In July 2020, the Company’s board of directors approved, and the Company adopted the 2020 Equity Incentive Plan (the 2020 Plan). The 2020 Plan became effective on July 22, 2020. The 2020 Plan provides for the granting of stock options, stock appreciation rights (SARs), restricted stock awards (RSAs), restricted stock units (RSUs), performance awards and stock bonus awards to employees, directors, consultants, independent contractors and advisors of the Company. Under the 2020 Plan, the Company generally grants stock-based awards with service-based vesting conditions only. Options granted typically vest over a four-year period but may be granted with different vesting terms. In the case of an incentive stock option granted to an employee who at the time of grant owns stock representing more than 10% of the total combined voting power of all classes of stock, the exercise price shall be no less than 110% of the fair value per share on the date of grant, and the award shall expire five years from the date of grant. In the case of all other stock options, the per share exercise price shall be no less than 100% of the fair value per share on the date of grant.

Following the effectiveness of the 2020 Plan, the Company ceased making grants under the 2012 Equity Incentive Plan (the 2012 Plan). However, the 2012 Plan continues to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2012 Plan that cease to be subject to such awards by forfeiture or otherwise after the termination of the 2012 Plan will be available for issuance under the 2020 Plan.

As of August 31, 2021, there were 2,955,477 shares of common stock reserved for future issuance pursuant to the 2020 Plan.

In April 2012, the Company’s board of directors approved, and the Company adopted the 2012 Plan. The 2012 Plan provides for the granting of stock options, SARs, RSAs, and RSUs to employees, directors, consultants and advisors of the Company. Options granted under the 2012 Plan generally vest over four years. Options granted under the 2012 Plan may, but need not, be exercisable immediately, with any shares issued on exercise being subject to the Company’s right of repurchase.

As of August 31, 2021, there were no shares of common stock reserved for issuance pursuant to the 2012 Plan.

Activity under the 2020 Plan and 2012 Plan is set forth below and has been adjusted for the 1-for-3 reverse stock split (in thousands, except share and per share data):

	Number of options outstanding			Weighted- average exercise price		Weighted- average contractual life (in years)		Aggregate intrinsic value⁽¹⁾
Balances as of November 30, 2020		4,387,862		$	10.43		9.02	$	141,249
Options granted		1,825,917			32.98
Options exercised		(414,239	)		2.94				12,801
Options forfeited		(206,128	)		15.50
Balances as of August 31, 2021		5,593,412		$	18.16		8.78	$	85,379
Options vested and expected to vest as of August 31, 2021⁽²⁾		5,619,587		$	18.05		8.77	$	86,347
Options exercisable as of August 31, 2021		2,836,837		$	8.36		8.20	$	68,199

In July 2020, the Company’s board of directors adopted the 2020 Employee Stock Purchase Plan (the 2020 ESPP) that became effective upon the date of the IPO in order to enable eligible employees to purchase shares of common stock with accumulated payroll deductions. The 2020 ESPP is intended to qualify under Section 423 of the Internal Revenue Code, as amended. Under the 2020 ESPP, eligible employees are offered the option to purchase shares of common stock at a discount over a series of offering periods. Each offering period may consist of one or more purchase periods. The purchase price for shares of common stock purchased under the 2020 ESPP will be 85% of the lesser of the fair market value of the Company’s common stock on (i) the first trading day of the applicable offering period or (ii) the last trading day of each purchase period in the applicable offering period.

As of August 31, 2021, there were 1,015,184 shares of common stock reserved for issuance pursuant to the 2020 ESPP. The first offering period commenced as of July 23, 2020, the date on which the Company’s registration statement on Form S-1 relating to its IPO of common stock became effective and ended on February 15, 2021. The first purchase period was the same as the first offering period and the first purchase date was the last trading day of the purchase period, which was February 12, 2021.

The following table sets forth stock-based compensation expense related to stock options and the 2020 ESPP that is included in the Company’s condensed consolidated statements of operations (in thousands):

	Three Months Ended August 31,				Nine Months Ended August 31,
	2021		2020		2021		2020
Research and development	$	2,212	$	566	$	5,450	$	930
General and administrative		2,101		549		5,507		835
Total stock-based compensation	$	4,313	$	1,115	$	10,957	$	1,765

As of August 31, 2021, the total compensation cost related to stock-based awards not yet recognized was $54.9 million, which is expected to be amortized on a straight-line basis over the weighted-average remaining vesting period of approximately 3.2 years.