0001564590-22-003007 | 10-K | XBRL Viewer

General and administrative

^[1]

$ 29,750

$ 17,820

$ 31,115

Operating expenses:

Research and development

116,434

66,494

45,025

31,202

16,309

8,326

Total operating expenses

147,636

82,803

53,351

Loss from operations

(117,886)

(64,983)

(22,236)

Interest and other income, net

823

1,206

776

Loss before income taxes

(117,063)

(63,777)

(21,460)

Provision for (benefit from) income taxes

131

(20,535)

239

Net loss

$ (117,194)

$ (43,242)

$ (21,699)

Net loss per share, basic and diluted

$ (2.73)

$ (2.76)

$ (6.59)

Weighted-average number of shares outstanding, basic and diluted

42,895,383

15,673,424

3,292,514

[1]	Collaboration revenue for the years ended November 30, 2021, 2020 and 2019 includes related party revenue of $0, $0 and $28.4 million, respectively.

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Income Statement [Abstract]
Related parties revenue	$ 0.0	$ 0.0	$ 28.4

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

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Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Statement Of Other Comprehensive Income [Abstract]
Net loss	$ (117,194)	$ (43,242)	$ (21,699)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale investments	(695)	89	2
Total comprehensive loss	$ (117,889)	$ (43,153)	$ (21,697)

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

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Organization Consolidation And Presentation Of Financial Statements [Abstract]

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - 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, 2018	$ (36,847)	$ 4	$ 1,910	$ (4)	$ (38,757)
Beginning Balance, Shares at Nov. 30, 2018						12,813,887
Beginning Balance at Nov. 30, 2018						$ 48,195
Beginning Balance, Shares at Nov. 30, 2018		3,452,653
Exercise of stock options	104		104
Exercise of stock options, Shares		158,474
Repurchase of unvested early exercised stock options, Shares		(15,793)
Vesting of early- exercised stock options	216		216
Stock-based compensation	510		510
Unrealized gain (loss) on available-for-sale investments	2			2
Net loss	(21,699)				(21,699)
Ending Balance at Nov. 30, 2019	(57,714)	$ 4	2,740	(2)	(60,456)
Ending Balance, Shares at Nov. 30, 2019						12,813,887
Ending Balance at Nov. 30, 2019						$ 48,195
Ending Balance, Shares at Nov. 30, 2019		3,595,334
Issuance of Series D redeemable convertible preferred stock at $12.75 per share, net of issuance costs of $336						$ 119,914
Issuance of Series D redeemable convertible preferred stock, Shares						9,431,364
Conversion of redeemable convertible preferred stock in to common stock						$ (168,109)
Conversion of redeemable convertible preferred stock into common stock, Shares						(22,245,251)
Conversion of redeemable convertible preferred stock into common stock	168,109	$ 22	168,087
Conversion of redeemable convertible preferred stock into common stock, Shares		22,245,251
Issuance of common stock upon initial public offering, net of offering costs	218,147	$ 13	218,134
Issuance of common stock upon initial public offering, net of offering costs, Shares		12,550,000
Exercise of stock options	450		450
Exercise of stock options, Shares		479,156
Repurchase of unvested early exercised stock options, Shares		(4,869)
Vesting of early- exercised stock options	129		129
Stock-based compensation	4,301		4,301
Unrealized gain (loss) on available-for-sale investments	89			89
Net loss	(43,242)				(43,242)
Ending Balance at Nov. 30, 2020	$ 290,269	$ 39	393,841	87	(103,698)
Ending Balance, Shares at Nov. 30, 2020	0
Ending Balance, Shares at Nov. 30, 2020		38,864,872
Issuance of common stock upon initial public offering, net of offering costs	$ 150,157	$ 5	150,152
Issuance of common stock upon initial public offering, net of offering costs, Shares		5,175,000
Exercise of stock options	1,666	$ 1	1,665
Exercise of stock options, Shares		522,006
Repurchase of unvested early exercised stock options, Shares		(971)
Vesting of early- exercised stock options	239		239
Issuance under employee stock purchase plan	2,060		2,060
Issuance under employee stock purchase plan, Shares		103,464
Stock-based compensation	15,800		15,800
Unrealized gain (loss) on available-for-sale investments	(695)			(695)
Net loss	(117,194)				(117,194)
Ending Balance at Nov. 30, 2021	$ 342,302	$ 45	$ 563,757	$ (608)	$ (220,892)
Ending Balance, Shares at Nov. 30, 2021	0
Ending Balance, Shares at Nov. 30, 2021		44,664,371

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Series D Redeemable Convertible Preferred Stock
Issuance of Series D redeemable convertible preferred stock, per share		$ 12.75
Issuance / offering costs		$ 336
Common Stock
Issuance / offering costs	$ 643
Common Stock \| IPO
Issuance / offering costs		$ 20,304

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Cash flows from operating activities
Net loss	$ (117,194)	$ (43,242)	$ (21,699)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	2,790	2,180	2,354
Stock-based compensation	15,800	4,301	510
Net amortization (accretion) of premium (discount) on investments	1,706	273	(109)
Loss on disposal of property and equipment	128
Amortization of operating lease right-of-use assets	3,292
Changes in operating assets and liabilities:
Contract assets	7,500	(7,500)
Accounts receivable	(6,000)
Income tax receivable	3,642	(3,846)
Prepaid expenses and other assets	(5,442)	(3,941)	(15)
Accounts payable	1,589	1,234	302
Deferred revenue	6,750	48,179	16,885
Operating lease liabilities	(5,144)
Accrued expenses and other liabilities	6,218	2,282	2,373
Net cash (used in) provided by operating activities	(84,365)	(80)	601
Cash flows from investing activities
Purchases of investments	(348,497)	(275,224)	(9,351)
Sales of investments	6,994
Maturities of investments	238,913	25,373	19,500
Purchases of property and equipment	(5,661)	(4,553)	(1,651)
Net cash (used in) provided by investing activities	(108,251)	(254,404)	8,498
Cash flows from financing activities
Proceeds from issuance of common stock, net of underwriting discounts and commissions and offering costs	150,157	218,147
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		119,914
Proceeds from exercise of stock options	1,666	970	142
Proceeds from issuance under employee stock purchase plan	2,060
Repurchase of unvested early exercised stock options	(1)	(7)	(16)
Net cash provided by financing activities	153,882	339,024	126
Net (decrease) increase in cash, cash equivalents and restricted cash	(38,734)	84,540	9,225
Cash, cash equivalents and restricted cash at beginning of period	119,526	34,986	25,761
Cash, cash equivalents and restricted cash at end of period	80,792	119,526	34,986
Supplementary disclosures of cash flow information:
Cash paid for income taxes	481	1	1
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets recognized in exchange for lease obligations	2,371
Additions to property and equipment included in accounts payable and accrued expenses and other liabilities	2,505	580	152
Vesting of early exercised stock options	239	129	216
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering		168,109
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	80,506	119,356	34,816
Restricted cash	286	170	170
Cash, cash equivalents and restricted cash	$ 80,792	$ 119,526	$ 34,986

Organization

12 Months Ended

Nov. 30, 2021

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 clinical stage 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.

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 $150.2 million, after deducting underwriting discounts and commissions of $9.6 million and expenses of $0.6 million.

Equity Distribution Agreement

In August 2021, the Company filed a shelf registration statement on Form S-3 with the SEC. This shelf registration statement, which includes a base prospectus, allows the Company at any time to offer and sell registered common stock, preferred stock, debt securities, warrants, subscriptions rights and or units or any combination of securities described in the prospectus in one or more offerings. In addition, in August 2021, the Company entered into an Equity Distribution Agreement with Piper Sandler & Co. (Piper Sandler) pursuant to which, from time to time, the Company may offer and sell through Piper Sandler up to $150.0 million of the common stock registered under the shelf registration statement pursuant to one or more “at the market” offerings.

The Company is not required to sell any shares at any time during the term of the Equity Distribution Agreement. The Company agreed to pay Piper Sandler a commission of 3% of the gross sales price of any shares sold pursuant to the Equity Distribution Agreement. As of November 30, 2021, the Company has not sold any shares of common stock pursuant to the Equity Distribution Agreement and $150.0 million in shares remained available under the Equity Distribution Agreement.

Liquidity and Management Plans

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. 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 year ended November 30, 2021, the Company incurred a net loss of $117.2 million and had negative net cash flows from operating activities of $84.4 million. The Company had an accumulated deficit of $220.9 million as of November 30, 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 November 30, 2021, the Company had cash, cash equivalents and short-term investments of $295.7 million and working capital of $244.9 million.

Management believes that its cash, cash equivalents and short-term investments are sufficient to continue operating activities for at least 12 months following the issuance date of these 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

12 Months Ended

Nov. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The Company’s consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, including DeCART Therapeutics Inc., and have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). 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 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. Refer to Note 3 for more information regarding the estimates related to revenue recognition.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and 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. The Company invests its cash equivalents in highly rated money market funds. During the periods presented, the Company has not experienced any losses on its deposits of cash, cash equivalents or investments.

Other Risks and Uncertainties

The Company is subject to a number of risks similar to other clinical-stage biopharmaceutical companies, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on its future financial position or results of operations: risks related to the successful discovery and development of its drug candidates, ability to raise additional capital, development of new technological innovations by its competitors and delay or inability to obtain drug substance and finished drug product from the Company’s third-party contract manufacturers necessary for the Company’s drug candidates, 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 consolidated financial statements as of and for the year ended November 30, 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.

Segments

The Company operates and manages its business as one reportable and operating segment. Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer, who reviews consolidated financial information on a company-wide basis for purposes of allocating resources and assessing financial performance.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents, which consist of money market funds, are stated at fair value.

Restricted Cash

The Company had $0.3 million and $0.2 million of restricted cash recorded as a non-current asset as of November 30, 2021 and 2020, respectively. Restricted cash as of November 30, 2021 consisted of $0.1 million that serves as collateral for a business credit card account and $0.2 million for letters of credit required under operating leases. Restricted cash as of November 30, 2020 consisted of $0.1 million that serves as collateral for a business credit card account and $0.1 million for a letter of credit required under an operating lease. These balances are included within the cash, cash equivalents and restricted cash balance in the accompanying consolidated statements of cash flows.

