0000939767-23-000048 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
Current assets:
Cash and cash equivalents	$ 540,597	$ 501,195
Short-term investments	772,536	807,273
Trade receivables, net	233,923	214,784
Inventory	29,908	33,299
Prepaid expenses and other current assets	60,654	62,211
Total current assets	1,637,618	1,618,762
Long-term investments	806,615	756,731
Property and equipment, net	116,212	110,624
Deferred tax assets, net	229,603	231,110
Goodwill	63,684	63,684
Right-of-use assets and other	289,627	290,578
Total assets	3,143,359	3,071,489
Current liabilities:
Accounts payable	32,621	32,667
Accrued compensation and benefits	56,551	77,158
Accrued clinical trial liabilities	64,210	65,072
Rebates and fees due to customers	66,405	50,350
Accrued collaboration liabilities	18,324	20,188
Other current liabilities	89,486	78,924
Total current liabilities	327,597	324,359
Long-term portion of deferred revenue	6,299	6,582
Long-term portion of operating lease liabilities	186,948	190,170
Other long-term liabilities	67,379	61,951
Total liabilities	588,223	583,062
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares issued	0	0
Common stock, $0.001 par value; 400,000 shares authorized; issued and outstanding: 324,985 and 323,951 at March 31, 2023, and December 31, 2022, respectively	325	324
Additional paid-in capital	2,558,297	2,536,849
Accumulated other comprehensive loss	(9,289)	(14,521)
Retained earnings (Accumulated deficit)	5,803	(34,225)
Total stockholders' equity	2,555,136	2,488,427
Total liabilities and stockholders' equity	$ 3,143,359	$ 3,071,489

Revenues - Revenues by Disaggregated Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 408,788	$ 355,980
Gross product revenues
Disaggregation of Revenue [Line Items]
Total revenues	521,322	448,237
Discounts and allowances
Disaggregation of Revenue [Line Items]
Total revenues	(157,922)	(137,939)
Net product revenues
Disaggregation of Revenue [Line Items]
Total revenues	363,400	310,298
License revenues
Disaggregation of Revenue [Line Items]
Total revenues	38,292	32,067
Collaboration services revenues
Disaggregation of Revenue [Line Items]
Total revenues	7,096	13,615
Total collaboration revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 45,388	$ 45,682

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Takeda (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 408,788	$ 355,980
Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	6,223	6,067
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	38,292	32,067
License revenues \| Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	2,849	2,365
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	7,096	13,615
Collaboration services revenues \| Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 3,374	$ 3,702

- Definition

+ References

+ Details

Cash and Investments - Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	$ 845,425	$ 1,030,810
Gross Unrealized Losses	(14,277)	(19,034)
Corporate bonds
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	551,038	706,711
Gross Unrealized Losses	(10,274)	(13,132)
U.S. Treasury and government-sponsored enterprises
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	283,051	308,307
Gross Unrealized Losses	(3,859)	(5,679)
Municipal bonds
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	11,336	15,792
Gross Unrealized Losses	$ (144)	$ (223)

Cash and Investments - Narrative (Details)	Mar. 31, 2023 USD ($) investment bond	Dec. 30, 2022 USD ($) investment bond
Debt Securities, Available-for-sale [Line Items]
Interest receivable	$ 10,100,000	$ 7,300,000
Number of investments in an unrealized loss position \| investment	237	285
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	$ 317,100,000	$ 237,600,000
Accumulated loss	6,300,000	$ 6,100,000
Allowance for credit losses	$ 0
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Number of bond securities \| bond	91	81

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	000-30235
Entity Registrant Name	EXELIXIS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3257395
Entity Address, Address Line One	1851 Harbor Bay Parkway
Entity Address, City or Town	Alameda,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94502
City Area Code	650
Local Phone Number	837-7000
Title of 12(b) Security	Common Stock $.001 Par Value per Share
Trading Symbol	EXEL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		325,636,738
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000939767
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Revenues:
Total revenues	$ 408,788	$ 355,980
Operating expenses:
Cost of goods sold	14,315	13,203
Research and development	234,246	156,671
Selling, general and administrative	131,397	102,863
Total operating expenses	379,958	272,737
Income from operations	28,830	83,243
Interest income	19,502	1,822
Other income (expense), net	(54)	164
Income before income taxes	48,278	85,229
Provision for income taxes	8,250	16,656
Net income	$ 40,028	$ 68,573
Net income per share:
Basic (in dollars per share)	$ 0.12	$ 0.21
Diluted (in dollars per share)	$ 0.12	$ 0.21
Weighted-average common shares outstanding:
Basic (in shares)	324,420	319,582
Diluted (in shares)	326,279	323,289
Net product revenues
Revenues:
Total revenues	$ 363,400	$ 310,298
License revenues
Revenues:
Total revenues	38,292	32,067
Collaboration services revenues
Revenues:
Total revenues	$ 7,096	$ 13,615

Net Income Per Share - Potential Shares of Common Stock Not Included in the Computation of Diluted Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Share-based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities and contingently issuable shares excluded (in shares)	15,592	16,522

Revenues - Revenues Disaggregated by Concentration Risks (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Dec. 30, 2022
Affiliates of McKesson Corporation \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	17.00%	19.00%
Affiliates of McKesson Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues	24.00%		22.00%
Affiliates of CVS Health Corporation \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	17.00%	17.00%
Affiliates of CVS Health Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues	13.00%		18.00%
Affiliates of AmerisourceBergen Corporation \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	17.00%	17.00%
Affiliates of AmerisourceBergen Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues	19.00%		18.00%
Accredo Health, Incorporated \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	12.00%	9.00%
Affiliates of Optum Specialty Pharmacy \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	10.00%	10.00%
Ipsen Pharma SAS \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	8.00%	10.00%
Ipsen Pharma SAS \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues	18.00%		20.00%
Cardinal Health, Inc. \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues	9.00%		11.00%

Provision For Income Taxes (Details)	3 Months Ended
Provision For Income Taxes (Details)	Mar. 31, 2023	Apr. 01, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	17.10%	19.50%

Collaboration Agreements And Business Development Activities - Research Collaborations and In-Licensing Arrangements Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Asset Acquisition [Line Items]
Research and development	$ 234,246	$ 156,671
Research Collaborations, In-Licensing Arrangements and Other Business Development Activities
Asset Acquisition [Line Items]
Research and development	44,700
Decrease in research and development	35,000
Collaborative arrangement, maximum aggregate development milestone payments	650,600
Collaborative arrangement, maximum aggregate regulatory milestone payments	634,400
Collaborative arrangement, rights and obligations, maximum aggregate commercial milestone payments	$ 3,200,000

Stockholders’ Equity

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stockholders’ Equity

STOCKHOLDERS’ EQUITY

Stock-based Compensation

We have several equity incentive plans under which we granted stock options and restricted stock units (RSUs), including performance-based restricted stock units (PSUs), to employees and directors. As of March 31, 2023, 31,678,788 shares were available for grant under the Exelixis, Inc. 2017 Equity Incentive Plan (as amended and restated, the 2017 Plan). The share reserve is reduced by 1 share for each share issued pursuant to a stock option and 2 shares for full value awards, including RSUs.

