0001549595-23-000032 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Feb. 28, 2023	Mar. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2023
Document Transition Report	false
Entity File Number	001-39398
Entity Registrant Name	NURIX THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0838048
Entity Address, Address Line One	1700 Owens Street
Entity Address, Address Line Two	Suite 205
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94158
City Area Code	415
Local Phone Number	660-5320
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	NRIX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,445,354
Entity Central Index Key	0001549595
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Feb. 28, 2023	Nov. 30, 2022
Current assets:
Cash and cash equivalents	$ 33,571	$ 64,474
Marketable securities, current	243,575	244,667
Prepaid expenses and other current assets	11,183	9,308
Total current assets	288,329	318,449
Marketable securities, non‑current	48,449	63,879
Operating lease right-of-use assets	10,917	12,345
Property and equipment, net	17,717	17,163
Restricted cash	901	901
Other assets	3,841	4,022
Total assets	370,154	416,759
Current liabilities:
Accounts payable	5,629	5,064
Accrued expenses and other current liabilities	15,388	22,428
Operating lease liabilities, current	5,556	5,530
Deferred revenue, current	38,305	37,633
Total current liabilities	64,878	70,655
Operating lease liabilities, net of current portion	5,106	6,434
Deferred revenue, net of current portion	26,118	35,974
Total liabilities	96,102	113,063
Commitments and contingencies (Note 6)
Stockholdersʼ equity:
Preferred stock, $0.001 par value— 10,000,000 shares authorized as of February 28, 2023 and November 30, 2022; no shares issued and outstanding as of February 28, 2023 and November 30, 2022	0	0
Common stock, $0.001 par value— 500,000,000 shares authorized as of February 28, 2023 and November 30, 2022; 47,444,853 and 47,172,299 shares issued and outstanding as of February 28, 2023 and November 30, 2022, respectively	47	47
Additional paid-in capital	719,237	709,220
Accumulated other comprehensive loss	(3,247)	(4,319)
Accumulated deficit	(441,985)	(401,252)
Total stockholdersʼ equity	274,052	303,696
Total liabilities and stockholdersʼ equity	$ 370,154	$ 416,759

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Feb. 28, 2023	Nov. 30, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares outstanding (in shares)	47,444,853	47,172,299
Common stock, shares issued (in shares)	47,444,853	47,172,299

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

Feb. 28, 2023

Feb. 28, 2022

Income Statement [Abstract]

Collaboration revenue

$ 12,685

$ 9,621

Operating expenses:

Research and development

45,816

43,137

General and administrative

9,821

9,228

Total operating expenses

55,637

52,365

Loss from operations

(42,952)

(42,744)

Interest and other income, net

2,219

211

Net loss

$ (40,733)

$ (42,533)

Net loss per share, basic (in USD per share)

$ (0.75)

$ (0.95)

Net loss per share, diluted (in USD per share)

$ (0.75)

$ (0.95)

Weighted-average number of shares outstanding, basic (in shares)

^[1]

54,028,238

44,693,812

Weighted-average number of shares outstanding, diluted (in shares)

54,028,238

44,693,812

[1]	The shares underlying the pre-funded warrants to purchase an aggregate of 6,814,920 shares of the Company’s common stock have been included in the calculation of the weighted-average number of shares outstanding, basic and diluted, for the three months ended February 28, 2023.

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Statement of Other Comprehensive Income [Abstract]
Net loss	$ (40,733)	$ (42,533)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale marketable securities	1,072	(1,458)
Total comprehensive loss	$ (39,661)	$ (43,991)

- Definition

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

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+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit
Beginning balance (in shares at Nov. 30, 2021		44,664,371
Beginning balance at Nov. 30, 2021	$ 342,302	$ 45	$ 563,757	$ (608)	$ (220,892)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		117,870
Exercise of stock options	424		424
Vesting of early exercised stock options	47		47
Issuance under employee stock purchase plan (in shares)		71,207
Issuance under employee stock purchase plan	1,064		1,064
Stock-based compensation	6,071		6,071
Unrealized loss on available-for-sale marketable securities	(1,458)			(1,458)
Net loss	(42,533)				(42,533)
Ending balance (in shares) at Feb. 28, 2022		44,853,448
Ending balance at Feb. 28, 2022	305,917	$ 45	571,363	(2,066)	(263,425)
Beginning balance (in shares at Nov. 30, 2022		47,172,299
Beginning balance at Nov. 30, 2022	303,696	$ 47	709,220	(4,319)	(401,252)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		8,768
Exercise of stock options	28		28
Vesting of restricted stock units (in shares)		98,571
Vesting of early exercised stock options	31		31
Issuance under employee stock purchase plan (in shares)		165,215
Issuance under employee stock purchase plan	1,453		1,453
Stock-based compensation	8,505		8,505
Unrealized loss on available-for-sale marketable securities	1,072			1,072
Net loss	(40,733)				(40,733)
Ending balance (in shares) at Feb. 28, 2023		47,444,853
Ending balance at Feb. 28, 2023	$ 274,052	$ 47	$ 719,237	$ (3,247)	$ (441,985)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Cash flows from operating activities
Net loss	$ (40,733)	$ (42,533)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,752	991
Stock-based compensation	8,481	6,071
Net amortization (accretion) of premium (discount) on marketable securities	(818)	542
Loss on disposal of property and equipment	56	0
Amortization of operating lease right-of-use assets	1,428	1,262
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,627)	(1,514)
Accounts payable	400	(103)
Deferred revenue	(9,184)	(3,620)
Operating lease liabilities	(1,302)	(408)
Accrued expenses and other liabilities	(6,905)	(3,318)
Net cash used in operating activities	(48,452)	(42,630)
Cash flows from investing activities
Purchases of marketable securities	(22,642)	(15,245)
Maturities of marketable securities	40,987	58,748
Purchases of property and equipment	(2,277)	(3,472)
Net cash provided by investing activities	16,068	40,031
Cash flows from financing activities
Proceeds from exercise of stock options	28	424
Proceeds from issuance under employee stock purchase plan	1,453	1,064
Net cash provided by financing activities	1,481	1,488
Net decrease in cash, cash equivalents and restricted cash	(30,903)	(1,111)
Cash, cash equivalents and restricted cash at beginning of period	65,375	80,792
Cash, cash equivalents and restricted cash at end of period	34,472	79,681
Supplemental disclosures of non-cash investing and financing activities:
Additions to property and equipment included in accounts payable and accrued expenses and other liabilities	1,434	2,207
Capitalized stock-based compensation related to internal-use software development	24	0
Vesting of early exercised stock options	31	47
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	33,571	78,780
Restricted cash	901	901
Total cash, cash equivalents and restricted cash	$ 34,472	$ 79,681

