NM can be run in conduit. It is considered to be a single wire with diameter based on its greatest elliptical measurement. If there are more than 2 cables the maximum FILL is 40%. If you exceed the FILL you cannot remedy the situation by derating--you need to pull some wires out. As for derating, I assume that NM would be treated like wire, 4 wires are derated by .8 but I cannot find this in the Code.. Also what is NM #12 rated for ampacity? Is it 30 amps because it is THHN? Or 25 amps because it is 60 degrees? 25 x .8 = 20 (So even after derating by .8 you could use a 20 amp breaker.) Or is NM #12 limited to 20 amps because it is NM...... Also, I thought BUNDLING applies to wires that are embedded in insulation.