	(10)	$	—	$	—	$	68,755	$	(10)


	Less than 12 months				Greater than 12 months				Total
November 30, 2024	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
U.S. treasury securities	$	166,161	$	(138)	$	—	$	—	$	166,161	$	(138)
U.S. government agency securities	—		—		3,981		(15)		3,981		(15)
Total	$	166,161	$	(138)	$	3,981	$	(15)	$	170,142	$	(153)

The accrued interest receivable related to the Company’s marketable securities was $1.5 million as of November 30, 2025 and 2024, and was included in prepaid expenses and other current assets on the balance sheet.

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 U.S. government agency 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 years ended November 30, 2025 and 2024.

As of November 30, 2025 and 2024, 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 November 30, 2025 and 2024, no allowance for credit losses for the Company’s marketable securities was recorded. During the years ended November 30, 2025, 2024 and 2023, the Company did not recognize any impairment losses related to marketable securities.

Income Taxes - Schedule of Effective Tax Rate Differs from Federal Statutory Rate (Details)	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%	21.00%
State income tax rate	11.40%	(4.90%)	14.10%
Research and development tax credits	5.00%	4.10%	4.80%
Stock-based compensation	(1.20%)	(1.50%)	(4.20%)
Change in valuation allowance	(36.40%)	(18.60%)	(35.60%)
Other	0.20%	(0.10%)	(0.10%)
Total	0.00%	0.00%	0.00%

Commitments and Contingencies (Tables)

12 Months Ended

Nov. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating Expense and Sublease Income

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


	Year Ended November 30,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating leases	$	8,240	$	8,320	$	6,973

Schedule of Undiscounted Future Non-Cancellable Lease Payments Schedule

The undiscounted future non-cancellable lease payments under the Company’s lease agreements as of November 30, 2025 were as follows (in thousands):


Year ending November 30,	Operating Leases
2026	$	6,287
2027	9,176
2028	13,459
2029	14,248
2030	14,694
2030 to 2035	24,633
Total undiscounted lease payments	82,497
Less: imputed interest	(18,769)
Less: tenant improvement allowance	$	(7,998)
Total operating lease liabilities	$	55,730
Operating lease liabilities, current	$	2,824
Operating lease liabilities, net of current portion	52,906
Total operating lease liabilities	$	55,730

Fair Value Measurements - Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Fair Value
Less than 12 months	$ 68,755	$ 166,161
Greater than 12 months	0	3,981
Total	68,755	170,142
Gross Unrealized Loss
Less than 12 months	(10)	(138)
Greater than 12 months	0	(15)
Total	(10)	(153)
U.S. treasury securities
Fair Value
Less than 12 months	68,755	166,161
Greater than 12 months	0	0
Total	68,755	166,161
Gross Unrealized Loss
Less than 12 months	(10)	(138)
Greater than 12 months	0	0
Total	$ (10)	(138)
U.S. government agency securities
Fair Value
Less than 12 months		0
Greater than 12 months		3,981
Total		3,981
Gross Unrealized Loss
Less than 12 months		0
Greater than 12 months		(15)
Total		$ (15)

Fair Value Measurements - Schedule of Investments Fair Value Measurement on Recurring Basis (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term	$ 345,876	$ 499,436
Unrealized gain, short-term	115	303
Unrealized loss, short-term	(10)	(153)
Estimated fair value, short-term	345,981	499,586
Amortized cost	587,240	589,816
Unrealized gain	115	303
Unrealized loss	(10)	(153)
Estimated fair value	587,345	589,966
Included in cash and cash equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	241,364	90,380
Unrealized gain	0	0
Unrealized loss	0	0
Estimated fair value	241,364	90,380
Level 1 \| Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term	241,364	90,380
Unrealized gain, short-term	0	0
Unrealized loss, short-term	0	0
Estimated fair value, short-term	241,364	90,380
Level 1 \| U.S. treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term	345,876	470,607
Unrealized gain, short-term	115	271
Unrealized loss, short-term	(10)	(138)
Estimated fair value, short-term	$ 345,981	470,740
Level 2 \| U.S. government agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term		28,829
Unrealized gain, short-term		32
Unrealized loss, short-term		(15)
Estimated fair value, short-term		$ 28,846

STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Nov. 30, 2024 USD ($) shares
Issuance of common stock and pre-funded warrants, net of issuance costs	$ 188,732
Exercise of stock options	5,055
Common stock
Issuance of common stock and pre-funded warrants, net of issuance costs	$ 12
Exercise of stock options (in shares) \| shares	508,648
Exercise of stock options	$ 1
Additional paid-in capital
Issuance of common stock and pre-funded warrants, net of issuance costs	188,720
Exercise of stock options	5,054
2024 Public Offering
Issuance of common stock	12,518
At The Market Financing
Issuance of common stock	6,186
Issuance of common stock and pre-funded warrants, net of issuance costs	289,369
At The Market Financing \| Common stock
Issuance of common stock and pre-funded warrants, net of issuance costs	14
At The Market Financing \| Additional paid-in capital
Issuance of common stock and pre-funded warrants, net of issuance costs	$ 289,355

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Stock-Based Compensation - Schedule of Option Activity Under the Stock Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Total intrinsic value of stock options exercised	$ 1,500	$ 5,600	$ 200
Options to purchase common stock issued and outstanding
Number of options outstanding
Number of options outstanding, beginning balance (in shares)	9,839,454
Number of options outstanding, options granted (in shares)	2,235,975
Number of options outstanding, options exercised (in shares)	(214,529)
Number of options outstanding, options forfeited (in shares)	(488,628)
Number of options outstanding, ending balance (in shares)	11,372,272	9,839,454
Options vested and expected to vest as of November 30, 2024 (in shares)	11,372,272
Options exercisable as of November 30, 2024 (in shares)	8,100,687
Weighted- average exercise price
Weighted-average exercise price, beginning balance (in USD per share)	$ 15.77
Weighted-average exercise price, options granted (in USD per share)	15.11
Weighted-average exercise price, options exercised (in USD per share)	7.70
Weighted-average exercise price, options forfeited (in USD per share)	16.63
Weighted-average exercise price, ending balance (in USD per share)	15.76	$ 15.77
Weighted-average exercise price, options vested and expected to vest as of November 30, 2024 (in USD per share)	15.76
Weighted-average exercise price, options exercisable as of November 30, 2024 (in USD per share)	$ 16.51
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average contractual life (in years)	6 years 11 months 8 days	7 years 5 months 12 days
Weighted-average contractual life, options vested and expected to vest as of November 30, 2024 (in years)	6 years 11 months 8 days
Weighted-average contractual life, options exercisable as of November 30, 2024 (in years)	6 years 2 months 26 days
Aggregate intrinsic value, beginning balance	$ 80,434
Aggregate intrinsic value, ending balance	50,922	$ 80,434
Aggregate intrinsic value, options vested and expected to vest as of November 30, 2024	50,922
Aggregate intrinsic value, options exercisable as of November 30, 2024	$ 37,385

Income Taxes - Schedule of Significant Components of Deferred Tax Assets for Federal and State Income Taxes (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 106,447	$ 91,786
Research and development tax credits	66,580	48,307
Deferred revenue	9,308	12,683
Stock-based compensation	9,316	5,310
Accrued expenses and other liabilities	5,263	3,199
Operating lease liabilities	15,917	6,125
Capitalized research and experimental expenses	132,844	65,729
Gross deferred tax assets	345,675	233,139
Valuation allowance	(331,247)	(227,050)
Total deferred tax assets	14,428	6,089
Deferred tax liabilities:
Operating lease right-of-use assets	(14,428)	(6,089)
Total deferred tax liabilities	(14,428)	(6,089)
Net deferred tax assets	$ 0	$ 0

Cover - USD ($)
$ in Millions

12 Months Ended

Nov. 30, 2025

Jan. 23, 2026

May 30, 2025

Cover [Abstract]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Nov. 30, 2025

Current Fiscal Year End Date

--11-30

Document Transition Report

false

Entity File Number

001-39398

Entity Registrant Name

NURIX THERAPEUTICS, INC.

Entity Incorporation, State or Country Code

Entity Tax Identification Number

27-0838048

Entity Address, Address Line One

1600 Sierra Point Parkway

Entity Address, City or Town

Brisbane

Entity Address, State or Province

Entity Address, Postal Zip Code

94005

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 Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

Document Financial Statement Error Correction [Flag]

false

Entity Shell Company

false

ICFR Auditor Attestation Flag

true

Entity Public Float

$ 807.5

Entity Common Stock, Shares Outstanding

102,843,012

Documents Incorporated by Reference

Certain sections of the Registrant’s definitive Proxy Statement to be filed in connection with the Registrant’s 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such definitive Proxy Statement will be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days of the Registrant’s fiscal year ended November 30, 2025.

Entity Central Index Key

0001549595

Document Fiscal Year Focus

2025

Document Fiscal Period Focus

Amendment Flag

false

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Nov. 30, 2025
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 $1.2 million, $0.9 million and $1.0 million during the years ended November 30, 2025, 2024 and 2023, respectively.

Stock-Based Compensation (Tables)

12 Months Ended

Nov. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Option Activity under the Stock Plans

Option activity under the Stock Plans is set forth below:


	Number of options outstanding	Weighted- average exercise price		Weighted- average contractual life (in years)	Aggregate intrinsic value(1) (in thousands)
Balances as of November 30, 2024	9,839,454	$	15.77	7.45	$	80,434
Options granted	2,235,975	15.11
Options exercised	(214,529)	7.70
Options forfeited	(488,628)	16.63
Balances as of November 30, 2025	11,372,272	$	15.76	6.94	$	50,922
Options vested and expected to vest as of November 30, 2025	11,372,272	$	15.76	6.94	$	50,922
Options exercisable as of November 30, 2025	8,100,687	$	16.51	6.24	$	37,385


(1)			The aggregate intrinsic values were calculated as the pre-tax difference between the exercise price of stock options and the quoted market price of the Company’s common stock on November 30, 2025 for all in‑the‑money stock options. The total intrinsic value of stock options exercised during the years ended November 30, 2025, 2024 and 2023 was $1.5 million, $5.6 million and $0.2 million, respectively.