Organization	3 Months Ended
Organization	Feb. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Description of Business Nurix Therapeutics, Inc. (the Company) was incorporated in the state of Delaware on August 27, 2009, and is headquartered in San Francisco, California. The Company is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of small molecule and cell therapies based on the modulation of 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. The Company’s wholly owned, clinical stage pipeline includes targeted protein degraders of Bruton’s tyrosine kinase, a B-cell signaling protein, and inhibitors of Casitas B-lineage lymphoma proto-oncogene B, an E3 ligase that regulates activation of multiple immune cell types including T cells and NK cells. The Company’s partnered drug discovery pipeline consists of ten programs under collaboration agreements with Sanofi S.A. (Sanofi) and Gilead Sciences, Inc. (Gilead), within which the Company retains options for co-development and co-commercialization rights in the United States for up to four drug candidates, two for each collaboration. Equity Distribution Agreement In August 2021, the Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC), which was amended in February 2023. This shelf registration statement, which includes a base prospectus, allows the Company at any time to offer and sell up to $450.0 million of the Company’s registered common stock, preferred stock, debt securities, warrants, subscriptions rights and or units or any combination of securities described in the prospectus in one or more offerings. In addition, in August 2021, the Company entered into an Equity Distribution Agreement with Piper Sandler & Co. (Piper Sandler) pursuant to which, from time to time, the Company may offer and sell through Piper Sandler up to $150.0 million of the common stock registered under the shelf registration statement pursuant to one or more “at the market” offerings. The Company is not required to sell any shares at any time during the term of the Equity Distribution Agreement. The Company agreed to pay Piper Sandler a commission of 3% of the gross sales price of any shares sold pursuant to the Equity Distribution Agreement. In June 2022, the Company issued and sold 2,000,000 shares of common stock under the Equity Distribution Agreement at a price of $10.0001 per share of common stock for net proceeds of approximately $19.3 million, after deducting offering commissions and expenses paid by the Company. As of February 28, 2023, the Company had $130.0 million of common stock remaining available for sale under the Equity Distribution Agreement. Registered Direct Offerings In July 2022, the Company entered into separate securities purchase agreements with certain purchasers to issue and sell pre‑funded warrants to purchase an aggregate of 6,814,920 shares of the Company’s common stock in registered direct offerings (RDOs) at a price of $13.939 per pre-funded warrant. Net proceeds from the RDOs were approximately $94.8 million, after deducting offering expenses of $0.2 million. Refer to Note 7 for more information regarding the pre-funded warrants issued in the RDOs. Liquidity and Management Plans As of February 28, 2023, the Company had cash, cash equivalents and short-term marketable securities of $277.1 million and an accumulated deficit of $442.0 million. The Company’s operations have historically been financed through the issuance of common stock, redeemable convertible preferred stock and pre-funded warrants and proceeds received under the Company’s collaboration and license agreements. Since inception, the Company has generally incurred significant losses and negative net cash flows from operations. The Company does not expect its existing cash, cash equivalents and marketable securities to be sufficient to fund the completion of its clinical trials through commercialization and will need substantial additional funding to support its continuing operations and pursue its long-term business plan. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its drug candidates currently in development. Management believes that its cash, cash equivalents and short-term marketable securities are sufficient to continue operating activities for at least 12 months following the issuance date of these condensed consolidated financial statements. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development and payments the Company may receive under its collaboration agreements with Sanofi and Gilead or future collaboration agreements, if any. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company if at all. If additional capital is not available, failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company’s ability to achieve its intended business objectives.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Feb. 28, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The Company’s condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of the Company’s financial position as of and for the three months ended February 28, 2023. The condensed consolidated balance sheet as of November 30, 2022, was derived from the audited annual financial statements as of that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. These interim financial statements and related disclosures have been prepared with the presumption that users of the interim financial statements have read or have access to the audited annual financial statements for the preceding fiscal year. Accordingly, these financial statements should be read in conjunction with the audited annual financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended November 30, 2022, as filed with the SEC. These interim results are not necessarily indicative of results to be expected for the full fiscal year or any future interim period. Certain prior year amounts have been reclassified for consistency with the current year cash flow presentation. The reclassification did not impact total cash flow from operating, investing or financing activities. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, including DeCART Therapeutics Inc, which was legally dissolved in July 2022. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to the useful lives of long-lived assets, the measurement of stock-based compensation, accruals for research and development activities, income taxes and revenue recognition. The Company bases its estimates on historical experience and on other relevant assumptions that are reasonable under the circumstances. Actual results could materially differ from those estimates. Refer to Note 3 for more information regarding the estimates related to revenue recognition. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company invests its cash equivalents in highly rated money market funds. The Company’s marketable securities consist of debt securities issued by highly rated corporate entities, foreign governments, 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 exceed federally insured limits, and the Company is exposed to credit risk on deposits in the event of default by the financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (FDIC). The Company is closely monitoring ongoing events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry or the financial services industry generally, including Silicon Valley Bank (SVB). On March 10, 2023, SVB, where the Company maintained an operating account with a cash balance of less than 1% of the Company's total cash, cash equivalents and marketable securities, was closed by the California Department of Financial Protection and Innovation and the FDIC was appointed as receiver. On March 12, 2023, the U.S. Department of the Treasury, Federal Reserve Board, and FDIC released a joint statement announcing that the FDIC would complete its resolution of SVB in a manner that fully protected all depositors at SVB and that depositors would have access to all of their money starting March 13, 2023. On March 26, 2023, it was announced that First-Citizens Bank & Trust Company would assume all of SVB's deposits and loans as of March 27, 2023. In light of the foregoing, the Company does not believe that it has exposure to loss as a result of SVB’s receivership. During the periods presented, the Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities. Other Risks and Uncertainties The Company is subject to a number of risks similar to other clinical stage biopharmaceutical companies, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on its future financial position or results of operations: risks related to the successful discovery and development of its drug candidates, ability to raise additional capital, development of new technological innovations by its competitors and delay or inability to obtain drug substance and finished drug product from the Company’s third-party contract manufacturers necessary for the Company’s drug candidates, 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 Company is subject to risks and uncertainties as a result of the current COVID-19 pandemic and increasing financial market volatility and uncertainty. The COVID-19 pandemic, including the resurgence of cases relating to the spread of new variants, continues to impact worldwide economic activity and 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 and increasing financial market volatility and uncertainty will impact the Company’s business will depend on future developments that are highly uncertain and cannot be predicted at this time. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The extent to which the COVID-19 pandemic and the increasing financial market volatility and uncertainty may directly or indirectly impact the Company’s financial statements is highly uncertain and subject to change. Management considered the potential impact of the COVID-19 pandemic on its estimates and assumptions and there was not a material impact to the Company’s condensed consolidated financial statements as of and for the three months ended February 28, 2023; 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. 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, in 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. Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To recognize revenue from a contract with a customer, the Company performs the following five steps: (i)identify the contract(s) with a customer; (ii)identify the performance obligations in the contract; (iii)determine the transaction price; (iv)allocate the transaction price to the performance obligations in the contract; and (v)recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, the Company assesses the goods or services promised within each contract, whether each promised good or service is distinct, and determines those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied. The Company enters into collaboration agreements under which it may obtain upfront payments, milestone payments, royalty payments and other fees. Promises under these arrangements may include research licenses, research services, including selection campaign research services for certain replacement targets, the obligation to share information during the research and the participation of alliance managers and in joint research committees, joint patent committees and joint steering committees. The Company assesses these promises within the context of the agreements to determine the performance obligations. Research and collaboration licenses: If a license is determined to be distinct from the other promises identified in the arrangement, the Company recognizes revenue from upfront payments allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, upfront payments. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone payments: At the inception of each arrangement that includes research, development, or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. The Company uses the most likely amount method for research, development and regulatory milestone payments. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. If it is probable that a significant revenue reversal would not occur, the associated milestone amount is included in the transaction price. Sales-based milestones and royalties: For arrangements that include sales-based milestone or royalty payments based on the level of sales, and in which the license is deemed to be the predominant item to which the sales-based milestone or royalties relate to, the Company recognizes revenue in the period in which the sales-based milestone is achieved and in the period in which the sales associated with the royalty occur. To date, the Company has not recognized any sales-based milestone or royalty revenue resulting from its collaboration arrangements. Customer options: Customer options, such as options granted to allow a licensee to extend a license or research term, to select additional research targets or to choose to research, develop and commercialize licensed compounds are evaluated at contract inception to determine whether those options provide a material right (i.e., an optional good or service offered for free or at a discount) to the customer. If the customer options represent a material right, the material right is treated as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the standalone selling price. As a practical alternative to estimating the standalone selling price of a material right when the underlying goods or services are both (i) similar to the original goods or services in the contract and (ii) provided in accordance with the terms of the original contract, the Company allocates the total amount of consideration expected to be received from the customer to the total goods or services expected to be provided to the customer. Amounts allocated to any material right are recognized as revenue when or as the related future goods or services are transferred or when the option expires. Deferred revenue, which is a contract liability, represents net amounts received by the Company for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the condensed consolidated balance sheet date based on the estimated performance period of the underlying performance obligation. The non-current portion of deferred revenue represents amounts to be recognized after one year through the end of the performance period of the performance obligation. Recently Adopted Accounting Pronouncements There have been no recent accounting pronouncements, changes in accounting pronouncements or recently adopted accounting guidance during the three months ended February 28, 2023 that are of significance or potential significance to the Company.