We allocated the stock-based compensation expense for our equity incentive plans and our Employee Stock Purchase Plan (ESPP) as follows (in thousands):


	Three Months Ended March 31,
	2023		2022

Research and development	$	3,252	$	8,899
Selling, general and administrative	13,409		10,860
Total stock-based compensation expense	$	16,661	$	19,759

Stock-based compensation for each type of award under our equity incentive plans and ESPP were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Stock options	$	2,207	$	3,678
Restricted stock units	12,607		13,073
Performance stock units	794		1,709
ESPP	1,053		1,299
Total stock-based compensation expense	$	16,661	$	19,759

As of March 31, 2023, there were 9,738,700 stock options outstanding and $14.0 million of related unrecognized compensation expense.

During the three months ended March 31, 2023, we granted 576,960 service-based RSUs with a weighted average grant date fair value of $17.08 per share. As of March 31, 2023, there were 11,315,085 RSUs outstanding, including RSUs that are subject to a total shareholder return (TSR) market condition (the TSR-based RSUs), and $172.0 million of related unrecognized compensation expense. Service-based RSUs granted to employees during the three months ended March 31, 2023 have vesting conditions and contractual lives of a similar nature to those described in “Note 8. Employee Benefit Plans” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2022 Form 10-K.

As of March 31, 2023, there were 4,688,349 PSUs outstanding, of which 1,277,755 PSUs relate to awards that we either achieved the performance goal or determined that attainment of the performance goal was probable. Expense recognition for PSUs commences when it is determined that attainment of the performance goal is probable. As of March 31, 2023, the remaining unrecognized stock-based compensation expense for the PSUs either achieved or deemed probable of achievement was $9.0 million. The total unrecognized compensation expense for the PSUs for which we have not yet determined that attainment of the performance goal is probable was $76.2 million. For more information about our PSUs, see “Note 8. Employee Benefit Plans” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2022 Form 10-K.

Share Repurchase Program

In March 2023, our Board of Directors authorized a share repurchase program to acquire up to $550 million of our outstanding common stock before the end of 2023. The timing and amount of any share repurchases under the share repurchase program will be based on a variety of factors, including ongoing assessments of the capital needs of the business, alternative investment opportunities, the market price of our common stock and general market conditions. Share repurchases under the program may be made from time to time through a variety of methods, which may include open market purchases, in block trades, accelerated share repurchase transactions, 10b5-1 trading plans, exchange transactions, or any combination of such methods. The program does not obligate us to acquire any particular amount of our common stock, and the share repurchase program may be modified, suspended or discontinued at any time without prior notice. During the three months ended March 31, 2023, we did not repurchase any shares.

Inventory (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Raw materials	$	8,777	$	8,077
Work in process	53,610		43,564
Finished goods	8,490		10,635
Total	$	70,877	$	62,276

Balance Sheet classification:
Current portion included in inventory	$	29,908	$	33,299
Long-term portion included in other long-term assets	40,969		28,977
Total	$	70,877	$	62,276

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets Measured on a Recurring Basis

The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands):


	March 31, 2023
	Level 1		Level 2		Total
Commercial paper	$	—	$	684,917	$	684,917
Corporate bonds	—		814,931		814,931
U.S. Treasury and government-sponsored enterprises	—		364,086		364,086
Municipal bonds	—		11,336		11,336
Total debt securities available-for-sale	—		1,875,270		1,875,270
Money market funds	165,941		—		165,941
Certificates of deposit	—		79,955		79,955
Total financial assets carried at fair value	$	165,941	$	1,955,225	$	2,121,166


	December 31, 2022
	Level 1		Level 2		Total
Commercial paper	$	—	$	722,018	$	722,018
Corporate bonds	—		797,848		797,848
U.S. Treasury and government-sponsored enterprises	—		332,587		332,587
Municipal bonds	—		16,162		16,162
Total debt securities available-for-sale	—		1,868,615		1,868,615
Money market funds	94,344		—		94,344
Certificates of deposit	—		103,681		103,681
Total financial assets carried at fair value	$	94,344	$	1,972,296	$	2,066,640

Cash and Investments - Investments by Security Type (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
Debt securities available-for-sale:
Amortized Cost	$ 1,886,976	$ 1,887,060
Gross Unrealized Gains	2,571	589
Gross Unrealized Losses	(14,277)	(19,034)
Fair Value	1,875,270	1,868,615
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	2,132,936	2,085,126
Gross Unrealized Gains	2,571	589
Gross Unrealized Losses	(14,277)	(19,034)
Fair Value	2,121,230	2,066,681
Commercial paper
Debt securities available-for-sale:
Amortized Cost	684,917	722,018
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	684,917	722,018
Corporate bonds
Debt securities available-for-sale:
Amortized Cost	823,100	810,439
Gross Unrealized Gains	2,105	541
Gross Unrealized Losses	(10,274)	(13,132)
Fair Value	814,931	797,848
U.S. Treasury and government-sponsored enterprises
Debt securities available-for-sale:
Amortized Cost	367,479	338,218
Gross Unrealized Gains	466	48
Gross Unrealized Losses	(3,859)	(5,679)
Fair Value	364,086	332,587
Municipal bonds
Debt securities available-for-sale:
Amortized Cost	11,480	16,385
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(144)	(223)
Fair Value	11,336	16,162
Cash
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	64	41
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	64	41
Money market funds
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	165,941	94,344
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	165,941	94,344
Certificates of deposit
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	79,955	103,681
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 79,955	$ 103,681

Net Income Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

NET INCOME PER SHARE

Net income per share - basic and diluted, were computed as follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2023		2022
Numerator:
Net income	$	40,028	$	68,573
Denominator:
Weighted-average common shares outstanding — basic	324,420		319,582
Dilutive securities	1,859		3,707
Weighted-average common shares outstanding — diluted	326,279		323,289

Net income per share — basic	$	0.12	$	0.21
Net income per share — diluted	$	0.12	$	0.21

Dilutive securities included outstanding stock options, unvested RSUs (including TSR-based RSUs), PSUs and ESPP contributions.

