0001564590-21-018713 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Feb. 28, 2021	Apr. 09, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Feb. 28, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--11-30
Entity Registrant Name	NURIX THERAPEUTICS, INC.
Entity Central Index Key	0001549595
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39398
Entity Tax Identification Number	27-0838048
Entity Address, Address Line One	1700 Owens Street
Entity Address, Address Line Two	Suite 205
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Interactive Data Current	Yes
Entity Address, Postal Zip Code	94158
City Area Code	415
Local Phone Number	660-5320
Entity Incorporation, State or Country Code	DE
Entity Common Stock, Shares Outstanding		44,347,441
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	NRIX
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Current assets:
Cash and cash equivalents	$ 126,381	$ 119,356
Short-term investments	176,692	161,792
Contract assets		7,500
Income tax receivable	3,981	3,846
Prepaid expenses and other current assets	3,714	5,940
Total current assets	310,768	298,434
Long-term investments	77,191	90,890
Property and equipment, net	6,960	6,672
Restricted cash	170	170
Other assets	1,571	177
Total assets	396,660	396,343
Current liabilities:
Accounts payable	4,388	3,412
Accrued and other current liabilities	10,833	8,328
Deferred revenue, current	32,751	32,799
Total current liabilities	47,972	44,539
Deferred revenue, net of current portion	77,723	60,685
Other long-term liabilities	832	850
Total liabilities	126,527	106,074
Commitments and contingencies (Note 6)
Stockholders’ equity (deficit):
Preferred stock, $0.001 par value— 10,000,000 shares authorized as of February 28, 2021 and November 30, 2020; 0 shares issued and outstanding as of February 28, 2021 and November 30, 2020
Common stock, $0.001 par value— 500,000,000 shares authorized as of February 28, 2021 and November 30, 2020; 39,119,315 and 38,864,872 shares issued and outstanding as of February 28, 2021 and November 30, 2020, respectively	39	39
Additional paid-in-capital	398,018	393,841
Accumulated other comprehensive income	49	87
Accumulated deficit	(127,973)	(103,698)
Total stockholders’ equity	270,133	290,269
Total liabilities and stockholders’ equity	$ 396,660	$ 396,343

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Feb. 28, 2021	Nov. 30, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	39,119,315	38,864,872
Common stock, shares outstanding	39,119,315	38,864,872

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Income Statement [Abstract]
Collaboration revenue	$ 5,011	$ 2,864
Operating expenses:
Research and development	23,003	12,967
General and administrative	6,530	2,450
Total operating expenses	29,533	15,417
Loss from operations	(24,522)	(12,553)
Interest and other income, net	318	173
Loss before income taxes	(24,204)	(12,380)
Provision for income taxes	71	11
Net loss	$ (24,275)	$ (12,391)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.63)	$ (3.50)
Weighted-average number of shares outstanding, basic and diluted	38,777,258	3,539,390

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Statement Of Other Comprehensive Income [Abstract]
Net loss	$ (24,275)	$ (12,391)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale investments	(38)	59
Total comprehensive loss	$ (24,313)	$ (12,332)

- Definition

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

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+ Details

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Redeemable Convertible Preferred Stock
Beginning Balance at Nov. 30, 2019	$ (57,714)	$ 4	$ 2,740	$ (2)	$ (60,456)
Beginning Balance, Shares at Nov. 30, 2019						12,813,887
Beginning Balance at Nov. 30, 2019						$ 48,195
Beginning Balance, Shares at Nov. 30, 2019		3,595,334
Exercise of stock options	37		37
Exercise of stock options, Shares		72,570
Repurchase of unvested early exercised stock options, Shares		(867)
Vesting of early-exercised stock options	31		31
Stock-based compensation	176		176
Unrealized gain (loss) on available-for-sale investments	59			59
Net loss	(12,391)				(12,391)
Ending Balance at Feb. 29, 2020	(69,802)	$ 4	2,984	57	(72,847)
Ending Balance, Shares at Feb. 29, 2020						12,813,887
Ending Balance at Feb. 29, 2020						$ 48,195
Ending Balance, Shares at Feb. 29, 2020		3,667,037
Beginning Balance at Nov. 30, 2020	290,269	$ 39	393,841	87	(103,698)
Beginning Balance, Shares at Nov. 30, 2020		38,864,872
Exercise of stock options	394		394
Exercise of stock options, Shares		190,825
Repurchase of unvested early exercised stock options, Shares		(971)
Vesting of early-exercised stock options	40		40
Issuance under Employee Stock Purchase Plan	1,043		1,043
Issuance under Employee Stock Purchase Plan, Shares		64,589
Stock-based compensation	2,700		2,700
Unrealized gain (loss) on available-for-sale investments	(38)			(38)
Net loss	(24,275)				(24,275)
Ending Balance at Feb. 28, 2021	$ 270,133	$ 39	$ 398,018	$ 49	$ (127,973)
Ending Balance, Shares at Feb. 28, 2021		39,119,315

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Cash flows from operating activities
Net loss	$ (24,275)	$ (12,391)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	643	491
Stock-based compensation	2,700	176
Net amortization (accretion) of premium (discount) on investments	222	8
Changes in operating assets and liabilities:
Contract assets	7,500
Income tax receivable	(135)
Prepaid expenses and other assets	1,335	(3,676)
Accounts payable	899	298
Deferred revenue	16,990	54,635
Accrued and other liabilities	2,174	1,431
Net cash provided by operating activities	8,053	40,972
Cash flows from investing activities
Purchases of investments	(47,742)	(19,060)
Maturities of investments	46,198
Purchases of property and equipment	(843)	(364)
Net cash used in investing activities	(2,387)	(19,424)
Cash flows from financing activities
Proceeds from exercise of stock options	317	47
Repurchase of unvested early exercised stock options	(1)	(1)
Proceeds from issuance under Employee Stock Purchase Plan	1,043
Net cash provided by financing activities	1,359	46
Net increase in cash, cash equivalents and restricted cash	7,025	21,594
Cash, cash equivalents and restricted cash at beginning of period	119,526	34,986
Cash, cash equivalents and restricted cash at end of period	126,551	56,580
Supplemental disclosures of non-cash investing and financing activities:
Additions to property and equipment included in accounts payable and accrued liabilities	668	231
Vesting of early exercised stock options	40	31
Redeemable convertible preferred stock issuance costs included in accrued liabilities		166
Deferred offering costs included in accounts payable and accrued liabilities	343	90
Reconciliation of cash, cash equivalents, and restricted cash as shown in the statements of cash flows:
Cash and cash equivalents	126,381	56,410
Restricted cash	170	170
Total cash, cash equivalents and restricted cash	$ 126,551	$ 56,580

Organization

3 Months Ended

Feb. 28, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

1. Organization

Description of Business

Nurix Therapeutics, Inc. (the Company) previously known as Nurix, Inc., was incorporated in the state of Delaware on August 27, 2009 and is headquartered in San Francisco, California. The Company is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule therapies designed to modulate cellular protein levels as a novel treatment approach for cancer and other challenging diseases. Leveraging the Company’s expertise in E3 ligases together with its proprietary DNA-encoded libraries, the Company has built DELigase, an integrated discovery platform to identify and advance novel drug candidates targeting E3 ligases, a broad class of enzymes that can modulate proteins within the cell. The Company’s drug discovery approach is to either harness or inhibit the natural function of E3 ligases within the ubiquitin-proteasome system to selectively decrease or increase cellular protein levels to treat disease.