Collaboration Agreements	3 Months Ended
Collaboration Agreements	Feb. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration Agreements	Collaboration Agreements Gilead In June 2019, the Company entered into a global strategic collaboration agreement with Gilead (as subsequently amended, the Gilead Agreement), to discover, develop and commercialize a pipeline of targeted protein degradation drugs for patients with cancer and other challenging diseases using the Company’s DELigase platform to identify novel agents that utilize E3 ligases to induce degradation of five specified drug targets. In August 2019 and September 2022, the Company entered into the First Amendment and the Second Amendment, respectively, to the Gilead Agreement to clarify certain language of the Gilead Agreement. These amendments had no impact on revenue recognition. Under the Gilead Agreement, Gilead has the option to license drug candidates directed to up to five targets resulting from the collaboration and is responsible for the clinical development and commercialization of drug candidates resulting from the collaboration. The Company retains the option to co-develop and co-promote, under a profit share structure, up to two drug candidates in the United States, provided that the Company may only exercise such option once per licensed product and Gilead retains the right to veto the Company’s option selection for any one drug candidate of its choice. The collaboration excludes the Company’s current internal protein degradation programs for which the Company retains all rights, and also excludes the Company’s future internal programs, provided that the Company has distinguished future programs as excluded from the scope of the collaboration. In March 2023, Gilead exercised the option to exclusively license one target (Gilead License Option Exercise), the first development candidate resulting from the Gilead Agreement. Pursuant to the Gilead Agreement, the Company received an option exercise payment of $20.0 million in April 2023 for the Gilead License Option Exercise. Upon signing the Gilead Agreement, Gilead paid the Company an upfront payment of $45.0 million plus $3.0 million in additional fees. In addition, from the signing of the Gilead Agreement to February 28, 2023, the Company has received payments of $36.0 million for research milestones and additional payments. Additionally, the Company received a payment of $5.0 million in April 2023 related to a research milestone recognized in February 2023. As of February 28, 2023, the Company is eligible to receive up to approximately $2.3 billion in total additional payments based on certain additional fees, payments and the successful completion of certain preclinical, clinical, development and sales milestones. 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. The Company re-evaluates the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. The Company determined that the transaction price at the inception of the Gilead Agreement consisted of the upfront payment of $45.0 million and $3.0 million in additional fees. Upon the achievement of research milestones and additional fees related to target reservations, $41.0 million in variable consideration, which includes $6.5 million from achievements during the three months ended February 28, 2023, 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. For the three months ended February 28, 2023, the Company recognized collaboration revenue related to the Gilead Agreement of $7.4 million, of which $2.8 million was included in deferred revenue as of November 30, 2022, and $4.1 million was related to activities satisfied in previous periods. For the three months ended February 28, 2022, the Company recognized collaboration revenue related to the Gilead Agreement of $6.2 million of which $3.3 million was included in deferred revenue as of November 30, 2021, and $2.5 million was related to activities satisfied in previous periods. As of February 28, 2023, deferred revenue related to the Gilead Agreement was $21.5 million, of which $16.3 million was current and includes $5.0 million in contract assets representing the unbilled amount related to the research milestone recognized in February 2023. As of November 30, 2022, deferred revenue related to the Gilead Agreement was $27.4 million, of which $18.2 million was current. Sanofi In December 2019, the Company entered into a strategic collaboration with Genzyme Corporation, a subsidiary of Sanofi, which became effective in January 2020 (as subsequently expanded and amended, the Sanofi Agreement), to discover, develop and commercialize a pipeline of targeted protein degradation drugs for patients with challenging diseases in multiple therapeutic areas using the Company’s 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. In January 2021, the Company and Sanofi entered into the First Amendment to the Sanofi Agreement to modify the research term on all targets (the First Sanofi Amendment). Over time and subject to certain limitations, Sanofi may elect to replace the drug targets with other reserved targets. In December 2021, the Company and Sanofi entered into the Second Amendment to the Sanofi Agreement to extend the substitution deadline on certain targets. In July 2022, the Company entered into the Third Amendment to the Sanofi Agreement to further extend the substitution deadline on certain targets. The extensions of the substitution deadline had no impact on revenue recognition. Also in July 2022, Sanofi elected to replace certain drug targets, and the substitution extended the research term of those targets by one year to 5.25 years and increased overall forecasted costs, which had an immaterial impact on revenue recognition. In August 2022, the Company entered into the Fourth Amendment to the Sanofi Agreement to modify the research plan for a certain target, which had no impact on revenue recognition. Upon signing the Sanofi Agreement, Sanofi paid the Company an upfront payment of $55.0 million. Subsequently, in January 2021, Sanofi paid the Company an additional $22.0 million to exercise its option to expand the number of targets beyond the initial targets included in the collaboration. In addition, from the signing of the Sanofi Agreement to February 28, 2023, the Company has received payments of $5.0 million for research milestones. As of February 28, 2023, the Company is eligible to receive up to approximately $2.5 billion in total additional payments based on certain additional fees, payments and the successful completion of certain research development, regulatory and sales milestones, as well as tiered royalties ranging from mid-single digit to low teen percentages on annual net sales of any commercial products that may result from the collaboration, subject to certain reductions and excluding sales in the United States of any products for which the Company exercises its option to co-develop and co-promote, for which the parties share profits and losses evenly. The Company re-evaluates the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. At the inception of the Sanofi Agreement, the Company determined that the transaction price consisted of the upfront payment of $55.0 million for three initial drug targets and $22.0 million for two additional targets. Subsequently, upon the achievement of research milestones, $5.0 million in variable consideration, which includes $1.0 million from an achievement during the three months ended February 28, 2023, was added to the transaction price and a cumulative effect was recorded as revenue in the period the transaction price increased. Revenue is recognized using the cost-based input method over the research term of 4.25 years, the revised research period that was agreed to in January 2021 in the First Sanofi Amendment for certain targets, and 5.25 years, the revised research period due to the target substitutions in July 2022, for certain other targets. For the three months ended February 28, 2023, the Company recognized collaboration revenue related to the Sanofi Agreement of $5.3 million, of which $4.9 million was included in deferred revenue as of November 30, 2022, and $0.4 million was related to activities satisfied in previous periods. For the three months ended February 28, 2022, the Company recognized collaboration revenue related to the Sanofi Agreement of $3.4 million, of which $2.9 million was included in deferred revenue as of November 30, 2021 and $0.4 million was related to activities satisfied in previous periods. As of February 28, 2023, deferred revenue related to the Sanofi Agreement was $42.9 million, of which $22.0 million was current. As of November 30, 2022, deferred revenue related to the Sanofi Agreement was $46.2 million, of which $19.4 million was current and includes $1.0 million in contract assets representing the unbilled amount related to the research milestone recognized in November 2022.

