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Fair Value Measurements | 6 Months Ended
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May 31, 2026
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 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 May 31, 2026, and November 30, 2025 (in thousands):
May 31, 2026 |  | Level |  | Amortized cost |  | Unrealized gain |  | Unrealized loss |  | Estimated fair value
Money market funds |  | Level 1 |  | $ | 46,704 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,704 |
U.S. treasury securities |  | Level 1 |  | 375,989 |  |  | 5 |  |  | (150) |  |  | 375,844 |
Total |  |  |  | $ | 422,693 |  |  | $ | 5 |  |  | $ | (150) |  |  | $ | 422,548 |
Included in cash and cash equivalents |  |  |  | $ | 46,704 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,704 |
Included in marketable securities |  |  |  | $ | 375,989 |  |  | $ | 5 |  |  | $ | (150) |  |  | $ | 375,844 |
November 30, 2025 |  | Level |  | Amortized cost |  | Unrealized gain |  | Unrealized loss |  | Estimated fair value
Money market funds |  | Level 1 |  | $ | 241,364 |  |  | $ | — |  |  | $ | — |  |  | $ | 241,364 |
U.S. treasury securities |  | Level 1 |  | 345,876 |  |  | 115 |  |  | (10) |  |  | 345,981 |
Total |  |  |  | $ | 587,240 |  |  | $ | 115 |  |  | $ | (10) |  |  | $ | 587,345 |
Included in cash and cash equivalents |  |  |  | $ | 241,364 |  |  | $ | — |  |  | $ | — |  |  | $ | 241,364 |
Included in marketable securities |  |  |  | $ | 345,876 |  |  | $ | 115 |  |  | $ | (10) |  |  | $ | 345,981 |
The following tables summarize the available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of May 31, 2026, and November 30, 2025, aggregated by investment category and length of time in a continuous unrealized loss position (in thousands):
|  | Less than 12 months |  | Greater than 12 months |  | Total
May 31, 2026 |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
U.S. treasury securities |  | $ | 316,161 |  |  | $ | (150) |  |  | $ | — |  |  | $ | — |  |  | $ | 316,161 |  |  | $ | (150) |
Total |  | $ | 316,161 |  |  | $ | (150) |  |  | $ | — |  |  | $ | — |  |  | $ | 316,161 |  |  | $ | (150) |
|  | Less than 12 months |  | Greater than 12 months |  | Total
November 30, 2025 |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
U.S. treasury securities |  | $ | 68,755 |  |  | $ | (10) |  |  | $ | — |  |  | $ | — |  |  | $ | 68,755 |  |  | $ | (10) |
Total |  | $ | 68,755 |  |  | $ | (10) |  |  | $ | — |  |  | $ | — |  |  | $ | 68,755 |  |  | $ | (10) |
The accrued interest receivable related to the Company’s marketable securities was $1.9 million and $1.5 million as of May 31, 2026, and November 30, 2025, respectively, and was included in prepaid expenses and other current assets on the condensed balance sheet. The Company classifies its money market funds and U.S. treasury securities, which are valued based on quoted market prices in active markets with no valuation adjustment, as Level 1 assets within the fair value hierarchy. The Company classifies its marketable securities in U.S. government agency securities as Level 2 assets within the fair value hierarchy. The fair values of these marketable securities are estimated by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs. There were no transfers of financial instruments between valuation levels during the three and six months ended May 31, 2026 and 2025. As of May 31, 2026, and November 30, 2025, 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 May 31, 2026, and November 30, 2025, no allowance for credit losses for the Company’s marketable securities was recorded. During the three and six months ended May 31, 2026 and 2025, the Company did not recognize any impairment losses related to marketable securities.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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