The Company wholly owns a subsidiary, DeCART Therapeutics Inc. (DeCART), which was incorporated in the state of Delaware on June 22, 2020 and holds a license to three of the Company’s compounds, including NX-0255, for drug-enhanced isolation of T cells nonexclusively with respect to one chimeric antigen receptor T cell (CAR-T) therapy target and exclusively with respect to three novel CAR-T therapy targets.

Initial Public Offering

On July 23, 2020, the Company’s registration statement on Form S-1 (File No. 333-239651) relating to its initial public offering (IPO) of common stock became effective. The IPO closed on July 28, 2020 at which time the Company issued 11,000,000 shares of its common stock at a price to the public of $19.00 per share. In addition, the underwriters exercised their option to purchase an additional 1,550,000 shares of the Company’s common stock on July 31, 2020, and this transaction closed on August 4, 2020. Immediately prior to the closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into 22,245,251 shares of common stock. Net proceeds from the IPO, including the exercise of the underwriters’ option to purchase additional shares, were $218.1 million, after deducting underwriting discounts and commissions of $16.7 million and expenses of $3.6 million.

Subsequent to the closing of the IPO, there were no shares of preferred stock outstanding. In connection with the closing of the IPO, the Company restated its Restated Certificate of Incorporation to change the authorized capital stock to 500,000,000 shares designated as common stock, and 10,000,000 shares designated as preferred stock, all with a par value of $0.001 per share.

Follow-on Offering

In March 2021, the Company completed a follow-on offering and issued 5,175,000 shares of common stock (including the exercise by the underwriters of their option to purchase an additional 675,000 shares of common stock) at a price to the public of $31.00 per share for net proceeds of approximately $150.1 million, after deducting underwriting discounts and commissions of $9.6 million and expenses of $0.7 million.

Liquidity

The Company’s operations have historically been financed through the issuance of common and redeemable convertible preferred stock 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. During the three months ended February 28, 2021, the Company incurred a net loss of $24.3 million and had positive net cash flows from operating activities of $8.1 million. The Company had an accumulated deficit of $128.0 million as of February 28, 2021 and will require substantial additional capital for research and development activities. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its drug candidates currently in development. As of February 28, 2021, the Company had cash, cash equivalents and investments of $380.3 million.

Management believes that its cash, cash equivalents and investments are sufficient to continue operating activities for at least 12 months following the issuance date of these condensed consolidated financial statements. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development and payments the Company may receive under its collaboration agreements with Sanofi S.A. (Sanofi) and Gilead Sciences, Inc. (Gilead) 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.

Summary of Significant Accounting Policies

3 Months Ended

Feb. 28, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The Company’s condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of the Company’s financial position as of and for the three months ended February 28, 2021. The condensed consolidated balance sheet as of November 30, 2020 was derived from the audited annual financial statements as of that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. These interim financial statements and related disclosures have been prepared with the presumption that users of the interim financial statements have read or have access to the audited annual financial statements for the preceding fiscal year. Accordingly, these financial statements should be read in conjunction with the audited annual financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended November 30, 2020, as filed with the SEC. These interim results are not necessarily indicative of results to be expected for the full fiscal year or any future interim period.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Nurix Therapeutics, Inc. and its wholly owned subsidiary, DeCART. All intercompany balances and transactions have been eliminated in consolidation.

Reverse Stock Split

On July 17, 2020, the Company filed an amendment to the Company’s amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock and redeemable convertible preferred stock, each on a 1-for-3 basis (reverse stock split). The par value and authorized shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented.

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 bases its estimates on historical experience and on other relevant assumptions that are reasonable under the circumstances. Actual results could materially differ from those estimates.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and investments. The Company’s investments 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, but minimal credit risk exists. The Company invests its cash equivalents in highly rated money market funds. The Company has not experienced any credit losses on its deposits of cash and cash equivalents.

Other Risks and Uncertainties

The Company is subject to a number of risks similar to other early-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, including due to the impact of the current coronavirus (COVID-19) pandemic, 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 current COVID-19 pandemic, which is impacting worldwide economic activity, poses the risk that the Company or its employees, contractors, suppliers and other partners may be prevented from conducting business activities for an indefinite period of time, including due to shutdowns that may be requested or mandated by governmental authorities. The extent to which the COVID-19 pandemic 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 COVID-19 pandemic may directly or indirectly impact the Company’s financial statements is highly uncertain and subject to change. Management considered the potential impact of the COVID-19 pandemic on its estimates and assumptions and there was not a material impact to the Company’s condensed consolidated financial statements as of and for the three months ended February 28, 2021; however, actual results could differ from those estimates and there may be changes to management’s estimates in future periods.

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.

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.

Research and collaboration licenses: If a license is determined to be distinct from the other promises identified in the arrangement, the Company recognizes revenue from 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. For 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.

Deferred revenue, which is a contract liability, represents 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 consolidated balance sheet date based on the estimated performance period of the underlying performance obligation. The noncurrent portion of deferred revenue represents amounts to be recognized after one year through the end of the performance period of the performance obligation.

Contracts may be amended to account for changes in contract specifications and requirements. Contract modifications exist when the amendment either creates new, or changes existing, enforceable rights and obligations. When contract modifications create new performance obligations and the increase in consideration approximates the standalone selling price for goods and services related to such new performance obligations as adjusted for specific facts and circumstances of the contract, the modification is considered to be a separate contract and revenue is recognized prospectively. If a contract modification is not accounted for as a separate contract, the Company accounts for the promised goods or services not yet transferred at the date of the contract modification (the remaining promised goods or services) prospectively, as if it were a termination of the existing contract and the creation of a new contract, if the remaining goods or services are distinct from the goods or services transferred on or before the date of the contract modification. The Company accounts for a contract modification as if it were a part of the existing contract if the remaining goods or services are not distinct and, therefore, form part of a single performance obligation that is partially satisfied at the date of the contract modification. In such case the effect that the contract modification has on the transaction price, and on the entity’s measure of progress toward complete satisfaction of the performance obligation, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) at the date of the contract modification (the adjustment to revenue is made on a cumulative catch-up basis).

Recent Accounting Pronouncements

The Company is an “emerging growth company” (EGC), as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the JOBS Act). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of the public company effective dates.

Recently Adopted Accounting Pronouncements

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which modifies the disclosure requirements on fair value measurements by removing the requirement to disclose amounts of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation process for Level 3 fair value measurements, among other modifications to fair value measurement disclosure requirements. The Company adopted ASU 2018-13 as of December 1, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02), which for operating leases requires the lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of lease payments, in its balance sheet. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, including a number of optional practical expedients that entities may elect to apply. ASU 2016-02 is effective for annual periods beginning after December 15, 2021 and interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The measurement of expected credit losses is based on historical experience, current conditions, and reasonable and supportable forecasts that affect collectability. ASU 2016-13 also eliminates the concept of “other-than-temporary” impairment when evaluating available-for-sale debt investments and instead focuses on determining whether any impairment is a result of a credit loss or other factors. An entity will recognize an allowance for credit losses on available-for-sale debt investments rather than an other-than-temporary impairment that reduces the cost basis of the investment. ASU 2016-13 is effective for annual periods beginning after December 15, 2022, including interim periods within those annual periods. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its financial statements.