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair value of options granted during the years ended November 30, 2025, 2024 and 2023 was estimated using the Black-Scholes option pricing model on the grant date using the following assumptions:


	November 30,
	2025	2024	2023
Expected term (years)	5.50 - 6.07	5.50 - 6.13	5.50 - 6.06
Expected volatility	73% - 75%	71% - 83%	74% - 92%
Risk-free interest rate	3.66% - 4.59%	3.45% - 4.43%	3.27% - 4.59%
Dividend yield	0%	0%	0%

Schedule 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, 2024	1,956,015	$	11.83
RSUs granted	1,730,656	15.90
RSUs vested	(1,043,993)	12.63
RSUs forfeited	(396,841)	15.07
Balances as of November 30, 2025	2,245,837	$	14.02

Schedule of ESPP Assumptions

The fair value of shares granted under the ESPP during the years ended November 30, 2025, 2024 and 2023 was estimated using the Black-Scholes option pricing model on the grant date using the following assumptions:


	November 30,
	2025	2024	2023
Expected term (years)	0.5	0.5	0.5
Expected volatility	54% - 67%	80% - 85%	67%
Risk-free interest rate	4.12% - 4.34%	5.02% - 5.31%	4.98% - 5.54%
Dividend yield	0%	0%	0%

Schedule of Stock-Based Compensation Expense Related to Stock Options RSUs and ESPP Included in Statements of Operations

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


	Year Ended November 30,
	2025		2024		2023
Research and development	$	21,562	$	17,763	$	18,707
General and administrative	16,403		16,166		14,966
Total stock-based compensation	$	37,965	$	33,929	$	33,673

STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Total revenue	$ 83,980	$ 54,549	$ 76,987
Operating expenses:
Research and development	316,903	221,632	189,148
General and administrative	52,743	45,944	42,902
Total operating expenses	369,646	267,576	232,050
Loss from operations	(285,666)	(213,027)	(155,063)
Interest and other income, net	21,969	19,728	11,115
Loss before income taxes	(263,697)	(193,299)	(143,948)
Provision for income taxes	760	270	0
Net loss	$ (264,457)	$ (193,569)	$ (143,948)
Net loss per share, basic (in USD per share)	$ (3.05)	$ (2.88)	$ (2.65)
Net loss per share, diluted (in USD per share)	$ (3.05)	$ (2.88)	$ (2.65)
Weighted-average number of shares outstanding, basic (in shares)	86,666,907	67,120,266	54,337,901
Weighted-average number of shares outstanding, diluted (in shares)	86,666,907	67,120,266	54,337,901
Collaboration revenue
Total revenue	$ 53,980	$ 54,549	$ 56,987
License revenue
Total revenue	$ 30,000	$ 0	$ 20,000

Commitments and Contingencies

12 Months Ended

Nov. 30, 2025

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 November 30, 2025, 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 financial statements.

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 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. These lease agreements were originally scheduled to expire in April 2025. In September 2024, the leases were amended to extend the lease term through October 2025, and in October 2025, a second amendment extended the term through December 2025. The minimum rent payable by the Company pursuant to the lease amendments is approximately $0.3 million per month. The lease amendments did not have a material impact on the Company’s financial statements.

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 was originally scheduled to expire in June 2024. The Mission Bay Lease was amended in March 2024 to extend the term through April 2025, it was amended in September 2024 to extend the term through October 2025, and it was amended in October 2025 to extend the term through December 2025. The minimum rent payable by the Company is approximately $0.1 million per month under each amendment. The Mission Bay Lease amendments did not have a material impact on the Company’s financial statements.

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.

In February 2025, the Company entered into a lease agreement (the Brisbane Lease) for the lease of approximately 159,959 square feet of office space located at 1600 Sierra Point Parkway, Brisbane, California for a research and development laboratory and office space. The lease commenced in March 2025 when the underlying assets became available for use and the Company recorded a $26.7 million ROU asset and lease liability on the balance sheet. A security deposit of $2.4 million was also recorded in other assets, non-current on the balance sheet. In addition, the lease provides for a tenant improvement allowance of approximately $8.0 million, which is expected to be fully utilized.

In May 2025, the Brisbane Lease was amended to include an additional 35,929 square feet of office space located at 1400 Sierra Point Parkway, Brisbane, California. The lease for the additional space commenced in June 2025 when the underlying assets became available for use and the Company recorded a $5.8 million ROU asset and lease liability on the balance sheet. A security deposit of $0.5 million was also recorded in other assets, non-current on the balance sheet. The Brisbane Lease, as amended, will expire on September 30, 2031, unless terminated earlier. Future minimum lease payments under the Brisbane Lease, as amended, total $52.3 million, which does not include the payment of additional rent to cover the Company’s share of annual operating and tax expenses and utilities costs for the building.

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 $6.9 million, $7.0 million and $6.2 million for the years ended November 30, 2025, 2024 and 2023, respectively.

Operating lease expenses, excluding variable lease payments, were $13.3 million, $9.0 million and $6.8 million for the years ended November 30, 2025, 2024 and 2023, respectively. Short-term lease expense was not material for the periods presented. As of November 30, 2025, the weighted average remaining lease term was 7.2 years and the weighted average discount rate was 6.91%.

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


	Year Ended November 30,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating leases	$	8,240	$	8,320	$	6,973

The undiscounted future non-cancellable lease payments under the Company’s lease agreements as of November 30, 2025 were as follows (in thousands):


Year ending November 30,	Operating Leases
2026	$	6,287
2027	9,176
2028	13,459
2029	14,248
2030	14,694
2030 to 2035	24,633
Total undiscounted lease payments	82,497
Less: imputed interest	(18,769)
Less: tenant improvement allowance	$	(7,998)
Total operating lease liabilities	$	55,730
Operating lease liabilities, current	$	2,824
Operating lease liabilities, net of current portion	52,906
Total operating lease liabilities	$	55,730

Segment Information (Tables)

12 Months Ended

Nov. 30, 2025

Segment Reporting [Abstract]

Schedule of Disaggregated Research and Development Expenses


	Year ended November 30,
	2025		2024		2023
External clinical development expenses:
Bexobrutideg (NX-5948)	$	82,233	$	37,879	$	6,963
Zelebrudomide (NX-2127)	5,648		3,901		10,839
NX-1607	7,443		6,502		8,466
Internal research and development expenses	221,579		173,350		162,880
Total research and development expenses	$	316,903	$	221,632	$	189,148

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Nov. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We maintain processes for assessing, identifying, and managing cybersecurity risks. These processes are designed to protect our information assets and operations from both internal and external cyber threats, including protecting employee and patient information from unauthorized access or attack, and to secure our networks and systems. Our cybersecurity and data privacy programs are aligned to, among others, the U.S. National Institute of Standards and Technology (NIST) Cybersecurity Framework to assess, identify and manage material risks from cybersecurity threats. We employ a combination of physical, procedural, and technical safeguards, regular system tests, incident simulations, and routine policy and procedure reviews to identify risks and enhance our practices. We have a cybersecurity incident response plan (CIRP) that we review on at least an annual basis and update as business needs and the security landscapes change and as required. In the event of a cybersecurity incident, our incident response team refers to our CIRP and existing management internal controls and disclosure processes. Pursuant to this process, designated personnel are responsible for assessing the severity of the incident and any associated threats, containing and resolving the incident as quickly as possible, managing any damage to our systems and networks, minimizing the impact on our stakeholders, analyzing and executing upon internal reporting obligations, escalating information about the incident to senior management and the Board of Directors, as appropriate, and performing post-incident analysis and program enhancements, as needed. We perform tabletop exercises on at least an annual basis to test our incident response procedures, identify gaps and improvement opportunities and exercise team preparedness. We provide our employees and consultants with privacy, data protection, cybersecurity incident response, and prevention education and awareness training, which includes annual and supplemental training covering relevant topics, such as social engineering, phishing, password protection, confidential data protection, asset use, and mobile security, and educates employees on the importance of reporting all incidents immediately. In addition, we perform phishing test campaigns on at least a quarterly basis to reinforce identification and reporting training. We engage third parties to conduct risk assessments on our systems and other vulnerability analyses on a recurring basis and assist with containment and remediation efforts. In addition, third-party technology and analytics and penetration testing are utilized to identify potential vulnerabilities. To manage risks related to cybersecurity incidents that could impact our CROs, third-party vendors and other contractors and consultants, we maintain a third-party risk management program, which is designed to assess the security controls of our third parties. The assessment methodology is based on risk and relies on the data, access, connectivity, and criticality of the services that the third-party offers.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We maintain processes for assessing, identifying, and managing cybersecurity risks. These processes are designed to protect our information assets and operations from both internal and external cyber threats, including protecting employee and patient information from unauthorized access or attack, and to secure our networks and systems. Our cybersecurity and data privacy programs are aligned to, among others, the U.S. National Institute of Standards and Technology (NIST) Cybersecurity Framework to assess, identify and manage material risks from cybersecurity threats. We employ a combination of physical, procedural, and technical safeguards, regular system tests, incident simulations, and routine policy and procedure reviews to identify risks and enhance our practices.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our cybersecurity and data privacy programs are implemented and overseen by our Chief Information Security Officer (CISO), our Senior Vice President (SVP) of Information Technology, and members of our executive management team. Our SVP of Information Technology has over 20 years of information technology experience, with over 15 years of experience leading technology and cybersecurity programs in biopharmaceutical companies. Since joining Nurix in 2021, our SVP of Information Technology has led all information technology strategy and operations, including our cybersecurity program. Previously, he served as Chief Technology Advisor focused on cybersecurity incident response and strategic security consulting, and held senior IT leadership roles at multiple clinical-stage biotechnology companies. He holds industry cybersecurity certifications and is undertaking advanced studies in IT Management and Cybersecurity. Our CISO has over 20 years of experience in information security, including more than 15 years of experience leading large-scale cybersecurity and privacy programs across various industries. He currently leads all aspects of our enterprise cybersecurity strategy, risk governance, and privacy effort. He holds industry-recognized certifications, including CISSP. He earned his MBA with a focus on Finance and Strategy and a B.E. in Electronics and Communication. Our SVP of Information Technology and our CISO regularly provide cyber threat intelligence briefings to management on the status of the Company’s security measures and our efforts to identify and mitigate risks from cybersecurity threats. Our SVP of Information Technology and CISO also work closely with our Chief Financial Officer and Chief Legal Officer to further enhance incident response procedures and to assess and manage risks from cybersecurity threats. The Audit Committee of our Board of Directors (Audit Committee) oversees the Company’s overall enterprise risk assessment and risk management policies and guidelines, including risks related to cybersecurity matters. The Audit Committee provides periodic reports to the Board of Directors regarding its oversight of cybersecurity, information technology, data protection and related matters. Members of the Board of Directors also have participated in table-top exercises involving simulated data security incidents and the Company’s responses to those incidents. The Audit Committee receives regular presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, planned improvements to our cybersecurity program, and the status of information security initiatives. The Audit Committee also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of our Board of Directors (Audit Committee) oversees the Company’s overall enterprise risk assessment and risk management policies and guidelines, including risks related to cybersecurity matters.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee provides periodic reports to the Board of Directors regarding its oversight of cybersecurity, information technology, data protection and related matters.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity and data privacy programs are implemented and overseen by our Chief Information Security Officer (CISO), our Senior Vice President (SVP) of Information Technology, and members of our executive management team. Our SVP of Information Technology has over 20 years of information technology experience, with over 15 years of experience leading technology and cybersecurity programs in biopharmaceutical companies. Since joining Nurix in 2021, our SVP of Information Technology has led all information technology strategy and operations, including our cybersecurity program. Previously, he served as Chief Technology Advisor focused on cybersecurity incident response and strategic security consulting, and held senior IT leadership roles at multiple clinical-stage biotechnology companies. He holds industry cybersecurity certifications and is undertaking advanced studies in IT Management and Cybersecurity. Our CISO has over 20 years of experience in information security, including more than 15 years of experience leading large-scale cybersecurity and privacy programs across various industries. He currently leads all aspects of our enterprise cybersecurity strategy, risk governance, and privacy effort. He holds industry-recognized certifications, including CISSP. He earned his MBA with a focus on Finance and Strategy and a B.E. in Electronics and Communication. Our SVP of Information Technology and our CISO regularly provide cyber threat intelligence briefings to management on the status of the Company’s security measures and our efforts to identify and mitigate risks from cybersecurity threats. Our SVP of Information Technology and CISO also work closely with our Chief Financial Officer and Chief Legal Officer to further enhance incident response procedures and to assess and manage risks from cybersecurity threats. The Audit Committee of our Board of Directors (Audit Committee) oversees the Company’s overall enterprise risk assessment and risk management policies and guidelines, including risks related to cybersecurity matters. The Audit Committee provides periodic reports to the Board of Directors regarding its oversight of cybersecurity, information technology, data protection and related matters. Members of the Board of Directors also have participated in table-top exercises involving simulated data security incidents and the Company’s responses to those incidents. The Audit Committee receives regular presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, planned improvements to our cybersecurity program, and the status of information security initiatives. The Audit Committee also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity and data privacy programs are implemented and overseen by our Chief Information Security Officer (CISO), our Senior Vice President (SVP) of Information Technology, and members of our executive management team. Our SVP of Information Technology has over 20 years of information technology experience, with over 15 years of experience leading technology and cybersecurity programs in biopharmaceutical companies. Since joining Nurix in 2021, our SVP of Information Technology has led all information technology strategy and operations, including our cybersecurity program. Previously, he served as Chief Technology Advisor focused on cybersecurity incident response and strategic security consulting, and held senior IT leadership roles at multiple clinical-stage biotechnology companies. He holds industry cybersecurity certifications and is undertaking advanced studies in IT Management and Cybersecurity. Our CISO has over 20 years of experience in information security, including more than 15 years of experience leading large-scale cybersecurity and privacy programs across various industries. He currently leads all aspects of our enterprise cybersecurity strategy, risk governance, and privacy effort. He holds industry-recognized certifications, including CISSP. He earned his MBA with a focus on Finance and Strategy and a B.E. in Electronics and Communication. Our SVP of Information Technology and our CISO regularly provide cyber threat intelligence briefings to management on the status of the Company’s security measures and our efforts to identify and mitigate risks from cybersecurity threats. Our SVP of Information Technology and CISO also work closely with our Chief Financial Officer and Chief Legal Officer to further enhance incident response procedures and to assess and manage risks from cybersecurity threats. The Audit Committee of our Board of Directors (Audit Committee) oversees the Company’s overall enterprise risk assessment and risk management policies and guidelines, including risks related to cybersecurity matters. The Audit Committee provides periodic reports to the Board of Directors regarding its oversight of cybersecurity, information technology, data protection and related matters. Members of the Board of Directors also have participated in table-top exercises involving simulated data security incidents and the Company’s responses to those incidents. The Audit Committee receives regular presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, planned improvements to our cybersecurity program, and the status of information security initiatives. The Audit Committee also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has over 20 years of experience in information security, including more than 15 years of experience leading large-scale cybersecurity and privacy programs across various industries.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee provides periodic reports to the Board of Directors regarding its oversight of cybersecurity, information technology, data protection and related matters. Members of the Board of Directors also have participated in table-top exercises involving simulated data security incidents and the Company’s responses to those incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Fair Value Measurements - Additional Information (Details) - USD ($)	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Fair Value Disclosures [Abstract]
Accrued interest receivable	$ 1,500,000	$ 1,500,000
Transfers of financial instruments	0	0
Allowance for credit losses	0	0
Impairment losses	$ 0	$ 0	$ 0