Fair Value of Financial Instruments

The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts payable and accrued liabilities included in the Company’s consolidated financial statements approximate their fair value due to the nature of the financial instruments. Refer to Note 5 for more information regarding the fair value of the Company’s investments.

Investments

The Company adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments, on December 1, 2020. Investments consist of money market funds, U.S. Treasuries, corporate debt securities, U.S. government agency securities, corporate commercial paper and municipal securities. The Company’s investments are classified as available-for-sale and carried at estimated fair values and reported in cash equivalents, short-term investments or long-term investments. Management determines the appropriate classification of the investments at the time they are acquired and evaluates the appropriateness of such classifications at each consolidated balance sheet date. Investments with contractual maturities greater than 12 months are considered long-term investments.

The Company regularly reviews its investments for declines in estimated fair value below amortized cost. The factors considered in determining whether a credit loss exists include the creditworthiness of the security issuers, the number of investments in an unrealized loss position, the severity and duration of the unrealized losses, and whether it is more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis. The cost of investments sold is based on the specific identification method. In circumstances when an unrealized loss is determined to be credit-related, or when the Company intends to sell or is more likely than not required to sell a security before it recovers its amortized cost basis, the difference between the fair value and the amortized cost of the security is recognized as interest and other income, net in the consolidated statements of operations, and an allowance for credit loss is recorded on the consolidated balance sheet. In circumstances when the decline in fair value is non-credit related, the difference is reported in accumulated other comprehensive income (loss), net of tax as a separate component of stockholders’ equity (deficit).

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Major improvements are capitalized, while maintenance and repairs are expensed when incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The useful life of laboratory equipment, computer equipment, furniture and fixtures and software is generally three years. Tenant improvements are depreciated over the shorter of the lease term or the estimated useful life of the improvements. When assets are retired or disposed of, the cost together with related accumulated depreciation is removed from the Company’s accounts and the resulting gain or loss is reflected in the Company’s consolidated statements of operations.

Leases

The Company adopted ASU No. 2016-02, Leases (Topic 842) on December 1, 2020 using the alternative modified transition method, which applies Topic 842 as of the adoption date and therefore, the Company has not applied the standard to the comparative periods presented in the Company's consolidated financial statements. Prior period amounts continue to be reported in accordance with the historic guidance under ASC 840, Leases.

The Company determines if an arrangement contains a lease at inception. Lease right-of-use (ROU) assets, current lease liabilities and long-term lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term at the commencement date. ROU assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less lease incentives received. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as the Company’s leases generally do not provide an implicit rate. The incremental borrowing rate, the ROU asset and the lease liability are reevaluated upon a lease modification. The Company determines its incremental borrowing rate based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Lease terms may include options to extend or terminate the lease when the Company is reasonably certain that the option will be exercised. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company does not have any finance leases.

The Company elected to apply each of the practical expedients described in Topic 842 which allow companies (i) not to reassess prior conclusions on whether any expired or existing contracts are or contain a lease, lease classification, and initial direct costs, (ii) combine lease and non-lease components for all underlying assets groups, and (iii) not recognize ROU assets or lease liabilities for short-term leases. A short-term lease is a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

Internal-Use Software Development Costs

The Company capitalizes qualifying costs incurred during the application development stage related to software developed for internal-use and amortizes them over the estimated useful life of three years. Amortization of such costs begins when the project is substantially complete and ready for its intended use. Capitalized software development costs are classified as property and equipment, net on the consolidated balance sheet. The Company expenses costs incurred related to the planning and post-implementation phases of development as incurred.

Long-Lived Assets

Long-lived assets, such as property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. There were no such impairment losses during the years ended November 30, 2021, 2020 and 2019.

Deferred Offering Costs

The Company capitalizes within other assets certain legal, accounting and other third-party fees that are directly related to the Company’s in-process equity financings, including the IPO, until such financings are consummated. After consummation of an equity financing, these costs are recorded in stockholder’s equity as a reduction of additional paid-in capital generated as a result of the offering. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred offering costs are immediately written off to operating expenses. As of November 30, 2021, there was $0.5 million of deferred offering costs included in other assets on the consolidated balance sheet. There were no deferred offering costs capitalized as of November 30, 2020.

Revenue Recognition

Prior to December 1, 2019, the Company recognized revenue in accordance with the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 605, Revenue Recognition. Accordingly, revenue is recognized for each unit of accounting when all of the following criteria are met:

•

Persuasive evidence of an arrangement exists;

•

Delivery has occurred or services have been rendered;

•

The seller’s price to the buyer is fixed or determinable; and

•

Collectability is reasonably assured.

The Company evaluates multiple element arrangements to determine if each deliverable represents a separate unit of accounting based on the following criteria:

•

Delivered item or items have value to the customer on a standalone basis, and

•

If the arrangement includes a general right of return relative to the delivered item or items, delivery or performance of the undelivered item or items is considered probable and substantially in control of the Company.

The arrangement’s consideration that is fixed or determinable is then allocated to each separate unit of accounting based on the relative selling price methodology in accordance with the selling price hierarchy, which includes vendor-specific objective evidence (VSOE) of selling price, if available, or third-party evidence of selling price if VSOE is not available, or the best estimate of selling price, if neither VSOE nor third-party evidence is available. The provisions of ASC 605 are then applied to each unit of accounting to determine the appropriate revenue recognition. In the event that a deliverable of a multiple element arrangement does not represent a separate unit of accounting, primarily because a deliverable does not provide value on a standalone basis, the Company recognizes revenue from the combined unit of accounting using the input/proportional performance approach as research is delivered or on a straight-line basis over the estimated period of performance when there is no discernable pattern of performance.

The Company evaluates potential milestone payments associated with research and development arrangements in accordance with ASC 605-28, Milestone Method. Under the milestone method, the Company may recognize revenue contingent upon the achievement of a milestone in its entirety in the period in which the milestone is achieved, only if the milestone meets all the criteria within the guidance to be considered a substantive milestone. The Company evaluates each contingent payment on an individual basis to determine whether they are considered substantive milestones, specifically reviewing factors such as the degree of certainty in achieving the milestone, the research and development risk and other risks that must be overcome to achieve the milestone, as well as the level of effort and investment required and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement. This evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the entity’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, (b) the consideration relates solely to past performance and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. Revenues from milestones, if they are nonrefundable and deemed substantive, are recognized upon achievement of the milestones.

To the extent that non-substantive milestones are achieved, and the Company has remaining deliverables, milestone payments are deferred and recognized as revenue over the estimated remaining performance period using the appropriate measure of progress as determined for each agreement. The Company recognizes revenue associated with the non-substantive milestones upon achievement of the milestone if the Company has no remaining deliverables. During the year ended November 30, 2019, no milestone payments were received, no milestone revenues were recognized and no milestones were considered substantive.

Effective December 1, 2019, the Company adopted Topic 606, Revenue from Contracts with Customers using the modified retrospective method, which was only applied to contracts that were not completed as of the adoption date. As of the adoption date, the Company had only one contract, a collaboration agreement with Gilead, not completed. Under Topic 606, 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 determine revenue recognition for arrangements that the Company determines are within the scope of Topic 606, 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.

All revenue was derived from customers located in the United States during the years ended November 30, 2021, 2020 and 2019.

Research and Development Expenses

The Company expenses all research and development costs as incurred. Research and development costs include, but are not limited to, payroll and personnel expenses, laboratory supplies, preclinical study costs, clinical trial costs, compound manufacturing costs, consulting costs and allocated overhead, including rent, equipment, depreciation and utilities.

The Company records accrued expenses for estimated costs of research and development activities conducted by third-party service providers, which include preclinical studies and clinical trials and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in accrued expenses and other current liabilities on the consolidated balance sheet.

The Company estimates the amount of work completed through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services. The Company makes significant judgments and estimates in determining the accrued balance in each reporting period. As actual costs become known, the Company adjusts its accrued estimates. The Company’s accrued expenses are dependent, in part, upon the receipt of timely and accurate reporting from clinical research organizations and other third-party service providers. The Company records advance payments to service providers as prepaid assets, which are expensed as the contracted services are performed.

Stock-Based Compensation

The Company accounts for stock-based compensation using a fair value-based method, which requires the recognition of compensation expense for costs related to all stock-based payments including stock options, restricted stock units (RSUs) and purchase rights under the Employee Stock Purchase Plan (ESPP). The Company estimates the fair value of stock options and purchase rights granted under the ESPP on the date of grant using the Black-Scholes option pricing model, which is impacted by the fair value of the Company’s common stock, as well as changes in assumptions regarding a number of highly complex and subjective variables. The model requires management to make a number of assumptions including expected volatility, expected term, risk-free interest rate and expected dividend yield. Prior to its IPO, the fair value of the Company’s common stock was determined by the Company’s board of directors with assistance from management and an independent third-party valuation firm, using significant judgment and several factors including important developments in the Company’s operations, sales of redeemable convertible preferred stock and the lack of liquidity of the common stock. Subsequent to the IPO, the Company determines the fair value of stock options, RSUs and purchase rights under the ESPP using the market closing price of the Company’s common stock on the date of grant.

For stock-based payments with service conditions only, the Company uses the straight-line method to allocate compensation cost to reporting periods over the requisite service period, which is generally the vesting period. Subsequent to the adoption of ASU 2018-07, Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting as of December 1, 2019, stock-based compensation expense for non-employee stock-based awards is also measured based on the grant date fair value with the estimated fair value expensed over the period for which the non-employee is required to provide service in exchange for the award. For stock-based payments with performance conditions, the Company evaluates the probability of achieving performance conditions at each reporting date. The Company begins to recognize compensation cost using an accelerated attribution method when it is deemed probable that the performance condition will be met. The Company accounts for forfeitures as they occur.

Income taxes

The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when in management’s estimate, it is more likely than not, that the deferred tax assets will not be recovered.

Financial statement effects of uncertain tax positions are recognized when it is more likely than not, based on the technical merits of the position, that it will be sustained upon examination. It is the Company’s policy to include penalties and interest expense related to income taxes as a component of the provision for income taxes.