Certain potential common shares were excluded from our calculation of weighted-average common shares outstanding — diluted because either they would have had an anti-dilutive effect on net income per share or they were related to shares from PSUs that were contingently issuable and the contingency had not been satisfied at the end of the reporting period. The weighted-average potential common shares excluded from our calculation were as follows (in thousands):


	Three Months Ended March 31,
	2023	2022
Anti-dilutive securities and contingently issuable shares excluded	15,592	16,522

Provision For Income Taxes	3 Months Ended
Provision For Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
PROVISION FOR INCOME TAXES	PROVISION FOR INCOME TAXESThe effective tax rate for the three months ended March 31, 2023, was 17.1%, as compared to 19.5% for the corresponding period in 2022. The effective tax rate for each of the three months ended March 31, 2023 and 2022, differed from the U.S. federal statutory tax rate of 21% primarily due to excess tax benefits related to the exercise of certain stock options during the periods and the generation of federal tax credits, partially offset by state taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2021		318,842
Beginning balance at Dec. 31, 2021	$ 2,210,615	$ 319	$ 2,427,561	$ (758)	$ (216,507)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	68,573				68,573
Other comprehensive income (loss)	(5,907)			(5,907)
Issuance of common stock under equity incentive plans and stock purchase plan (in shares)		1,426
Issuance of common stock under equity incentive plans and stock purchase plan	5,513	$ 1	5,512
Stock transactions associated with taxes withheld on equity awards	(4,960)		(4,960)
Stock-based compensation	20,017		20,017
Ending balance (in shares) at Apr. 01, 2022		320,268
Ending balance at Apr. 01, 2022	$ 2,293,851	$ 320	2,448,130	(6,665)	(147,934)
Beginning balance (in shares) at Dec. 30, 2022	323,951	323,951
Beginning balance at Dec. 30, 2022	$ 2,488,427	$ 324	2,536,849	(14,521)	(34,225)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	40,028				40,028
Other comprehensive income (loss)	5,232			5,232
Issuance of common stock under equity incentive plans and stock purchase plan (in shares)		1,034
Issuance of common stock under equity incentive plans and stock purchase plan	7,080	$ 1	7,079
Stock transactions associated with taxes withheld on equity awards	(2,523)		(2,523)
Stock-based compensation	$ 16,892		16,892
Ending balance (in shares) at Mar. 31, 2023	324,985	324,985
Ending balance at Mar. 31, 2023	$ 2,555,136	$ 325	$ 2,558,297	$ (9,289)	$ 5,803

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Revenues - Revenues Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 408,788	$ 355,980
U.S.
Disaggregation of Revenue [Line Items]
Total revenues	367,441	314,065
Europe
Disaggregation of Revenue [Line Items]
Total revenues	33,534	34,527
Japan
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,813	$ 7,388

- Definition

+ References

+ Details

Revenues - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Dec. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 1,387		$ 1,659
Contract liabilities:
Current portion	7,064		7,488
Long-term portion	6,299		6,582
Total contract liabilities	13,363		$ 14,070
Contract revenue recognized, including revenue from deferred revenue beginning balance	2,000	$ 2,400
Revenues recognized for performance obligations satisfied in previous periods	37,900	$ 31,700
Remaining performance obligation	$ 69,000

Collaboration Agreements And Business Development Activities - Ipsen Collaboration Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligation	$ 69.0
Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligation	$ 33.9

Revenues

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUES

Revenues consisted of the following (in thousands):


	Three Months Ended March 31,
	2023		2022
Product revenues:
Gross product revenues	$	521,322	$	448,237
Discounts and allowances	(157,922)		(137,939)
Net product revenues	363,400		310,298
Collaboration revenues:
License revenues	38,292		32,067
Collaboration services revenues	7,096		13,615
Total collaboration revenues	45,388		45,682
Total revenues	$	408,788	$	355,980

The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows:


	Three Months Ended March 31,
	2023		2022
Affiliates of McKesson Corporation	17	%	19	%
Affiliates of CVS Health Corporation	17	%	17	%
Affiliates of AmerisourceBergen Corporation	17	%	17	%
Accredo Health, Incorporated	12	%	9	%
Affiliates of Optum Specialty Pharmacy	10	%	10	%
Ipsen Pharma SAS	8	%	10	%

The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:


	March 31, 2023		December 31, 2022
Affiliates of McKesson Corporation	24	%	22	%
Affiliates of AmerisourceBergen Corporation	19	%	18	%
Ipsen Pharma SAS	18	%	20	%
Affiliates of CVS Health Corporation	13	%	18	%
Cardinal Health, Inc.	9	%	11	%

Revenues by geographic region were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
U.S.	$	367,441	$	314,065
Europe	33,534		34,527
Japan	7,813		7,388
Total revenues	$	408,788	$	355,980

Total revenues include net product revenues attributed to geographic regions based on the ship-to location and license and collaboration services revenues attributed to geographic regions based on the location of our collaboration partners’ headquarters.

Net product revenues and license revenues are recorded in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers. License revenues include the recognition of the portion of milestone payments allocated to the transfer of intellectual property licenses for which it had become probable in the current period that the milestone would be achieved and a significant reversal of revenues would not occur, as well as royalty revenues and our share of profits under our collaboration agreement with Genentech. Collaboration services revenues are recorded in accordance with ASC Topic 808, Collaborative Agreements. Collaboration services revenues include the recognition of deferred revenues for the portion of upfront and milestone payments allocated to our research and development services performance obligations, development cost reimbursements earned under our collaboration agreements, product supply revenues, net of product supply costs and the royalties we pay on sales of products containing cabozantinib by our collaboration partners.

Net product revenues by product were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
CABOMETYX	$	361,773	$	302,812
COMETRIQ	1,627		7,486
Net product revenues	$	363,400	$	310,298

Product Sales Discounts and Allowances

The activities and ending reserve balances for each significant category of discounts and allowances, which constitute variable consideration, were as follows (in thousands):


	Chargebacks, Discounts for Prompt Payment and Other		Other Customer Credits/Fees and Co-pay Assistance		Rebates		Total
Balance at December 31, 2022	$	26,881	$	14,924	$	35,426	$	77,231
Provision related to sales made in:
Current period	94,959		14,913		49,113		158,985
Prior periods	141		(1,117)		(87)		(1,063)
Payments and customer credits issued	(100,831)		(13,637)		(33,130)		(147,598)
Balance at March 31, 2023	$	21,150	$	15,083	$	51,322	$	87,555

The allowance for chargebacks, discounts for prompt payment and other are recorded as a reduction of trade receivables, net, and the remaining reserves are recorded as rebates and fees due to customers in the accompanying Condensed Consolidated Balance Sheets.