Condensed Consolidated Balance Sheet Components

3 Months Ended

Feb. 28, 2023

Balance Sheet Related Disclosures [Abstract]

Condensed Consolidated Balance Sheet Components

Property and Equipment, Net

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


	February 28, 2023		November 30, 2022
Laboratory equipment	$	28,021	$	26,385
Leasehold improvements	4,230		3,825
Computer equipment	764		786
Furniture and fixtures	452		452
Software	4,683		4,688
Software in progress	891		697
Total property and equipment, gross	39,041		36,833
Less: Accumulated depreciation and amortization	(21,324)		(19,670)
Total property and equipment, net	$	17,717	$	17,163

Accrued Expenses and Other Current Liabilities

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


	February 28, 2023		November 30, 2022
Accrued compensation	$	6,710	$	13,164
Accrued contract research and lab supplies	6,190		6,426
Accrued professional services	1,379		1,250
Accrued taxes	89		85
Other	1,020		1,503
Total accrued expenses and other current liabilities	$	15,388	$	22,428

Fair Value Measurements

3 Months Ended

Feb. 28, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

Level 3—Inputs that are unobservable.

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

The following tables present the Company’s investments, which consist of cash equivalents and available-for-sale marketable securities, that are measured at fair value on a recurring basis as of February 28, 2023 and November 30, 2022 (in thousands):


February 28, 2023	Level	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value
Money market funds	Level 1	$	28,110	$	—	$	—	$	28,110
U.S. treasury securities	Level 1	86,257		—		(746)		85,511
Corporate debt securities	Level 2	70,850		—		(697)		70,153
U.S. government agency securities	Level 2	31,733		—		(301)		31,432
Corporate commercial paper	Level 2	49,485		—		—		49,485
Foreign government securities	Level 2	7,007		—		(13)		6,994
Long-term marketable securities:
Corporate debt securities	Level 2	3,491		—		(182)		3,309
U.S. government agency securities	Level 2	46,448		—		(1,308)		45,140
Total		$	323,381	$	—	$	(3,247)	$	320,134
Included in cash and cash equivalents		$	28,110	$	—	$	—	$	28,110
Included in marketable securities, current		$	245,332	$	—	$	(1,757)	$	243,575
Included in marketable securities, non-current		$	49,939	$	—	$	(1,490)	$	48,449


November 30, 2022	Level	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value
Money market funds	Level 1	$	59,452	$	—	$	—	$	59,452
U.S. treasury securities	Level 1	75,322		—		(1,120)		74,202
Corporate debt securities	Level 2	81,026		—		(1,279)		79,747
U.S. government agency securities	Level 2	8,998		—		(135)		8,863
Corporate commercial paper	Level 2	74,896		—		—		74,896
Foreign government securities	Level 2	7,051		—		(92)		6,959
Long-term marketable securities:
U.S. treasury securities	Level 1	5,779		—		(98)		5,681
Corporate debt securities	Level 2	3,492		—		(217)		3,275
U.S. government agency securities	Level 2	56,301		1		(1,379)		54,923
Total		$	372,317	$	1	$	(4,320)	$	367,998
Included in cash and cash equivalents		$	59,452	$	—	$	—	$	59,452
Included in marketable securities, current		$	247,293	$	—	$	(2,626)	$	244,667
Included in marketable securities, non-current		$	65,572	$	1	$	(1,694)	$	63,879

The accrued interest receivable related to the Company’s marketable securities was $1.2 million and $1.1 million as of February 28, 2023 and November 30, 2022, respectively, and was included in prepaid expenses and other current assets on the condensed consolidated balance sheet. Long-term marketable securities held by the Company generally mature within two years from the balance sheet date.

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

The Company classifies its marketable securities in corporate debt securities, U.S. government agency securities, corporate commercial paper and foreign government securities as Level 2 assets within the fair value hierarchy. The fair values of these marketable securities are estimated by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs. There were no transfers of financial instruments between valuation levels during the three months ended February 28, 2023 and 2022.

As of February 28, 2023 and November 30, 2022, the unrealized losses for available-for-sale securities were non-credit related, and the Company does not intend to sell the securities that were in an unrealized loss position, nor will it be required to sell those securities before recovery of their amortized cost basis, which may be maturity. As of February 28, 2023 and November 30, 2022, no allowance for credit losses for the Company’s marketable securities was recorded. During the three months ended February 28, 2023 and 2022, the Company did not recognize any impairment losses related to marketable securities.

Commitments and Contingencies

3 Months Ended

Feb. 28, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

From time to time, the Company may be involved in legal proceedings in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. Legal fees and other costs associated with such actions are expensed as incurred. As of February 28, 2023, the Company was not a party to any material legal proceedings.

Indemnifications

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

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

Operating Leases

The Company leases office and laboratory facilities totaling approximately 57,902 square feet within the same building in San Francisco, California under several lease agreements. The terms of these lease agreements expire on April 30, 2025.

In July 2021, the Company entered into a lease agreement for the lease of approximately 19,320 square feet of office space in San Francisco, California, for a research and development laboratory and related uses. The lease will expire on June 30, 2024, unless terminated earlier.

In March 2022, the Company entered into a lease agreement for the lease of approximately 46,434 square feet of office space in The Woodlands, Texas, for a research and development laboratory and related uses. The Company obtained access to the premise on August 1, 2022 to commence construction of landlord-owned improvements. The lease is expected to commence in the second half of fiscal year 2023 when the underlying assets become available for use and the Company obtains control and will expire on March 1, 2035, unless terminated earlier. The Company has an option to renew for two additional terms of five years each, and it is not reasonably certain that the Company will exercise this option. The minimum rent payable by the Company under the lease will be approximately $205,000 per month, beginning on March 1, 2023, which amount will increase by 3% per year over the term of the lease; provided that, for the period between March 1, 2023 and February 29, 2024, the minimum rent payable by the Company under the lease will be approximately $154,000 per month. The Company will also be responsible for the payment of the tenant’s proportionate share of the operating expenses as defined in the lease agreement.

Operating lease expenses, excluding additional rent charges for utilities, maintenance and real estate taxes, were $1.5 million and $1.4 million for the three months ended February 28, 2023 and 2022, respectively. Short-term lease expense was not material for all periods presented.

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


	Three Months Ended February 28,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating leases	$	1,388	$	1,317
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets recognized in exchange for lease obligations	$	—	$	3,916

Common Stock

3 Months Ended

Feb. 28, 2023

Stockholders' Equity Attributable to Parent [Abstract]

Common Stock

Common StockThe 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 February 28, 2023 and November 30, 2022. Holders of common stock are entitled to dividends when and if declared by the Company’s board of directors, subject to the prior rights of the holders of shares of preferred stock. The holder of each share of common stock is entitled to one vote. As of February 28, 2023, no dividends have been declared.

In July 2022, the Company issued pre-funded warrants to purchase an aggregate of 6,814,920 shares of the Company’s common stock in RDOs at a price of $13.939 per pre-funded warrant. The pre-funded warrants were immediately exercisable, have an exercise price of $0.001 and may be exercised at any time after the date of issuance. A holder of pre-funded warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise. A holder of the pre-funded warrants may increase or decrease this percentage not in excess of 19.99% by providing at least 61 days’ prior notice to the Company. As of February 28, 2023, all of the pre-funded warrants remained available for exercise.

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

Common stock reserved for future issuance, on an as-if converted basis, as of February 28, 2023 and November 30, 2022, consists of the following:


	February 28, 2023	November 30, 2022
Options to purchase common stock issued and outstanding	9,535,402	8,256,957
Restricted stock units issued and outstanding	1,595,025	784,824
Shares available for future equity grants	525,197	834,291
Shares available for issuance under employee stock purchase plan	1,632,030	1,325,523
Pre-funded warrants issued and outstanding	6,814,920	6,814,920
Total common stock reserved for future issuance	20,102,574	18,016,515

- Definition

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.