In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 (ASU 2018-18). ASU 2018-18 clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue when the collaborative arrangement participant is a customer in the context of a unit of account and precludes recognizing as revenue consideration received from a collaborative arrangement participant if the participant is not a customer. ASU 2018-18 is effective for annual periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. ASU 2018-18 requires retrospective adoption to the date the Company adopted Topic 606 by recognizing a cumulative-effect adjustment to the opening balance of retained earnings of the earliest annual period presented. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company does not expect the adoption to have a material impact on its financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes (ASU 2019-12), which is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2019-12 is effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its financial statements.

Collaboration Agreements

3 Months Ended

Feb. 28, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Collaboration Agreements

3. Collaboration Agreements

Gilead

In June 2019, the Company entered into a global strategic collaboration agreement with Gilead, which was amended in August 2019 (the Gilead Agreement), to discover, develop and commercialize a pipeline of targeted protein degradation drugs for patients with cancer and other challenging diseases using the Company’s DELigase platform to identify novel agents that utilize E3 ligases to induce degradation of five specified drug targets.

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.

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 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. Subsequently, the Company received payments of $11.0 million for research milestones and additional payments. As of February 28, 2021, the Company is eligible to receive up to approximately $2.3 billion in total additional payments, including up to $690.0 million upon the achievement of specified development milestones, up to $1.5 billion upon the achievement of specified sales milestones, subject to reduction for any product for which the Company exercises its option to co-develop and co-promote, and up to $139.8 million in certain additional fees related to target licensing, reservation and selection and research term extensions. In addition, the Company is eligible to receive tiered royalties from mid-single digit to low tens percentages 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 Company and Gilead share profits and losses evenly.

Subject to earlier expiration in certain circumstances, the Gilead Agreement expires on a licensed product-by-licensed product and country-by-country basis upon the later of (1) the expiration of the last to expire patent with a valid claim covering the applicable licensed product in the applicable country, (2) the expiration of any regulatory exclusivity for the applicable licensed product in the applicable country or (3) ten years after the first commercial sale of the applicable licensed product in the applicable country covered by the Gilead Agreement, provided that the term for any profit-shared licensed product in the United States will expire upon the expiration or termination of the applicable profit-share term as set forth in an applicable profit-share agreement to be negotiated upon the Company’s exercise of its option to co-develop and co-promote such licensed product. If Gilead does not exercise an option to license a drug candidate, then the Gilead Agreement will terminate at the end of the last to expire option period.

The Company identified the following promises in the Gilead Agreement: (1) the research licenses, (2) the research services, including selection campaign research services for certain replacement targets and (3) the obligation to share information during the research and to participate in the joint research committee and joint steering committee. The Company determined that the research licenses are not capable of being distinct due to the specialized nature of the research services to be provided by the Company, and, accordingly, this promise was combined with the research services and participation in the joint research committee as one single performance obligation. The Company 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 milestones and additional fees were considered variable consideration, which were not included in the transaction price based on the most likely amount method as of February 28, 2021. The Company will re-evaluate 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 Gilead Agreement consists of the upfront payment of $45.0 million and $3.0 million in additional fees. Subsequently, upon the achievement of research milestones and target reservations, $11.0 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 contract term of five years. The contract term was determined to be the five-year initial research term which represents the estimated timing of completion of the identified deliverables. Additionally, the Company considered the impact of Gilead terminating the agreement prior to the completion of the research services during the initial five-year research term and determined that there were significant economic costs to Gilead 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 Gilead, the Company recognizes revenue based on actual costs incurred as a percentage of total estimated costs as the Company completes its performance obligation. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligation will be recorded in the period in which changes are identified and amounts can be reasonably estimated. These actual costs consist primarily of internal FTE efforts and third party contract costs related to the Gilead Agreement.

For the three months ended February 28, 2021, the Company recognized collaboration revenue related to the Gilead Agreement of $2.7 million, all of which was included in deferred revenue as of November 30, 2020, and $0.5 million was related to performance obligation satisfied in previous periods. For the three months ended February 29, 2020, the Company recognized revenue related to the Gilead Agreement of $2.4 million. As of February 28, 2021, $41.4 million was recorded as deferred revenue, of which $14.4 million was current, on the condensed consolidated balance sheet related to the Gilead Agreement.

Sanofi

In December 2019, the Company entered into a strategic collaboration with Genzyme Corporation, a subsidiary of Sanofi, which became effective in January 2020 (as subsequently expanded and amended, the Sanofi Agreement), to discover, develop and commercialize a pipeline of targeted protein degradation drugs for patients with challenging diseases in multiple therapeutic areas using the Company’s DELigase platform to identify small molecules designed to induce degradation of three specified initial drug targets. In January 2021, as part of the existing collaboration agreement, Sanofi paid the Company $22 million to exercise its option to expand the number of targets in the collaboration agreement from three to a total of five targets. The Company and Sanofi also entered into a first amendment to the collaboration agreement in January 2021 to modify the research term on all targets (the First Sanofi Amendment). Over time and subject to certain limitations, Sanofi may elect to replace the drug targets with other reserved targets.

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 up to two targets, one of which must be selected from a list of targets designated at the execution of the Sanofi Agreement and one of which must be selected from targets identified by Sanofi as part of their recent expansion. The Company’s right to exercise its option to co-develop, co-promote and co-commercialize a given target is dependent on its ability to demonstrate, within a given timeframe, that it has sufficient cash resources and personnel to commercialize the product. The collaboration excludes the Company’s current internal protein degradation programs for which it retains all rights, and also excludes future internal programs, provided that the Company distinguished future programs as excluded from the scope of the collaboration.

For drug targets that are subject to the collaboration, the Company has primary responsibility for conducting preclinical research activities (including target validation, drug discovery, identification or synthesis) in accordance with the applicable research plan agreed to by the parties and established on a target-by-target basis. The Company is obligated to use commercially reasonable efforts to identify relevant target binders and chimeric targeting molecules 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. The Company is eligible to receive additional payments if Sanofi exercises an option to extend the license term with respect to a particular target. As of February 28, 2021, the Company is eligible to receive up to approximately $2.5 billion in total payments, including payments of up to $500.0 million upon the achievement of specified development milestones, up to $625.0 million upon the achievement of specified regulatory milestones and up to $1.3 billion upon the achievement of certain sales milestones, as well as up to $163.1 million in certain additional fees related to target licensing and reservation. In addition, the Company is eligible to receive tiered royalties ranging from mid-single digit to low teen percentages 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.