Contract Assets and Liabilities

We receive payments from our collaboration partners based on billing schedules established in each contract. Amounts are recorded as accounts receivable when our right to consideration is unconditional. We may also recognize revenue in advance of the contractual billing schedule and such amounts are recorded as a contract asset when recognized. We may be required to defer recognition of revenue for upfront and milestone payments until we perform our obligations under these arrangements, and such amounts are recorded as deferred revenue upon receipt or when due. For those contracts that have multiple performance obligations, contract assets and liabilities are reported on a net basis at the contract level. Contract assets are primarily related to Ipsen Pharma SAS (Ipsen) and contract liabilities are primarily related to deferred revenues from Takeda Pharmaceutical Company Limited (Takeda).

Contract assets and liabilities were as follows (in thousands):


	March 31, 2023		December 31, 2022



Contract assets (1)	$	1,387	$	1,659

Contract liabilities:
Current portion (2)	$	7,064	$	7,488
Long-term portion (3)	6,299		6,582
Total contract liabilities	$	13,363	$	14,070

____________________

(1) Presented in other long-term assets in the accompanying Condensed Consolidated Balance Sheets.

(2) Presented in other current liabilities in the accompanying Condensed Consolidated Balance Sheets.

(3) Presented in the long-term portion of deferred revenues in the accompanying Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2023 and 2022, we recognized $2.0 million and $2.4 million, respectively, in revenues that were included in the beginning deferred revenues balance for those periods.

During the three months ended March 31, 2023 and 2022, we recognized $37.9 million and $31.7 million, respectively, in revenues for performance obligations satisfied in previous periods. Such revenues were primarily related to royalty payments allocated to our license performance obligations for our collaborations with Ipsen, Takeda, Daiichi Sankyo and Genentech.

As of March 31, 2023, $69.0 million of the combined transaction prices for our Ipsen and Takeda collaborations were allocated to research and development services performance obligations that had not yet been satisfied. See “Note 3. Collaboration Agreements and Business Development Activities” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2022 Form 10-K for additional information about the expected timing to satisfy these performance obligations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Stockholders’ Equity - Schedule of Allocated Employee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 16,661	$ 19,759
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3,252	8,899
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 13,409	$ 10,860

Commitments and Contingencies (Details)	Apr. 30, 2021 segment
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits	2

Fair Value Measurements - Narratives (Details) - Foreign Exchange Forward € in Millions	3 Months Ended
	Mar. 31, 2023 EUR (€) derivative_instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of contract \| derivative_instrument	1
Derivative notional amount \| €	€ 4.1
Derivative term of contract	3 months

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 40,028	$ 68,573
Other comprehensive income (loss):
Net unrealized gains (losses) on available-for-sale debt securities, net of tax impact of $(1,507) and $1,656, respectively	5,232	(5,907)
Comprehensive income	$ 45,260	$ 62,666

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Collaboration Agreements And Business Development Activities (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Collaborative Revenues Under Collaboration and License Agreement

Revenues under the collaboration and license agreement, as amended, with Ipsen were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
License revenues	$	29,812	$	24,614
Collaboration services revenues	3,722		9,913
Total collaboration revenues	$	33,534	$	34,527

Revenues under the collaboration and license agreement, as amended, with Takeda were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
License revenues	$	2,849	$	2,365
Collaboration services revenues	3,374		3,702
Total collaboration revenues	$	6,223	$	6,067

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value reflects the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy has the following three levels:

•Level 1 - quoted prices (unadjusted) in active markets for identical assets and liabilities;

•Level 2 - inputs other than level 1 that are observable either directly or indirectly, such as quoted prices in active markets for similar instruments or on industry models using data inputs, such as interest rates and prices that can be directly observed or corroborated in active markets; and

•Level 3 - unobservable inputs that are supported by little or no market activity that are significant to the fair value measurement.

The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands):


	March 31, 2023
	Level 1		Level 2		Total
Commercial paper	$	—	$	684,917	$	684,917
Corporate bonds	—		814,931		814,931
U.S. Treasury and government-sponsored enterprises	—		364,086		364,086
Municipal bonds	—		11,336		11,336
Total debt securities available-for-sale	—		1,875,270		1,875,270
Money market funds	165,941		—		165,941
Certificates of deposit	—		79,955		79,955
Total financial assets carried at fair value	$	165,941	$	1,955,225	$	2,121,166


	December 31, 2022
	Level 1		Level 2		Total
Commercial paper	$	—	$	722,018	$	722,018
Corporate bonds	—		797,848		797,848
U.S. Treasury and government-sponsored enterprises	—		332,587		332,587
Municipal bonds	—		16,162		16,162
Total debt securities available-for-sale	—		1,868,615		1,868,615
Money market funds	94,344		—		94,344
Certificates of deposit	—		103,681		103,681
Total financial assets carried at fair value	$	94,344	$	1,972,296	$	2,066,640

When available, we value investments based on quoted prices for those financial instruments, which is a Level 1 input. Our remaining investments are valued using third-party pricing sources, which use observable market prices, interest

rates and yield curves observable at commonly quoted intervals for similar assets as observable inputs for pricing, which is a Level 2 input.

The carrying amount of our remaining financial assets and liabilities, which include cash, receivables and payables, approximate their fair values due to their short-term nature.

Forward Foreign Currency Contracts

We have entered into forward contracts to hedge certain operational exposures for the changes in foreign currency exchange rates associated with assets or liabilities denominated in foreign currencies, primarily the Euro.

As of March 31, 2023, we had one forward contract outstanding to sell €4.1 million. The forward contract with a maturity of three months is recorded at fair value and is included in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. The unrealized loss on the forward contract is immaterial as of March 31, 2023. The forward contract is considered a Level 2 in the fair value hierarchy of our fair value measurements. The realized loss and gain we recognized on the maturity of our forward contract was immaterial for each of the three months ended March 31, 2023 and 2022, respectively, and are included in other income (expense), net on our Condensed Consolidated Statements of Income.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Allocated Employee Stock-Based Compensation Expense

We allocated the stock-based compensation expense for our equity incentive plans and our Employee Stock Purchase Plan (ESPP) as follows (in thousands):


	Three Months Ended March 31,
	2023		2022

Research and development	$	3,252	$	8,899
Selling, general and administrative	13,409		10,860
Total stock-based compensation expense	$	16,661	$	19,759

