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Stock-Based Compensation (Tables)
12 Months Ended
Nov. 30, 2024
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, 20238,340,968$17.17 7.77$3,295 
Options granted2,840,34111.69 
Options exercised(508,648)9.94 
Options forfeited(833,207)19.39  
Balances as of November 30, 20249,839,454$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, 20246,085,527$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.
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,
202420232022
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 yield0%0%0%
Schedule 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, 20231,246,031$12.58 
RSUs granted1,698,30511.18 
RSUs vested(654,396)11.69 
RSUs forfeited(333,925)11.60 
Balances as of November 30, 20241,956,015$11.83 
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,
202420232022
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 yield0%0%0%
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,
202420232022
Research and development$17,763 $18,707 $16,808 
General and administrative16,166 14,966 11,323 
Total stock-based compensation$33,929 $33,673 $28,131