Commitments and Contingencies - Schedule of Undiscounted Future Non-cancellable Lease Payments (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
2026	$ 6,287
2027	9,176
2028	13,459
2029	14,248
2030	14,694
2030 to 2035	24,633
Total undiscounted lease payments	82,497
Less: imputed interest	(18,769)
Less: tenant improvement allowance	(7,998)
Total operating lease liabilities	55,730
Operating lease liabilities, current	2,824	$ 8,014
Operating lease liabilities, net of current portion	$ 52,906	$ 20,289

BALANCE SHEETS (Parenthetical) - $ / shares	Nov. 30, 2025	Nov. 30, 2024
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 issued (in shares)	101,807,484	75,870,718
Common stock, shares outstanding (in shares)	101,807,484	75,870,718

Audit Information	12 Months Ended
Audit Information	Nov. 30, 2025
Audit Information [Abstract]
Auditor name	PricewaterhouseCoopers LLP
Auditor location	San Jose, California
Auditor firm ID	238

Balance Sheet Components (Tables)

12 Months Ended

Nov. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment

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


	November 30,
	2025		2024
Laboratory equipment	$	43,573	$	39,031
Leasehold improvements	9,369		5,140
Computer equipment	542		936
Furniture and fixtures	631		1,077
Software	6,016		5,578
Software in progress	141		497
Total property and equipment, gross	60,272		52,259
Less: Accumulated depreciation and amortization	(37,782)		(34,502)
Total property and equipment, net	$	22,490	$	17,757

Schedule of Accrued Expenses and Other Current Liabilities

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


	November 30,
	2025		2024
Accrued compensation	$	21,541	$	16,631
Accrued contract research and lab supplies	14,952		11,599
Accrued clinical	13,260		4,637
Accrued professional services	1,944		1,615
Accrued taxes	1,059		1,237
Other	2,096		2,275
Total accrued expenses and other current liabilities	$	54,852	$	37,994

Organization (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended								12 Months Ended
	Oct. 31, 2025	Nov. 30, 2024	Oct. 31, 2024	Aug. 31, 2024	May 31, 2024	Apr. 30, 2024	Jul. 31, 2022	Jun. 30, 2022	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023	Jul. 11, 2024	Aug. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from issuance of common stock									$ 0	$ 289,763	$ 0
Cash and short-term investments									592,900
Working capital									520,300
Accumulated deficit		$ (738,769)							$ (1,003,226)	(738,769)
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]
Number of warrants (in shares)							6,814,920		6,097,560
Purchase price of warrants (in USD per share)							$ 13.939
At the Market Offering
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance costs, common stock									$ 15,609
Registered Direct Offerings \| Pre Funded Warrants
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of warrants (in shares)	24,485,799						6,814,920
Purchase price of warrants (in USD per share)	$ 10.21						$ 13.939
Proceeds from issuances of common stock and pre-funded warrants, net of issuance costs	$ 234,400						$ 94,800
Warrants offering expenses							$ 200
Warrant issuance costs	$ 15,600
2024 Public Offering
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of warrants (in shares)						1,500,100			1,480,349
Purchase price of warrants (in USD per share)						$ 14.999
Number of shares issued (in shares)						11,916,667
Sale price of stock (in USD per share)						$ 15.00
Issuance costs, common stock						$ 12,500				$ 12,518
Over-Allotment Option
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued (in shares)						1,750,000
Maximum \| Equity Distribution Agreement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Remaining stock available for sale													$ 450,000
Piper Sandler & Co. \| At the Market Offering \| Equity Distribution Agreement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity distribution agreement, commission percentage on gross sales price of shares			3.00%	3.00%									3.00%
Issuance of common stock in "at the market" financing, net of issuance costs (in shares)		3,634,393	4,803,573	2,145,000	3,194,809			2,000,000
Issuance of Series D redeemable convertible preferred stock, per share (in USD per share)		$ 26.25		$ 20.00				$ 10.00		$ 26.25
Proceeds from issuance of common stock		$ 93,600	$ 105,300	$ 42,000	$ 48,500			$ 19,300
Piper Sandler & Co. \| Maximum \| At the Market Offering \| Equity Distribution Agreement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Remaining stock available for sale			$ 300,000						$ 204,600			$ 150,000	$ 150,000
Issuance of Series D redeemable convertible preferred stock, per share (in USD per share)			$ 25.00		$ 16.00
Piper Sandler & Co. \| Minimum \| At the Market Offering \| Equity Distribution Agreement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of Series D redeemable convertible preferred stock, per share (in USD per share)			$ 21.50		$ 15.50

Organization	12 Months Ended
Organization	Nov. 30, 2025
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 Brisbane, California. The Company is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of targeted protein degradation medicines, the next frontier in innovative drug design aimed at improving treatment options for patients with cancer and inflammatory diseases. Powered by a fully artificial intelligence (AI)-integrated discovery engine capable of tackling any protein class, and coupled with leading ligase expertise, the Company holds a differentiated position in translating the science of protein degradation into clinical advancements with the aim of establishing degrader-based treatments at the forefront of patient care. 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) and which expired in August 2024 with respect to additional sales of securities. The Shelf Registration Statement, which included a base prospectus, allowed the Company 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 could 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 was 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 3.0% 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 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 per share for total net proceeds of $48.5 million, after deducting offering commissions and expenses paid by the Company. In June 2024, the Company filed an automatic shelf registration statement on Form S-3 (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 Amendment No. 1 to the Equity Distribution Agreement (as amended, the Amended 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. The Company was not required to sell any shares at any time during the term of the Amended Equity Distribution Agreement. The Company agreed to pay Piper Sandler a commission of up to 3.0% of the gross sales price of any shares sold pursuant to the Amended Equity Distribution Agreement. In August 2024, the Company issued and sold 2,145,000 shares of common stock under the Amended Equity Distribution Agreement at a price of $20.00 per share for total net proceeds of $42.0 million, after deducting offering commissions and expenses paid by the Company. In October 2024, the Company issued and sold 4,803,573 shares of common stock under the Amended Equity Distribution Agreement at various prices ranging from $21.50 to $25.00 per share for total net proceeds of $105.3 million, after deducting offering commissions and expenses paid by the Company. On October 31, 2024, the Company entered into Amendment No. 2 to the Equity Distribution Agreement (as amended, the Second Amended Equity Distribution Agreement), pursuant to which, from time to time, the Company may offer and sell through Piper Sandler up to $300.0 million of common stock registered under the Automatic 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 Second Amended Equity Distribution Agreement. The Company agreed to pay Piper Sandler a commission of up to 3.0% of the gross sales price of any shares sold pursuant to the Second Amended Equity Distribution Agreement. In November 2024, the Company issued and sold 3,634,393 shares of common stock under the Second Amended Equity Distribution Agreement at a price of $26.25 per share for total net proceeds of $93.6 million, after deducting offering commissions and expenses paid by the Company. As of November 30, 2025, the Company had $204.6 million of common stock remaining available for sale under the Second Amended Equity Distribution Agreement. 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. In October 2025, the Company completed an underwritten registered direct offering (the 2025 RDO) and issued 24,485,799 shares of common stock at a price of $10.21 per share. Net proceeds from the 2025 RDO were $234.4 million, after deducting underwriting discounts and commissions and offering expenses of $15.6 million. Public Offering In April 2024, the Company completed a public offering (2024 Public Offering) 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. 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 financial statements have been prepared assuming that the Company will continue as a going concern. As of November 30, 2025, the Company had cash, cash equivalents and marketable securities of $592.9 million, working capital of $520.3 million and an accumulated deficit of $1.0 billion. 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 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 marketable securities are sufficient to continue operating activities for at least 12 months following the issuance date of these financial statements.