Stock-based compensation for each type of award under our equity incentive plans and ESPP were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Stock options	$	2,207	$	3,678
Restricted stock units	12,607		13,073
Performance stock units	794		1,709
ESPP	1,053		1,299
Total stock-based compensation expense	$	16,661	$	19,759

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
Inventory [Line Items]
Raw materials	$ 8,777	$ 8,077
Work in process	53,610	43,564
Finished goods	8,490	10,635
Total	70,877	62,276
Current portion included in inventory
Inventory [Line Items]
Total	29,908	33,299
Long-term portion included in other long-term assets
Inventory [Line Items]
Total	$ 40,969	$ 28,977

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Statement of Comprehensive Income [Abstract]
Net unrealized gains (losses) on available-for-sale debt securities, net of tax impact	$ (1,507)	$ 1,656

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in share reserve after stock option or stock appreciation award (in shares)	1
Reduction in share reserve after all other awards (in shares)	2
Options outstanding (in shares)	9,738,700
Unrecognized compensation expense \| $	$ 14.0
Stock repurchase program, authorized amount \| $	$ 550.0
Amended And Restated 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	31,678,788
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)	576,960
Weighted average grant date fair value, awarded (in dollars per share) \| $ / shares	$ 17.08
Number of awards outstanding (in shares)	11,315,085
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount \| $	$ 172.0
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards outstanding (in shares)	4,688,349
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount \| $	$ 9.0
Performance Shares, Target Achieved Or Probable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards outstanding (in shares)	1,277,755
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount \| $	$ 76.2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Statement of Cash Flows [Abstract]
Net income	$ 40,028	$ 68,573
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	6,855	4,490
Stock-based compensation	16,661	19,759
Non-cash lease expense	6,731	1,385
Deferred taxes	0	15,318
Acquired in-process research and development technology	36,500	0
Other, net	(3,743)	1,580
Changes in operating assets and liabilities:
Trade receivables, net	(19,178)	91,793
Inventory	(8,370)	(3,520)
Prepaid expenses and other assets	10,372	(3,605)
Deferred revenue	(707)	(1,169)
Accrued collaboration liabilities	(1,864)	(54,261)
Accounts payable and other liabilities	1,123	7,376
Net cash provided by operating activities	84,408	147,719
Cash flows from investing activities:
Purchases of property, equipment and other	(12,024)	(5,609)
Acquired in-process research and development technology	(36,500)	0
Purchases of investments	(311,837)	(336,545)
Proceeds from maturities and sales of investments	310,769	267,615
Net cash used in investing activities	(49,592)	(74,539)
Cash flows from financing activities:
Proceeds from issuance of common stock under equity incentive plans	7,143	4,891
Taxes paid related to net share settlement of equity awards	(2,557)	(4,686)
Net cash provided by financing activities	4,586	205
Net increase in cash, cash equivalents and restricted cash equivalents	39,402	73,385
Cash, cash equivalents and restricted cash equivalents at beginning of period	502,677	663,891
Cash, cash equivalents and restricted cash equivalents at end of period	$ 542,079	$ 737,276

Inventory

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Raw materials	$	8,777	$	8,077
Work in process	53,610		43,564
Finished goods	8,490		10,635
Total	$	70,877	$	62,276

Balance Sheet classification:
Current portion included in inventory	$	29,908	$	33,299
Long-term portion included in other long-term assets	40,969		28,977
Total	$	70,877	$	62,276

