Stock-Based Compensation (Tables)
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12 Months Ended |
Nov. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
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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, 2023 | 8,340,968 | | $ | 17.17 | | | 7.77 | | $ | 3,295 | | Options granted | 2,840,341 | | 11.69 | | | | | | Options exercised | (508,648) | | 9.94 | | | | | | Options forfeited | (833,207) | | 19.39 | | | | | | Balances as of November 30, 2024 | 9,839,454 | | $ | 15.77 | | | 7.45 | | $ | 80,434 | | Options vested and expected to vest as of November 30, 2024 | 9,839,454 | | $ | 15.77 | | | 7.45 | | $ | 80,434 | | Options exercisable as of November 30, 2024 | 6,085,527 | | $ | 17.05 | | | 6.66 | | $ | 47,556 | |
| | | | | | (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, 2024 for all in‑the‑money stock options. The total intrinsic value of stock options exercised during the years ended November 30, 2024, 2023 and 2022 was $5.6 million, $0.2 million and $4.5 million, respectively. |
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Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions |
The fair value of options granted during the years ended November 30, 2024, 2023 and 2022 was estimated using the Black-Scholes option pricing model on the grant date using the following assumptions: | | | | | | | | | | | | | | | | | | | November 30, | | 2024 | | 2023 | | 2022 | Expected term (years) | 5.50 - 6.13 | | 5.50 - 6.06 | | 5.50 - 6.07 | Expected volatility | 71% - 83% | | 74% - 92% | | 70% - 74% | Risk-free interest rate | 3.45% - 4.43% | | 3.27% - 4.59% | | 1.31% - 4.22% | Dividend yield | 0% | | 0% | | 0% |
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Schedule 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, 2023 | 1,246,031 | | $ | 12.58 | | RSUs granted | 1,698,305 | | 11.18 | | RSUs vested | (654,396) | | 11.69 | | RSUs forfeited | (333,925) | | 11.60 | | Balances as of November 30, 2024 | 1,956,015 | | $ | 11.83 | |
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Schedule of ESPP Assumptions |
The fair value of shares granted under the ESPP during the years ended November 30, 2024, 2023 and 2022 was estimated using the Black-Scholes option pricing model on the grant date using the following assumptions: | | | | | | | | | | | | | | | | | | | November 30, | | 2024 | | 2023 | | 2022 | Expected term (years) | 0.5 | | 0.5 | | 0.5 | Expected volatility | 80% - 85% | | 67% | | 70% - 101% | Risk-free interest rate | 5.02% - 5.31% | | 4.98% - 5.54% | | 0.67% - 3.12% | Dividend yield | 0% | | 0% | | 0% |
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Schedule 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 consolidated statements of operations is as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended November 30, | | 2024 | | 2023 | | 2022 | Research and development | $ | 17,763 | | | $ | 18,707 | | | $ | 16,808 | | General and administrative | 16,166 | | | 14,966 | | | 11,323 | | Total stock-based compensation | $ | 33,929 | | | $ | 33,673 | | | $ | 28,131 | |
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