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Cash flows from operating activities
Net loss	$ (264,457)	$ (193,569)	$ (143,948)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,740	9,318	7,533
Stock-based compensation	37,965	33,929	33,673
Net accretion of discount on marketable securities	(10,322)	(11,288)	(5,421)
Loss on disposal of property and equipment	89	31	556
Amortization of operating lease right-of-use assets	10,116	7,110	6,121
Other	0	286	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(6,229)	(459)	2,139
Accounts payable	(630)	5,209	1,614
Deferred revenue	(36,980)	(28,549)	19,513
Operating lease liabilities	(5,067)	(6,418)	(6,268)
Accrued expenses and other current liabilities	17,310	11,816	3,123
Net cash used in operating activities	(249,465)	(172,584)	(81,365)
Cash flows from investing activities
Purchases of marketable securities	(455,688)	(707,953)	(246,334)
Maturities of marketable securities	617,543	459,513	323,036
Purchases of property and equipment	(14,002)	(9,273)	(8,401)
Net cash provided by (used in) investing activities	147,853	(257,713)	68,301
Cash flows from financing activities
Proceeds from issuances of common stock and pre-funded warrants, net of issuance costs	234,762	188,732	0
Proceeds from exercise of stock options and pre-funded warrants	1,651	5,055	988
Proceeds from issuance of common stock under employee stock purchase plan	2,229	2,132	2,229
Proceeds from issuances of common stock in "at the market" financing, net of issuance costs	0	289,763	0
Repurchase of unvested early exercised stock options	0	(15)	0
Net cash provided by financing activities	238,642	485,667	3,217
Net increase (decrease) in cash, cash equivalents and restricted cash	137,030	55,370	(9,847)
Cash, cash equivalents and restricted cash at beginning of period	110,898	55,528	65,375
Cash, cash equivalents and restricted cash at end of period	247,928	110,898	55,528
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	1,183	1,643	632
Right-of-use assets recognized in exchange for lease obligations	32,494	4,107	23,995
Capitalized stock-based compensation related to internal-use software development	20	14	74
Issuance costs related to equity financing included in accrued expenses and other current liabilities	371	0	0
Deferred issuance costs included in accounts payable and accrued expenses and other current liabilities	0	117	0
Deferred issuance costs recognized related to the "at the market" financing	0	394	0
Vesting of early exercised stock options	0	33	117
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	246,960	109,997	54,627
Restricted cash	968	901	901
Total cash, cash equivalents and restricted cash	$ 247,928	$ 110,898	$ 55,528

Net Loss Per Share

12 Months Ended

Nov. 30, 2025

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):


	Year Ended November 30,
	2025		2024		2023
Numerator:
Net loss	$	(264,457)	$	(193,569)	$	(143,948)
Denominator:
Weighted-average number of shares outstanding, basic and diluted (1)	86,666,907		67,120,266		54,337,901
Net loss per share, basic and diluted	$	(3.05)	$	(2.88)	$	(2.65)


(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 years ended November 30, 2025, 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:


	Year ended November 30,
	2025	2024	2023
Options to purchase common stock issued and outstanding	11,372,272	9,839,454	8,340,968
Options early exercised subject to vesting	—	—	4,909
Restricted stock units issued and outstanding	2,245,837	1,956,015	1,246,031
Shares expected to be purchased under employee stock purchase plan	185,012	71,541	203,314
Total	13,803,121	11,867,010	9,795,222

Commitments and Contingencies - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating leases	$ 8,240	$ 8,320	$ 6,973

Common Stock - Additional Information (Details)	12 Months Ended
Common Stock - Additional Information (Details)	Nov. 30, 2025 vote $ / shares shares	Nov. 30, 2024 $ / shares shares	Apr. 30, 2024 $ / 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	1,480,349		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
Pre-funded warrants issued and outstanding
Class Of Stock [Line Items]
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%

Related Party Transactions	12 Months Ended
Related Party Transactions	Nov. 30, 2025
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 $6.3 million, $4.3 million and $4.4 million for the years ended November 30, 2025, 2024 and 2023, respectively. As of November 30, 2025 and 2024, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Income Taxes - Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Income Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 21,866	$ 15,508	$ 10,261
Additions based on tax positions related to prior period	5,948	0	0
Additions based on tax positions related to current period	4,493	6,358	5,247
Balance at end of period	$ 32,307	$ 21,866	$ 15,508

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2022 ft² option	Nov. 30, 2025 USD ($) ft²	Nov. 30, 2024 USD ($)	Nov. 30, 2023 USD ($)	Oct. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	May 31, 2025 USD ($) ft²	Mar. 31, 2025 USD ($)	Feb. 28, 2025 USD ($) ft²	Sep. 30, 2024 USD ($)	Aug. 31, 2023 ft²	Jul. 31, 2021 ft²
Other Commitments [Line Items]
Area of office space leased \| ft²	46,434	57,902									50,094	19,320
Rent payable per month					$ 100					$ 300
Operating lease, renewal term	5 years
Number of renewal options \| option	2
Operating lease right-of-use assets		$ 50,517	$ 28,139
Total operating lease liabilities		55,730
Total operating lease liabilities		82,497
Maintenance costs and real estate taxes		6,900	7,000	$ 6,200
Operating lease expenses, excluding variable lease payments		$ 13,300	$ 9,000	$ 6,800
Operating lease, weighted average remaining lease term		7 years 2 months 12 days
Operating lease, weighted average discount rate, percent		6.91%
Brisbane, California
Other Commitments [Line Items]
Area of office space leased \| ft²							35,929		159,959
Operating lease right-of-use assets						$ 5,800		$ 26,700
Total operating lease liabilities						$ 5,800		$ 26,700
Security deposit							$ 500		$ 2,400
Tenant Improvements									$ 8,000
Total operating lease liabilities							$ 52,300

STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	At The Market Financing	Common stock	Common stock At The Market Financing	Additional paid-in capital	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 pre-funded warrants (in shares)	717,360
Exercise of pre-funded warrants	$ 2		$ 2
Exercise of stock options (in shares)			120,826
Exercise of stock options	986				986
Vesting of restricted stock units (in shares)			441,103
Vesting of early exercised stock options	117				117
Issuance under employee stock purchase plan (in shares)			266,964
Issuance of common stock under employee stock purchase plan	2,229				2,229
Stock-based compensation	33,747				33,747
Unrealized gain (loss) on available-for-sale marketable securities	3,664						3,664
Net loss	(143,948)							(143,948)
Ending Balance (in shares) at Nov. 30, 2023			48,718,552
Ending Balance at Nov. 30, 2023	200,493		$ 49		746,299		(655)	(545,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock and pre-funded warrants, net of issuance costs (in shares)			11,916,667	13,777,775
Issuance of common stock and pre-funded warrants, net of issuance costs	$ 188,732	$ 289,369	$ 12	$ 14	188,720	$ 289,355
Exercise of pre-funded warrants (in shares)	19,750
Exercise of stock options (in shares)			508,648
Exercise of stock options	$ 5,055		$ 1		5,054
Vesting of restricted stock units (in shares)			654,396
Vesting of early exercised stock options	33				33
Repurchase of unvested early exercised stock (in shares)			(1,548)
Issuance under employee stock purchase plan (in shares)			276,478
Issuance of common stock under employee stock purchase plan	2,132				2,132
Stock-based compensation	33,943				33,943
Unrealized gain (loss) on available-for-sale marketable securities	805						805
Net loss	(193,569)							(193,569)
Ending Balance (in shares) at Nov. 30, 2024			75,870,718
Ending Balance at Nov. 30, 2024	526,993		$ 76		1,265,536		150	(738,769)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock and pre-funded warrants, net of issuance costs (in shares)			24,485,799
Issuance of common stock and pre-funded warrants, net of issuance costs	234,391		$ 25		234,366
Exercise of stock options (in shares)			214,529
Exercise of stock options	1,651		$ 1		1,650
Vesting of restricted stock units (in shares)			1,043,993
Issuance under employee stock purchase plan (in shares)			192,445
Issuance of common stock under employee stock purchase plan	2,229				2,229
Stock-based compensation	37,985				37,985
Unrealized gain (loss) on available-for-sale marketable securities	(45)						(45)
Net loss	(264,457)							(264,457)
Ending Balance (in shares) at Nov. 30, 2025			101,807,484
Ending Balance at Nov. 30, 2025	$ 538,747		$ 102		$ 1,541,766		$ 105	$ (1,003,226)

Stock-Based Compensation

12 Months Ended

Nov. 30, 2025

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 (RSUs), performance awards and stock bonus awards to employees, directors, consultants, independent contractors and advisors of the Company.

Under the Stock Plans, the Company generally grants stock-based awards with service-based vesting conditions only. Options granted typically vest under various different vesting terms over a four-year period and expire ten years from the date of grant. In the case of an incentive stock option granted to an employee who at the time of grant owns stock representing more than 10% of the total combined voting power of all classes of stock, the exercise price shall be no less than 110% of the fair value per share on the date of grant, and the award shall expire five years from the date of grant. In the case of all other stock options, the per share exercise price shall be no less than 100% of the fair value per share on the date of grant. RSUs issued typically vest under various different vesting terms over a two- to four-year period.

Following the effectiveness of the 2020 Plan on July 22, 2020, the Company ceased making grants under the 2012 Plan. However, the 2012 Plan continues to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2012 Plan that cease to be subject to such awards by forfeiture or otherwise will be available for issuance under the 2020 Plan.

As of November 30, 2025, there were 1,113,277 shares of common stock reserved for future issuance pursuant to the 2020 Plan.

Equity Inducement Plan

In October 2024, the Board adopted and approved the Company’s 2024 Equity Inducement Plan (the 2024 Inducement Plan), which became effective on October 23, 2024. In accordance with Rule 5635(c)(4) of the Nasdaq listing rules, equity awards under the 2024 Inducement Plan may only be made to an employee if he or she is granted such awards in connection with the commencement of his or her employment with the Company and such grant is a material inducement to his or her entering into employment with the Company.

The Company has reserved 3,000,000 shares of common stock for issuance pursuant to non-qualified stock options and RSUs under the 2024 Inducement Plan. As of November 30, 2025, there were 2,033,200 shares of common stock reserved for future issuance pursuant to the 2024 Inducement Plan.

Stock options

Option activity under the Stock Plans is set forth below:


	Number of options outstanding	Weighted- average exercise price		Weighted- average contractual life (in years)	Aggregate intrinsic value(1) (in thousands)
Balances as of November 30, 2024	9,839,454	$	15.77	7.45	$	80,434
Options granted	2,235,975	15.11
Options exercised	(214,529)	7.70
Options forfeited	(488,628)	16.63
Balances as of November 30, 2025	11,372,272	$	15.76	6.94	$	50,922
Options vested and expected to vest as of November 30, 2025	11,372,272	$	15.76	6.94	$	50,922
Options exercisable as of November 30, 2025	8,100,687	$	16.51	6.24	$	37,385


(1)			The aggregate intrinsic values were calculated as the pre-tax difference between the exercise price of stock options and the quoted market price of the Company’s common stock on November 30, 2025 for all in‑the‑money stock options. The total intrinsic value of stock options exercised during the years ended November 30, 2025, 2024 and 2023 was $1.5 million, $5.6 million and $0.2 million, respectively.