+ References

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+ Details

Stock-Based Compensation

3 Months Ended

Feb. 28, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Incentive Plans

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

Option activity under the Stock Plans is set forth below:


	Number of options outstanding	Weighted- average exercise price
Balances as of November 30, 2022	8,256,957	$	19.47
Options granted	1,398,600	10.83
Options exercised	(8,768)	3.16
Options forfeited	(111,387)	22.53
Balances as of February 28, 2023	9,535,402	$	18.18

RSU activity under the Stock Plans is set forth below:


	Number of RSUs	Weighted-average grant date fair value
Balances as of November 30, 2022	784,824	$	18.97
RSUs granted	925,690	10.83
RSUs vested	(98,571)	19.34
RSUs forfeited	(16,918)	14.68
Balances as of February 28, 2023	1,595,025	$	14.27

Employee Stock Purchase Plan

Under the Company’s 2020 Employee Stock Purchase Plan (the ESPP), eligible employees are entitled to purchase shares of common stock with accumulated payroll deductions. During the three months ended February 28, 2023, the Company issued 165,215 shares of common stock pursuant to the ESPP at a weighted-average price of $8.80 per share.

Stock-Based Compensation

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


	Three Months Ended, February 28,
	2023		2022
Research and development	$	5,154	$	3,541
General and administrative	3,327		2,530
Total stock-based compensation	$	8,481	$	6,071

As of February 28, 2023, the total compensation cost related to stock-based awards not yet recognized was $90.2 million, which is expected to be amortized on a straight-line basis over the weighted-average remaining vesting period of approximately 2.7 years.

Defined Contribution Plan	3 Months Ended
Defined Contribution Plan	Feb. 28, 2023
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution PlanThe Company sponsors a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code of 1986, as amended (the 401(k) Plan), which provides for the Company to make discretionary matching or discretionary annual contributions to the 401(k) Plan, for its employees. Substantially all of the Company’s employees are eligible to participate in the 401(k) Plan. Employees may contribute a percentage of their annual compensation to the plan, subject to statutory limitations. The Company has made contributions to the 401(k) Plan and recorded contribution expense of $0.6 million and $0.5 million during the three months ended February 28, 2023 and 2022, respectively.

Income Taxes	3 Months Ended
Income Taxes	Feb. 28, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended February 28, 2023 and 2022, the Company did not record any current income tax expense or provision. Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of the deferred tax assets is dependent upon future taxable income, the amount, if any, and timing of which are uncertain. The Company has generated losses since inception and has established a valuation allowance to offset deferred tax assets as of February 28, 2023 and 2022 due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets. In January 2019, the California Franchise Tax Board (FTB) initiated an examination of the Company’s California tax return for the tax years ending in 2015, 2016, 2017 and 2018. During the year ended November 30, 2021, the FTB issued proposed audit assessments related to revenue sourcing and R&D credits. The Company 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. In December 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law, significantly reforming the Internal Revenue Code of 1986, as amended (IRC). The TCJA included a provision impacting Section 174 that requires taxpayers to capitalize and amortize, rather than deduct, research and experimental (R&E) expenses for tax years beginning on or after January 1, 2022. For the year ending November 30, 2023, the Company anticipates capitalizing a significant portion of its total R&E expenses. The Company does not expect a significant current income tax liability as a result of the enactment of IRC Section 174. The Company will continue to monitor IRS guidance on this provision.

- Definition

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

+ References

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

Net Loss Per Share

3 Months Ended

Feb. 28, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

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


	Three Months Ended February 28,
	2023		2022
Numerator:
Net loss	$	(40,733)	$	(42,533)
Denominator:
Weighted-average number of shares outstanding, basic and diluted(1)	54,028,238		44,693,812
Net loss per share, basic and diluted	$	(0.75)	$	(0.95)


(1)			The shares underlying the pre-funded warrants to purchase an aggregate of 6,814,920 shares of the Company’s common stock have been included in the calculation of the weighted-average number of shares outstanding, basic and diluted, for the three months ended February 28, 2023.

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


	February 28,
	2023	2022
Options to purchase common stock issued and outstanding	9,535,402	6,523,560
Options early exercised subject to vesting	17,069	41,522
Restricted stock units issued and outstanding	1,595,025	649,382
Shares expected to be purchased under employee stock purchase plan	103,194	73,851
Total	11,250,690	7,288,315

Related Party Transactions	3 Months Ended
Related Party Transactions	Feb. 28, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe Company’s Chief Financial Officer is a trustee for the multiple employer welfare association that facilitates the acquisition and administration of the Company’s healthcare plans. Expenses related to the healthcare plan premiums were $1.1 million and $0.9 million for the three months ended February 28, 2023 and 2022, respectively. As of February 28, 2023 and November 30, 2022, the amount recorded in accounts payable and accrued expenses and other current liabilities in connection with this healthcare plan provider was not material.

Subsequent Events	3 Months Ended
Subsequent Events	Feb. 28, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsRefer to Note 3 for the Gilead License Option Exercise.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Feb. 28, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The Company’s condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of the Company’s financial position as of and for the three months ended February 28, 2023. The condensed consolidated balance sheet as of November 30, 2022, was derived from the audited annual financial statements as of that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. These interim financial statements and related disclosures have been prepared with the presumption that users of the interim financial statements have read or have access to the audited annual financial statements for the preceding fiscal year. Accordingly, these financial statements should be read in conjunction with the audited annual financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended November 30, 2022, as filed with the SEC. These interim results are not necessarily indicative of results to be expected for the full fiscal year or any future interim period. Certain prior year amounts have been reclassified for consistency with the current year cash flow presentation. The reclassification did not impact total cash flow from operating, investing or financing activities.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, including DeCART Therapeutics Inc, which was legally dissolved in July 2022. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to the useful lives of long-lived assets, the measurement of stock-based compensation, accruals for research and development activities, income taxes and revenue recognition. The Company bases its estimates on historical experience and on other relevant assumptions that are reasonable under the circumstances. Actual results could materially differ from those estimates. Refer to Note 3 for more information regarding the estimates related to revenue recognition.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company invests its cash equivalents in highly rated money market funds. The Company’s marketable securities consist of debt securities issued by highly rated corporate entities, foreign governments, 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 exceed federally insured limits, and the Company is exposed to credit risk on deposits in the event of default by the financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (FDIC). The Company is closely monitoring ongoing events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry or the financial services industry generally, including Silicon Valley Bank (SVB). On March 10, 2023, SVB, where the Company maintained an operating account with a cash balance of less than 1% of the Company's total cash, cash equivalents and marketable securities, was closed by the California Department of Financial Protection and Innovation and the FDIC was appointed as receiver. On March 12, 2023, the U.S. Department of the Treasury, Federal Reserve Board, and FDIC released a joint statement announcing that the FDIC would complete its resolution of SVB in a manner that fully protected all depositors at SVB and that depositors would have access to all of their money starting March 13, 2023. On March 26, 2023, it was announced that First-Citizens Bank & Trust Company would assume all of SVB's deposits and loans as of March 27, 2023. In light of the foregoing, the Company does not believe that it has exposure to loss as a result of SVB’s receivership. During the periods presented, the Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities.
Other Risks and Uncertainties	Other Risks and Uncertainties The Company is subject to a number of risks similar to other clinical stage biopharmaceutical companies, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on its future financial position or results of operations: risks related to the successful discovery and development of its drug candidates, ability to raise additional capital, development of new technological innovations by its competitors and delay or inability to obtain drug substance and finished drug product from the Company’s third-party contract manufacturers necessary for the Company’s drug candidates, 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 Company is subject to risks and uncertainties as a result of the current COVID-19 pandemic and increasing financial market volatility and uncertainty. The COVID-19 pandemic, including the resurgence of cases relating to the spread of new variants, continues to impact worldwide economic activity and 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 and increasing financial market volatility and uncertainty will impact the Company’s business will depend on future developments that are highly uncertain and cannot be predicted at this time. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The extent to which the COVID-19 pandemic and the increasing financial market volatility and uncertainty may directly or indirectly impact the Company’s financial statements is highly uncertain and subject to change. Management considered the potential impact of the COVID-19 pandemic on its estimates and assumptions and there was not a material impact to the Company’s condensed consolidated financial statements as of and for the three months ended February 28, 2023; 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.
Leases	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, in 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.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To recognize revenue from a contract with a customer, the Company performs the following five steps: (i)identify the contract(s) with a customer; (ii)identify the performance obligations in the contract; (iii)determine the transaction price; (iv)allocate the transaction price to the performance obligations in the contract; and (v)recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, the Company assesses the goods or services promised within each contract, whether each promised good or service is distinct, and determines those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied. The Company enters into collaboration agreements under which it may obtain upfront payments, milestone payments, royalty payments and other fees. Promises under these arrangements may include research licenses, research services, including selection campaign research services for certain replacement targets, the obligation to share information during the research and the participation of alliance managers and in joint research committees, joint patent committees and joint steering committees. The Company assesses these promises within the context of the agreements to determine the performance obligations. 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 net amounts received by the Company for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the condensed consolidated balance sheet date based on the estimated performance period of the underlying performance obligation. The non-current portion of deferred revenue represents amounts to be recognized after one year through the end of the performance period of the performance obligation.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements There have been no recent accounting pronouncements, changes in accounting pronouncements or recently adopted accounting guidance during the three months ended February 28, 2023 that are of significance or potential significance to the Company.