Comprehensive loss

Comprehensive loss represents the net loss for the period and other comprehensive income (loss). Other comprehensive income (loss) reflects certain gains and losses that are recorded as a component of stockholders’ equity (deficit) and are not reflected in the consolidated statements of operations. The Company’s other comprehensive income (loss) consists of changes in unrealized gains and losses on available-for-sale investments.

Net loss per share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss is calculated by dividing the net loss by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, stock options, RSUs, common stock subject to repurchase related to unvested restricted stock awards and early exercise of stock options are considered to be potentially dilutive securities. Basic and diluted net loss per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock is considered a participating security because it participates in dividends with common stock. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of all series of redeemable convertible preferred stock and the holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods.

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02), which requires the lessee to recognize a ROU asset and a lease liability for operating leases, initially measured at the present value of lease payments, in its consolidated balance sheet. The Company adopted ASU 2016-02 effective December 1, 2020 using the alternative modified transition method, which applies ASU 2016-02 as of the adoption date and therefore, the Company has not applied the standard to the comparative periods presented in the Company's consolidated financial statements. The Company elected the “package of practical expedients,” which permits the Company to not reassess its prior conclusions about lease identification, lease classification and initial direct costs. The Company also elected the hindsight practical expedient to determine the lease term, the practical expedient to not separate lease and non-lease components and the policy election to not recognize ROU assets or lease liabilities for short-term leases. As of the adoption date of December 1, 2020, the Company recognized an operating lease ROU asset of $13.3 million, operating lease current liabilities of $3.3 million and operating lease long-term liabilities of $10.9 million. The difference between the operating lease ROU asset and operating lease liabilities primarily represented the existing deferred rent liability balance as of the adoption date of $0.9 million. Operating lease ROU assets are presented within other assets, operating lease current liabilities are presented within current liabilities and operating lease long-term liabilities are presented within non-current liabilities on the consolidated balance sheet. See Note 6 “Commitments and Contingencies” for additional details.

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. The Company adopted ASU 2016-13 as of December 1, 2020. The adoption did not have an impact on the Company’s consolidated financial statements.

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 an impact on the Company’s consolidated 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 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. The Company adopted ASU 2018-18 as of December 1, 2020. The adoption did not have an impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

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, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements and does not expect the adoption to have a material impact on its consolidated financial statements.

Collaboration Agreements

12 Months Ended

Nov. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Collaboration Agreements

3. Collaboration Agreements

Celgene (A Related Party)

In September 2015, the Company entered into a collaboration agreement with Celgene Corporation (the Celgene Agreement and Celgene, respectively), which was later acquired by Bristol-Myers Squibb Company (BMS) in November 2019, with an initial research term of four years for the discovery, development and commercialization of novel small molecule therapeutics in oncology, inflammation and immunology.

Under the terms of the Celgene Agreement, the Company received an upfront payment of $150.0 million in September 2015. In addition, in September 2015, Celgene purchased 1,622,222 shares of the Company’s Series C redeemable convertible preferred stock at a price of $10.50 per share, resulting in net proceeds of $17.0 million. As of November 30, 2019, BMS held approximately 10% of total shares outstanding on an as-converted basis.

In January 2019, Celgene and BMS entered into a definitive merger agreement pursuant to which Celgene agreed to be acquired by BMS. Based on the Company’s request for notification of the future disposition of the agreement, in June 2019, Celgene notified the Company that it was terminating the Celgene Agreement. Upon termination of the Celgene Agreement in June 2019, any rights that Celgene had under the agreement reverted to the Company and no termination payments were due or payable. The Company determined it had no remaining deliverables to be performed under the Celgene Agreement and as a result recognized all remaining deferred revenue in June 2019.

Collaboration revenue related to the Celgene Agreement was $0, $0 and $28.4 million for the years ended November 30, 2021, 2020 and 2019, respectively. As of November 30, 2021, there was no deferred revenue recorded on the consolidated balance sheet.

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. From the signing of the Gilead Agreement to November 30, 2021, the Company has received payments of $18.5 million for research milestones and additional payments, including $5.0 million, which was received in the fourth quarter of 2021. Additionally, in November 2021, the Company recognized a research milestone and received a payment of $6.0 million in the first quarter of 2022. As of November 30, 2021, the Company is eligible to receive up to approximately $2.3 billion in total additional payments, including up to $677.5 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 November 30, 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. Upon the achievement of research milestones and fees added related to target reservations, $24.5 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 under the contract. Costs consist primarily of internal full-time employee (FTE) and third-party contract costs related to the Gilead Agreement. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligation is recorded in the period in which changes are identified and amounts can be reasonably estimated. Total estimated costs are primarily driven by the number of estimated FTEs, which requires significant management judgment.

For the year ended November 30, 2021, the Company recognized collaboration revenue related to the Gilead Agreement of $16.6 million, of which $11.1 million was included in deferred revenue as of November 30, 2020, and $3.1 million was related to performance obligations satisfied in previous periods. For the year ended November 30, 2020, the Company recognized collaboration revenue related to the Gilead Agreement of $12.1 million, of which $9.4 million was included in deferred revenue as of November 30, 2019, and $0.9 million was related to performance obligations satisfied in previous periods. For the year ended November 30, 2019, the Company recognized revenue related to the Gilead Agreement of $2.7 million. As of November 30, 2021, $41.1 million was recorded as deferred revenue, of which $19.9 million was current, on the consolidated balance sheet related to the Gilead Agreement. Additionally, as of November 30, 2021, $6.0 million was included in accounts receivable which represents the billed revenue related to the research milestone recognized in November 2021.

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 $22.0 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 in the future. 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. From the signing of the Sanofi Agreement to November 30, 2021, the Company has received a payment of $1.0 million for research milestones. As of November 30, 2021, the Company is eligible to receive up to approximately $2.5 billion in total payments, including payments of up to $499.0 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 $143.8 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.

Subject to earlier expiration in certain circumstances, the Sanofi Agreement expires on a licensed product-by-licensed product or profit-shared licensed product-by-profit-shared licensed product basis and country-by-country basis upon on the later of the expiration of (i) the last-to-expire patent with a valid claim covering the applicable licensed product in the applicable country, (ii) the expiration of any regulatory exclusivity for the applicable licensed product in the applicable country or (iii) ten years after the first commercial sale of the applicable licensed product in the applicable country covered by the Sanofi Agreement.

The Company identified the following promises in the Sanofi Agreement: (1) the research licenses, (2) the research services, (3) the obligation to share information during the research term and (4) the participation of alliance managers in the joint research committee and joint patent committee. The Company determined that the research licenses 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 November 30, 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. Subsequently, upon the achievement of research milestones, $1.0 million in variable consideration was added to the transaction price, and a cumulative effect was recorded as revenue in the period the transaction price increased. Revenue is recognized over the research term of 4.25 years, the revised research period that was agreed to in January 2021 in the First Sanofi Amendment, using the cost-based input method.

Using the cost-based input method, which the Company determined most faithfully depicts the transfer of its performance obligation to Sanofi, the Company recognizes revenue based on actual costs incurred as a percentage of total estimated costs as the Company completes its performance obligation under the contract. Costs consist primarily of internal FTE and third-party contract costs related to the Sanofi Agreement. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligation is recorded in the period in which changes are identified and amounts can be reasonably estimated. Total estimated costs are primarily driven by the number of estimated FTEs, which requires significant management judgment.

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 year ended November 30, 2021, the Company recognized collaboration revenue related to the Sanofi Agreement of $13.2 million, of which $13.0 million was included in deferred revenue as of November 30, 2020, and $0.1 million was related to performance obligations satisfied in previous periods. For the year ended November 30, 2020, the Company recognized collaboration revenue related to the Sanofi Agreement of $5.7 million. As of November 30, 2021, $59.2 million was recorded as deferred revenue, of which $21.3 million was current, on the consolidated balance sheet related to the Sanofi Agreement.

Consolidated Balance Sheet Components

12 Months Ended

Nov. 30, 2021

Balance Sheet Related Disclosures [Abstract]

Consolidated Balance Sheet Components

4. Consolidated Balance Sheet Components

Property and Equipment, Net

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

	November 30,
	2021			2020
Laboratory equipment	$	18,321		$	14,120
Leasehold improvements		3,083			2,664
Computer equipment		538			745
Furniture and fixtures		437			506
Software		3,349			1,316
Software in progress		491			504
Total property and equipment, gross		26,219			19,855
Less: Accumulated depreciation and amortization		(14,879	)		(13,183	)
Total property and equipment, net	$	11,340		$	6,672

Depreciation and amortization expense was $2.8 million, $2.2 million and $2.4 million for the years ended November 30, 2021, 2020 and 2019, respectively. All long-lived assets are maintained in the United States.

Accrued Expenses and Other Current Liabilities

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

	November 30,
	2021		2020
Accrued compensation		8,854		5,725
Accrued contract research and lab supplies		4,158		1,238
Accrued professional services		803		591
Accrued taxes		75		74
Other		659		700
Total	$	14,549	$	8,328

Fair Value Measurements

12 Months Ended

Nov. 30, 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 investments, 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 November 30, 2021 and 2020 (in thousands):

November 30, 2021	Level	Amortized cost		Unrealized gain		Unrealized loss			Estimated fair value
Money market funds	Level 1	$	73,438	$	—	$	—		$	73,438
U.S. treasury securities	Level 1		20,608		—		(9	)		20,599
Corporate debt securities	Level 2		46,599		1		(54	)		46,546
U.S. government agency securities	Level 2		16,496		1		(14	)		16,483
Corporate commercial paper	Level 2		121,495		—		—			121,495
Municipal securities	Level 2		10,082		9		—			10,091
Long-term investments:
U.S. treasury securities	Level 1		39,932		—		(85	)		39,847
Corporate debt securities	Level 2		74,334		—		(365	)		73,969
U.S. government agency securities	Level 2		16,236		—		(67	)		16,169
Municipal securities	Level 2		7,229		—		(25	)		7,204
Total		$	426,449	$	11	$	(619	)	$	425,841
Included in Cash and cash equivalents		$	73,438	$	—	$	—		$	73,438
Included in Short-term investments		$	215,280	$	11	$	(77	)	$	215,214
Included in Long-term investments		$	137,731	$	—	$	(542	)	$	137,189

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

As of November 30, 2021 and 2020, the accrued interest receivable related to the Company’s investments was $0.9 million and $0.4 million, respectively, and was included in prepaid expenses and other current assets on the consolidated balance sheet.