The fair value of options granted during the years ended November 30, 2025, 2024 and 2023 was estimated using the Black-Scholes option pricing model on the grant date using the following assumptions:


	November 30,
	2025	2024	2023
Expected term (years)	5.50 - 6.07	5.50 - 6.13	5.50 - 6.06
Expected volatility	73% - 75%	71% - 83%	74% - 92%
Risk-free interest rate	3.66% - 4.59%	3.45% - 4.43%	3.27% - 4.59%
Dividend yield	0%	0%	0%

The expected term represents the weighted-average period the stock-based payments are expected to remain outstanding. The expected term assumption for stock options was determined using the simplified method for “plain-vanilla” options. The expected stock price volatility assumption was determined using a blended volatility by examining the historical volatilities for industry peers and the volatility of the Company’s stock following the IPO. The risk-free rate assumption is based on the U.S. Treasury yield curve whose term is consistent with the expected term of the stock options. The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. The expected dividend yield is 0% as the Company has not paid and does not anticipate paying dividends on its common stock.

During the years ended November 30, 2025, 2024 and 2023, the weighted-average grant date fair value of options granted was $10.18, $7.96 and $7.22 per share, respectively.

Restricted stock units

RSU activity under the Stock Plans is set forth below:


	Number of RSUs	Weighted-average grant date fair value
Balances as of November 30, 2024	1,956,015	$	11.83
RSUs granted	1,730,656	15.90
RSUs vested	(1,043,993)	12.63
RSUs forfeited	(396,841)	15.07
Balances as of November 30, 2025	2,245,837	$	14.02

During the years ended November 30, 2025, 2024 and 2023, the weighted-average grant date fair value of RSUs granted was $15.90, $11.18 and $10.53 per share, respectively, and the total fair value of RSUs vested was $13.2 million, $7.6 million and $7.9 million, respectively.

Employee Stock Purchase Plan

Under the Company’s ESPP, eligible employees are entitled to purchase shares of common stock at a discount with accumulated payroll deductions. The purchase price for shares of common stock purchased under the ESPP will be 85% of the lesser of the fair market value of the Company’s common stock on (i) the first trading day of the applicable offering period or (ii) the last trading day of each purchase period in the applicable offering period.

During the year ended November 30, 2025, the Company issued 192,445 shares of common stock pursuant to the ESPP at a weighted-average price of $11.59 per share. As of November 30, 2025, there were 2,307,250 shares of common stock reserved for issuance pursuant to the ESPP.


	November 30,
	2025	2024	2023
Expected term (years)	0.5	0.5	0.5
Expected volatility	54% - 67%	80% - 85%	67%
Risk-free interest rate	4.12% - 4.34%	5.02% - 5.31%	4.98% - 5.54%
Dividend yield	0%	0%	0%

Stock-Based Compensation

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


	Year Ended November 30,
	2025		2024		2023
Research and development	$	21,562	$	17,763	$	18,707
General and administrative	16,403		16,166		14,966
Total stock-based compensation	$	37,965	$	33,929	$	33,673

As of November 30, 2025, the total compensation cost related to stock-based awards not yet recognized was $56.1 million, which is expected to be amortized on a straight-line basis over the weighted-average remaining vesting period of approximately 2.16 years.

Income Taxes (Tables)

12 Months Ended

Nov. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

Loss before provision for income taxes includes the following component (in thousands):


	November 30,
	2025		2024		2023
Domestic	$	(263,697)	$	(193,299)	$	(143,948)
	$	(263,697)	$	(193,299)	$	(143,948)

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following (in thousands):


	November 30,
	2025		2024		2023
Current:
Federal	$	—	$	270	$	—
State	760		—		—
Total provision for income taxes	$	760	$	270	$	—

Schedule of Reconciliation of Statutory U.S. Federal Rate and Effective Rate

The effective tax rate differs from the federal statutory rate as follows:


	November 30,
	2025		2024		2023
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State income tax rate	11.4		(4.9)		14.1
Research and development tax credits	5.0		4.1		4.8


Stock-based compensation	(1.2)		(1.5)		(4.2)
Change in valuation allowance	(36.4)		(18.6)		(35.6)
Other	0.2		(0.1)		(0.1)
Total	—	%	—	%	—	%

Schedule of Significant Components of Deferred Tax Assets for Federal and State Income Taxes

Significant components of the deferred tax assets for federal and state income taxes are as follows (in thousands):


	Year ended November 30,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	106,447	$	91,786
Research and development tax credits	66,580		48,307
Deferred revenue	9,308		12,683
Stock-based compensation	9,316		5,310
Accrued expenses and other liabilities	5,263		3,199
Operating lease liabilities	15,917		6,125
Capitalized research and experimental expenses	132,844		65,729
Gross deferred tax assets	345,675		233,139
Valuation allowance	(331,247)		(227,050)
Total deferred tax assets	14,428		6,089
Deferred tax liabilities:
Operating lease right-of-use assets	(14,428)		(6,089)
Total deferred tax liabilities	(14,428)		(6,089)
Net deferred tax assets	$	—	$	—

Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Income Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized income tax benefits during the years ended November 30, 2025, 2024 and 2023 is as follows (in thousands):


	Year ended November 30,
	2025		2024		2023
Balance at beginning of period	$	21,866	$	15,508	$	10,261
Additions based on tax positions related to prior period	5,948		—		—
Additions based on tax positions related to current period	4,493		6,358		5,247
Balance at end of period	$	32,307	$	21,866	$	15,508

Common Stock

12 Months Ended

Nov. 30, 2025

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 November 30, 2025 and 2024. 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 November 30, 2025, 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 November 30, 2025, 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 November 30, 2025, a total of 1,480,349 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 on the 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 November 30, 2025 and 2024, consists of the following:


	November 30,
	2025	2024
Options to purchase common stock issued and outstanding	11,372,272	9,839,454
Restricted stock units issued and outstanding	2,245,837	1,956,015
Shares available for future equity grants	3,146,477	3,192,811
Shares available for issuance under employee stock purchase plan	2,307,250	1,740,988
Pre-funded warrants issued and outstanding	7,577,909	7,577,909
Total common stock reserved for future issuance	26,649,745	24,307,177

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-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 Estimated Fair Value of Stock Options and ESPP Using the Assumptions (Details)	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Dividend yield	0.00%
ESPP
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expected term (years)	6 months	6 months	6 months
Expected volatility, minimum	54.00%	80.00%
Expected volatility, maximum	67.00%	85.00%
Expected volatility			67.00%
Risk-free interest rate, minimum	4.12%	5.02%	4.98%
Risk-free interest rate, maximum	4.34%	5.31%	5.54%
Dividend yield	0.00%	0.00%	0.00%
Options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expected volatility, minimum	73.00%	71.00%	74.00%
Expected volatility, maximum	75.00%	83.00%	92.00%
Risk-free interest rate, minimum	3.66%	3.45%	3.27%
Risk-free interest rate, maximum	4.59%	4.43%	4.59%
Dividend yield	0.00%	0.00%	0.00%
Options \| Minimum
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expected term (years)	5 years 6 months	5 years 6 months	5 years 6 months
Options \| Maximum
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expected term (years)	6 years 25 days	6 years 1 month 17 days	6 years 21 days

Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted stock units issued and outstanding - $ / shares	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Number of RSUs
Number of RSUs, beginning balance (in shares)	1,956,015
RSUs granted (in shares)	1,730,656
RSUs vested (in shares)	(1,043,993)
RSUs forfeited (in shares)	(396,841)
Number of RSUs, ending balance (in shares)	2,245,837	1,956,015
Weighted-average grant date fair value
Weighted-average grant date fair value, beginning balance (in USD per share)	$ 11.83
Weighted-average grant date fair value, RSUs granted (in USD per share)	15.90	$ 11.18	$ 10.53
Weighted-average grant date fair value, RSUs vested (in USD per share)	12.63
Weighted-average grant date fair value, RSUs forfeited (in USD per share)	15.07
Weighted-average grant date fair value, ending balance (in USD per share)	$ 14.02	$ 11.83

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	12 Months Ended
	Jan. 28, 2026	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 0	$ 289,763	$ 0
Subsequent Event
Subsequent Event [Line Items]
Number of shares issued (in shares)	1,000,000
Sale price of stock (in USD per share)	$ 18.25
Proceeds from issuance of common stock	$ 18,000
Remaining stock available for sale	$ 186,300

STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Statement of Other Comprehensive Income [Abstract]
Net loss	$ (264,457)	$ (193,569)	$ (143,948)
Other comprehensive loss, net of tax:
Unrealized gain (loss) on available-for-sale marketable securities	(45)	805	3,664
Total comprehensive loss	$ (264,502)	$ (192,764)	$ (140,284)

- 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

BALANCE SHEETS - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Current assets:
Cash and cash equivalents	$ 246,960	$ 109,997
Marketable securities	345,981	499,586
Prepaid expenses and other current assets	13,878	9,804
Total current assets	606,819	619,387
Operating lease right-of-use assets	50,517	28,139
Property and equipment, net	22,490	17,757
Restricted cash	968	901
Other assets	7,341	3,159
Total assets	688,135	669,343
Current liabilities:
Accounts payable	11,215	11,482
Accrued expenses and other current liabilities	54,852	37,994
Operating lease liabilities, current	2,824	8,014
Deferred revenue, current	17,580	38,364
Total current liabilities	86,471	95,854
Operating lease liabilities, net of current portion	52,906	20,289
Deferred revenue, net of current portion	10,011	26,207
Total liabilities	149,388	142,350
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $0.001 par value— 10,000,000 shares authorized as of November 30, 2025 and 2024; no shares issued and outstanding as of November 30, 2025 and 2024	0	0
Common stock, $0.001 par value— 500,000,000 shares authorized as of November 30, 2025 and 2024; 101,807,484 and 75,870,718 shares issued and outstanding as of November 30, 2025 and 2024, respectively	102	76
Additional paid-in capital	1,541,766	1,265,536
Accumulated other comprehensive income	105	150
Accumulated deficit	(1,003,226)	(738,769)
Total stockholders’ equity	538,747	526,993
Total liabilities and stockholders’ equity	$ 688,135	$ 669,343