Condensed Consolidated Balance Sheet Components (Tables)

3 Months Ended

Feb. 28, 2023

Balance Sheet Related Disclosures [Abstract]

Summary of Property and Equipment

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


	February 28, 2023		November 30, 2022
Laboratory equipment	$	28,021	$	26,385
Leasehold improvements	4,230		3,825
Computer equipment	764		786
Furniture and fixtures	452		452
Software	4,683		4,688
Software in progress	891		697
Total property and equipment, gross	39,041		36,833
Less: Accumulated depreciation and amortization	(21,324)		(19,670)
Total property and equipment, net	$	17,717	$	17,163

Schedule of Accrued Expenses and Other Current Liabilities

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


	February 28, 2023		November 30, 2022
Accrued compensation	$	6,710	$	13,164
Accrued contract research and lab supplies	6,190		6,426
Accrued professional services	1,379		1,250
Accrued taxes	89		85
Other	1,020		1,503
Total accrued expenses and other current liabilities	$	15,388	$	22,428

Fair Value Measurements (Tables)

3 Months Ended

Feb. 28, 2023

Fair Value Disclosures [Abstract]

Summary of Investments Fair Value Measurement on Recurring Basis


February 28, 2023	Level	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value
Money market funds	Level 1	$	28,110	$	—	$	—	$	28,110
U.S. treasury securities	Level 1	86,257		—		(746)		85,511
Corporate debt securities	Level 2	70,850		—		(697)		70,153
U.S. government agency securities	Level 2	31,733		—		(301)		31,432
Corporate commercial paper	Level 2	49,485		—		—		49,485
Foreign government securities	Level 2	7,007		—		(13)		6,994
Long-term marketable securities:
Corporate debt securities	Level 2	3,491		—		(182)		3,309
U.S. government agency securities	Level 2	46,448		—		(1,308)		45,140
Total		$	323,381	$	—	$	(3,247)	$	320,134
Included in cash and cash equivalents		$	28,110	$	—	$	—	$	28,110
Included in marketable securities, current		$	245,332	$	—	$	(1,757)	$	243,575
Included in marketable securities, non-current		$	49,939	$	—	$	(1,490)	$	48,449


November 30, 2022	Level	Amortized cost		Unrealized gain		Unrealized loss		Estimated fair value
Money market funds	Level 1	$	59,452	$	—	$	—	$	59,452
U.S. treasury securities	Level 1	75,322		—		(1,120)		74,202
Corporate debt securities	Level 2	81,026		—		(1,279)		79,747
U.S. government agency securities	Level 2	8,998		—		(135)		8,863
Corporate commercial paper	Level 2	74,896		—		—		74,896
Foreign government securities	Level 2	7,051		—		(92)		6,959
Long-term marketable securities:
U.S. treasury securities	Level 1	5,779		—		(98)		5,681
Corporate debt securities	Level 2	3,492		—		(217)		3,275
U.S. government agency securities	Level 2	56,301		1		(1,379)		54,923
Total		$	372,317	$	1	$	(4,320)	$	367,998
Included in cash and cash equivalents		$	59,452	$	—	$	—	$	59,452
Included in marketable securities, current		$	247,293	$	—	$	(2,626)	$	244,667
Included in marketable securities, non-current		$	65,572	$	1	$	(1,694)	$	63,879

Commitments and Contingencies (Tables)

3 Months Ended

Feb. 28, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Other Information Related to Leases

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


	Three Months Ended February 28,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating leases	$	1,388	$	1,317
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets recognized in exchange for lease obligations	$	—	$	3,916

Common Stock (Tables)

3 Months Ended

Feb. 28, 2023

Stockholders' Equity Attributable to Parent [Abstract]

Schedule of Common Stock Shares Reserved for Future Issuance

Common stock reserved for future issuance, on an as-if converted basis, as of February 28, 2023 and November 30, 2022, consists of the following:


	February 28, 2023	November 30, 2022
Options to purchase common stock issued and outstanding	9,535,402	8,256,957
Restricted stock units issued and outstanding	1,595,025	784,824
Shares available for future equity grants	525,197	834,291
Shares available for issuance under employee stock purchase plan	1,632,030	1,325,523
Pre-funded warrants issued and outstanding	6,814,920	6,814,920
Total common stock reserved for future issuance	20,102,574	18,016,515

Stock-Based Compensation (Tables)

3 Months Ended

Feb. 28, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Activity under 2020 Plan and 2012 Plan

Option activity under the Stock Plans is set forth below:


	Number of options outstanding	Weighted- average exercise price
Balances as of November 30, 2022	8,256,957	$	19.47
Options granted	1,398,600	10.83
Options exercised	(8,768)	3.16
Options forfeited	(111,387)	22.53
Balances as of February 28, 2023	9,535,402	$	18.18

Summary of RSU Activity

RSU activity under the Stock Plans is set forth below:


	Number of RSUs	Weighted-average grant date fair value
Balances as of November 30, 2022	784,824	$	18.97
RSUs granted	925,690	10.83
RSUs vested	(98,571)	19.34
RSUs forfeited	(16,918)	14.68
Balances as of February 28, 2023	1,595,025	$	14.27

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

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


	Three Months Ended, February 28,
	2023		2022
Research and development	$	5,154	$	3,541
General and administrative	3,327		2,530
Total stock-based compensation	$	8,481	$	6,071

Net Loss Per Share (Tables)

3 Months Ended

Feb. 28, 2023

Earnings Per Share [Abstract]

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


	Three Months Ended February 28,
	2023		2022
Numerator:
Net loss	$	(40,733)	$	(42,533)
Denominator:
Weighted-average number of shares outstanding, basic and diluted(1)	54,028,238		44,693,812
Net loss per share, basic and diluted	$	(0.75)	$	(0.95)


(1)			The shares underlying the pre-funded warrants to purchase an aggregate of 6,814,920 shares of the Company’s common stock have been included in the calculation of the weighted-average number of shares outstanding, basic and diluted, for the three months ended February 28, 2023.