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

The Company classifies its 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. There were no transfers of financial instruments between valuation levels during the years ended November 30, 2021 and 2020.

As of November 30, 2021, the unrealized losses for available-for-sale investments were non-credit related, and the Company does not intend to sell the investments that were in an unrealized loss position, nor will it be required to sell those investments before recovery of their amortized cost basis, which may be maturity. As of 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. As of November 30, 2021, no allowance for credit losses for the Company’s investments was recorded. During the years ended November 30, 2021, 2020 and 2019, the Company did not recognize any impairment losses related to investments.

Commitments and Contingencies

12 Months Ended

Nov. 30, 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 November 30, 2021, the Company was not a party to any material legal proceedings.

Indemnifications

In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its partners, suppliers and vendors, among others. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company has not incurred any material costs as a result of such indemnifications and has not accrued any liabilities related to such obligations in these 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 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 has an option to renew this lease for an additional two years which has not been included in the lease term used to calculate the ROU asset and lease liability as it is not reasonably certain that the Company will exercise this option. 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 thousand and issued a letter of credit to the landlord in the amount of $70 thousand, which is collateralized by a restricted deposit of $70 thousand. 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.

In December 2015, the Company entered into its first sublease agreement under which a portion of the Company’s leased space is subleased to another tenant. The term of the sublease, which was originally scheduled to end on December 31, 2017, was extended through December 31, 2018 as the result of an amendment executed in November 2017. The sublessee defaulted on this sublease agreement in August 2018, upon which a new creditor negotiated a second amendment to sublease dated October 2018 and the sublease agreement became a month-to-month agreement that ended in February 2019. The Company entered into its second sublease agreement with a different tenant in November 2018, which was subsequently amended in March 2019 to increase the size of the space. The term of the second sublease ended in August 2019.

In July 2021, the Company entered into a lease agreement for the lease of approximately 19,320 square feet of office space located at 455 Mission Bay Boulevard South, San Francisco, California, for a research and development laboratory and related uses (Mission Bay Lease). The lease commenced on December 1, 2021 and will expire on June 30, 2024, unless terminated earlier. The minimum rent payable by the Company under the lease will be approximately $0.1 million per month and increase by 3% per year for total minimum rent payments of $3.8 million over the lease term. The Company will also be responsible for the payment of additional rent to cover the Company’s share of the annual operating and tax expenses and utilities costs for the building. Under the terms of the lease agreement, the Company issued a letter of credit to the landlord in the amount of $0.1 million, which is collateralized by a restricted deposit of $0.1 million. The Company has not recognized a ROU asset or aggregate lease liability as of November 30, 2021 for the minimum rental payments related to the Mission Bay Lease as the Company did not control the underlying assets at any time in the year ended November 30, 2021.

As of November 30, 2021, operating lease ROU assets were $14.0 million, operating lease current liabilities were $3.8 million and operating lease long-term liabilities were $9.2 million. For the year ended November 30, 2021, cash paid for operating lease liabilities was $4.0 million. As of November 30, 2021, the weighted average remaining lease term was 3.5 years and the weighted average discount rate was 3.13%.

For the year ended November 30, 2021, total operating lease expense was $3.8 million and short-term lease expense was not material.

Prior to the adoption of Topic 842 on December 1, 2020, operating lease expense and sublease income was as follows (in thousands):

	Year Ended November 30,
	2020		2019
Operating lease expense	$	3,023	$	2,927
Operating sublease income		—		(311	)
Net operating lease expense	$	3,023	$	2,616

The undiscounted future non-cancellable lease payments under the Company’s lease agreement as of November 30, 2021 were as follows (in thousands):

Year ending November 30,	Operating Leases
2022	$	5,197
2023		5,563
2024		5,060
2025		1,738
Total undiscounted lease payments		17,558
Less: Undiscounted lease payments related to Mission Bay Lease		(3,785	)
Less: imputed interest		(737	)
Total lease liabilities	$	13,036
Operating lease current liabilities		3,847
Operating lease long-term liabilities		9,189
Total lease liabilities	$	13,036

Common Stock

12 Months Ended

Nov. 30, 2021

Stockholders Equity [Abstract]

Common Stock

7. Common Stock

The Company’s Restated Certificate of Incorporation authorizes the Company to issue up to 500,000,000 shares of common stock, $0.001 par value per share, as of November 30, 2021 and 2020. Holders of common stock are entitled to dividends when and if declared by the Company’s board of directors, subject to the prior rights of the preferred stockholders. The holder of each share of common stock is entitled to one vote. As of November 30, 2021, no dividends have been declared.

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

	November 30,
	2021		2020
Issuance of options under stock option plan		5,878,552		4,387,862
Shares available for future stock option grants		2,562,570		3,035,684
Shares available for issuance under employee stock purchase plan		1,015,184		730,000
Restricted stock units issued and outstanding		20,000		—
Total common stock reserved for future issuance		9,476,306		8,153,546

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

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Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

12 Months Ended

Nov. 30, 2021

Redeemable Convertible Preferred Stock

8. Redeemable Convertible Preferred Stock

The Company’s Restated Certificate of Incorporation authorizes the Company to issue zero shares of redeemable convertible preferred stock as of November 30, 2021 and 2020 and there was no outstanding redeemable convertible preferred stock as of November 30, 2021 and 2020.

In March 2020, the Company issued 9,431,364 shares of Series D redeemable convertible preferred stock at an issuance price of $12.75 per share, resulting in net proceeds of $119.9 million. The Series D redeemable convertible preferred stock had a liquidation price per share equal to the original issue price per share.

Immediately prior to the closing of the IPO in July 2020, all shares of redeemable convertible preferred stock then outstanding, including 9,431,364 shares of Series D redeemable convertible preferred stock, converted into 22,245,251 shares of common stock.

Stock-Based Compensation

12 Months Ended

Nov. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

Equity Incentive Plans

The 2020 Equity Incentive Plan (2020 Plan) serves as the successor to the 2012 Equity Incentive Plan (2021 Plan, and together with the 2020 Plan, the Stock Plans) and 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 Stock Plans, 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. RSUs issued typically vest over a two‑year period, but may be granted with different vesting terms, and expire ten years from the date of grant.

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

As of November 30, 2021, there were 2,562,570 shares of common stock reserved for future issuance pursuant to the 2020 Plan.

Option activity under the Stock Plans 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		2,341,917			32.29
Options exercised		(522,006	)		3.19
Options forfeited		(329,221	)		16.87
Balances as of November 30, 2021		5,878,552		$	19.42		8.67	$	65,692
Options vested and expected to vest as of November 30, 2021⁽²⁾		5,837,346		$	19.45		8.66	$	65,155
Options exercisable as of November 30, 2021		2,827,261		$	9.74		8.04	$	55,449

(1)

The aggregate intrinsic values were calculated as the pre-tax difference between the exercise price of stock options and the quoted market price of the Company’s common stock on November 30, 2021 for all in‑the‑money stock options. The total intrinsic value of stock options exercised during the years ended November 30, 2021, 2020 and 2019, was $15.9 million, $3.4 million and $0.1 million, respectively.

(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 the voluntary or involuntary termination of employment of the stockholder. Such exercises are recorded as a liability in the consolidated balance sheet and reclassified into equity as the options vest. As of November 30, 2021, a total of 58,794 shares of common stock were subject to repurchase by the Company at the lower of (i) the fair value of such shares on the date of repurchase, or (ii) the original exercise price of such shares. The corresponding exercise value of $0.3 million as of November 30, 2021 is recorded as a stock-based compensation liability.

RSU activity was as follows:

	Number of RSUs		Weighted-average grant date fair value
Balance as of November 30, 2020		—	$	—
RSUs granted		20,000		27.42
RSUs vested		—		—
RSUs forfeited		—		—
Balance as of November 30, 2021		20,000	$	27.42

Employee Stock Purchase Plan

Under the 2020 Employee Stock Purchase Plan (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 ESPP will be 85% of the lesser of the fair market value of the Company’s common stock on (i) the first trading day of the applicable offering period or (ii) the last trading day of each purchase period in the applicable offering period.

During the year-ended November 30, 2021, the Company issued 103,464 shares pursuant to the ESPP at a weighted-average price of $19.92 per share. As of November 30, 2021, there were 1,015,184 shares of common stock reserved for issuance pursuant to the ESPP.

Stock-Based Compensation

During the years ended November 30, 2021, 2020 and 2019, the weighted-average grant date fair value of options granted was $21.15, $9.50 and $1.41 per share, respectively, and the total fair value of employee options vested was $12.0 million, $3.1 million and $0.5 million, respectively.

The Company estimated the fair value of stock options and purchase rights under ESPP using the Black-Scholes option pricing model. The fair value of these stock awards was estimated using the following assumptions:

	November 30,
	2021			2020			2019
	Options	ESPP		Options	ESPP		Options
Expected term (years)	5.50 - 6.12		0.50	5.41 - 6.98		0.57	5.92 - 6.08
Expected volatility	70% - 79%	60%		73% - 79%	96%		111 - 116%
Risk-free interest rate	0.52% - 1.24%	0.05%		0.34% - 1.79%	0.13%		1.42% - 2.55%
Dividend yield	0%	0%		0%	0%		0%

The expected term represents the weighted-average period the stock-based payments are expected to remain outstanding. The expected term assumption for stock options was determined using the simplified method. The expected stock price volatility assumption was determined by examining the historical volatilities for industry peers, as the Company does not have sufficient trading history for its common stock. The risk-free rate assumption is based on the U.S. Treasury instruments. The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. The expected dividend yield is 0% as the Company has not paid and does not anticipate paying dividends on its common stock.

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

	Year Ended November 30,
	2021		2020		2019
Research and development	$	8,079	$	1,726	$	307
General and administrative		7,721		2,575		203
Total stock-based compensation	$	15,800	$	4,301	$	510

As of November 30, 2021, the total compensation cost related to stock-based awards not yet recognized was $57.9 million, which is expected to be amortized on a straight-line basis over the weighted-average remaining vesting period of approximately 3.05 years.

