Financial Analysis

Commitments and Contingencies Legal Proceedings From time to time, the Company may be involved in legal proceedings in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. Legal fees and other costs associated with such actions are expensed as incurred. As of November 30, 2025, the Company was not a party to any material legal proceedings. Indemnifications In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its partners, suppliers and vendors, among others. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company has not incurred any material costs as a result of such indemnifications and has not accrued any liabilities related to …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation Equity Incentive Plans The Companys 2020 Equity Incentive Plan (the 2020 Plan) serves as the successor to the Companys 2012 Equity Incentive Plan (together with the 2020 Plan, the Stock Plans) and provides for the granting of stock options, stock appreciation rights, restricted stock awards (RSUs), performance awards and stock bonus awards to employees, directors, consultants, independent contractors and advisors of the Company. Under the Stock Plans, the Company generally grants stock-based awards with service-based vesting conditions only. Options granted typically vest under various different vesting terms over a four-year period and expire ten years from the date of grant. 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. RSUs issued typically vest under various different vesting terms over a two - to four-year period. Following the effectiveness of the 2020 Plan on July 22, 2020, the Company ceased making grants under the 2012 Plan. However, the 2012 Plan continues to govern the terms and conditions of the outstan …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Income Taxes For the years ended November 30, 2025 and 2024, the Company recorded an income tax provision of $760,000 and $270,000, respectively. For the year ended November 30, 2023, the Company did not record any current income tax expense or provision. The Company has generated net operating losses (NOLs) since inception and has established a valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets. Loss before provision for income taxes includes the following component (in thousands): November 30, 2025 2024 2023 Domestic $ (263,697) $ (193,299) $ (143,948) $ (263,697) $ (193,299) $ (143,948) The provision for income taxes consists of the following (in thousands): November 30, 2025 2024 2023 Current: Federal $ $ 270 $ State 760 Total provision for income taxes $ 760 $ 270 $ The effective tax rate differs from the federal statutory rate as follows: November 30, 2025 2024 2023 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income tax rate 11.4 (4.9) 14.1 Research and development tax credits 5.0 4.1 4.8 Stock-based compensation (1.2) (1.5) (4.2) Change in valuation allowance (36.4) (18.6) (35.6) Other 0.2 (0.1) (0.1) Total % % % Deferred Tax Assets and Liabilities Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280)Improvements to Reportable Segment Disclosures (ASU 2023-07), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This amendment is effective for the Company in the fiscal year beginning December 1, 2024, and interim periods within the fiscal year beginning December 1, 2025, on a retrospective basis with early adoption permitted. The Company adopted ASU 2023-07 for the annual reporting period ended November 30, 2025. The adoption of this standard did not have a material impact on the Companys financial statements. Recent Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which is intended to enhance the transparency and decision usefulness of income tax disclosures, primarily by amending disclosure requirements for the effective tax rate reconciliation and income taxes paid. ASU 2023-09 should be applied on a prospective basis, and retrospective application is permitted. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its disclosures. In Novemb …

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Related Party Transactions The Companys Chief Financial Officer is a trustee for the multiple employer welfare association that facilitates the acquisition and administration of the Companys healthcare plans. Expenses related to the healthcare plan premiums were $6.3 million, $4.3 million and $4.4 million for the years ended November 30, 2025, 2024 and 2023, respectively. As of November 30, 2025 and 2024, the amount recorded in accounts payable and accrued expenses and other current liabilities in connection with this healthcare plan provider was not material. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Segment Information The Company operates and manages its business as a single reportable and operating segment. The Company is in the business of discovery, development and commercialization of innovative medicines based on the modulation of cellular protein levels as a novel treatment approach for cancer and other challenging diseases. The Companys CODM is the Chief Executive Officer, who reviews and evaluates net loss to monitor budget versus actual results and to analyze cash flows for purposes of allocating resources and assessing financial performance. The measure of segment assets is reported on the balance sheet as total assets. All of the Company's long-lived assets are located in the United States and all of the Company's revenue was derived from customers located in the United States. In addition to the significant expense categories included within net loss presented in the Company's statements of operations, disaggregated research and development expenses are as follows (in thousands): Year ended November 30, 2025 2024 2023 External clinical development expenses: Bexobrutideg (NX-5948) $ 82,233 $ 37,879 $ 6,963 Zelebrudomide (NX-2127) 5,648 3,901 10,839 NX-1607 7,443 6,502 8,466 Internal research and development expenses 221,579 173,350 162,880 Total research and development expenses $ 316,903 $ 221,632 $ 189,148 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Companys financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the accounts of the Company and its wholly owned subsidiary, DeTIL Therapeutics, Inc., through the date of its dissolution in November 2023. All intercompany balances and transactions have been eliminated in consolidation. Following the dissolution, the Company had no subsidiaries. Accordingly, only the financial statements for the year ended November 30, 2023 are presented on a consolidated basis. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to the useful lives of long-lived assets, the measurement of stock-based compensation, accruals for research and development activities, income taxes and revenue recognition. The Company also makes certain commencement date estimates for its leases, including the incremental borrowing rate, the expected lease term and the fair value of the leased asset. The Company bases its estimates on historical experienc …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Common Stock The Companys Restated Certificate of Incorporation authorizes the Company to issue up to 500,000,000 shares of common stock, $0.001 par value per share, as of November 30, 2025 and 2024. Holders of common stock are entitled to dividends when and if declared by the Companys board of directors, subject to the prior rights of the holders of shares of preferred stock. The holder of each share of common stock is entitled to one vote. As of November 30, 2025, no dividends have been declared. In July 2022, the Company issued the 2022 Pre-Funded Warrants to purchase an aggregate of 6,814,920 shares of the Companys common stock at a price of $13.939 per pre-funded warrant. As of November 30, 2025, a total of 6,097,560 of the 2022 Pre-Funded Warrants remained available for exercise. In April 2024, the Company issued the 2024 Pre-Funded Warrants to purchase an aggregate of 1,500,100 shares of the Companys common stock at a price of $14.999 per pre-funded warrant. As of November 30, 2025, a total of 1,480,349 of the 2024 Pre-Funded Warrants remained available for exercise. All pre-funded warrants were immediately exercisable at issuance, have an exercise price of $0.001 and may be exercised at any time after the date of issuance. A holder of pre-funded warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of the Companys common stock outstanding immediately after giving effect to such …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Event Between November 30, 2025, and the date of this filing, the Company issued and sold 1,000,000 shares of common stock under the Second Amended Equity Distribution Agreement at $18.25 per share for total net proceeds of $18.0 million, after deducting offering commissions and expenses paid by the Company. As of the date of this filing, the Company had $186.3 million of common stock remaining available for sale under the Second Amended Equity Distribution Agreement.

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Commitments and Contingencies Legal Proceedings From time to time, the Company may be involved in legal proceedings in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. Legal fees and other costs associated with such actions are expensed as incurred. As of May 31, 2026, the Company was not a party to any material legal proceedings. Indemnifications In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its partners, suppliers and vendors, among others. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company has not incurred any material costs as a result of such indemnifications and has not accrued any liabilities related to such …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation Equity Incentive Plans The Companys 2020 Equity Incentive Plan (the 2020 Plan) serves as the successor to the Companys 2012 Equity Incentive Plan (together with the 2020 Plan, the Stock Plans) and provides for the granting of stock options, stock appreciation rights, restricted stock units (RSUs), performance awards and stock bonus awards to employees, directors, consultants, independent contractors and advisors of the Company. As of May 31, 2026, the Company had 1,844,051 shares of common stock available for grant under the Stock Plans. Equity Inducement Plan In October 2024, the Board adopted and approved the Companys 2024 Equity Inducement Plan (the 2024 Inducement Plan), which became effective on October 23, 2024. In accordance with Rule 5635(c)(4) of the Nasdaq listing rules, equity awards under the 2024 Inducement Plan may only be made to an employee if he or she is granted such awards in connection with the commencement of his or her employment with the Company and such grant is a material inducement to his or her entering into employment with the Company. The Company has reserved 3,000,000 shares of common stock for issuance pursuant to non-qualified stock options and RSUs under the 2024 Inducement Plan. As of May 31, 2026, the Company had 2,128,756 shares of common stock available for grant under the 2024 Inducement Plan. Option activity under the Stock Plans and the 2024 Inducement Plan is set forth below: Number of options outstanding Weigh …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Income Taxes The Company recorded an income tax benefit of $271,000 for the three and six months ended May 31, 2026, and an income tax provision of $760,000 for the three and six months ended May 31, 2025. Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of the deferred tax assets is dependent upon future taxable income, the amount, if any, and timing of which are uncertain. The Company has generated losses since inception and has established a valuation allowance to offset deferred tax assets as of May 31, 2026 and 2025 due to the uncertainty of realizing future tax benefits from its net operating loss (NOL) carryforwards and other deferred tax assets. The Company files income tax returns in the United States and in various states. In January 2019, the California Franchise Tax Board (FTB) initiated an examination of the Companys California tax return for tax years ending in 2015, 2016, 2017 and 2018. During the year ended November 30, 2021, the FTB issued proposed audit assessments related to revenue sourcing and R&D credits. The Company did not agree with the FTBs assessments and challenged the assessments. In March 2026, the Company and the FTB reached a favorable agreement under which the Company will pay a portion of the proposed assessment. As a result, the Compan …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which is intended to enhance the transparency and decision usefulness of income tax disclosures, primarily by amending disclosure requirements for the effective tax rate reconciliation and income taxes paid. ASU 2023-09 should be applied on a prospective basis, and retrospective application is permitted. