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Stock-Based Compensation (Tables)
 12 Months Ended
Nov. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Option Activity under the Stock Plans Option activity under the Stock Plans is set forth below:
Number of
options
outstanding		Weighted-
average
exercise
price		Weighted-
average
contractual
life
(in years)
Aggregate
intrinsic
value(1)
(in thousands)
Balances as of November 30, 20215,878,552$19.42 8.67$65,692 
Options granted3,239,90618.03 
Options exercised(325,596)3.31 
Options forfeited(535,905)20.11  
Balances as of November 30, 20228,256,957$19.47 8.44$13,210 
Options vested and expected to vest as of November 30, 2022(2)
8,279,203$19.43 8.44$13,322 
Options exercisable as of November 30, 20223,629,383$16.14 7.65$12,473 
____________________________
(1)
The aggregate intrinsic values were calculated as the pre-tax difference between the exercise price of stock options and the quoted market price of the Company’s common stock on November 30, 2022 for all in‑the‑money stock options. The total intrinsic value of stock options exercised during the years ended November 30, 2022 and 2021 was $4.5 million and $15.9 million, respectively.
(2)
Certain stock options granted by the Company prior to the date of IPO are exercisable at the date of grant, with unvested shares subject to repurchase by the Company in the event of the voluntary or involuntary termination of employment of the stockholder. Such exercises are recorded as a liability in the consolidated balance sheet and reclassified into equity as the options vest. As of November 30, 2022, a total of 22,246 shares of common stock were subject to repurchase by the Company at the lower of (i) the fair value of such shares on the date of repurchase, or (ii) the original exercise price of such shares. The corresponding exercise value of $0.2 million as of November 30, 2022 is recorded as a stock-based compensation liability.
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The fair value of options granted during the years ended November 30, 2022 and 2021 was estimated using the Black-Scholes option pricing model on the grant date using the following assumptions:
November 30,
20222021
Expected term (years)
5.50 - 6.07
5.50 - 6.12
Expected volatility
70% - 74%
70% - 79%
Risk-free interest rate
1.31% - 4.22%
0.52% - 1.24%
Dividend yield0%0%
Summary of RSU Activity
RSU activity under the Stock Plans is set forth below:
Number of RSUsWeighted-average grant date fair value
Balances as of November 30, 202120,000$27.42 
RSUs granted858,58219.11 
RSUs vested(46,028)20.40 
RSUs forfeited(47,730)23.62 
Balances as of November 30, 2022784,824$18.97 
Summary of ESPP Assumptions
The fair value of ESPP granted during the years ended November 30, 2022 and 2021 was estimated using the Black-Scholes option pricing model on the grant date using the following assumptions:
November 30,
20222021
Expected term (years)
0.5
0.5
Expected volatility
70% - 101%
60% - 75%
Risk-free interest rate
0.67% - 3.12%
0.05% - 0.06%
Dividend yield0%0%
Summary of Stock-Based Compensation Expense Related to Stock Options RSUs and 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 consolidated statements of operations is as follows (in thousands):
Year Ended November 30,
20222021
Research and development$16,808 $8,079 
General and administrative11,323 7,721 
Total stock-based compensation$28,131 $15,800