Defined Contribution Plan

12 Months Ended

Nov. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Defined Contribution Plan

10. 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 in the 401(k) plan. Employees may contribute a percentage of their annual compensation to the plan, subject to statutory limitations. The Company has made contributions to the 401(k) Plan and recorded contribution expense of $0.7 million, $0.4 million and $0.3 million during the years ended November 30, 2021, 2020 and 2019, respectively.

Income Taxes

12 Months Ended

Nov. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

The Company recorded a current income tax expense of $0.1 million for the year ended November 30, 2021, primarily due to state taxes offset by a federal income tax refund. The Company recorded a current income tax benefit of $20.5 million for the year ended November 30, 2020, primarily due to carryback of net operating losses to prior years and changes in reserves for unrecognized tax benefits. The Company recorded a current income tax expense of $0.2 million for the year ended November 30, 2019, primarily due to reserves for unrecognized tax benefits, minimum state taxes and a true-up from the prior year. The Company had generated net operating losses (NOLs) since inception and has established a valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets.

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

	November 30,
	2021			2020			2019
Domestic	$	(117,063	)	$	(63,777	)	$	(21,460	)
	$	(117,063	)	$	(63,777	)	$	(21,460	)

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

	November 30,
	2021			2020			2019
Current:
Federal	$	(203	)	$	(20,577	)	$	238
State		334			42			1
Total provision for (benefit from) income taxes	$	131		$	(20,535	)	$	239

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

	November 30,
	2021			2020			2019
Federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State income tax rate		5.0			6.2			10.2
Research and development tax credits		4.5			4.0			6.6
Unrecognized income tax benefits		—			0.6			(1.0	)
Federal rate impact due to CARES Act		—			13.1			—
Stock-based compensation		(1.2	)		—			—
Change in valuation allowance		(29.3	)		(10.3	)		(37.0	)
Other		(0.1	)		(2.4	)		(0.9	)
Total		(0.1	)%		32.2	%		(1.1	)%

Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred tax assets for federal and state income taxes are as follows (in thousands):

	Year ended November 30,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	41,081		$	25,145
Research and development tax credits		17,502			9,330
Deferred revenue		21,874			10,536
Stock based compensation		1,054			773
Accrued expenses and other liabilities		1,896			1,624
Operating lease liabilities		3,436			—
Gross deferred tax assets		86,843			47,408
Valuation allowance		(83,517	)		(47,408	)
Total deferred tax assets		3,326			—
Deferred tax liabilities:
Operating lease right-of-use assets		(3,326	)		—
Total deferred tax liabilities		(3,326	)		—
Net deferred tax assets	$	—		$	—

Realization of the deferred tax assets is dependent upon future taxable income, the amount, if any, and timing of which are uncertain. The Company has established a valuation allowance to offset deferred tax assets as of November 30, 2021 and 2020 due to the uncertainty of realizing future tax benefits from its net operating loss (NOL) carryforwards and other deferred tax assets. The valuation allowance increased by $36.1 million during the year ended November 30, 2021, primarily related to an increase on the deferred tax asset for deferred revenue, research and development (R&D) credits and NOL carryforwards. The valuation allowance increased by $7.6 million during the year ended November 30, 2020, primarily due to an increase on the deferred tax asset for deferred revenue. The valuation allowance increased by $8.5 million during the year ended November 30, 2019, primarily due to an increase in NOL carryforwards.

As of November 30, 2021, the Company had NOL carryforwards available to reduce future taxable income, if any, for federal and state income tax purposes of $116.3 million and $192.0 million, respectively. Federal NOL carryforwards generated for tax years beginning before December 31, 2017 can be carried forward twenty years and begin expiring in 2029. Federal NOL carryforwards of $112.6 million for tax years beginning after December 31, 2017 can be carried forward indefinitely.

State NOL carryforwards begin expiring in 2029. As of November 30, 2021, the Company had federal and state research credit carryforwards of $13.2 million and $10.6 million, respectively. If not utilized, the federal credit carryforwards will begin expiring in 2032 and the state credits carry forward indefinitely.

Internal Revenue Code Section 382 places a limitation on the utilization of NOL and tax credit carryforwards in the event of certain cumulative changes in the ownership interest of significant stockholders over a three-year period in excess of 50 percentage points. The Company has identified two ownership changes that have triggered a limitation on pre-change NOLs under Section 382. A majority of the Company’s pre-change NOLs remain available within the carryforward period provided by the Internal Revenue Code, subject to availability of taxable income. As a result of the ownership changes, the Company has determined that approximately $0.4 million of NOLs will expire unutilized, and as such, these NOLs are not reflected in the Company’s deferred tax asset balance.

Unrecognized Tax Benefits

The Company has recorded a liability related to uncertain tax positions in the financial statements. It is the Company’s policy to include penalties and interest expense related to income taxes as a component for the provision for income taxes. The Company has unrecognized tax benefits of $6.3 million as of November 30, 2021, all of which are offset by a full valuation allowance. There are no tax benefits included in the balance of unrecognized tax benefits that, if recognized, would affect the effective tax rate. There are no interest and penalties accrued as of November 30, 2021. A reconciliation of the beginning and ending amounts of unrecognized income tax benefits during the years ended November 30, 2021, 2020 and 2019 is as follows (in thousands):

	Years ended November 30,
	2021			2020			2019
Balance at beginning of period	$	5,361		$	2,920		$	2,157
Additions based on tax positions related to prior period		1			2,295			137
Additions based on tax positions related to current period		2,282			1,326			626
Settlements		(1,313	)		(1,180	)		—
Balance at end of period	$	6,331		$	5,361		$	2,920

The Company files income tax returns in the United States and in various states. In February 2018 the Internal Revenue Service (IRS) commenced an examination of the Company’s U.S. income tax return for the tax years ending in 2016, 2017, 2018, and 2019. All tax issues under examination were effectively settled during the year ended November 30, 2021. As a result, the Company removed the associated unrecognized tax benefit reserves and decreased its R&D credit carryforward by $1.3 million. The Company continues to maintain an unrecognized tax benefit related to federal R&D credits generated in years not covered by the examination.

Additionally, in January 2019 the California Franchise Tax Board (FTB) initiated an examination of the Company’s California tax return for the years ending in 2015, 2016, 2017, and 2018. During the year ended November 30, 2021, the FTB issued proposed audit assessments related to revenue sourcing and R&D credits. The Company does not agree with the FTB assessments and intends to challenge the assessments. Pursuant to a measurement analysis, the Company has not recorded an unrecognized tax benefit related to the FTB’s sourcing position. The Company maintains an unrecognized tax benefit related to its California R&D credits for all years.

All of the Company’s tax years will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of the utilization of any net operating losses.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, 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. The fiscal 2020 tax benefit was primarily due to the carryback of NOLs to prior taxable years as allowed under the CARES Act. In fiscal 2020, the Company filed refund claims of $19.6 million to carryback NOLs generated in fiscal years ended November 30, 2018 and 2019. These refund claims were approved by Congressional Joint Committee on Taxation during the year ended November 30, 2021. As of November 30, 2021, the Company has received the full amount of these refund claims.

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.

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Related Party Transactions

Net Loss Per Share

12 Months Ended

Nov. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

12. Net Loss Per Share

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

	Year Ended November 30,
	2021			2020			2019
Numerator:
Net loss	$	(117,194	)	$	(43,242	)	$	(21,699	)
Denominator:
Weighted-average number of shares outstanding, basic and diluted		42,895,383			15,673,424			3,292,514
Net loss per share, basic and diluted	$	(2.73	)	$	(2.76	)	$	(6.59	)

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:

	November 30,
	2021		2020		2019
Redeemable convertible preferred stock on an as- converted basis		—		—		12,813,887
Options to purchase common stock		5,878,552		4,387,862		1,913,792
Options early exercised subject to vesting		58,794		141,512		139,393
Shares expected to be purchased under employee stock purchase plan		50,882		60,512		—
Restricted stock		20,000		—		—
Total		6,008,228		4,589,886		14,867,072

Related Party Transactions

12 Months Ended

Nov. 30, 2021

13. Related Party Transactions

Following its acquisition of Celgene, BMS owned 1,622,222 shares of the Company’s Series C redeemable convertible preferred stock that automatically converted into shares of the Company’s common stock immediately prior to the closing of the Company’s IPO. In June 2019, the Celgene Agreement was terminated in its entirety with no further payments from Celgene and no remaining deliverables from the Company. Upon the termination, BMS ceased to be a related party of the Company. For the year ended November 30, 2019, the Company recorded collaboration revenue under the Celgene Agreement of $28.4 million.

The Company’s Chief Financial Officer is a trustee for the multiple employer welfare association that facilitates the acquisition and administration of the Company’s healthcare plans. Expenses related to the healthcare plan premiums were $2.6 million, $1.6 million and $1.4 million for the years ended November 30, 2021, 2020 and 2019, respectively. As of November 30, 2021 and 2020, the amount recorded in accounts payable and accrued expenses and other current liabilities in connection with this healthcare plan provider was not material.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Nov. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Reverse Stock Split

Use of Estimates

Concentration of Credit Risk

Other Risks and Uncertainties

Segments

Cash and Cash Equivalents

Restricted Cash

Fair Value of Financial Instruments

Investments

Property and Equipment

Leases

Internal-Use Software Development Costs

Long-Lived Assets

Deferred Offering Costs

Revenue Recognition

•

Persuasive evidence of an arrangement exists;

•

Delivery has occurred or services have been rendered;

•

The seller’s price to the buyer is fixed or determinable; and

•

Collectability is reasonably assured.

The Company evaluates multiple element arrangements to determine if each deliverable represents a separate unit of accounting based on the following criteria:

•

Delivered item or items have value to the customer on a standalone basis, and

•

(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.

All revenue was derived from customers located in the United States during the years ended November 30, 2021, 2020 and 2019.