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 are not capable of being distinct due to the specialized nature of the research services to be provided by the Company, and, accordingly, this promise was combined with the research services 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. Milestone and additional fees were considered variable consideration, which were not included in the transaction price based on the most likely amount method as of February 28, 2021. The Company will re-evaluate 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 consists of the upfront payment of $55.0 million. To account for the material right related to the two additional targets, instead of determining the standalone selling price for the option directly, the Company applied the practical alternative to allocating the transaction price by determining the consideration that it expects to receive in exchange for the research activities that it expects to provide on the two additional targets for a total of five targets. The practical alternative can be applied as the research activities for the two additional targets are similar to the research activities for the initial three targets. Consequently, for the purpose of applying the practical alternative to estimating the standalone selling price of the material right, an expected consideration of $77.0 million was used for revenue recognition allocation, which represents the $55.0 million paid upfront for the three initial drug targets, and the $22.0 million for the additional consideration related to two additional targets which was included as part of applying the practical alternative, which was subsequently exercised by Sanofi. Revenue is recognized over the research term of 4.25 years, the revised research period which was agreed to in January 2021, using the cost-based input method, which the Company determined most faithfully depicts the transfer of its performance obligations to Sanofi, based on actual costs incurred as a percentage of total estimated costs as the Company completes its performance obligations. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. These actual costs consist primarily of internal FTE efforts and third party contract costs related to the Sanofi Agreement.

The Company accounted for the First Sanofi Amendment as if it were part of the existing contract with Sanofi as the remaining goods and services to be provided after the contract modification are not distinct from the goods and services already provided and, therefore, form part of a single performance obligation that is partially satisfied at the date of the contract modification. The contract modification did not have an effect on the contract transaction price. The effect of the revised research period on the Company’s measure of progress toward complete satisfaction of the performance obligation was recognized as an adjustment to revenue at the date of the contract modification on a cumulative catch-up basis.

For the three months ended February 28, 2021, the Company recognized collaboration revenue related to the Sanofi Agreement of $2.3 million, all of which was included in deferred revenue as of November 30, 2020. For the three months ended February 29, 2020, the Company recognized revenue related to the Sanofi Agreement of $0.4 million. As of February 28, 2021, $69.0 million was recorded as deferred revenue, of which $18.4 million was current, on the condensed consolidated balance sheet related to the Sanofi Agreement.

Condensed Consolidated Balance Sheet Components

3 Months Ended

Feb. 28, 2021

Balance Sheet Related Disclosures [Abstract]

Condensed Consolidated Balance Sheet Components

4. Condensed Consolidated Balance Sheet Components

Property and Equipment, Net

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

	February 28,			November 30,
	2021			2020
Laboratory equipment	$	14,743		$	14,120
Leasehold improvements		2,698			2,664
Computer equipment		745			745
Furniture and fixtures		506			506
Software		1,471			1,316
Software in progress		623			504
Total property and equipment, gross		20,786			19,855
Less: Accumulated depreciation and amortization		(13,826	)		(13,183	)
Total property and equipment, net	$	6,960		$	6,672

Depreciation and amortization expense was $0.6 million and $0.5 million for the three months ended February 28, 2021 and February 29, 2020, respectively. All long-lived assets are maintained in the United States.

Accrued and Other Current Liabilities

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

	February 28,		November 30,
	2021		2020
Accrued compensation	$	7,266	$	5,725
Accrued contract research and lab supplies		1,405		1,238
Accrued professional services		1,141		591
Accrued taxes		325		74
Other		696		700
Total	$	10,833	$	8,328

Fair Value Measurements

3 Months Ended

Feb. 28, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. 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 presents the Company’s financial assets, which consist of cash equivalents and investments classified as available-for-sale investments, that are measured at fair value on a recurring basis as of February 28, 2021 and November 30, 2020 (in thousands):

February 28, 2021	Level	Amortized cost		Unrealized gain		Unrealized loss			Estimated fair value
Money market funds	Level 1	$	126,381	$	—	$	—		$	126,381
U.S. treasury securities	Level 1		48,587		11		(6	)		48,592
Corporate debt securities	Level 2		39,905		13		(14	)		39,904
U.S. government agency securities	Level 2		10,751		5		—			10,756
Corporate commercial paper	Level 2		71,431		—		—			71,431
Municipal securities	Level 2		6,001		8		—			6,009
Long-term investments:
Corporate debt securities	Level 2		14,563		—		(15	)		14,548
U.S. government agency securities	Level 2		52,429		29		(3	)		52,455
Municipal securities	Level 2		10,167		22		(1	)		10,188
Total		$	380,215	$	88	$	(39	)	$	380,264
Included in Cash and cash equivalents		$	126,381	$	—	$	—		$	126,381
Included in Short-term investments		$	176,675	$	37	$	(20	)	$	176,692
Included in Long-term investments		$	77,159	$	51	$	(19	)	$	77,191

November 30, 2020	Level	Amortized cost		Unrealized gain		Unrealized loss			Estimated fair value
Money market funds	Level 1	$	114,357	$	—	$	—		$	114,357
U.S. treasury securities	Level 1		48,002		22		(1	)		48,023
Corporate debt securities	Level 2		23,287		11		(6	)		23,292
U.S. government agency securities	Level 2		9,011		15		—			9,026
Corporate commercial paper	Level 2		80,411		—		—			80,411
Municipal securities	Level 2		6,032		9		(2	)		6,039
Long-term investments:
Corporate debt securities	Level 2		11,207		11		(10	)		11,208
U.S. government agency securities	Level 2		70,373		25		(7	)		70,391
Municipal securities	Level 2		9,269		22		—			9,291
Total		$	371,949	$	115	$	(26	)	$	372,038
Included in Cash and cash equivalents		$	119,356	$	—	$	—		$	119,356
Included in Short-term investments		$	161,744	$	57	$	(9	)	$	161,792
Included in Long-term investments		$	90,849	$	58	$	(17	)	$	90,890

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 investments in corporate debt securities, U.S. government agency securities, corporate commercial paper, and municipal securities as Level 2 assets within the fair value hierarchy. The fair values of these investments 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.

As of February 28, 2021 and November 30, 2020, none of the Company’s available-for-sale investments that were in an unrealized loss position had been in an unrealized loss position for more than 12 months. During the three months ended February 28, 2021 and February 29, 2020, the Company did not recognize any other-than-temporary impairment losses.

The Company’s short-term investments have maturities of less than one year from the respective condensed consolidated balance sheet dates. The Company’s long-term investments have maturities of between one and two years from the respective condensed consolidated balance sheet dates.

Commitments and Contingencies

3 Months Ended

Feb. 28, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. 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 February 28, 2021, the Company had no outstanding, pending or threatened litigation.

Indemnifications

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

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

Operating Leases

The Company leases office and laboratory facilities in San Francisco, California under a lease agreement. The original lease term was scheduled to end 60 months following the Company’s full occupancy of the leased premises, which occurred in April 2015. In October 2015, the Company entered into a second lease agreement for additional space in the same building as its existing office and laboratory facilities. In November 2017, the Company entered into an amendment to its original lease agreement that combined the Company’s two leases into a single lease agreement and extended the term of the lease agreement through April 30, 2025. The Company is required to pay base rent plus the tenant’s proportionate share of operating expenses as defined in the lease agreement. Under the terms of the lease agreement, the Company paid the landlord security deposits totaling $91,000 and issued a letter of credit to the landlord in the amount of $70,000, which is collateralized by a restricted deposit of $70,000. In June 2020, the Company entered into a new lease agreement for additional space in the same building as the Company’s existing office for a 14-month term ending on July 31, 2021. Rent expense was $0.8 million and $0.7 million for the three months ended February 28, 2021 and February 29, 2020, respectively.