Collaboration Agreements (Details) $ in Thousands	1 Months Ended									2 Months Ended	3 Months Ended	12 Months Ended			66 Months Ended
Collaboration Agreements (Details) $ in Thousands	Jan. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024	Sep. 30, 2023 USD ($) performanceObligation product	Apr. 30, 2023 USD ($)	Jul. 31, 2022	Jan. 31, 2021 USD ($) target performanceObligation	Jun. 30, 2019 USD ($) target candidate	Mar. 31, 2024	May 31, 2024 USD ($)	Nov. 30, 2025 USD ($)	Nov. 30, 2024 USD ($)	Nov. 30, 2023 USD ($)	Nov. 30, 2024 USD ($)	Mar. 31, 2023 target	Dec. 31, 2019 target
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenue												$ 83,980	$ 54,549	$ 76,987
Deferred revenue, current												17,580	38,364		$ 38,364
Pfizer
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development milestone payments												626,000
Target licensing and reservation payments												19,500
Certain sales milestones payments												1,800,000
Regulatory milestone payments												873,000
License revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenue												$ 30,000	0	20,000
Gilead Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Drug targets \| target									5							1
Collaboration agreement contract term									5 years			5 years			5 years
Term extension										2 years
Extension payment											$ 15,000
Number of drug candidates \| candidate									1
Total revenue													10,000	29,900
Upfront payment									$ 45,000
Upfront payment of additional fees									$ 3,000
Research milestones payments received												$ 47,000
Clinical milestone payment												5,000
Research and development milestone payments												508,500
Target licensing and reservation payments												60,000
Certain sales milestones payments												1,200,000
Expiration term									10 years
Variable consideration included in transaction price												47,000
Collaboration revenue recognized from opening contract liability												7,100	4,000	20,300
Performance obligation satisfied														7,900
Deferred revenue, current												3,800	9,100		$ 9,100
Recorded deferred revenue													11,000		11,000
Gilead Agreement \| License revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenue						$ 20,000						20,000		20,000
Gilead Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of drug candidates \| candidate									2
Additional payments												1,800,000
Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Drug targets \| target								5									3
Term extension				2 years
Total revenue												16,100	21,700	25,400
Upfront payment								$ 55,000
Expiration term								10 years
Variable consideration included in transaction price								$ 20,000
Performance obligation satisfied												6,400	1,100	2,600
Recorded deferred revenue												$ 0	9,100		9,100
Additional payment received to exercise option to expand number of targets								$ 22,000
Additional drug targets \| target								2
Number of performance obligations \| performanceObligation					1			1
Contractual initial research period												4 years 3 months
Revenue recognized												$ 9,100	20,200	21,000
Sanofi Agreement \| Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research milestones payments received												20,000
Research and development milestone payments												180,000
Certain sales milestones payments												500,000
Regulatory milestone payments												250,000
Sanofi Agreement \| License revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenue		$ 15,000	$ 15,000									30,000
Sanofi Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Extended research term							5 years 3 months
Sanofi Agreement \| Maximum \| Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional payments												930,000
Sanofi Agreement \| Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Extended research term							1 year
Pfizer
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenue												25,700	18,800	$ 1,700
Research milestones payments received												10,000
Additional payments												3,400,000
Variable consideration included in transaction price												15,000
Collaboration revenue recognized from opening contract liability												22,600	16,600
Performance obligation satisfied												1,800	300
Deferred revenue, current												13,800	20,000		20,000
Recorded deferred revenue												23,800	44,500		44,500
Contractual initial research period					4 years
Products arising from collaboration \| product					2
Contract assets												$ 5,000	$ 5,000		$ 5,000
Pfizer \| Subsequent Event
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research milestones payments received	$ 5,000
Pfizer \| Pfizer
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment					$ 60,000
Pfizer \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contractual initial research period					6 years
Pfizer \| Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contractual initial research period					4 years

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Nov. 30, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Christine Ring [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 10, 2025, Christine Ring, Chief Legal Officer of the Company, entered into a prearranged trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended (Ring Plan), providing for the potential sale of up to 208,840 shares of the Company’s common stock, including shares issuable upon the exercise of option awards previously granted to Dr. Ring and shares to be acquired upon the vesting and settlement of restricted stock units previously granted to Dr. Ring. The shares will be sold at the times and prices specified in the Ring Plan. The Ring Plan expires on January 29, 2027, or upon the earlier completion of all authorized transactions thereunder
Name	Christine Ring
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 10, 2025
Expiration Date	January 29, 2027
Arrangement Duration	445 days
Aggregate Available	208,840

Net Loss Per Share (Tables)

12 Months Ended

Nov. 30, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss per Share


	Year Ended November 30,
	2025		2024		2023
Numerator:
Net loss	$	(264,457)	$	(193,569)	$	(143,948)
Denominator:
Weighted-average number of shares outstanding, basic and diluted (1)	86,666,907		67,120,266		54,337,901
Net loss per share, basic and diluted	$	(3.05)	$	(2.88)	$	(2.65)


(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 years ended November 30, 2025, 2024 and 2023.

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


	Year ended November 30,
	2025	2024	2023
Options to purchase common stock issued and outstanding	11,372,272	9,839,454	8,340,968
Options early exercised subject to vesting	—	—	4,909
Restricted stock units issued and outstanding	2,245,837	1,956,015	1,246,031
Shares expected to be purchased under employee stock purchase plan	185,012	71,541	203,314
Total	13,803,121	11,867,010	9,795,222

Balance Sheet Components

12 Months Ended

Nov. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Property and Equipment, Net

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


	November 30,
	2025		2024
Laboratory equipment	$	43,573	$	39,031
Leasehold improvements	9,369		5,140
Computer equipment	542		936
Furniture and fixtures	631		1,077
Software	6,016		5,578
Software in progress	141		497
Total property and equipment, gross	60,272		52,259
Less: Accumulated depreciation and amortization	(37,782)		(34,502)
Total property and equipment, net	$	22,490	$	17,757

For the years ended November 30, 2025, 2024 and 2023, depreciation and amortization expense was $8.7 million, $9.3 million and $7.5 million, respectively, which includes amortization expense related to capitalized software of $0.6 million, $1.3 million and $1.4 million, respectively.

Accrued Expenses and Other Current Liabilities

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


	November 30,
	2025		2024
Accrued compensation	$	21,541	$	16,631
Accrued contract research and lab supplies	14,952		11,599
Accrued clinical	13,260		4,637
Accrued professional services	1,944		1,615
Accrued taxes	1,059		1,237
Other	2,096		2,275
Total accrued expenses and other current liabilities	$	54,852	$	37,994

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Current:
Federal	$ 0	$ 270	$ 0
State	760	0	0
Total provision for income taxes	$ 760	$ 270	$ 0

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Nov. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Company’s financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the accounts of the Company and its wholly owned subsidiary, DeTIL Therapeutics, Inc., through the date of its dissolution in November 2023. All intercompany balances and transactions have been eliminated in consolidation. Following the dissolution, the Company had no subsidiaries. Accordingly, only the financial statements for the year ended November 30, 2023 are presented on a consolidated basis. 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 differ materially 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 highly rated corporate entities, 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, interest rate fluctuations, 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 financial statements and accompanying notes. The extent to which the increasing financial market volatility and uncertainty may directly or indirectly impact the 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. Segments The Company operates and manages its business as one reportable and operating segment. Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer, who reviews financial information on a company-wide basis for purposes of allocating resources and assessing financial performance. Cash and Cash Equivalents The Company considers all highly liquid marketable securities with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents, which consist of money market funds, are stated at fair value. Restricted Cash The Company had $1.0 million and $0.9 million of restricted cash recorded as a non-current asset as of November 30, 2025 and 2024, respectively, and primarily consisted of letters of credit required under operating leases. These balances are included within the cash, cash equivalents and restricted cash balance in the accompanying statements of cash flows and separately presented as such in the balance sheets. Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts payable and accrued liabilities included in the financial statements approximate their fair value due to the nature of the financial instruments. Refer to Note 5 for more information regarding the fair value of the Company’s marketable securities. Marketable Securities Marketable securities consist of money market funds, U.S. Treasuries and U.S. government agency securities. The Company’s marketable securities are classified as available-for-sale and carried at estimated fair values and reported in cash equivalents, short-term marketable securities or long-term marketable securities. Management determines the appropriate classification of the marketable securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. Marketable securities with contractual maturities greater than 12 months are considered long-term marketable securities. The Company regularly reviews its marketable securities for declines in estimated fair value below amortized cost. The factors considered in determining whether a credit loss exists include the creditworthiness of the security issuers, the number of marketable securities in an unrealized loss position, the severity and duration of the unrealized losses, and whether it is more likely than not that the Company will be required to sell the marketable securities before the recovery of their amortized cost basis. The cost of marketable securities sold is based on the specific identification method. In circumstances when an unrealized loss is determined to be credit-related, or when the Company intends to sell or is more likely than not required to sell a security before it recovers its amortized cost basis, the difference between the fair value and the amortized cost of the security is recognized as interest and other income, net in the statements of operations, and an allowance for credit loss is recorded on the balance sheet. In circumstances when the decline in fair value is non-credit related, the difference is reported in accumulated other comprehensive income (loss), net of tax as a separate component of stockholders’ equity. The Company excludes accrued interest from both the fair value and the amortized cost basis of marketable securities for the purposes of identifying and measuring an impairment. The Company writes off accrued interest receivables that have become more than 90 days delinquent by reversing interest income. To date, the Company has not written off any accrued interest receivables associated with its marketable securities. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Major improvements are capitalized, while maintenance and repairs are expensed when incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The useful life of laboratory equipment, computer equipment, furniture and fixtures and software is generally three years. Tenant improvements are depreciated over the shorter of the lease term or the estimated useful life of the improvements. When assets are retired or disposed of, the cost together with related accumulated depreciation is removed from the Company’s accounts and the resulting gain or loss is reflected in the statements 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 determinable, 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 judgments, including on its synthetic credit rating. Leases may include options to extend or early terminate the lease term. If the Company, using judgment, 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. Internal-Use Software Development Costs The Company capitalizes qualifying costs incurred during the application development stage related to software developed for internal-use and amortizes them over the estimated useful life of three years. Amortization of such costs begins when the project is substantially complete and ready for its intended use. Capitalized software development costs are classified as property and equipment, net on the balance sheet. The Company expenses costs incurred related to the planning and post-implementation phases of development as incurred. Impairment of Long-Lived Assets Long-lived assets, such as property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. There were no such impairment losses during the years ended November 30, 2025, 2024 and 2023. Deferred Offering Costs The Company capitalizes within other assets certain legal, accounting and other third-party fees that are directly related to the Company’s in-process equity financings until such financings are consummated. After consummation of an equity financing, these costs are recorded in stockholders’ equity as a reduction of additional paid-in capital generated as a result of the offering. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred offering costs are immediately written off to operating expenses. As of November 30, 2025 and 2024, there was $0.1 million of deferred offering costs included in other assets on the balance sheet. 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. Research and Development Expenses The Company expenses all research and development costs as incurred. Research and development costs include, but are not limited to, payroll and personnel expenses, laboratory supplies, preclinical study costs, clinical trial costs, compound manufacturing costs, consulting costs and allocated overhead, including rent, equipment, depreciation and utilities. The Company records accrued expenses for estimated costs of research and development activities conducted by third-party service providers, which include preclinical studies and clinical trials and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in accrued expenses and other current liabilities on the balance sheet. The Company estimates the amount of work completed through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services. The Company makes significant judgments and estimates in determining the accrued balance in each reporting period. As actual costs become known, the Company adjusts its accrued estimates. The Company’s accrued expenses are dependent, in part, upon the receipt of timely and accurate reporting from clinical research organizations and other third-party service providers. The Company records advance payments to service providers as prepaid assets, which are expensed as the contracted services are performed. Stock-Based Compensation The Company accounts for stock-based compensation using a fair value-based method, which requires the recognition of compensation expense for costs related to all stock-based payments including stock options, restricted stock units (RSUs) and purchase rights under the Company’s 2020 Employee Stock Purchase Plan (ESPP). The Company estimates the fair value of stock options and purchase rights granted under the ESPP on the date of grant using the Black-Scholes option pricing model, which is impacted by the fair value of the Company’s common stock, as well as changes in assumptions regarding a number of highly complex and subjective variables. The model requires management to make a number of assumptions including expected volatility, expected term, risk-free interest rate and expected dividend yield. The Company determines the fair value of stock options, RSUs and purchase rights under the ESPP using the market closing price of the Company’s common stock on the date of grant. For stock-based payments with service conditions only, the Company uses the straight-line method to allocate compensation cost to reporting periods over the requisite service period, which is generally the vesting period. Stock-based compensation expense for non-employee stock-based awards is also measured based on the grant date fair value with the estimated fair value expensed over the period for which the non-employee is required to provide service in exchange for the award. For stock-based payments with performance conditions, the Company evaluates the probability of achieving performance conditions at each reporting date. The Company begins to recognize compensation cost using an accelerated attribution method when it is deemed probable that the performance condition will be met. The Company accounts for forfeitures as they occur. Income taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when in management’s estimate, it is more likely than not, that the deferred tax assets will not be recovered. Financial statement effects of uncertain tax positions are recognized when it is more likely than not, based on the technical merits of the position, that it will be sustained upon examination. It is the Company’s policy to include penalties and interest expense related to income taxes as a component of the provision for income taxes. Non-income-based taxes are expensed as incurred within operating expenses on the statements of operations. Comprehensive loss Comprehensive loss represents the net loss for the period and other comprehensive income (loss). Other comprehensive income (loss) reflects certain gains and losses that are recorded as a component of stockholders’ equity (deficit) and are not reflected in the statements of operations. The Company’s other comprehensive income (loss) consists of changes in unrealized gains and losses on available-for-sale marketable securities. Net loss per share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock (including pre-funded warrants) outstanding during the period, without consideration for all other common stock equivalents. Shares of common stock into which the pre-funded warrants may be exercised are considered outstanding for the purposes of computing net loss per share because the shares may be issued for little or no consideration, are fully vested and are exercisable after the original issuance date. Diluted net loss is calculated by dividing the net loss by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, options to purchase common stock, options early exercised subject to vesting, RSUs and shares expected to be purchased under the ESPP are considered to be potentially dilutive securities. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. Recently Adopted Accounting Pronouncements 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. This amendment is effective for the Company in the fiscal year beginning December 1, 2024, and interim periods within the fiscal year beginning December 1, 2025, on a retrospective basis with early adoption permitted. The Company adopted ASU 2023-07 for the annual reporting period ended November 30, 2025. The adoption of this standard did not have a material impact on the Company’s financial statements. Recent Accounting Pronouncements Not Yet Adopted 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. In November 2024, the FASB issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which is intended to enhance transparency into the nature and function of expenses, primarily through additional disclosures on certain cost and expenses. ASU 2024-03 should be applied on a prospective basis, and retrospective application is permitted. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its disclosures In September 2025, the FASB issued ASU 2025-06— Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06), which is intended to simplify the capitalization guidance for internal-use software by removing references to project stages and clarifying when the capitalizing of eligible costs is required. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its disclosures.