Research and Development Expenses

Stock-Based Compensation

Income Taxes

Income taxes

Comprehensive Loss

Comprehensive loss

Net Loss Per Share

Net loss per share

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

Consolidated Balance Sheet Components (Tables)

12 Months Ended

Nov. 30, 2021

Balance Sheet Related Disclosures [Abstract]

Summary of Property and Equipment

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

	November 30,
	2021			2020
Laboratory equipment	$	18,321		$	14,120
Leasehold improvements		3,083			2,664
Computer equipment		538			745
Furniture and fixtures		437			506
Software		3,349			1,316
Software in progress		491			504
Total property and equipment, gross		26,219			19,855
Less: Accumulated depreciation and amortization		(14,879	)		(13,183	)
Total property and equipment, net	$	11,340		$	6,672

Schedule of Accrued Expenses and Other Liabilities

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

	November 30,
	2021		2020
Accrued compensation		8,854		5,725
Accrued contract research and lab supplies		4,158		1,238
Accrued professional services		803		591
Accrued taxes		75		74
Other		659		700
Total	$	14,549	$	8,328

Fair Value Measurements (Tables)

12 Months Ended

Nov. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Investments Fair Value Measurement on Recurring Basis

November 30, 2021	Level	Amortized cost		Unrealized gain		Unrealized loss			Estimated fair value
Money market funds	Level 1	$	73,438	$	—	$	—		$	73,438
U.S. treasury securities	Level 1		20,608		—		(9	)		20,599
Corporate debt securities	Level 2		46,599		1		(54	)		46,546
U.S. government agency securities	Level 2		16,496		1		(14	)		16,483
Corporate commercial paper	Level 2		121,495		—		—			121,495
Municipal securities	Level 2		10,082		9		—			10,091
Long-term investments:
U.S. treasury securities	Level 1		39,932		—		(85	)		39,847
Corporate debt securities	Level 2		74,334		—		(365	)		73,969
U.S. government agency securities	Level 2		16,236		—		(67	)		16,169
Municipal securities	Level 2		7,229		—		(25	)		7,204
Total		$	426,449	$	11	$	(619	)	$	425,841
Included in Cash and cash equivalents		$	73,438	$	—	$	—		$	73,438
Included in Short-term investments		$	215,280	$	11	$	(77	)	$	215,214
Included in Long-term investments		$	137,731	$	—	$	(542	)	$	137,189

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)

12 Months Ended

Nov. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Summary of Operating Expense and Sublease Income

Prior to the adoption of Topic 842 on December 1, 2020, operating lease expense and sublease income was as follows (in thousands):

	Year Ended November 30,
	2020		2019
Operating lease expense	$	3,023	$	2,927
Operating sublease income		—		(311	)
Net operating lease expense	$	3,023	$	2,616

Schedule of Undiscounted Future Non-cancellable Lease Payments

The undiscounted future non-cancellable lease payments under the Company’s lease agreement as of November 30, 2021 were as follows (in thousands):

Year ending November 30,	Operating Leases
2022	$	5,197
2023		5,563
2024		5,060
2025		1,738
Total undiscounted lease payments		17,558
Less: Undiscounted lease payments related to Mission Bay Lease		(3,785	)
Less: imputed interest		(737	)
Total lease liabilities	$	13,036
Operating lease current liabilities		3,847
Operating lease long-term liabilities		9,189
Total lease liabilities	$	13,036

Common Stock (Tables)

12 Months Ended

Nov. 30, 2021

Stockholders Equity [Abstract]

Schedule of Common Stock Shares Reserved for Future Issuance

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

	November 30,
	2021		2020
Issuance of options under stock option plan		5,878,552		4,387,862
Shares available for future stock option grants		2,562,570		3,035,684
Shares available for issuance under employee stock purchase plan		1,015,184		730,000
Restricted stock units issued and outstanding		20,000		—
Total common stock reserved for future issuance		9,476,306		8,153,546

Stock-Based Compensation (Tables)

12 Months Ended

Nov. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Option Activity under the Stock Plans

Option activity under the Stock Plans 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		2,341,917			32.29
Options exercised		(522,006	)		3.19
Options forfeited		(329,221	)		16.87
Balances as of November 30, 2021		5,878,552		$	19.42		8.67	$	65,692
Options vested and expected to vest as of November 30, 2021⁽²⁾		5,837,346		$	19.45		8.66	$	65,155
Options exercisable as of November 30, 2021		2,827,261		$	9.74		8.04	$	55,449

(1)

(2)

Summary of RSU Activity

RSU activity was as follows:

	Number of RSUs		Weighted-average grant date fair value
Balance as of November 30, 2020		—	$	—
RSUs granted		20,000		27.42
RSUs vested		—		—
RSUs forfeited		—		—
Balance as of November 30, 2021		20,000	$	27.42

Summary of Estimated Fair Value of Stock Options and ESPP using the Assumptions

	November 30,
	2021			2020			2019
	Options	ESPP		Options	ESPP		Options
Expected term (years)	5.50 - 6.12		0.50	5.41 - 6.98		0.57	5.92 - 6.08
Expected volatility	70% - 79%	60%		73% - 79%	96%		111 - 116%
Risk-free interest rate	0.52% - 1.24%	0.05%		0.34% - 1.79%	0.13%		1.42% - 2.55%
Dividend yield	0%	0%		0%	0%		0%

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

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

	Year Ended November 30,
	2021		2020		2019
Research and development	$	8,079	$	1,726	$	307
General and administrative		7,721		2,575		203
Total stock-based compensation	$	15,800	$	4,301	$	510

Income Taxes (Tables)

12 Months Ended

Nov. 30, 2021

Income Tax Disclosure [Abstract]

Components of Loss Before Income Taxes

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

	November 30,
	2021			2020			2019
Domestic	$	(117,063	)	$	(63,777	)	$	(21,460	)
	$	(117,063	)	$	(63,777	)	$	(21,460	)

Components of Provision for (Benefit from) Income Taxes

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

	November 30,
	2021			2020			2019
Current:
Federal	$	(203	)	$	(20,577	)	$	238
State		334			42			1
Total provision for (benefit from) income taxes	$	131		$	(20,535	)	$	239

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

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

	November 30,
	2021			2020			2019
Federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State income tax rate		5.0			6.2			10.2
Research and development tax credits		4.5			4.0			6.6
Unrecognized income tax benefits		—			0.6			(1.0	)
Federal rate impact due to CARES Act		—			13.1			—
Stock-based compensation		(1.2	)		—			—
Change in valuation allowance		(29.3	)		(10.3	)		(37.0	)
Other		(0.1	)		(2.4	)		(0.9	)
Total		(0.1	)%		32.2	%		(1.1	)%

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

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

	Year ended November 30,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	41,081		$	25,145
Research and development tax credits		17,502			9,330
Deferred revenue		21,874			10,536
Stock based compensation		1,054			773
Accrued expenses and other liabilities		1,896			1,624
Operating lease liabilities		3,436			—
Gross deferred tax assets		86,843			47,408
Valuation allowance		(83,517	)		(47,408	)
Total deferred tax assets		3,326			—
Deferred tax liabilities:
Operating lease right-of-use assets		(3,326	)		—
Total deferred tax liabilities		(3,326	)		—
Net deferred tax assets	$	—		$	—

Reconciliation of Beginning and Ending Amounts of Unrecognized Income Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized income tax benefits during the years ended November 30, 2021, 2020 and 2019 is as follows (in thousands):

	Years ended November 30,
	2021			2020			2019
Balance at beginning of period	$	5,361		$	2,920		$	2,157
Additions based on tax positions related to prior period		1			2,295			137
Additions based on tax positions related to current period		2,282			1,326			626
Settlements		(1,313	)		(1,180	)		—
Balance at end of period	$	6,331		$	5,361		$	2,920

Net Loss Per Share (Tables)

12 Months Ended

Nov. 30, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss per Share

	Year Ended November 30,
	2021			2020			2019
Numerator:
Net loss	$	(117,194	)	$	(43,242	)	$	(21,699	)
Denominator:
Weighted-average number of shares outstanding, basic and diluted		42,895,383			15,673,424			3,292,514
Net loss per share, basic and diluted	$	(2.73	)	$	(2.76	)	$	(6.59	)

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

	November 30,
	2021		2020		2019
Redeemable convertible preferred stock on an as- converted basis		—		—		12,813,887
Options to purchase common stock		5,878,552		4,387,862		1,913,792
Options early exercised subject to vesting		58,794		141,512		139,393
Shares expected to be purchased under employee stock purchase plan		50,882		60,512		—
Restricted stock		20,000		—		—
Total		6,008,228		4,589,886		14,867,072

Organization- Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
	Jul. 28, 2020	Jul. 27, 2020	Mar. 31, 2021	Jul. 31, 2020	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2021	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
Common stock, shares issued					44,664,371	38,864,872
Net loss					$ (117,194)	$ (43,242)	$ (21,699)
Negative net cash flows from operating activities					(84,365)	(80)	$ 601
Accumulated deficit					(220,892)	$ (103,698)
Cash and cash equivalents and short-term investments					295,700
Working capital					$ 244,900
Common Stock
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued					5,175,000	12,550,000
Preferred stock converted into common stock				22,245,251		22,245,251
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			675,000	1,550,000
Follow-on Offering
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued			5,175,000
Stock issued, price per share			$ 31.00
Net proceeds from offering			$ 150,200
Underwriting discounts and commissions			9,600
Stock offering expenses			$ 600
At the Market Offering \| Equity Distribution Agreement \| Piper Sandler & Co.
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock, shares issued								0
Equity distribution agreement, commission percentage on gross sales price of shares								3.00%
At the Market Offering \| Equity Distribution Agreement \| Piper Sandler & Co. \| Maximum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity distribution agreement, value of common stock available for Issuance								$ 150,000

Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Jul. 17, 2020	Nov. 30, 2021 USD ($) Segment	Nov. 30, 2020 USD ($)	Nov. 30, 2019 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Reverse stock split, conversion ratio	0.333	0.333
Reverse stock split, description			1-for-3
Number of reportable segments \| Segment		1
Number of operating segments \| Segment		1
Restricted cash		$ 286,000	$ 170,000
Property and equipment, useful life		3 years
Impairment losses		$ 0	0	$ 0
Deferred offering costs		500,000	0
Proceeds from milestone payments				0
Milestone revenues recognized				0
Milestones considered as substantive				$ 0
Operating lease right-of-use assets		14,005,000
Operating lease current liabilities		3,847,000
Operating lease long-term liabilities		$ 9,189,000
ASU 2016-02
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
Operating lease right-of-use assets		$ 13,300,000
Operating lease current liabilities		3,300,000
Operating lease long-term liabilities		10,900,000
Deferred rent liability		$ 900,000
ASU 2016-13
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
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
ASU 2018-18
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
Internal-Use Software Development Costs
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, useful life		3 years
Collateral for Business Credit Card Account
Summary Of Significant Accounting Policies [Line Items]
Restricted cash		$ 100,000	100,000
Letters of Credit for Operating Lease
Summary Of Significant Accounting Policies [Line Items]
Restricted cash		$ 200,000	$ 100,000

Collaboration Agreements - Additional Information (Details) - USD ($)

1 Months Ended

3 Months Ended

12 Months Ended

24 Months Ended

30 Months Ended

Jan. 31, 2021

Dec. 31, 2019

Jun. 30, 2019

Sep. 30, 2015

Feb. 28, 2022

Nov. 30, 2021

Nov. 30, 2020

Nov. 30, 2019

Nov. 30, 2021

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Proceeds from issuance of shares

$ 119,914,000

Deferred revenue, current

^[1]

$ 29,750,000

17,820,000

$ 31,115,000

$ 41,212,000

41,212,000

32,799,000

$ 41,212,000

Gilead Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront payment

$ 45,000,000.0

Recorded deferred revenue

16,600,000

12,100,000

2,700,000

41,100,000

Upfront payment of additional fees

$ 3,000,000.0

Research milestones payments received

5,000,000.0

18,500,000

Recognized research milestone payments to be received

6,000,000.0

Variable consideration included in transaction price

24,500,000

$ 24,500,000

24,500,000

Collaboration agreement contract term

5 years

Collaboration revenue recognized from opening contract liability

$ 11,100,000

9,400,000

Performance obligation satisfied

3,100,000

900,000

Deferred revenue, current

19,900,000

Accounts receivable

6,000,000.0

Gilead Agreement | Forecast

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Research milestones payments received

$ 6,000,000.0

Gilead Agreement | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Total additional payments receivable

2,300,000,000

Development milestone payments, receivable

677,500,000

Sales milestone payments, receivable

1,500,000,000

Additional fees receivable related to target licensing, reservation and selection and research term extensions

139,800,000

Sanofi Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront payment

$ 55,000,000.0

55,000,000.0

Recorded deferred revenue

59,200,000

13,200,000

59,200,000

Research milestones payments received

1,000,000.0

Variable consideration included in transaction price

1,000,000.0

Deferred revenue, current

21,300,000

13,000,000.0

21,300,000

Additional payment received to exercise option to expand number of targets

$ 22,000,000.0

Payment received to exercise option to expand number of targets

$ 22,000,000.0

Collaborative agreement expected transaction price

77,000,000.0

Collaborative agreement additional transaction price

22,000,000.0

$ 22,000,000.0

22,000,000.0

Contractual initial research period

4 years 3 months

Sanofi Agreement | Maximum

$ 13,200,000

5,700,000

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Development milestone payments, receivable

499,000,000.0

Sales milestone payments, receivable

1,300,000,000

Milestone payments additional fees, total

2,500,000,000

Regulatory milestone payments, receivable

625,000,000.0

Additional fees receivable related to target licensing and reservation

143,800,000

Celgene Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Initial research term

4 years

Upfront payment

$ 150,000,000.0

Recorded deferred revenue

$ 0

$ 28,400,000

$ 0

Celgene Agreement | BMS

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Percentage of shares held on total shares outstanding on an as-converted basis

10.00%

Celgene Agreement | Series C Redeemable Convertible Preferred Stock

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Purchased shares

1,622,222

Purchased shares, price per share

$ 10.50

Proceeds from issuance of shares

$ 17,000,000.0

[1]	Collaboration revenue for the years ended November 30, 2021, 2020 and 2019 includes related party revenue of $0, $0 and $28.4 million, respectively.

Consolidated Balance Sheet Components - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 26,219	$ 19,855
Less: Accumulated depreciation and amortization	(14,879)	(13,183)
Total property and equipment, net	11,340	6,672
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	18,321	14,120
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	3,083	2,664
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	538	745
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, gross	437	506
Software
Property Plant And Equipment [Line Items]
Total property and equipment, gross	3,349	1,316
Software in Progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 491	$ 504

Consolidated Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Property Plant And Equipment [Abstract]
Depreciation and amortization	$ 2,790	$ 2,180	$ 2,354

Consolidated Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Accrued Liabilities And Other Liabilities [Abstract]
Accrued compensation	$ 8,854	$ 5,725
Accrued contract research and lab supplies	4,158	1,238
Accrued professional services	803	591
Accrued taxes	75	74
Other	659	700
Total	$ 14,549	$ 8,328

Fair Value Measurements - Summary of Investments Fair Value Measurement on Recurring Basis (Details) - Fair Value Measurements, Recurring - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	$ 426,449	$ 371,949
Unrealized gain	11	115
Unrealized loss	(619)	(26)
Estimated fair value	425,841	372,038
Included in Cash and Cash Equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	73,438	119,356
Estimated fair value	73,438	119,356
Included in Short-term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	215,280	161,744
Unrealized gain	11	57
Unrealized loss	(77)	(9)
Estimated fair value	215,214	161,792
Included in Long-term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	137,731	90,849
Unrealized gain		58
Unrealized loss	(542)	(17)
Estimated fair value	137,189	90,890
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	73,438	114,357
Estimated fair value	73,438	114,357
Level 1 \| U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	20,608	48,002
Unrealized gain		22
Unrealized loss	(9)	(1)
Estimated fair value	20,599	48,023
Level 1 \| Long-term Investments \| U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	39,932
Unrealized loss	(85)
Estimated fair value	39,847
Level 2 \| Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	46,599	23,287
Unrealized gain	1	11
Unrealized loss	(54)	(6)
Estimated fair value	46,546	23,292
Level 2 \| U.S. Government Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	16,496	9,011
Unrealized gain	1	15
Unrealized loss	(14)
Estimated fair value	16,483	9,026
Level 2 \| Corporate Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	121,495	80,411
Estimated fair value	121,495	80,411
Level 2 \| Municipal Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	10,082	6,032
Unrealized gain	9	9
Unrealized loss		(2)
Estimated fair value	10,091	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	74,334	11,207
Unrealized gain		11
Unrealized loss	(365)	(10)
Estimated fair value	73,969	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	16,236	70,373
Unrealized gain		25
Unrealized loss	(67)	(7)
Estimated fair value	16,169	70,391
Level 2 \| Long-term Investments \| Municipal Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	7,229	9,269
Unrealized gain		22
Unrealized loss	(25)
Estimated fair value	$ 7,204	$ 9,291

Fair Value Measurements - Additional Information (Details)	12 Months Ended
	Nov. 30, 2021 USD ($)	Nov. 30, 2020 USD ($) security	Nov. 30, 2019 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Transfer of financial instruments between valuation levels	$ 0	$ 0
Debt securities unrealized loss position, more than12 months number of positions \| security		0
Impairment losses related to investments	0	$ 0	$ 0
Allowance for credit losses	0
Prepaid Expenses and Other Current Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Accrued interest receivable	$ 900,000	$ 400,000

Commitments and Contingencies - Additional Information (Details)	1 Months Ended			12 Months Ended
	Jul. 31, 2021 USD ($) ft²	Jun. 30, 2020	Nov. 30, 2017	Nov. 30, 2021 USD ($)	Nov. 30, 2020 USD ($)	Nov. 30, 2019 USD ($)	Apr. 30, 2015
Lessee Lease Description [Line Items]
Operating lease, lease term		14 months					60 months
Lease expiration date	Jun. 30, 2024	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
Operating lease, option to extend				The Company has an option to renew this lease for an additional two years which has not been included in the lease term used to calculate the ROU asset and lease liability as it is not reasonably certain that the Company will exercise this option.
Operating lease, renewal term				2 years
Security deposits	$ 100,000			$ 91,000
Area of office space leased \| ft²	19,320
Lease commencement date	Dec. 01, 2021
Rent payable per month	$ 100,000
Percentage of increase of rent per year	3.00%
Total minimum rent payments over lease term	$ 3,800,000
Operating lease right-of-use assets				14,005,000
Operating lease current liabilities				3,847,000
Operating lease long-term liabilities				9,189,000
Operating lease, payments				$ 4,000,000.0
Operating lease, weighted average remaining lease term				3 years 6 months
Operating lease, weighted average discount rate, percent				3.13%
Total operating lease, expense				$ 3,800,000	$ 3,023,000	$ 2,927,000
Letter of Credit
Lessee Lease Description [Line Items]
Letter of credit collateralized by a restricted deposit	$ 100,000			$ 70,000

Commitments and Contingencies - Summary of Operating Expense and Sublease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Total operating lease, expense	$ 3,800	$ 3,023	$ 2,927
Operating sublease income			(311)
Net operating lease expense		$ 3,023	$ 2,616

Commitments and Contingencies - Schedule of Undiscounted Future Non-cancellable Lease Payments (Details) $ in Thousands	Nov. 30, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2022	$ 5,197
2023	5,563
2024	5,060
2025	1,738
Total undiscounted lease payments	17,558
Less: Undiscounted lease payments related to Mission Bay Lease	(3,785)
Less: imputed interest	(737)
Total lease liabilities	13,036
Operating lease current liabilities	3,847
Operating lease long-term liabilities	$ 9,189

Common Stock - Additional Information (Details)		12 Months Ended
Common Stock - Additional Information (Details)	Jul. 17, 2020	Nov. 30, 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 \| $ / shares		$ 0.001	$ 0.001
Common stock, voting rights		one
Reverse stock split, conversion ratio	0.333	0.333

Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) - shares	Nov. 30, 2021	Nov. 30, 2020
Class Of Stock [Line Items]
Total common stock reserved for future issuance	9,476,306	8,153,546
Issuance of Options Under Stock Option Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance	5,878,552	4,387,862
Shares Available for Future Stock Option Grants
Class Of Stock [Line Items]
Total common stock reserved for future issuance	2,562,570	3,035,684
Restricted Stock Units Issued and Outstanding
Class Of Stock [Line Items]
Total common stock reserved for future issuance	20,000
Shares Available for Issuance Under Employee Stock Purchase Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance	1,015,184	730,000

Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 31, 2020	Mar. 31, 2020	Nov. 30, 2020	Nov. 30, 2021
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares authorized			0	0
Redeemable convertible preferred stock, shares outstanding			0	0
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs			$ 119,914
Common Stock
Temporary Equity [Line Items]
Preferred stock converted into common stock	22,245,251		22,245,251
Series D Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares outstanding	9,431,364
Issuance of Series D redeemable convertible preferred stock, Shares		9,431,364
Issuance of Series D redeemable convertible preferred stock, per share		$ 12.75	$ 12.75
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		$ 119,900

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Jul. 17, 2020	Nov. 30, 2021 USD ($) $ / shares shares	Nov. 30, 2020 USD ($) $ / shares shares	Nov. 30, 2019 USD ($) $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares reserved for future issuance		9,476,306	8,153,546
Reverse stock split, conversion ratio	0.333	0.333
Weighted-average grant date fair value of options granted \| $ / shares		$ 21.15	$ 9.50	$ 1.41
Total fair value of employee options vested \| $		$ 12.0	$ 3.1	$ 0.5
Expected dividend yield		0.00%
Total compensation cost related to stock-based awards yet to recognize \| $		$ 57.9
Total compensation cost related to stock-based awards, recognition period		3 years 18 days
Restricted Stock Units Issued and Outstanding
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares reserved for future issuance		20,000
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		2,562,570
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 \| Restricted Stock Units Issued and Outstanding
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of options granted		2 years
Award expiration period		10 years
2020 Equity Incentive Plan \| Minimum [Member] \| 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 [Member] \| 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%
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		1,015,184
Shares issued		103,464
Weighted-average price per share \| $ / shares		$ 19.92
Expected dividend yield		0.00%	0.00%

Stock-Based Compensation - Schedule of Option Activity under the Sock Plans (Details) - 2020 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 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	2,341,917
Number of options outstanding, Options exercised	(522,006)
Number of options outstanding, Options forfeited	(329,221)
Number of options outstanding, Ending Balance	5,878,552	4,387,862
Number of options outstanding, Options vested and expected to vest as of November 30, 2020	5,837,346
Number of options outstanding, Options exercisable as of November 30, 2020	2,827,261
Weighted-average exercise price, Beginning balance	$ 10.43
Weighted-average exercise price, Options granted	32.29
Weighted-average exercise price, Options exercised	3.19
Weighted-average exercise price, Options forfeited	16.87
Weighted-average exercise price, Ending balance	19.42	$ 10.43
Weighted-average exercise price, Options vested and expected to vest as of November 30, 2020	19.45
Weighted-average exercise price, Options exercisable as of November 30, 2020	$ 9.74
Weighted-average contractual life (in years)	8 years 8 months 1 day	9 years 7 days
Weighted-average contractual life (in years) Options vested and expected to vest as of November 30, 2020	8 years 7 months 28 days
Weighted-average contractual life (in years) Options exercisable as of November 30, 2020	8 years 14 days
Aggregate intrinsic value	$ 65,692	$ 141,249
Aggregate intrinsic value, Options vested and expected to vest as of November 30, 2020	65,155
Aggregate intrinsic value, Options exercisable as of November 30, 2020	$ 55,449

Stock-Based Compensation - Schedule of Option Activity under the Stock Plans (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Total intrinsic value of stock options exercised	$ 15.9	$ 3.4	$ 0.1
Shares subject to repurchase	58,794
Exercise value of shares subject to repurchase	$ 0.3

Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted Stock Units Issued and Outstanding	12 Months Ended
	Nov. 30, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs granted \| shares	20,000
Number of RSUs, Balance as of November 30, 2021 \| shares	20,000
Weighted-average grant date fair value, RSUs granted \| $ / shares	$ 27.42
Weighted-average grant date fair valye, Balance as of November 30, 2021 \| $ / shares	$ 27.42

Stock-Based Compensation - Summary of Estimated Fair Value of Stock Options and ESPP using the Assumptions (Details)	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Dividend yield	0.00%
Options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expected volatility, minimum	70.00%	73.00%	111.00%
Expected volatility, maximum	79.00%	79.00%	116.00%
Risk-free interest rate, minimum	0.52%	0.34%	1.42%
Risk-free interest rate, maximum	1.24%	1.79%	2.55%
Dividend yield	0.00%	0.00%	0.00%
ESPP
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expected term (years)	6 months	6 months 25 days
Expected volatility	60.00%	96.00%
Risk-free interest rate	0.05%	0.13%
Dividend yield	0.00%	0.00%
Minimum [Member] \| Options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expected term (years)	5 years 6 months	5 years 4 months 28 days	5 years 11 months 1 day
Maximum \| Options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expected term (years)	6 years 1 month 13 days	6 years 11 months 23 days	6 years 29 days

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Related to Stock Options RSUs and ESPP Included in Statements of Operations (Details) - Stock Option, RSUs and ESPP - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 15,800	$ 4,301	$ 510
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	8,079	1,726	307
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 7,721	$ 2,575	$ 203

Defined Contribution Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Compensation And Retirement Disclosure [Abstract]
Contribution expense	$ 0.7	$ 0.4	$ 0.3

Income Taxes - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jan. 31, 2019	Feb. 28, 2018	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Income Tax Examination [Line Items]
Current income tax expense (benefit)			$ 100,000	$ (20,500,000)	$ 200,000
Increase in valuation allowance			36,100,000	7,600,000	8,500,000
Net operating loss unutilized amount			400,000
Unrecognized tax benefits			6,331,000	5,361,000	$ 2,920,000	$ 2,157,000
Unrecognized tax benefits that would impact effective tax rate			0
Interest and penalties accrued			0
Decrease in R&D credit carryforward			$ 1,300,000
CARES act of 2020, net operating loss carryback period			5 years
CARES act of 2020, net operating loss carryback refund claim				$ 19,600,000
Internal Revenue Service (IRS)
Income Tax Examination [Line Items]
Income tax return, years under examination		2016 2017 2018 2019
California Franchise Tax Board
Income Tax Examination [Line Items]
Income tax return, years under examination	2015 2016 2017 2018
Federal
Income Tax Examination [Line Items]
NOL carryforwards			$ 116,300,000
Net operating losses carry forward period			20 years
NOL carryforwards, expiration year			2029
NOL carryforwards, indefinitely			$ 112,600,000
Period open for examination			3 years
Federal \| Research
Income Tax Examination [Line Items]
Tax credit carryforwards			$ 13,200,000
Credit carryforwards, expiration year			2032
State Authorities
Income Tax Examination [Line Items]
NOL carryforwards			$ 192,000,000.0
NOL carryforwards, expiration year			2029
Period open for examination			4 years
State Authorities \| Research
Income Tax Examination [Line Items]
Tax credit carryforwards			$ 10,600,000
Credit carryforwards, expiration period			indefinitely

Income Taxes - Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Domestic	$ (117,063)	$ (63,777)	$ (21,460)
Loss before income taxes	$ (117,063)	$ (63,777)	$ (21,460)

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

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes - Components of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Current:
Federal	$ (203)	$ (20,577)	$ 238
State	334	42	1
Total provision for (benefit from) income taxes	$ 131	$ (20,535)	$ 239

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

+ References + Details

Income Taxes - Effective Tax Rate Differs from Federal Statutory Rate (Details)	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%	21.00%
State income tax rate	5.00%	6.20%	10.20%
Research and development tax credits	4.50%	4.00%	6.60%
Unrecognized income tax benefits		0.60%	(1.00%)
Federal rate impact due to CARES Act		13.10%
Stock-based compensation	(1.20%)
Change in valuation allowance	(29.30%)	(10.30%)	(37.00%)
Other	(0.10%)	(2.40%)	(0.90%)
Total	(0.10%)	32.20%	(1.10%)

Income Taxes - Significant Components of Deferred Tax Assets for Federal and State Income Taxes (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 41,081	$ 25,145
Research and development tax credits	17,502	9,330
Deferred revenue	21,874	10,536
Stock based compensation	1,054	773
Accrued expenses and other liabilities	1,896	1,624
Operating lease liabilities	3,436
Gross deferred tax assets	86,843	47,408
Valuation allowance	(83,517)	$ (47,408)
Total deferred tax assets	3,326
Deferred tax liabilities:
Operating lease right-of-use assets	(3,326)
Total deferred tax liabilities	$ (3,326)

Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Income Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Balance at beginning of period	$ 5,361	$ 2,920	$ 2,157
Additions based on tax positions related to prior period	1	2,295	137
Additions based on tax positions related to current period	2,282	1,326	626
Settlements	(1,313)	(1,180)
Balance at end of period	$ 6,331	$ 5,361	$ 2,920

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Numerator:
Net loss	$ (117,194)	$ (43,242)	$ (21,699)
Denominator:
Weighted-average number of shares outstanding, basic and diluted	42,895,383	15,673,424	3,292,514
Net loss per share, basic and diluted	$ (2.73)	$ (2.76)	$ (6.59)

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

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss per Share of Common Stock (Details) - shares	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	6,008,228	4,589,886	14,867,072
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			12,813,887
Issuance of Options Under Stock Option Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	5,878,552	4,387,862	1,913,792
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	58,794	141,512	139,393
Restricted stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	20,000
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	50,882	60,512

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Related Party Transaction [Line Items]
Redeemable convertible preferred stock, shares outstanding	0	0
Related parties revenue	$ 0.0	$ 0.0	$ 28.4
Celgene Agreement
Related Party Transaction [Line Items]
Related parties revenue			28.4
Healthcare Plan Provider \| Chief Financial Officer
Related Party Transaction [Line Items]
Expenses related to healthcare plan premiums	$ 2.6	$ 1.6	$ 1.4
Series C Redeemable Convertible Preferred Stock \| BMS
Related Party Transaction [Line Items]
Redeemable convertible preferred stock, shares outstanding	1,622,222