Future minimum lease payments under the Company’s lease agreement as of February 28, 2021 were as follows (in thousands):

Year ending November 30,	Operating Leases
2021 (remaining 9 months)	$	2,342
2022		3,365
2023		3,438
2024		3,541
2025		1,493
Total minimum lease payments	$	14,179

Common Stock

3 Months Ended

Feb. 28, 2021

Stockholders Equity [Abstract]

Common Stock

7. Common Stock

The Company’s Certificate of Incorporation, as amended, authorizes the Company to issue up to 500,000,000 shares of $0.001 par value common stock. Common stockholders are entitled to dividends when and if declared by the Company’s board of directors, subject to the prior rights of the preferred stockholders. The holder of each share of common stock is entitled to one vote. The common stockholders voting as a class are entitled to elect one member to the Company’s board of directors. As of February 28, 2021, no dividends have been declared.

Common stock reserved for future issuance, on an as-if converted basis, as of February 28, 2021 and November 30, 2020, consists of the following and has been adjusted for the 1-for-3 reverse stock split:

	February 28,		November 30,
	2021		2020
Issuance of options under stock option plan		5,095,996		4,387,862
Shares available for future stock option grants		3,696,307		3,035,684
Shares available for issuance under employee stock purchase plan		1,054,059		730,000
Total common stock reserved for future issuance		9,846,362		8,153,546

Stock-Based Compensation

3 Months Ended

Feb. 28, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

2020 Equity Incentive Plan

In July 2020, the Company’s board of directors approved, and the Company adopted the 2020 Equity Incentive Plan (the 2020 Plan). The 2020 Plan became effective on July 22, 2020. The 2020 Plan provides for the granting of stock options, stock appreciation rights (SARs), restricted stock awards (RSAs), restricted stock units (RSUs), performance awards and stock bonus awards to employees, directors, consultants, independent contractors and advisors of the Company. Under the 2020 Plan, the Company generally grants stock-based awards with service-based vesting conditions only. Options granted typically vest over a four-year period but may be granted with different vesting terms. 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.

Following the effectiveness of the 2020 Plan, the Company ceased making grants under the 2012 Equity Incentive Plan (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 after the termination of the 2012 Plan will be available for issuance under the 2020 Plan.

As of February 28, 2021, there were 3,696,307 shares of common stock reserved for future issuance pursuant to the 2020 Plan.

2012 Equity Incentive Plan

In April 2012, the Company’s board of directors approved, and the Company adopted the 2012 Plan. The 2012 Plan provides for the granting of stock options, SARs, RSAs, and RSUs to employees, directors, consultants and advisors of the Company. Options granted under the 2012 Plan generally vest over four years. Options granted under the 2012 Plan may, but need not, be exercisable immediately, with any shares issued on exercise being subject to the Company’s right of repurchase.

As of February 28, 2021, there were no shares of common stock reserved for issuance pursuant to the 2012 Plan.

Activity under the 2020 Plan and 2012 Plan is set forth below and has been adjusted for the 1-for-3 reverse stock split (in thousands, except per share data):

	Number of options outstanding			Weighted- average exercise price		Weighted- average contractual life (in years)		Aggregate intrinsic value⁽¹⁾
Balances as of November 30, 2020		4,387,862		$	10.43		9.02	$	141,249
Options granted		950,732			39.42
Options exercised		(190,825	)		2.07
Options forfeited		(51,773	)		2.15
Balances as of February 28, 2021		5,095,996		$	16.23		9.04	$	102,356
Options vested and expected to vest as of February 28, 2021⁽²⁾		5,197,130		$	15.98		9.02	$	105,643
Options exercisable as of February 28, 2021		2,852,713		$	6.11		8.54	$	84,158

(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 February 28, 2021 for all in-the-money stock options.

(2)

Certain stock options granted by the Company prior to the date of IPO are exercisable at the date of grant, with unvested shares subject to repurchase by the Company in the event of voluntary or involuntary termination of employment of the stockholder. Such exercises are recorded as a liability in the condensed consolidated balance sheets and reclassified into equity as the options vest. As of February 28, 2021, a total of 121,134 share of common stock were subject to repurchase by the Company at the lower of (i) the fair market value of such shares on the date of repurchase, or (ii) the original exercise price of such shares. The corresponding exercise value of $0.5 million as of February 28, 2021 is recorded in share-based compensation liability.

2020 Employee Stock Purchase Plan

In July 2020, the Company’s board of directors adopted the 2020 Employee Stock Purchase Plan (the 2020 ESPP) that became effective upon the date of the IPO in order to enable eligible employees to purchase shares of common stock with accumulated payroll deductions. The 2020 ESPP is intended to qualify under Section 423 of the Internal Revenue Code, as amended. Under the 2020 ESPP, eligible employees are offered the option to purchase shares of common stock at a discount over a series of offering periods. Each offering period may consist of one or more purchase periods. The purchase price for shares of common stock purchased under the 2020 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.

As of February 28, 2021, there were 1,054,059 shares of common stock reserved for issuance pursuant to the 2020 ESPP. The first offering period commenced as of July 23, 2020, the date on which the Company’s registration statement on Form S-1 relating to its IPO of common stock became effective and ended on February 15, 2021. The first purchase period was the same as the first offering period and the first purchase date was the last trading day of the purchase period, which was February 12, 2021.

Stock-Based Compensation

The following table sets forth stock-based compensation expense related to stock options and ESPP that is included in the Company’s condensed consolidated statements of operations (in thousands):

	Three Months Ended
	February 28,		February 29,
	2021		2020
Research and development	$	1,223	$	96
General and administrative		1,477		80
Total stock-based compensation	$	2,700	$	176

As of February 28, 2021, the total compensation cost related to stock-based awards not yet recognized was $49.7 million, which is expected to be amortized on a straight-line basis over the weighted-average remaining vesting period of approximately 3.5 years.

Defined Contribution Plan

3 Months Ended

Feb. 28, 2021

Compensation And Retirement Disclosure [Abstract]

Defined Contribution Plan

9. Defined Contribution Plan

The Company sponsors a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code (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. Employees may contribute a percentage of their annual compensation to the plan, subject to statutory limitations. During the three months ended February 28, 2021 and February 29, 2020, the Company made contributions to the 401(k) Plan during and recorded contribution expense of $0.2 million and $0.1 million, respectively.