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its disclosures, but does not expect the adoption of ASU 2023-09 to have a material impact on the Company's financial statements. In November 2024, the FASB issued ASU 2024-03Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which is intended to enhance transparency into the nature and function of expenses, primarily through additional disclosures on certain cost and expenses. ASU 2024-03 should be applied on a prospective basis, and retrospective application is permitted. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidan …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Related Party Transactions The Companys Chief Financial Officer is a trustee for the multiple employer welfare association that facilitates the acquisition and administration of the Companys healthcare plans. Expenses related to the healthcare plan premiums were $1.5 million and $3.1 million for the three and six months ended May 31, 2026, respectively, and $1.5 million and $2.8 million for the three and six months ended May 31, 2025, respectively. As of May 31, 2026, and November 30, 2025, the amount recorded in accounts payable and accrued expenses and other current liabilities in connection with this healthcare plan provider was not material. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Segment Information The Company operates and manages its business as a single reportable and operating segment. The Company is in the business of discovery, development and commercialization of innovative targeted protein degradation medicines aimed at improving treatment options for patients with cancer and inflammatory diseases. The Companys CODM is the Chief Executive Officer, who reviews and evaluates net loss to monitor budget versus actual results and to analyze cash flows for purposes of allocating resources and assessing financial performance. The measure of segment assets is reported on the balance sheet as total assets. All of the Company's long-lived assets are located in the United States and all of the Company's revenue was derived from customers located in the United States. The Company does not allocate internal costs by product candidate. With respect to internal costs, several departments support multiple product candidate research and development programs, and therefore the costs cannot be allocated to a particular product candidate or development program. In addition to the significant expense categories included within net loss presented in the Company's statements of operations, disaggregated research and development expenses are as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2026 2025 2026 2025 External clinical development expenses: Bexobrutideg (NX-5948) $ 28,192 $ 18,558 $ 52,166 $ 34,278 Zelebrudomide (NX-2127) 1,167 1 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Basis of Presentation The Companys condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The Companys condensed financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of the Companys financial position as of and for the three and six months ended May 31, 2026 and 2025. The condensed balance sheet as of November 30, 2025, was derived from the audited annual financial statements as of that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. These interim financial statements and related disclosures have been prepared with the presumption that users of the interim financial statements have read or have access to the audited annual financial statements for the preceding fiscal year. Accordingly, these interim financial statements should be read in conjunction with the audited annual financial statements and notes thereto contained in the Companys Annual Report on Form 10-K for the year ended November 30, 2025, as filed with the SEC on January 28, 2026. These inter …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Common Stock The Companys Restated Certificate of Incorporation authorizes the Company to issue up to 500,000,000 shares of common stock, $0.001 par value per share, as of May 31, 2026, and November 30, 2025. Holders of common stock are entitled to dividends when and if declared by the Companys board of directors, subject to the prior rights of the holders of shares of preferred stock. The holder of each share of common stock is entitled to one vote. As of May 31, 2026, no dividends have been declared. In July 2022, the Company issued the 2022 Pre-Funded Warrants to purchase an aggregate of 6,814,920 shares of the Companys common stock at a price of $13.939 per pre-funded warrant. As of May 31, 2026, a total of 6,097,560 of the 2022 Pre-Funded Warrants remained available for exercise. In April 2024, the Company issued the 2024 Pre-Funded Warrants to purchase an aggregate of 1,500,100 shares of the Companys common stock at a price of $14.999 per pre-funded warrant. As of May 31, 2026, a total of 1,480,349 of the 2024 Pre-Funded Warrants remained available for exercise. All pre-funded warrants were immediately exercisable at issuance, have an exercise price of $0.001 and may be exercised at any time after the date of issuance. A holder of pre-funded warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of the Companys common stock outstanding immediately after giving effect to such exerc …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Event On June 6, 2026, the Company entered into a global collaboration agreement with F. Hoffmann-La Roche Ltd. and Genentech, Inc. (together, Roche), to develop, manufacture, commercialize and otherwise exploit bexobrutideg (NX-5948) (the Roche Collaboration Agreement). Under the terms of the Roche Collaboration Agreement, the Company will receive an upfront cash payment of $700 million and is eligible to receive development, regulatory and sales milestone payments for potential total payments of up to $2.3 billion, including the upfront payment. Global development costs will be shared 40% by the Company and 60% by Roche, subject to specified exceptions. The parties will equally split the profits and losses from U.S. commercialization. The Company and Roche will co-commercialize bexobrutideg in the United States across all indications. Outside of the United States, Roche will be responsible for commercialization, and the Company is eligible to receive tiered royalties at rates ranging from the low teens to the high teens on ex-U.S. sales. The Roche Collaboration Agreement will become effective upon the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the expiration, termination or resolution of all other required waiting periods, clearance decisions or outstanding inquiries under antitrust laws.

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