Income Taxes (Tables)

12 Months Ended

Nov. 30, 2022

Income Tax Disclosure [Abstract]

Components of Loss Before Income Taxes

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

	November 30,
	2022		2021
Domestic	$	(180,360)	$	(117,063)
	$	(180,360)	$	(117,063)

Components of Provision for (Benefit from) Income Taxes

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

	November 30,
	2022		2021
Current:
Federal	$	—	$	(203)
State	—		334
Total provision for income taxes	$	—	$	131

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

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

	November 30,
	2022		2021
Federal statutory income tax rate	21.0	%	21.0	%
State income tax rate	5.9		5.0
Research and development tax credits	3.5		4.5
Stock-based compensation	(2.0)		(1.2)
Change in valuation allowance	(28.4)		(29.3)
Other	—		(0.1)
Total	—	%	(0.1)	%

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

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

	Year ended November 30,
	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	83,775	$	41,081
Research and development tax credits	27,096		17,502
Deferred revenue	19,950		21,874
Stock-based compensation	3,846		1,054
Accrued expenses and other liabilities	3,797		1,896
Operating lease liabilities	3,199		3,436
Gross deferred tax assets	141,663		86,843
Valuation allowance	(138,362)		(83,517)
Total deferred tax assets	3,301		3,326
Deferred tax liabilities:
Operating lease right-of-use assets	(3,301)		(3,326)
Total deferred tax liabilities	(3,301)		(3,326)
Net deferred tax assets	$	—	$	—

Reconciliation of Beginning and Ending Amounts of Unrecognized Income Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized income tax benefits during the years ended November 30, 2022 and 2021 is as follows (in thousands):

	Years ended November 30,
	2022		2021
Balance at beginning of period	$	6,331	$	5,361
Additions based on tax positions related to prior period	—		1
Additions based on tax positions related to current period	3,930		2,282
Settlements	—		(1,313)
Balance at end of period	$	10,261	$	6,331