Income Taxes

3 Months Ended

Feb. 28, 2021

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

For the three months ended February 28, 2021 and February 29, 2020, the Company recorded a current income tax expense of $71,000 and $11,000, respectively. Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of the deferred tax assets is dependent upon future taxable income, the amount, if any, and timing of which are uncertain. The Company has generated losses since inception and has established a valuation allowance to offset deferred tax assets as of February 28, 2021 and November 30, 2020 due to the uncertainty of realizing future tax benefits from its NOL carryforwards and other deferred tax assets.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss (NOL) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in taxable years 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. Any tax benefit as a result of the CARES Act is primarily due to the carryback of NOLs to prior taxable years and increased interest expense deductions. In fiscal 2020, the Company filed refund claims of $19.6 million to carryback its NOLs generated in the fiscal years ended November 30, 2018 and 2019. In fiscal 2020, the Company received cash of $16.3 million including interest income of $567,000. As of February 28, 2021, the Company has an income tax receivable of $4.0 million on the condensed consolidated balance sheet for the remaining tax refund claims, which includes interest accrued of $0.1 million.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Loss Per Share

3 Months Ended

Feb. 28, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

11. Net Loss Per Share

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

	Three Months Ended
	February 28,			February 29,
	2021			2020
Numerator:
Net loss	$	(24,275	)	$	(12,391	)
Denominator:
Weighted-average number of shares outstanding, basic and diluted		38,777,258			3,539,390
Net loss per share attributable to common stockholders, basic and diluted	$	(0.63	)	$	(3.50	)

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:

	Three Months Ended
	February 28,		February 29,
	2021		2020
Redeemable convertible preferred stock on an as-converted basis		—		12,813,889
Options to purchase common stock		5,095,996		2,631,474
Options early exercised subject to vesting		121,134		115,215
Shares expected to be purchased under employee stock purchase plan		34,606		—
Total		5,251,736		15,560,578

Subsequent Events

3 Months Ended

Feb. 28, 2021

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Feb. 28, 2021

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Reverse Stock Split

Use of Estimates

Concentration of Credit Risk

Other Risks and Uncertainties

Revenue Recognition

(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.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

Consolidated Balance Sheet Components (Tables)

3 Months Ended

Feb. 28, 2021

Balance Sheet Related Disclosures [Abstract]

Summary of Property and Equipment

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

	February 28,			November 30,
	2021			2020
Laboratory equipment	$	14,743		$	14,120
Leasehold improvements		2,698			2,664
Computer equipment		745			745
Furniture and fixtures		506			506
Software		1,471			1,316
Software in progress		623			504
Total property and equipment, gross		20,786			19,855
Less: Accumulated depreciation and amortization		(13,826	)		(13,183	)
Total property and equipment, net	$	6,960		$	6,672

Summary of Accrued and Other Current Liabilities

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

	February 28,		November 30,
	2021		2020
Accrued compensation	$	7,266	$	5,725
Accrued contract research and lab supplies		1,405		1,238
Accrued professional services		1,141		591
Accrued taxes		325		74
Other		696		700
Total	$	10,833	$	8,328

Fair Value Measurements (Tables)

3 Months Ended

Feb. 28, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets Fair Value Measurement on Recurring Basis

February 28, 2021	Level	Amortized cost		Unrealized gain		Unrealized loss			Estimated fair value
Money market funds	Level 1	$	126,381	$	—	$	—		$	126,381
U.S. treasury securities	Level 1		48,587		11		(6	)		48,592
Corporate debt securities	Level 2		39,905		13		(14	)		39,904
U.S. government agency securities	Level 2		10,751		5		—			10,756
Corporate commercial paper	Level 2		71,431		—		—			71,431
Municipal securities	Level 2		6,001		8		—			6,009
Long-term investments:
Corporate debt securities	Level 2		14,563		—		(15	)		14,548
U.S. government agency securities	Level 2		52,429		29		(3	)		52,455
Municipal securities	Level 2		10,167		22		(1	)		10,188
Total		$	380,215	$	88	$	(39	)	$	380,264
Included in Cash and cash equivalents		$	126,381	$	—	$	—		$	126,381
Included in Short-term investments		$	176,675	$	37	$	(20	)	$	176,692
Included in Long-term investments		$	77,159	$	51	$	(19	)	$	77,191

November 30, 2020	Level	Amortized cost		Unrealized gain		Unrealized loss			Estimated fair value
Money market funds	Level 1	$	114,357	$	—	$	—		$	114,357
U.S. treasury securities	Level 1		48,002		22		(1	)		48,023
Corporate debt securities	Level 2		23,287		11		(6	)		23,292
U.S. government agency securities	Level 2		9,011		15		—			9,026
Corporate commercial paper	Level 2		80,411		—		—			80,411
Municipal securities	Level 2		6,032		9		(2	)		6,039
Long-term investments:
Corporate debt securities	Level 2		11,207		11		(10	)		11,208
U.S. government agency securities	Level 2		70,373		25		(7	)		70,391
Municipal securities	Level 2		9,269		22		—			9,291
Total		$	371,949	$	115	$	(26	)	$	372,038
Included in Cash and cash equivalents		$	119,356	$	—	$	—		$	119,356
Included in Short-term investments		$	161,744	$	57	$	(9	)	$	161,792
Included in Long-term investments		$	90,849	$	58	$	(17	)	$	90,890

Commitments and Contingencies (Tables)

3 Months Ended

Feb. 28, 2021

Commitments And Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments

Future minimum lease payments under the Company’s lease agreement as of February 28, 2021 were as follows (in thousands):

Year ending November 30,	Operating Leases
2021 (remaining 9 months)	$	2,342
2022		3,365
2023		3,438
2024		3,541
2025		1,493
Total minimum lease payments	$	14,179

Common Stock (Tables)

3 Months Ended

Feb. 28, 2021

Stockholders Equity [Abstract]

Schedule of Common Stock Shares Reserved for Future Issuance

	February 28,		November 30,
	2021		2020
Issuance of options under stock option plan		5,095,996		4,387,862
Shares available for future stock option grants		3,696,307		3,035,684
Shares available for issuance under employee stock purchase plan		1,054,059		730,000
Total common stock reserved for future issuance		9,846,362		8,153,546

Stock-Based Compensation (Tables)

3 Months Ended

Feb. 28, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Activity under 2020 Plan and 2012 Plan

Activity under the 2020 Plan and 2012 Plan is set forth below and has been adjusted for the 1-for-3 reverse stock split (in thousands, except per share data):

	Number of options outstanding			Weighted- average exercise price		Weighted- average contractual life (in years)		Aggregate intrinsic value⁽¹⁾
Balances as of November 30, 2020		4,387,862		$	10.43		9.02	$	141,249
Options granted		950,732			39.42
Options exercised		(190,825	)		2.07
Options forfeited		(51,773	)		2.15
Balances as of February 28, 2021		5,095,996		$	16.23		9.04	$	102,356
Options vested and expected to vest as of February 28, 2021⁽²⁾		5,197,130		$	15.98		9.02	$	105,643
Options exercisable as of February 28, 2021		2,852,713		$	6.11		8.54	$	84,158

(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 February 28, 2021 for all in-the-money stock options.