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings MSN I ANDA Litigation In September 2019, we received a notice letter regarding an Abbreviated New Drug Application (ANDA) submitted to the FDA by MSN Pharmaceuticals, Inc. (individually and collectively with certain of its affiliates, including MSN Laboratories Private Limited, referred to as MSN), requesting approval to market a generic version of CABOMETYX tablets. MSN’s initial notice letter included a Paragraph IV certification with respect to our U.S. Patents No. 8,877,776 (salt and polymorphic forms), 9,724,342 (formulations), 10,034,873 (methods of treatment) and 10,039,757 (methods of treatment), which are listed in the Approved Drug Products with Therapeutic Equivalence Evaluations, also referred to as the Orange Book, for CABOMETYX. MSN’s initial notice letter did not provide a Paragraph IV certification against U.S. Patents No. 7,579,473 (composition of matter) or 8,497,284 (methods of treatment), each of which is listed in the Orange Book. On October 29, 2019, we filed a complaint in the United States District Court for the District of Delaware (the Delaware District Court) for patent infringement against MSN asserting infringement of U.S. Patent No. 8,877,776 arising from MSN’s ANDA filing with the FDA. On November 20, 2019, MSN filed its response to the complaint, alleging that the asserted claims of U.S. Patent No. 8,877,776 are invalid and not infringed. On May 5, 2020, we received notice from MSN that it had amended its ANDA to include additional Paragraph IV certifications. In particular, the May 5, 2020 amended ANDA requested approval to market a generic version of CABOMETYX tablets prior to expiration of two previously unasserted CABOMETYX patents: U.S. Patents No. 7,579,473 and 8,497,284. On May 11, 2020, we filed a complaint in the Delaware District Court for patent infringement against MSN asserting infringement of U.S. Patents No. 7,579,473 and 8,497,284 arising from MSN’s amended ANDA filing with the FDA. Neither of our complaints have alleged infringement of U.S. Patents No. 9,724,342, 10,034,873 and 10,039,757. On May 22, 2020, MSN filed its response to the complaint, alleging that the asserted claims of U.S. Patents No. 7,579,473 and 8,497,284 are invalid and not infringed. On March 23, 2021, MSN filed its First Amended Answer and Counterclaims (amending its prior filing from May 22, 2020), seeking, among other things, a declaratory judgment that U.S. Patent No. 9,809,549 (salt and polymorphic forms) is invalid and would not be infringed by MSN if its generic version of CABOMETYX tablets were approved by the FDA. U.S. Patent No. 9,809,549 is not listed in the Orange Book. On April 7, 2021, we filed our response to MSN’s First Amended Answer and Counterclaims, denying, among other things, that U.S. Patent No. 9,809,549 is invalid or would not be infringed. The two lawsuits comprising this litigation (collectively referred to as MSN I), numbered Civil Action Nos. 19-02017 and 20-00633, were consolidated in April 2021. On October 1, 2021, pursuant to a stipulation between us and MSN, the Delaware District Court entered an order that (i) MSN’s submission of its ANDA constitutes infringement of certain claims relating to U.S. Patents No. 7,579,473 and 8,497,284, if those claims are not found to be invalid, and (ii) upon approval, MSN’s commercial manufacture, use, sale or offer for sale within the U.S., and importation into the U.S., of MSN’s ANDA product prior to the expiration of U.S. Patents No. 7,579,473 and 8,497,284 would also infringe certain claims of each patent, if those claims are not found to be invalid. Then, on October 12, 2021, pursuant to a separate stipulation between us and MSN, the Delaware District Court entered an order dismissing MSN’s counterclaims with respect to U.S. Patent No. 9,809,549. In our MSN I complaints, we sought, among other relief, an order that the effective date of any FDA approval of MSN’s ANDA be a date no earlier than the expiration of all of U.S. Patents No. 7,579,473, 8,497,284 and 8,877,776, the latest of which expires on October 8, 2030, and equitable relief enjoining MSN from infringing these patents. In an effort to streamline the case, the parties narrowed their assertions. On April 8, 2022, MSN withdrew its validity challenge to U.S. Patent No. 8,877,776. On April 14, 2022, we agreed not to assert U.S. Patent No. 8,497,284 at trial and MSN, correspondingly, agreed to withdraw its validity challenges to U.S. Patent No. 8,497,284, as well as claims 1-4 and 6-7 of U.S. Patent No. 7,579,473. As a result of this narrowing, the trial addressed two issues: (1) infringement of claim 1 of the U.S. Patent No. 8,877,776; and (2) validity of claim 5 of the U.S. Patent No. 7,579,473. A bench trial for MSN I occurred in May 2022, and on January 19, 2023, the Delaware District Court issued a ruling rejecting MSN’s invalidity challenge to U.S. Patent No. 7,759,473. The Delaware District Court also ruled that MSN’s proposed ANDA product does not infringe U.S. Patent No. 8,877,776 and entered judgment that the effective date of any final FDA approval of MSN’s ANDA shall not be a date earlier than August 14, 2026, the expiration date of U.S. Patent No. 7,759,473. Final judgment was entered January 30, 2023. This ruling in MSN I does not impact our separate and ongoing MSN II lawsuit (as defined below). MSN II ANDA Litigation On January 11, 2022, we received notice from MSN that it had further amended its ANDA to assert additional Paragraph IV certifications. In particular, the January 11, 2022 amended ANDA requested approval to market a generic version of CABOMETYX tablets prior to expiration of three previously-unasserted CABOMETYX patents that are now listed in the Orange Book: U.S. Patents No. 11,091,439 (crystalline salt forms), 11,091,440 (pharmaceutical composition) and 11,098,015 (methods of treatment). On February 23, 2022, we filed a complaint in the Delaware District Court for patent infringement against MSN asserting infringement of U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015 arising from MSN’s further amendment of its ANDA filing with the FDA. On February 25, 2022, MSN filed its response to the complaint, alleging that the asserted claims of U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015 are invalid and not infringed. On June 7, 2022, we received notice from MSN that it had further amended its ANDA to assert an additional Paragraph IV certification. As currently amended, MSN’s ANDA now requests approval to market a generic version of CABOMETYX tablets prior to expiration of a previously-unasserted CABOMETYX patent that is now listed in the Orange Book: U.S. Patent No. 11,298,349 (pharmaceutical composition). On July 18, 2022, we filed a complaint in the Delaware District Court for patent infringement against MSN asserting infringement of U.S. Patent No. 11,298,349 arising from MSN’s further amendment of its ANDA filing with the FDA. On August 9, 2022, MSN filed its response to the complaint, alleging that the asserted claims of U.S. Patent No. 11,298,349 are invalid and not infringed and amended its challenges to U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015 to allege that these patents are not enforceable based on equitable grounds. The two lawsuits comprising this litigation (collectively referred to as MSN II), numbered Civil Action Nos. 22-00228 and 22-00945, were consolidated in October 2022 and involve Exelixis patents that are different from those asserted in the MSN I litigation described above. On June 21, 2022, pursuant to a stipulation between us and MSN, the Delaware District Court entered an order that (i) MSN’s submission of its ANDA constitutes infringement of certain claims relating to U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015, if those claims are not found to be invalid, and (ii) upon approval, MSN’s commercial manufacture, use, sale or offer for sale within the U.S., and importation into the U.S., of MSN’s ANDA product prior to the expiration of U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015 would also infringe certain claims of each patent, if those claims are not found to be invalid. In our MSN II complaints, we are seeking, among other relief, an order that the effective date of any FDA approval of MSN’s ANDA would be a date no earlier than the expiration of all of U.S. Patents No. 11,091,439, 11,091,440, 11,098,015 and 11,298,349, the latest of which expires on February 10, 2032, and equitable relief enjoining MSN from infringing these patents. A bench trial for MSN II has been scheduled for October 2023. Teva ANDA Litigation In May 2021, we received notice letters from Teva Pharmaceutical Industries Limited, Teva Pharmaceuticals Development, Inc. and Teva Pharmaceuticals USA, Inc. (individually and collectively referred to as Teva) regarding an ANDA Teva submitted to the FDA, requesting approval to market a generic version of CABOMETYX tablets. Teva’s notice letters included a Paragraph IV certification with respect to our U.S. Patents No. 9,724,342 (formulations), 10,034,873 (methods of treatment) and 10,039,757 (methods of treatment), which are listed in the Orange Book. Teva’s notice letters did not provide a Paragraph IV certification against any additional CABOMETYX patents. On June 17, 2021, we filed a complaint in the Delaware District Court for patent infringement against Teva asserting infringement of U.S. Patents No. 9,724,342, 10,034,873 and 10,039,757 arising from Teva’s ANDA filing with the FDA. On August 27, 2021, Teva filed its answer and counterclaims to the complaint, alleging that the asserted claims of U.S. Patents No. 9,724,342, 10,034,873 and 10,039,757 are invalid and not infringed. On September 17, 2021, we filed an answer to Teva’s counterclaims. On July 29, 2022, we received notice from Teva that it had amended its ANDA to assert an additional Paragraph IV certification. As amended, Teva’s ANDA now requests approval to market a generic version of CABOMETYX tablets prior to expiration of a previously-unasserted CABOMETYX patent that is now listed in the Orange Book: U.S. Patent No. 11,298,349 (pharmaceutical composition). On September 2, 2022, we filed a complaint in the Delaware District Court for patent infringement against Teva, asserting infringement of U.S. Patent No. 11,298,349 arising from Teva’s amended ANDA filing with the FDA. We are seeking, among other relief, an order that the effective date of any FDA approval of Teva’s ANDA be a date no earlier than the expiration of all of U.S. Patents No. 9,724,342, 10,034,873, 10,039,757 and 11,298,349, the latest of which expires on July 9, 2033, and equitable relief enjoining Teva from infringing these patents. On September 30, 2022, the parties filed a stipulation to consolidate the two lawsuits, numbered Civil Action Nos. 21-00871 and 22-01168, and to stay all proceedings, which was granted by the Delaware District Court on October 3, 2022. Following a similar order granted by the Delaware District Court on February 9, 2022 to stay all proceedings with respect to Civil Action No. 21-00871, this case remained administratively closed, and Civil Action No. 22-01168 was administratively closed on October 3, 2022. Cipla ANDA Litigation On February 6, 2023, we received a notice letter regarding an ANDA submitted to the FDA by Cipla, Ltd. and Cipla USA, Inc. (individually and collectively referred to as Cipla), including a Paragraph IV certification with respect to our U.S. Patents No. 8,877,776 (salt and polymorphic forms), 9,724,342 (formulations), 10,039,757 (methods of treatment), 11,091,439 (crystalline salt forms), 11,091,440 (pharmaceutical composition), 11,098,015 (methods of treatment) and 11,298,349 (pharmaceutical composition). Cipla’s notice letter did not provide a Paragraph IV certification against any additional CABOMETYX patents. On March 16, 2023, we filed a complaint in the Delaware District Court for patent infringement against Cipla asserting infringement of U.S. Patents No. 8,877,776, 11,091,439, 11,091,440, 11,098,015 and 11,298,349 arising from Cipla’s ANDA filing with the FDA. Cipla’s ANDA requests approval to market a generic version of CABOMETYX tablets prior to the expiration of the aforementioned patents. We are seeking, among other relief, an order that the effective date of any FDA approval of Cipla’s ANDA would be a date no earlier than the expiration of all of U.S. Patents No. 8,877,776, 11,091,439, 11,091,440, 11,098,015 and 11,298,349, the latest of which expires on February 10, 2032, and equitable relief enjoining Cipla from infringing these patents. Cipla’s response to the complaint is due on May 19, 2023. On May 4, 2023, we filed, under seal, a stipulation and proposed order to stay all proceedings, and the Delaware District Court, in a sealed order, granted the proposed order and administratively closed the case. The sale of any generic version of CABOMETYX earlier than its patent expiration could significantly decrease our revenues derived from the U.S. sales of CABOMETYX and thereby materially harm our business, financial condition and results of operations. It is not possible at this time to determine the likelihood of an unfavorable outcome or estimate of the amount or range of any potential loss. We may also from time to time become a party or subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. Some of these proceedings have involved, and may involve in the future, claims that are subject to substantial uncertainties and unascertainable damages.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 30, 2022
Preferred stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	10,000,000	10,000,000
Shares issued (in shares)	0	0
Common stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	400,000,000	400,000,000
Shares issued (in shares)	324,985,000	323,951,000
Shares outstanding (in shares)	324,985,000	323,951,000