Income Taxes

12 Months Ended

Nov. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

For the years ended November 30, 2025 and 2024, the Company recorded an income tax provision of $760,000 and $270,000, respectively. For the year ended November 30, 2023, the Company did not record any current income tax expense or provision. The Company has generated net operating losses (NOLs) since inception and has established a valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets.

Loss before provision for income taxes includes the following component (in thousands):


	November 30,
	2025		2024		2023
Domestic	$	(263,697)	$	(193,299)	$	(143,948)
	$	(263,697)	$	(193,299)	$	(143,948)

The provision for income taxes consists of the following (in thousands):


	November 30,
	2025		2024		2023
Current:
Federal	$	—	$	270	$	—
State	760		—		—
Total provision for income taxes	$	760	$	270	$	—

The effective tax rate differs from the federal statutory rate as follows:


	November 30,
	2025		2024		2023
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State income tax rate	11.4		(4.9)		14.1
Research and development tax credits	5.0		4.1		4.8


Stock-based compensation	(1.2)		(1.5)		(4.2)
Change in valuation allowance	(36.4)		(18.6)		(35.6)
Other	0.2		(0.1)		(0.1)
Total	—	%	—	%	—	%

Deferred Tax Assets and Liabilities

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. Significant components of the deferred tax assets for federal and state income taxes are as follows (in thousands):


	Year ended November 30,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	106,447	$	91,786
Research and development tax credits	66,580		48,307
Deferred revenue	9,308		12,683
Stock-based compensation	9,316		5,310
Accrued expenses and other liabilities	5,263		3,199
Operating lease liabilities	15,917		6,125
Capitalized research and experimental expenses	132,844		65,729
Gross deferred tax assets	345,675		233,139
Valuation allowance	(331,247)		(227,050)
Total deferred tax assets	14,428		6,089
Deferred tax liabilities:
Operating lease right-of-use assets	(14,428)		(6,089)
Total deferred tax liabilities	(14,428)		(6,089)
Net deferred tax assets	$	—	$	—

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 established a valuation allowance to offset deferred tax assets as of November 30, 2025 and 2024 due to the uncertainty of realizing future tax benefits from its NOL carryforwards and other deferred tax assets. The valuation allowance increased by $104.2 million to $331.2 million during the year ended November 30, 2025, primarily related to an increase on the deferred tax asset for research and development (R&D) credits, NOL carryforwards and Section 174 research and development capitalization. The valuation allowance increased by $33.3 million to $227.1 million during the year ended November 30, 2024, primarily related to an increase on the deferred tax asset for R&D credits, NOL carryforwards and Section 174 research and development capitalization.

As of November 30, 2025, the Company had NOL carryforwards available to reduce future taxable income, if any, for federal and state income tax purposes of $323.4 million and $507.7 million, respectively. All outstanding federal NOL carryforwards were generated for tax years beginning after December 31, 2017, and carry forward indefinitely. State NOL carryforwards begin expiring in 2029. As of November 30, 2025, the Company had federal and state research credit carryforwards of $60.5 million and $32.4 million, respectively. If not utilized, the federal credit carryforwards will begin expiring in 2035 and the state credits carry forward indefinitely.

Section 382 of the Internal Revenue Code of 1986, as amended (IRC) places a limitation on the utilization of NOL and tax credit carryforwards in the event of certain cumulative changes in the ownership interest of significant stockholders over a three-year period in excess of 50 percentage points. The Company has identified ownership changes that have triggered a limitation on pre-change NOLs under Section 382. A majority of the Company’s pre-change NOLs remain available within the carryforward period provided by the IRC, subject to availability of taxable income.

Unrecognized Tax Benefits

The Company has recorded a liability related to uncertain tax positions in the financial statements. The Company has unrecognized tax benefits of $32.3 million as of November 30, 2025, of which $31.8 million are offset by a valuation allowance. There are $0.5 million of uncertain tax benefits included in the balance of unrecognized tax benefits that, if recognized, would affect the effective tax rate. As of November 30, 2025, the Company has recognized $0.2 million of interest related to unrecognized tax benefits. The Company’s policy is to include interest and penalties related to unrecognized tax benefits, if any, within the provision for taxes in the statements of operations.

A reconciliation of the beginning and ending amounts of unrecognized income tax benefits during the years ended November 30, 2025, 2024 and 2023 is as follows (in thousands):


	Year ended November 30,
	2025		2024		2023
Balance at beginning of period	$	21,866	$	15,508	$	10,261
Additions based on tax positions related to prior period	5,948		—		—
Additions based on tax positions related to current period	4,493		6,358		5,247
Balance at end of period	$	32,307	$	21,866	$	15,508

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. In May 2025, the Company received new information from the FTB and remeasured the unrecognized tax benefit for California revenue sourcing, resulting in discrete tax expense. The Company entered into settlement procedures with the FTB in September 2025. 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 NOLs.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the United States. The OBBBA includes several significant tax provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company will no longer be required to capitalize its domestic research and experimental costs under Section 174 of the Internal Revenue Code beginning with the tax year ending November 30, 2026. The enactment of OBBBA did not have a material impact on the financial statements for the year ended November 30, 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss per Share of Common Stock (Details) - shares	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share (in shares)	13,803,121	11,867,010	9,795,222
Shares available for issuance 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 loss per share (in shares)	185,012	71,541	203,314
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 loss per share (in shares)	11,372,272	9,839,454	8,340,968
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 loss per share (in shares)	0	0	4,909
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 loss per share (in shares)	2,245,837	1,956,015	1,246,031

Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 21,541	$ 16,631
Accrued contract research and lab supplies	14,952	11,599
Accrued clinical	13,260	4,637
Accrued professional services	1,944	1,615
Accrued taxes	1,059	1,237
Other	2,096	2,275
Total accrued expenses and other current liabilities	$ 54,852	$ 37,994

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023	Oct. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	26,649,745	24,307,177
Dividend yield	0.00%
Weighted-average grant date fair value of options granted (in USD per share)	$ 10.18	$ 7.96	$ 7.22
Total compensation cost related to stock-based awards yet to recognize	$ 56.1
Total compensation cost related to stock-based awards, recognition period	2 years 1 month 28 days
Restricted stock units issued and outstanding
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	2,245,837	1,956,015
Weighted-average grant date fair value, RSUs granted (in USD per share)	$ 15.90	$ 11.18	$ 10.53
Fair value of RSUs vested	$ 13.2	$ 7.6	$ 7.9
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of options granted, years	4 years
Common stock, capital shares reserved for future issuance (in shares)	1,113,277
2020 Equity Incentive Plan \| Restricted stock units issued and outstanding
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award expiration period, years	10 years
2020 Equity Incentive Plan \| Restricted stock units issued and outstanding \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of options granted, years	2 years
2020 Equity Incentive Plan \| Restricted stock units issued and outstanding \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of options granted, years	4 years
2020 Equity Incentive Plan \| Incentive Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award expiration period, years	5 years
2020 Equity Incentive Plan \| Incentive Stock Option \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of total combined voting power of common stock, percent	10.00%
Percentage of fair value on grant date, percent	110.00%
2020 Equity Incentive Plan \| Non-statutory Stock Options and Options Granted to Consultants \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of fair value on grant date, percent	100.00%
2024 Equity Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	2,033,200			3,000,000
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of fair value on grant date, percent	85.00%
Common stock, capital shares reserved for future issuance (in shares)	2,307,250
Dividend yield	0.00%	0.00%	0.00%
Shares issued (in shares)	192,445
Weighted-average price per share (in USD per share)	$ 11.59

Segment Information - Schedule of Disaggregated Research and Development Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Segment Reporting Information [Line Items]
Total research and development expenses	$ 316,903	$ 221,632	$ 189,148
Reportable Segment
Segment Reporting Information [Line Items]
Total research and development expenses	316,903	221,632	189,148
Reportable Segment \| Bexobrutideg (NX-5948)
Segment Reporting Information [Line Items]
Total research and development expenses	82,233	37,879	6,963
Reportable Segment \| Zelebrudomide (NX-2127)
Segment Reporting Information [Line Items]
Total research and development expenses	5,648	3,901	10,839
Reportable Segment \| NX-1607
Segment Reporting Information [Line Items]
Total research and development expenses	7,443	6,502	8,466
Reportable Segment \| Internal research and development expenses
Segment Reporting Information [Line Items]
Total research and development expenses	$ 221,579	$ 173,350	$ 162,880