(2)

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

The following table sets forth stock-based compensation expense related to stock options and ESPP that is included in the Company’s condensed consolidated statements of operations (in thousands):

	Three Months Ended
	February 28,		February 29,
	2021		2020
Research and development	$	1,223	$	96
General and administrative		1,477		80
Total stock-based compensation	$	2,700	$	176

Net Loss Per Share (Tables)

3 Months Ended

Feb. 28, 2021

Earnings Per Share [Abstract]

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

	Three Months Ended
	February 28,			February 29,
	2021			2020
Numerator:
Net loss	$	(24,275	)	$	(12,391	)
Denominator:
Weighted-average number of shares outstanding, basic and diluted		38,777,258			3,539,390
Net loss per share attributable to common stockholders, basic and diluted	$	(0.63	)	$	(3.50	)

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

	Three Months Ended
	February 28,		February 29,
	2021		2020
Redeemable convertible preferred stock on an as-converted basis		—		12,813,889
Options to purchase common stock		5,095,996		2,631,474
Options early exercised subject to vesting		121,134		115,215
Shares expected to be purchased under employee stock purchase plan		34,606		—
Total		5,251,736		15,560,578

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended
	Jul. 31, 2020	Jul. 28, 2020	Jul. 27, 2020	Mar. 31, 2021	Feb. 28, 2021	Feb. 29, 2020	Nov. 30, 2020	Jul. 29, 2020
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Preferred stock, shares outstanding					0		0
Common stock, shares authorized					500,000,000		500,000,000
Preferred stock, shares authorized					10,000,000		10,000,000
Common stock, par value					$ 0.001		$ 0.001
Preferred stock, par value					$ 0.001		$ 0.001
Net loss					$ (24,275)	$ (12,391)
Positive net cash flows from operating activities					8,053	$ 40,972
Accumulated deficit					(127,973)		$ (103,698)
cash, cash equivalents and investments					$ 380,300
IPO
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued		11,000,000
Stock issued, price per share		$ 19.00
Net proceeds from offering		$ 218,100
Underwriting discounts and commissions		16,700
Stock offering expenses		$ 3,600
Preferred stock, shares outstanding								0
Common stock, shares authorized		500,000,000
Preferred stock, shares authorized		10,000,000
Common stock, par value		$ 0.001
Preferred stock, par value		$ 0.001
IPO \| Common Stock
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Preferred stock converted into common stock			22,245,251
Underwriters
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued	1,550,000
Underwriters \| Subsequent Event
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued				675,000
Follow-on Offering \| Subsequent Event
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued				5,175,000
Stock issued, price per share				$ 31.00
Underwriting discounts and commissions				$ 9,600
Stock offering expenses				700
Net proceeds from offering				$ 150,100

Summary of Significant Accounting Policies - Additional Information (Details)	Jul. 17, 2020	Feb. 28, 2021
Summary Of Significant Accounting Policies [Line Items]
Reverse stock split, conversion ratio	0.333
Reverse stock split, description	1-for-3
ASU 2018-13
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]		true
Change in accounting principle, accounting standards update, adoption date		Dec. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect [true false]		true

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

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+ Details

- Definition

Date accounting standards update was adopted, in CCYY-MM-DD format.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121329987&loc=SL120154346-209984

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 20
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121483254&loc=SL120254523-199619

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL120320025-210437

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL120320025-210437

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL120254519-210437

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=120240428&loc=SL120254526-165497

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (a)

+ Details

Collaboration Agreements - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Jan. 31, 2021	Dec. 31, 2019	Jun. 30, 2019	Feb. 28, 2021	Feb. 29, 2020	Nov. 30, 2020
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration revenue				$ 5,011	$ 2,864
Deferred revenue, current				$ 32,751		$ 32,799
Gilead Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment			$ 45,000
Upfront payment of additional fees			3,000
Variable consideration included in transaction price			$ 11,000
Collaboration agreement contract term				5 years
Collaboration revenue				$ 2,700	2,400
Performance obligation satisfied				500
Recorded deferred revenue				41,400
Deferred revenue, current				14,400
Gilead Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total additional payments receivable				2,300,000
Development milestone payments, receivable				690,000
Sales milestone payments, receivable				1,500,000
Additional fees receivable related to target licensing, reservation and selection and research term extensions				139,800
Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment		$ 55,000		55,000
Recorded deferred revenue				69,000
Deferred revenue, current				18,400
Payment received to exercise option to expand number of targets		$ 22,000
Additional payment received to exercise option to expand number of targets	$ 22,000
Collaborative agreement expected transaction price				77,000
Collaborative agreement additional transaction price				$ 22,000
Contractual initial research period				4 years 3 months
Collaboration revenue				$ 2,300	$ 400
Revenue, product and service [Extensible List]				nrix:CollaborationRevenueMember	nrix:CollaborationRevenueMember
Sanofi Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Development milestone payments, receivable				$ 500,000
Sales milestone payments, receivable				1,300,000
Milestone payments additional fees, total				2,500,000
Regulatory milestone payments, receivable				625,000
Additional fees receivable related to target licensing and reservation				$ 163,100

Condensed Consolidated Balance Sheet Components - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 20,786	$ 19,855
Less: Accumulated depreciation and amortization	(13,826)	(13,183)
Total property and equipment, net	6,960	6,672
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	14,743	14,120
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	2,698	2,664
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	745	745
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, gross	506	506
Software
Property Plant And Equipment [Line Items]
Total property and equipment, gross	1,471	1,316
Software in Progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 623	$ 504

Condensed Consolidated Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Property Plant And Equipment [Abstract]
Depreciation and amortization expense	$ 643	$ 491

Condensed Consolidated Balance Sheet Components - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Accrued Liabilities And Other Liabilities [Abstract]
Accrued compensation	$ 7,266	$ 5,725
Accrued contract research and lab supplies	1,405	1,238
Accrued professional services	1,141	591
Accrued taxes	325	74
Other	696	700
Total	$ 10,833	$ 8,328

Fair Value Measurements - Summary of Financial Assets Fair Value Measurement on Recurring Basis (Details) - Fair Value Measurements, Recurring - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	$ 380,215	$ 371,949
Unrealized gain	88	115
Unrealized loss	(39)	(26)
Estimated fair value	380,264	372,038
Included in Cash and Cash Equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	126,381	119,356
Estimated fair value	126,381	119,356
Included in Short-term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	176,675	161,744
Unrealized gain	37	57
Unrealized loss	(20)	(9)
Estimated fair value	176,692	161,792
Included in Long-term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	77,159	90,849
Unrealized gain	51	58
Unrealized loss	(19)	(17)
Estimated fair value	77,191	90,890
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	126,381	114,357
Estimated fair value	126,381	114,357
Level 1 \| U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	48,587	48,002
Unrealized gain	11	22
Unrealized loss	(6)	(1)
Estimated fair value	48,592	48,023
Level 2 \| Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	39,905	23,287
Unrealized gain	13	11
Unrealized loss	(14)	(6)
Estimated fair value	39,904	23,292
Level 2 \| U.S. Government Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	10,751	9,011
Unrealized gain	5	15
Estimated fair value	10,756	9,026
Level 2 \| Corporate Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	71,431	80,411
Estimated fair value	71,431	80,411
Level 2 \| Municipal Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	6,001	6,032
Unrealized gain	8	9
Unrealized loss		(2)
Estimated fair value	6,009	6,039
Level 2 \| Long-term Investments \| Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	14,563	11,207
Unrealized gain		11
Unrealized loss	(15)	(10)
Estimated fair value	14,548	11,208
Level 2 \| Long-term Investments \| U.S. Government Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	52,429	70,373
Unrealized gain	29	25
Unrealized loss	(3)	(7)
Estimated fair value	52,455	70,391
Level 2 \| Long-term Investments \| Municipal Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	10,167	9,269
Unrealized gain	22	22
Unrealized loss	(1)
Estimated fair value	$ 10,188	$ 9,291