Revenues - Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2022	$ 77,231
Provision related to sales made in:
Current period	158,985
Prior periods	(1,063)
Payments and customer credits issued	(147,598)
Balance at March 31, 2023	87,555
Chargebacks, Discounts for Prompt Payment and Other
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2022	26,881
Provision related to sales made in:
Current period	94,959
Prior periods	141
Payments and customer credits issued	(100,831)
Balance at March 31, 2023	21,150
Other Customer Credits/Fees and Co-pay Assistance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2022	14,924
Provision related to sales made in:
Current period	14,913
Prior periods	(1,117)
Payments and customer credits issued	(13,637)
Balance at March 31, 2023	15,083
Rebates
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2022	35,426
Provision related to sales made in:
Current period	49,113
Prior periods	(87)
Payments and customer credits issued	(33,130)
Balance at March 31, 2023	$ 51,322

Cash and Investments - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022	Apr. 01, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 540,597	$ 501,195
Restricted cash equivalents included in other long-term assets	1,482	1,482
Cash, cash equivalents and restricted cash equivalents as reported within the accompanying Condensed Consolidated Statements of Cash Flows	$ 542,079	$ 502,677	$ 737,276	$ 663,891

Cash and Investments - Fair Value of Cash Equivalents and Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 1,071,653	$ 1,114,884
Maturing after one year through five years	803,617	753,731
Total debt securities available-for-sale	$ 1,875,270	$ 1,868,615

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income Per Share

Net income per share - basic and diluted, were computed as follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2023		2022
Numerator:
Net income	$	40,028	$	68,573
Denominator:
Weighted-average common shares outstanding — basic	324,420		319,582
Dilutive securities	1,859		3,707
Weighted-average common shares outstanding — diluted	326,279		323,289

Net income per share — basic	$	0.12	$	0.21
Net income per share — diluted	$	0.12	$	0.21

Schedule of Potential Shares of Common Stock Not Included in the Computation of Diluted Net Income Per Share

The weighted-average potential common shares excluded from our calculation were as follows (in thousands):


	Three Months Ended March 31,
	2023	2022
Anti-dilutive securities and contingently issuable shares excluded	15,592	16,522

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	The accompanying Condensed Consolidated Financial Statements include the accounts of Exelixis and those of our wholly owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated.
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial statements for the periods presented have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or for any future period. The accompanying Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with our Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2022, included in Part II, Item 8 of our Annual Report on Form 10-K, filed with the SEC on February 7, 2023 (Fiscal 2022 Form 10-K).
Fiscal Period	We have adopted a 52- or 53-week fiscal year policy that ends on the Friday closest to December 31st. Fiscal year 2023, which is a 52-week fiscal year, will end on December 29, 2023 and fiscal year 2022, which was a 52-week fiscal year, ended on December 30, 2022. For convenience, references in this report as of and for the fiscal period ended April 1, 2022, and as of and for the fiscal years ending December 29, 2023 and ended December 30, 2022 are indicated as being as of and for the period ended March 31, 2022, and the years ending December 31, 2023 and ended December 31, 2022, respectively.
Segment Information	We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our Chief Executive Officer, as the chief operating decision-maker, manages and allocates resources to our operations on a total consolidated basis. Consistent with this decision-making process, our Chief Executive Officer uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets.
Use of Estimates	The preparation of the accompanying Condensed Consolidated Financial Statements conforms to accounting principles generally accepted in the U.S., which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosures. On an ongoing basis, we evaluate our significant estimates. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted by us since our filing of the Fiscal 2022 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted There were no new accounting pronouncements issued since our filing of the Fiscal 2022 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements.
Revenues	Total revenues include net product revenues attributed to geographic regions based on the ship-to location and license and collaboration services revenues attributed to geographic regions based on the location of our collaboration partners’ headquarters. Net product revenues and license revenues are recorded in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers. License revenues include the recognition of the portion of milestone payments allocated to the transfer of intellectual property licenses for which it had become probable in the current period that the milestone would be achieved and a significant reversal of revenues would not occur, as well as royalty revenues and our share of profits under our collaboration agreement with Genentech. Collaboration services revenues are recorded in accordance with ASC Topic 808, Collaborative Agreements. Collaboration services revenues include the recognition of deferred revenues for the portion of upfront and milestone payments allocated to our research and development services performance obligations, development cost reimbursements earned under our collaboration agreements, product supply revenues, net of product supply costs and the royalties we pay on sales of products containing cabozantinib by our collaboration partners. The allowance for chargebacks, discounts for prompt payment and other are recorded as a reduction of trade receivables, net, and the remaining reserves are recorded as rebates and fees due to customers in the accompanying Condensed Consolidated Balance Sheets. Contract Assets and Liabilities We receive payments from our collaboration partners based on billing schedules established in each contract. Amounts are recorded as accounts receivable when our right to consideration is unconditional. We may also recognize revenue in advance of the contractual billing schedule and such amounts are recorded as a contract asset when recognized. We may be required to defer recognition of revenue for upfront and milestone payments until we perform our obligations under these arrangements, and such amounts are recorded as deferred revenue upon receipt or when due. For those contracts that have multiple performance obligations, contract assets and liabilities are reported on a net basis at the contract level. Contract assets are primarily related to Ipsen Pharma SAS (Ipsen) and contract liabilities are primarily related to deferred revenues from Takeda Pharmaceutical Company Limited (Takeda).

