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Stock-Based Compensation | 6 Months Ended
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May 31, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 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 units (RSUs), performance awards and stock bonus awards to employees, directors, consultants, independent contractors and advisors of the Company. As of May 31, 2026, the Company had 1,844,051 shares of common stock available for grant under the Stock Plans. Equity Inducement Plan In October 2024, the Board adopted and approved the Company’s 2024 Equity Inducement Plan (the 2024 Inducement Plan), which became effective on October 23, 2024. In accordance with Rule 5635(c)(4) of the Nasdaq listing rules, equity awards under the 2024 Inducement Plan may only be made to an employee if he or she is granted such awards in connection with the commencement of his or her employment with the Company and such grant is a material inducement to his or her entering into employment with the Company. The Company has reserved 3,000,000 shares of common stock for issuance pursuant to non-qualified stock options and RSUs under the 2024 Inducement Plan. As of May 31, 2026, the Company had 2,128,756 shares of common stock available for grant under the 2024 Inducement Plan. Option activity under the Stock Plans and the 2024 Inducement Plan is set forth below:
| Number of options outstanding |  | Weighted- average exercise price
Balances as of November 30, 2025 | 11,372,272 |  | $ | 15.76 |
Options granted | 2,222,271 |  | 16.61 |
Options exercised | (84,630) |  | 5.21 |
Options forfeited | (425,774) |  | 19.64 |
Balances as of May 31, 2026 | 13,084,139 |  | $ | 15.84 |
RSU activity under the Stock Plans and 2024 Inducement Plan is set forth below:
| Number of RSUs |  | Weighted-average grant date fair value
Balances as of November 30, 2025 | 2,245,837 |  | $ | 14.02 |
RSUs granted | 1,681,812 |  | 16.60 |
RSUs vested | (625,405) |  | 13.23 |
RSUs forfeited | (232,340) |  | 16.63 |
Balances as of May 31, 2026 | 3,069,904 |  | $ | 15.40 |
Employee Stock Purchase Plan Under the Company’s 2020 Employee Stock Purchase Plan (the ESPP), eligible employees are entitled to purchase shares of common stock with accumulated payroll deductions. During the six months ended May 31, 2026, the Company issued 183,992 shares of common stock pursuant to the ESPP at a weighted-average price of $8.67 per share. Stock-Based Compensation Stock-based compensation expense related to the Stock Plans, the 2024 Inducement Plan and the ESPP that is included in the Company’s condensed statements of operations is as follows (in thousands):
| Three Months Ended, May 31, |  | Six Months Ended May 31,
| 2026 |  | 2025 |  | 2026 |  | 2025
Research and development | $ | 6,859 |  |  | $ | 5,845 |  |  | $ | 12,206 |  |  | $ | 10,989 |
General and administrative | 4,529 |  |  | 4,540 |  |  | 8,586 |  |  | 8,118 |
Total stock-based compensation | $ | 11,388 |  |  | $ | 10,385 |  |  | $ | 20,792 |  |  | $ | 19,107 |
As of May 31, 2026, the total compensation cost related to stock-based awards not yet recognized was $81.9 million, which is expected to be amortized on a straight-line basis over the weighted-average remaining vesting period of approximately 2.3 years.

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