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


	February 28,
	2023	2022
Options to purchase common stock issued and outstanding	9,535,402	6,523,560
Options early exercised subject to vesting	17,069	41,522
Restricted stock units issued and outstanding	1,595,025	649,382
Shares expected to be purchased under employee stock purchase plan	103,194	73,851
Total	11,250,690	7,288,315

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Jul. 31, 2022	Jun. 30, 2022	Feb. 28, 2023	Nov. 30, 2022	Aug. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock, shares issued (in shares)			47,444,853	47,172,299
Warrants issued to purchase common stock (in shares)			20,102,574	18,016,515
Cash and short-term investments			$ 277,100
Accumulated deficit			$ 441,985	$ 401,252
Pre Funded Warrants
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Warrants issued to purchase common stock (in shares)	6,814,920		6,814,920	6,814,920
Warrant price (in USD per share)	$ 13.939
Equity Distribution Agreement \| Maximum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity distribution agreement, value of common stock available for Issuance					$ 450,000
At the Market Offering \| Equity Distribution Agreement \| Piper Sandler & Co.
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock, shares issued (in shares)			0
Equity distribution agreement, commission percentage on gross sales price of shares			3.00%
Number of shares issued (in shares)		2,000,000
Stock issued, price per share (in USD per share)		$ 10.0001
Net proceeds from offering		$ 19,300
At the Market Offering \| Equity Distribution Agreement \| Piper Sandler & Co. \| Maximum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity distribution agreement, value of common stock available for Issuance			$ 130,000		$ 150,000
Registered Direct Offerings \| Pre Funded Warrants
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Warrants issued to purchase common stock (in shares)	6,814,920
Warrant price (in USD per share)	$ 13.939
Net proceeds from warrants	$ 94,800
Warrants offering expenses	$ 200

Collaboration Agreements - Additional Information (Details) - USD ($)	1 Months Ended				3 Months Ended		12 Months Ended
	Jul. 31, 2022	Jan. 31, 2021	Dec. 31, 2019	Jun. 30, 2019	Feb. 28, 2023	Feb. 28, 2022	Nov. 30, 2021	Apr. 30, 2023	Nov. 30, 2022
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration revenue					$ 12,685,000	$ 9,621,000
Deferred revenue, current					38,305,000				$ 37,633,000
Gilead Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment				$ 45,000,000
Upfront payment of additional fees				3,000,000
Research milestones payments received					36,000,000
Recognized research milestone payments to be received					$ 5,000,000
Variable consideration included in transaction price				41,000,000
Achievements included in transaction price				$ 6,500,000
Collaboration agreement contract term					5 years
Collaboration revenue					$ 7,400,000	6,200,000
Collaboration revenue recognized from opening contract liability					2,800,000	3,300,000
Performance obligation satisfied					4,100,000	2,500,000
Recorded deferred revenue					21,500,000				27,400,000
Deferred revenue, current					16,300,000				18,200,000
Contract asset unbilled amount					5,000,000
Gilead Agreement \| Forecast \| Subsequent Event
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Recognized option exercise payment to be received								$ 20,000,000
Gilead Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Potential additional payments					2,300,000,000
Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment		$ 55,000,000	$ 55,000,000
Research milestones payments received					5,000,000
Variable consideration included in transaction price		5,000,000
Achievements included in transaction price		1,000,000
Collaboration revenue					5,300,000	3,400,000
Collaboration revenue recognized from opening contract liability					4,900,000	$ 2,900,000
Performance obligation satisfied					400,000		$ 400,000
Recorded deferred revenue					42,900,000				46,200,000
Deferred revenue, current					$ 22,000,000				19,400,000
Contract asset unbilled amount									$ 1,000,000
Additional payment received to exercise option to expand number of targets		$ 22,000,000
Contractual initial research period					4 years 3 months
Sanofi Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Extended research term	5 years 3 months
Milestone potential additional payments					$ 2,500,000,000

Condensed Consolidated Balance Sheet Components - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Nov. 30, 2022
Total property and equipment, gross
Total property and equipment, gross	$ 39,041	$ 36,833
Less: Accumulated depreciation and amortization	(21,324)	(19,670)
Total property and equipment, net	17,717	17,163
Laboratory equipment
Total property and equipment, gross
Total property and equipment, gross	28,021	26,385
Leasehold improvements
Total property and equipment, gross
Total property and equipment, gross	4,230	3,825
Computer equipment
Total property and equipment, gross
Total property and equipment, gross	764	786
Furniture and fixtures
Total property and equipment, gross
Total property and equipment, gross	452	452
Software
Total property and equipment, gross
Total property and equipment, gross	4,683	4,688
Software in progress
Total property and equipment, gross
Total property and equipment, gross	$ 891	$ 697

Condensed Consolidated Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Nov. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 6,710	$ 13,164
Accrued contract research and lab supplies	6,190	6,426
Accrued professional services	1,379	1,250
Accrued taxes	89	85
Other	1,020	1,503
Total accrued expenses and other current liabilities	$ 15,388	$ 22,428

Fair Value Measurements - Summary of Investments Fair Value Measurement on Recurring Basis (Details) - Fair Value Measurements, Recurring - USD ($) $ in Thousands	Feb. 28, 2023	Nov. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	$ 323,381	$ 372,317
Unrealized gain	0	1
Unrealized loss	(3,247)	(4,320)
Estimated fair value	320,134	367,998
Included in cash and cash equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	28,110	59,452
Unrealized gain	0	0
Unrealized loss	0	0
Estimated fair value	28,110	59,452
Included in marketable securities, current
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	245,332	247,293
Unrealized gain	0	0
Unrealized loss	(1,757)	(2,626)
Estimated fair value	243,575	244,667
Included in marketable securities, non-current
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost	49,939	65,572
Unrealized gain	0	1
Unrealized loss	(1,490)	(1,694)
Estimated fair value	48,449	63,879
Level 1 \| Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term	28,110	59,452
Unrealized gain, short-term	0	0
Unrealized loss, short-term	0	0
Estimated fair value, short-term	28,110	59,452
Level 1 \| U.S. treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term	86,257	75,322
Amortized cost, long-term		5,779
Unrealized gain, short-term	0	0
Unrealized gain, long-term		0
Unrealized loss, short-term	(746)	(1,120)
Unrealized loss, long-term		(98)
Estimated fair value, short-term	85,511	74,202
Estimated fair value, long-term		5,681
Level 2 \| Corporate debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term	70,850	81,026
Amortized cost, long-term	3,491	3,492
Unrealized gain, short-term	0	0
Unrealized gain, long-term	0	0
Unrealized loss, short-term	(697)	(1,279)
Unrealized loss, long-term	(182)	(217)
Estimated fair value, short-term	70,153	79,747
Estimated fair value, long-term	3,309	3,275
Level 2 \| U.S. government agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term	31,733	8,998
Amortized cost, long-term	46,448	56,301
Unrealized gain, short-term	0	0
Unrealized gain, long-term	0	1
Unrealized loss, short-term	(301)	(135)
Unrealized loss, long-term	(1,308)	(1,379)
Estimated fair value, short-term	31,432	8,863
Estimated fair value, long-term	45,140	54,923
Level 2 \| Corporate commercial paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term	49,485	74,896
Unrealized gain, short-term	0	0
Unrealized loss, short-term	0	0
Estimated fair value, short-term	49,485	74,896
Level 2 \| Foreign government securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized cost, short-term	7,007	7,051
Unrealized gain, short-term	0	0
Unrealized loss, short-term	(13)	(92)
Estimated fair value, short-term	$ 6,994	$ 6,959