Fair Value Measurements - Additional Information (Details)	3 Months Ended	12 Months Ended
	Feb. 28, 2021 USD ($) security	Nov. 30, 2020 USD ($) security
Fair Value Disclosures [Abstract]
Debt securities unrealized loss position, more than12 months number of positions \| security	0	0
Other-than-temporary impairment losses recognized \| $	$ 0	$ 0

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended
	Jun. 30, 2020	Nov. 30, 2017	Feb. 28, 2021	Feb. 29, 2020	Apr. 30, 2015
Lessee Lease Description [Line Items]
Outstanding, pending or threatened litigation			$ 0
Operating lease, lease term	14 months				60 months
Lease expiration date	Jul. 31, 2021	Apr. 30, 2025
Operating lease, description			In November 2017, the Company entered into an amendment to its original lease agreement that combined the Company’s two leases into a single lease agreement and extended the term of the lease agreement through April 30, 2025.
Security deposits			$ 91,000
Rent expense			800,000	$ 700,000
Letter of Credit
Lessee Lease Description [Line Items]
Letter of credit collateralized by a restricted deposit			$ 70,000

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Feb. 28, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021 (remaining 9 months)	$ 2,342
2022	3,365
2023	3,438
2024	3,541
2025	1,493
Total minimum lease payments	$ 14,179

Common Stock - Additional Information (Details)		3 Months Ended
Common Stock - Additional Information (Details)	Jul. 17, 2020	Feb. 28, 2021 $ / shares shares	Nov. 30, 2020 $ / shares shares
Stockholders Equity [Abstract]
Common stock, shares authorized to issue \| shares		500,000,000	500,000,000
Common stock, par value		$ 0.001	$ 0.001
Common stock, voting rights		one
Common stock, dividends declared		$ 0
Reverse stock split, conversion ratio	0.333

Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) - shares	Feb. 28, 2021	Nov. 30, 2020
Class Of Stock [Line Items]
Total common stock reserved for future issuance	9,846,362	8,153,546
Issuance of Options Under Stock Option Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance	5,095,996	4,387,862
Shares Available for Future Stock Option Grants
Class Of Stock [Line Items]
Total common stock reserved for future issuance	3,696,307	3,035,684
Shares Available for Issuance Under Employee Stock Purchase Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance	1,054,059	730,000

Stock-Based Compensation - Additional Information (Details) $ in Millions			1 Months Ended
	Feb. 28, 2021 USD ($) shares	Jul. 17, 2020	Jul. 31, 2020	Apr. 30, 2012	Nov. 30, 2020 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares reserved for future issuance	9,846,362				8,153,546
Reverse stock split, conversion ratio		0.333
Total compensation cost related to stock-based awards yet to recognize \| $	$ 49.7
Total compensation cost related to stock-based awards, recognition period	3 years 6 months
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of options granted			4 years
Common stock shares reserved for future issuance	3,696,307
2020 Equity Incentive Plan \| Incentive Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award expiration period			5 years
2020 Equity Incentive Plan \| Minimum \| Incentive Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of total combined voting power of common stock			10.00%
Percentage of fair value on grant date			110.00%
2020 Equity Incentive Plan \| Minimum \| Non-statutory Stock Options and Options Granted to Consultants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of fair value on grant date			100.00%
2012 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of options granted				4 years
Common stock shares reserved for future issuance	0
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of fair value on grant date			85.00%
Common stock shares reserved for future issuance	1,054,059

Stock-Based Compensation - Schedule of Activity under the 2020 Plan and 2012 Plan (Details) - 2020 Plan and 2012 Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 28, 2021	Nov. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options outstanding, Beginning balance	4,387,862
Number of options outstanding, Options granted	950,732
Number of options outstanding, Options exercised	(190,825)
Number of options outstanding, Options forfeited	(51,773)
Number of options outstanding, Ending Balance	5,095,996	4,387,862
Number of options outstanding, Options vested and expected to vest as of November 30, 2020	5,197,130
Number of options outstanding, Options exercisable as of November 30, 2020	2,852,713
Weighted-average exercise price, Beginning balance	$ 10.43
Weighted-average exercise price, Options granted	39.42
Weighted-average exercise price, Options exercised	2.07
Weighted-average exercise price, Options forfeited	2.15
Weighted-average exercise price, Ending balance	16.23	$ 10.43
Weighted-average exercise price, Options vested and expected to vest as of November 30, 2020	15.98
Weighted-average exercise price, Options exercisable as of November 30, 2020	$ 6.11
Weighted-average contractual life (in years)	9 years 14 days	9 years 7 days
Weighted-average contractual life (in years) Options vested and expected to vest as of November 30, 2020	9 years 7 days
Weighted-average contractual life (in years) Options exercisable as of November 30, 2020	8 years 6 months 14 days
Aggregate intrinsic value	$ 102,356	$ 141,249
Aggregate intrinsic value, Options vested and expected to vest as of November 30, 2020	105,643
Aggregate intrinsic value, Options exercisable as of November 30, 2020	$ 84,158

Stock-Based Compensation - Schedule of Activity under the 2020 Plan and 2012 Plan (Parenthetical) (Details) $ in Millions	Feb. 28, 2021 USD ($) shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Shares subject to repurchase \| shares	121,134
Exercise value of shares subject to repurchase \| $	$ 0.5

Stock-Based Compensation - Summary of Stock Based Compensation Expense Related to Stock Options and ESPP Included in the Statements of Operations (Details) - Stock Options and ESPP - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,700	$ 176
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	1,223	96
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,477	$ 80

Defined Contribution Plan - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Compensation And Retirement Disclosure [Abstract]
Contribution expense	$ 0.2	$ 0.1

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Current income tax expense	$ 71,000	$ 11,000
CARES act of 2020, percentage of net operating loss carryover and carryback offset of taxable income	100.00%
CARES act of 2020, net operating loss carryback period	5 years
CARES act of 2020, net operating loss carryback refund claim			$ 19,600,000
CARES act of 2020, cash received for first refund claim			16,300,000
CARES act of 2020, interest income			$ 567,000
Income tax receivable	$ 4,000,000
Interest accrued	$ 100,000

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Numerator:
Net loss	$ (24,275)	$ (12,391)
Denominator:
Weighted-average number of shares outstanding, basic and diluted	38,777,258	3,539,390
Net loss per share attributable to common stockholders, basic and diluted	$ (0.63)	$ (3.50)

- Definition

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

+ References

+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss per Share of Common Stock (Details) - shares	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	5,251,736	15,560,578
Shares Expected to be Purchased Under Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	34,606
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	5,095,996	2,631,474
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	121,134	115,215
Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share		12,813,889

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Jul. 31, 2020	Mar. 31, 2021
Follow-on Offering \| Subsequent Event
Subsequent Event [Line Items]
Number of shares issued		5,175,000
Stock issued, price per share		$ 31.00
Net proceeds from offering		$ 150.1
Underwriting discounts and commissions		9.6
Stock offering expenses		$ 0.7
Underwriters
Subsequent Event [Line Items]
Number of shares issued	1,550,000
Underwriters \| Subsequent Event
Subsequent Event [Line Items]
Number of shares issued		675,000