Income Taxes - Schedule of Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (263,697)	$ (193,299)	$ (143,948)
Loss before income taxes	$ (263,697)	$ (193,299)	$ (143,948)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Nov. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The Company’s financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the accounts of the Company and its wholly owned subsidiary, DeTIL Therapeutics, Inc., through the date of its dissolution in November 2023. All intercompany balances and transactions have been eliminated in consolidation. Following the dissolution, the Company had no subsidiaries. Accordingly, only the financial statements for the year ended November 30, 2023 are presented on a consolidated basis.
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 differ materially 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 highly rated corporate entities, 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, interest rate fluctuations, 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 financial statements and accompanying notes. The extent to which the increasing financial market volatility and uncertainty may directly or indirectly impact the 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.
Segments	Segments The Company operates and manages its business as one reportable and operating segment. Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer, who reviews financial information on a company-wide basis for purposes of allocating resources and assessing financial performance.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid marketable securities with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents, which consist of money market funds, are stated at fair value.
Restricted Cash	Restricted Cash The Company had $1.0 million and $0.9 million of restricted cash recorded as a non-current asset as of November 30, 2025 and 2024, respectively, and primarily consisted of letters of credit required under operating leases. These balances are included within the cash, cash equivalents and restricted cash balance in the accompanying statements of cash flows and separately presented as such in the balance sheets.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts payable and accrued liabilities included in the financial statements approximate their fair value due to the nature of the financial instruments. Refer to Note 5 for more information regarding the fair value of the Company’s marketable securities.
Marketable Securities	Marketable Securities Marketable securities consist of money market funds, U.S. Treasuries and U.S. government agency securities. The Company’s marketable securities are classified as available-for-sale and carried at estimated fair values and reported in cash equivalents, short-term marketable securities or long-term marketable securities. Management determines the appropriate classification of the marketable securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. Marketable securities with contractual maturities greater than 12 months are considered long-term marketable securities. The Company regularly reviews its marketable securities for declines in estimated fair value below amortized cost. The factors considered in determining whether a credit loss exists include the creditworthiness of the security issuers, the number of marketable securities in an unrealized loss position, the severity and duration of the unrealized losses, and whether it is more likely than not that the Company will be required to sell the marketable securities before the recovery of their amortized cost basis. The cost of marketable securities sold is based on the specific identification method. In circumstances when an unrealized loss is determined to be credit-related, or when the Company intends to sell or is more likely than not required to sell a security before it recovers its amortized cost basis, the difference between the fair value and the amortized cost of the security is recognized as interest and other income, net in the statements of operations, and an allowance for credit loss is recorded on the balance sheet. In circumstances when the decline in fair value is non-credit related, the difference is reported in accumulated other comprehensive income (loss), net of tax as a separate component of stockholders’ equity. The Company excludes accrued interest from both the fair value and the amortized cost basis of marketable securities for the purposes of identifying and measuring an impairment. The Company writes off accrued interest receivables that have become more than 90 days delinquent by reversing interest income. To date, the Company has not written off any accrued interest receivables associated with its marketable securities.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Major improvements are capitalized, while maintenance and repairs are expensed when incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The useful life of laboratory equipment, computer equipment, furniture and fixtures and software is generally three years. Tenant improvements are depreciated over the shorter of the lease term or the estimated useful life of the improvements. When assets are retired or disposed of, the cost together with related accumulated depreciation is removed from the Company’s accounts and the resulting gain or loss is reflected in the statements 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 determinable, 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 judgments, including on its synthetic credit rating. Leases may include options to extend or early terminate the lease term. If the Company, using judgment, 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.
Internal-Use Software Development Costs	Internal-Use Software Development Costs The Company capitalizes qualifying costs incurred during the application development stage related to software developed for internal-use and amortizes them over the estimated useful life of three years. Amortization of such costs begins when the project is substantially complete and ready for its intended use. Capitalized software development costs are classified as property and equipment, net on the balance sheet. The Company expenses costs incurred related to the planning and post-implementation phases of development as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, such as property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes within other assets certain legal, accounting and other third-party fees that are directly related to the Company’s in-process equity financings until such financings are consummated. After consummation of an equity financing, these costs are recorded in stockholders’ equity as a reduction of additional paid-in capital generated as a result of the offering. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred offering costs are immediately written off to operating expenses.
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.
Research and Development Expenses	Research and Development Expenses The Company expenses all research and development costs as incurred. Research and development costs include, but are not limited to, payroll and personnel expenses, laboratory supplies, preclinical study costs, clinical trial costs, compound manufacturing costs, consulting costs and allocated overhead, including rent, equipment, depreciation and utilities. The Company records accrued expenses for estimated costs of research and development activities conducted by third-party service providers, which include preclinical studies and clinical trials and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in accrued expenses and other current liabilities on the balance sheet. The Company estimates the amount of work completed through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services. The Company makes significant judgments and estimates in determining the accrued balance in each reporting period. As actual costs become known, the Company adjusts its accrued estimates. The Company’s accrued expenses are dependent, in part, upon the receipt of timely and accurate reporting from clinical research organizations and other third-party service providers. The Company records advance payments to service providers as prepaid assets, which are expensed as the contracted services are performed.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation using a fair value-based method, which requires the recognition of compensation expense for costs related to all stock-based payments including stock options, restricted stock units (RSUs) and purchase rights under the Company’s 2020 Employee Stock Purchase Plan (ESPP). The Company estimates the fair value of stock options and purchase rights granted under the ESPP on the date of grant using the Black-Scholes option pricing model, which is impacted by the fair value of the Company’s common stock, as well as changes in assumptions regarding a number of highly complex and subjective variables. The model requires management to make a number of assumptions including expected volatility, expected term, risk-free interest rate and expected dividend yield. The Company determines the fair value of stock options, RSUs and purchase rights under the ESPP using the market closing price of the Company’s common stock on the date of grant. For stock-based payments with service conditions only, the Company uses the straight-line method to allocate compensation cost to reporting periods over the requisite service period, which is generally the vesting period. Stock-based compensation expense for non-employee stock-based awards is also measured based on the grant date fair value with the estimated fair value expensed over the period for which the non-employee is required to provide service in exchange for the award. For stock-based payments with performance conditions, the Company evaluates the probability of achieving performance conditions at each reporting date. The Company begins to recognize compensation cost using an accelerated attribution method when it is deemed probable that the performance condition will be met. The Company accounts for forfeitures as they occur.
Income taxes	Income taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when in management’s estimate, it is more likely than not, that the deferred tax assets will not be recovered. Financial statement effects of uncertain tax positions are recognized when it is more likely than not, based on the technical merits of the position, that it will be sustained upon examination. It is the Company’s policy to include penalties and interest expense related to income taxes as a component of the provision for income taxes. Non-income-based taxes are expensed as incurred within operating expenses on the statements of operations.
Comprehensive loss	Comprehensive loss Comprehensive loss represents the net loss for the period and other comprehensive income (loss). Other comprehensive income (loss) reflects certain gains and losses that are recorded as a component of stockholders’ equity (deficit) and are not reflected in the statements of operations. The Company’s other comprehensive income (loss) consists of changes in unrealized gains and losses on available-for-sale marketable securities.
Net loss per share	Net loss per share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock (including pre-funded warrants) outstanding during the period, without consideration for all other common stock equivalents. Shares of common stock into which the pre-funded warrants may be exercised are considered outstanding for the purposes of computing net loss per share because the shares may be issued for little or no consideration, are fully vested and are exercisable after the original issuance date. Diluted net loss is calculated by dividing the net loss by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, options to purchase common stock, options early exercised subject to vesting, RSUs and shares expected to be purchased under the ESPP are considered to be potentially dilutive securities. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements 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. This amendment is effective for the Company in the fiscal year beginning December 1, 2024, and interim periods within the fiscal year beginning December 1, 2025, on a retrospective basis with early adoption permitted. The Company adopted ASU 2023-07 for the annual reporting period ended November 30, 2025. The adoption of this standard did not have a material impact on the Company’s financial statements. Recent Accounting Pronouncements Not Yet Adopted 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. In November 2024, the FASB issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which is intended to enhance transparency into the nature and function of expenses, primarily through additional disclosures on certain cost and expenses. ASU 2024-03 should be applied on a prospective basis, and retrospective application is permitted. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its disclosures In September 2025, the FASB issued ASU 2025-06— Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06), which is intended to simplify the capitalization guidance for internal-use software by removing references to project stages and clarifying when the capitalizing of eligible costs is required. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its disclosures.

Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) - shares	Nov. 30, 2025	Nov. 30, 2024
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	26,649,745	24,307,177
Pre-funded warrants issued and outstanding
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	7,577,909	7,577,909
Shares available for issuance under employee stock purchase plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	2,307,250	1,740,988
Options to purchase common stock issued and outstanding
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	11,372,272	9,839,454
Restricted stock units issued and outstanding
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	2,245,837	1,956,015
Shares available for future equity grants
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	3,146,477	3,192,811

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: 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 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Nov. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Investments Fair Value Measurement on Recurring Basis


November 30, 2025	Level	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value
Money market funds	Level 1	$	241,364	$	—	$	—	$	241,364
U.S. treasury securities	Level 1	345,876		115		(10)		345,981

Total		$	587,240	$	115	$	(10)	$	587,345
Included in cash and cash equivalents		$	241,364	$	—	$	—	$	241,364
Included in marketable securities, current		$	345,876	$	115	$	(10)	$	345,981


November 30, 2024	Level	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value
Money market funds	Level 1	$	90,380	$	—	$	—	$	90,380
U.S. treasury securities	Level 1	470,607		271		(138)		470,740
U.S. government agency securities	Level 2	28,829		32		(15)		28,846
Total		$	589,816	$	303	$	(153)	$	589,966
Included in cash and cash equivalents		$	90,380	$	—	$	—	$	90,380
Included in marketable securities, current		$	499,436	$	303	$	(153)	$	499,586

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value


	Less than 12 months				Greater than 12 months				Total
November 30, 2025	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
U.S. treasury securities	$	68,755	$	(10)	$	—	$	—	$	68,755	$	(10)

Total	$	68,755	$	(10)	$	—	$	—	$	68,755	$	(10)


	Less than 12 months				Greater than 12 months				Total
November 30, 2024	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
U.S. treasury securities	$	166,161	$	(138)	$	—	$	—	$	166,161	$	(138)
U.S. government agency securities	—		—		3,981		(15)		3,981		(15)
Total	$	166,161	$	(138)	$	3,981	$	(15)	$	170,142	$	(153)

Subsequent Events	12 Months Ended
Subsequent Events	Nov. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event Between November 30, 2025, and the date of this filing, the Company issued and sold 1,000,000 shares of common stock under the Second Amended Equity Distribution Agreement at $18.25 per share for total net proceeds of $18.0 million, after deducting offering commissions and expenses paid by the Company. As of the date of this filing, the Company had $186.3 million of common stock remaining available for sale under the Second Amended Equity Distribution Agreement.

Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Retirement Benefits [Abstract]
Contribution expense	$ 1.2	$ 0.9	$ 1.0

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Related to Stock Options RSUs and ESPP Included in Statements of Operations (Details) - Stock Option, RSUs and ESPP - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 37,965	$ 33,929	$ 33,673
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	21,562	17,763	18,707
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 16,403	$ 16,166	$ 14,966

Common Stock (Tables)

12 Months Ended

Nov. 30, 2025

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 November 30, 2025 and 2024, consists of the following:


	November 30,
	2025	2024
Options to purchase common stock issued and outstanding	11,372,272	9,839,454
Restricted stock units issued and outstanding	2,245,837	1,956,015
Shares available for future equity grants	3,146,477	3,192,811
Shares available for issuance under employee stock purchase plan	2,307,250	1,740,988
Pre-funded warrants issued and outstanding	7,577,909	7,577,909
Total common stock reserved for future issuance	26,649,745	24,307,177