Fair Value Measurements - Additional Information (Details)	3 Months Ended
	Feb. 28, 2023 USD ($) security	Feb. 28, 2022 USD ($)	Nov. 30, 2022 USD ($) security
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term marketable securities maturity (in years)	2 years
Transfer of financial instruments between valuation levels	$ 0	$ 0
Debt securities unrealized loss position, more than12 months number of positions \| security	0		0
Allowance for credit losses	$ 0		$ 0
Impairment losses related to marketable securities	0	$ 0
Prepaid Expenses and Other Current Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Accrued interest receivable	$ 1,200,000		$ 1,100,000

Commitments and Contingencies - Additional Information (Details)	1 Months Ended	3 Months Ended
	Mar. 31, 2022 USD ($) ft²	Feb. 28, 2023 USD ($) ft² terms	Feb. 28, 2022 USD ($)	Jul. 31, 2021 ft²
Commitments and Contingencies Disclosure [Abstract]
Area of office space leased \| ft²	46,434	57,902		19,320
Number of renewal options \| terms		2
Renewal term		5 years
Rent payable per month	$ 205,000
Percentage of increase of rent per year	3.00%
Minimum monthly rent payable, year one	$ 154,000
Operating lease expenses, excluding additional rent charges for utilities, maintenance and real estate taxes		$ 1,500,000	$ 1,400,000

Commitments and Contingencies - Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating leases	$ 1,388	$ 1,317
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets recognized in exchange for lease obligations	$ 0	$ 3,916

Common Stock - Additional Information (Details) - $ / shares	1 Months Ended	3 Months Ended
	Jul. 31, 2022	Feb. 28, 2023	Nov. 30, 2022
Class Of Stock [Line Items]
Common stock, shares authorized to issue (in shares)		500,000,000	500,000,000
Common stock, par value (in USD per share)		$ 0.001	$ 0.001
Common stock, voting rights		one
Common stock, dividends declared (in USD per share)		$ 0
Warrants issued to purchase common stock (in shares)		20,102,574	18,016,515
Pre Funded Warrants
Class Of Stock [Line Items]
Warrants issued to purchase common stock (in shares)	6,814,920	6,814,920	6,814,920
Warrant price (in USD per share)	$ 13.939
Exercise price of warrants (in USD per share)	$ 0.001
Minimum common stock holding percentage	9.99%
Maximum increase or decrease percentage of warrants	19.99%

Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) - shares	Feb. 28, 2023	Nov. 30, 2022	Jul. 31, 2022
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	20,102,574	18,016,515
Pre-funded warrants issued and outstanding
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	6,814,920	6,814,920	6,814,920
Shares available for issuance under employee stock purchase plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	1,632,030	1,325,523
Options to purchase common stock issued and outstanding
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	9,535,402	8,256,957
Restricted stock units issued and outstanding
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	1,595,025	784,824
Shares available for future equity grants
Class Of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	525,197	834,291

Stock-Based Compensation - Schedule of Option Activity under the Stock Plans (Details) - Options to purchase common stock issued and outstanding	3 Months Ended
	Feb. 28, 2023 $ / shares shares
Number of options outstanding
Options outstanding, beginning balance (in shares) \| shares	8,256,957
Options granted (in shares) \| shares	1,398,600
Options exercised (in shares) \| shares	(8,768)
Options forfeited (in shares) \| shares	(111,387)
Options outstanding, ending balance (in shares) \| shares	9,535,402
Weighted- average exercise price
Weighted-average exercise price, beginning balance (in USD per share) \| $ / shares	$ 19.47
Weighted-average exercise price, options granted (in USD per share) \| $ / shares	10.83
Weighted-average exercise price, options exercised (in USD per share) \| $ / shares	3.16
Weighted-average exercise price, options forfeited (in USD per share) \| $ / shares	22.53
Weighted-average exercise price, ending balance (in USD per share) \| $ / shares	$ 18.18

Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted stock units issued and outstanding	3 Months Ended
	Feb. 28, 2023 $ / shares shares
Number of RSUs
Number of RSUs, beginning balance (in shares) \| shares	784,824
RSUs granted (in shares) \| shares	925,690
RSUs vested (in shares) \| shares	(98,571)
RSUs forfeited (in shares) \| shares	(16,918)
Number of RSUs, ending balance (in shares) \| shares	1,595,025
Weighted-average grant date fair value
Weighted-average grant date fair value, beginning balance (in USD per share) \| $ / shares	$ 18.97
Weighted-average grant date fair value, RSUs granted (in USD per share) \| $ / shares	10.83
Weighted-average grant date fair value, RSUs vested (in USD per share) \| $ / shares	19.34
Weighted-average grant date fair value, RSUs forfeited (in USD per share) \| $ / shares	14.68
Weighted-average grant date fair value, ending balance (in USD per share) \| $ / shares	$ 14.27

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Feb. 28, 2023 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total compensation cost related to stock-based awards yet to recognize \| $	$ 90.2
Total compensation cost related to stock-based awards, recognition period	2 years 8 months 12 days
Shares expected to be purchased under employee stock purchase plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued (in shares) \| shares	165,215
Weighted-average price per share (in USD per share) \| $ / shares	$ 8.80

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Related to Stock Options and ESPP Included in the Statements of Operations (Details) - Stock Plans and ESPP - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 8,481	$ 6,071
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	5,154	3,541
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 3,327	$ 2,530

Defined Contribution Plan - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Retirement Benefits [Abstract]
Contribution expense	$ 0.6	$ 0.5

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Income Tax Disclosure [Abstract]
Current income tax (benefits) expense or provision	$ 0	$ 0

- Definition

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

+ References + Details

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Feb. 28, 2023

Feb. 28, 2022

Numerator:

Net loss

$ (40,733)

$ (42,533)

Denominator:

Weighted-average number of shares outstanding, basic (in shares)

^[1]

54,028,238

44,693,812

Weighted-average number of shares outstanding, diluted (in shares)

54,028,238

44,693,812

Net loss per share, basic (in USD per share)

$ (0.75)

$ (0.95)

Net loss per share, diluted (in USD per share)

$ (0.75)

$ (0.95)

[1]	The shares underlying the pre-funded warrants to purchase an aggregate of 6,814,920 shares of the Company’s common stock have been included in the calculation of the weighted-average number of shares outstanding, basic and diluted, for the three months ended February 28, 2023.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

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

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

+ References

+ Details

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders Details (Details) - shares	Feb. 28, 2023	Nov. 30, 2022	Jul. 31, 2022
Earnings Per Share Basic [Line Items]
Total common stock reserved for future issuance (in shares)	20,102,574	18,016,515
Pre Funded Warrants
Earnings Per Share Basic [Line Items]
Total common stock reserved for future issuance (in shares)	6,814,920	6,814,920	6,814,920

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss per Share of Common Stock (Details) - shares	3 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net income (loss) per share (in shares)	11,250,690	7,288,315
Shares expected to be purchased under employee stock purchase plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net income (loss) per share (in shares)	103,194	73,851
Options to purchase common stock issued and outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net income (loss) per share (in shares)	9,535,402	6,523,560
Options early exercised subject to vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net income (loss) per share (in shares)	17,069	41,522
Restricted stock units issued and outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net income (loss) per share (in shares)	1,595,025	649,382

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Healthcare Plan Provider \| Chief Financial Officer
Related Party Transaction [Line Items]
Expenses related to healthcare plan premiums	$ 1.1	$ 0.9