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 20
-Subparagraph (d)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130563-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 20
-Subparagraph (c)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130563-203045

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126899994&loc=d3e18823-107790

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 19
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

+ Details

Collaboration Agreements And Business Development Activities

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

COLLABORATION AGREEMENTS AND BUSINESS DEVELOPMENT ACTIVITIES

We have established multiple collaborations with leading biopharmaceutical companies for the commercialization and further development of our cabozantinib franchise. Additionally, we have made considerable progress under our existing research collaboration and in-licensing arrangements to further enhance our early-stage pipeline and expand our ability to discover, develop and commercialize novel therapies with the goal of providing new treatment options for cancer patients and their physicians. Historically, we also entered into other collaborations with leading biopharmaceutical companies pursuant to which we out-licensed other compounds and programs in our portfolio.

See “Note 3. Collaboration Agreements and Business Development Activities” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2022 Form 10-K, as further described below, for additional information on certain of our collaboration agreements and in-licensing arrangements.

Cabozantinib Commercial Collaborations

Ipsen Collaboration

In February 2016, we entered into a collaboration and license agreement with Ipsen for the commercialization and further development of cabozantinib. Under the collaboration and license agreement, as amended, Ipsen received exclusive commercialization rights for current and potential future cabozantinib indications outside of the U.S. and Japan. We have also agreed to collaborate with Ipsen on the development of cabozantinib for current and potential future indications. The parties’ efforts are governed through a joint steering committee and appropriate subcommittees established to guide and oversee the collaboration’s operation and strategic direction; provided, however, that we retain final decision-making authority with respect to cabozantinib’s ongoing development.

Revenues under the collaboration and license agreement, as amended, with Ipsen were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
License revenues	$	29,812	$	24,614
Collaboration services revenues	3,722		9,913
Total collaboration revenues	$	33,534	$	34,527

As of March 31, 2023, $33.9 million of the transaction price for this collaboration and license agreement, as amended, was allocated to our research and development services performance obligation that has not yet been satisfied.

Takeda Collaboration

In January 2017, we entered into a collaboration and license agreement with Takeda for the commercialization and further development of cabozantinib. Under the collaboration and license agreement, as amended, Takeda received exclusive commercialization rights for current and potential future cabozantinib indications in Japan, and the parties have agreed to collaborate on the clinical development of cabozantinib in Japan. The operation and strategic direction of the parties’ collaboration is governed through a joint executive committee and appropriate subcommittees.

Revenues under the collaboration and license agreement, as amended, with Takeda were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
License revenues	$	2,849	$	2,365
Collaboration services revenues	3,374		3,702
Total collaboration revenues	$	6,223	$	6,067

As of March 31, 2023, $35.0 million of the transaction price for this collaboration and license agreement, as amended, was allocated to our research and development services performance obligations that have not yet been satisfied.

Royalty Pharma

In October 2002, we established a product development and commercialization collaboration agreement with GlaxoSmithKline (GSK), that required us to pay a 3% royalty to GSK on the worldwide net sales of any product incorporating cabozantinib sold by us and our collaboration partners. Effective January 1, 2021, Royalty Pharma plc (Royalty Pharma) acquired from GSK all rights, title and interest in royalties on net product sales containing cabozantinib for non-U.S. markets for the full term of the royalty and for U.S. market through September 2026, after which time U.S. royalties will revert back to GSK. Royalty fees earned by Royalty Pharma in connection with our sales of cabozantinib are included in cost of goods sold and as a reduction of collaboration services revenues for sales by our collaboration partners. Such royalty fees earned by Royalty Pharma were $15.4 million and $13.1 million during the three months ended March 31, 2023 and 2022, respectively.

Research Collaborations, In-Licensing Arrangements and Other Business Development Activities

We enter into collaborative arrangements with other pharmaceutical or biotechnology companies to develop and commercialize drug candidates or intellectual property. Our research collaborations and in-licensing arrangements are intended to enhance our early-stage pipeline and expand our ability to discover, develop and commercialize novel therapies with the goal of providing new treatment options for cancer patients and their physicians. Our research collaborations, in-licensing arrangements and other strategic transactions generally include upfront payments, development, regulatory and commercial milestone payments, and royalty payments, in each case contingent upon the occurrence of certain future events linked to the success of the asset in development. Certain of our research collaborations provide us exclusive options that give us the right to license programs or acquire the intellectual property developed under the research collaborations for further discovery and development. When we decide to exercise the options, we are required to pay an exercise fee and then assume the responsibilities for all subsequent development, manufacturing and commercialization.

During the three months ended March 31, 2023, we recognized $44.7 million within research and development expenses on the Condensed Consolidated Statements of Income, primarily related to development milestones, research and development funding and other fees, including a $35.0 million development milestone to our partner, Sairopa B.V., upon the effective date of the initial new drug application (IND) for the ADU-1805 program.

As of March 31, 2023, in conjunction with these collaborative in-licensing arrangements we are subject to potential future development milestones of up to $650.6 million, regulatory milestones of up to $634.4 million and commercial milestones of up to $3.2 billion, each in the aggregate per product or target, as well as royalties on future net sales of products.

Cash and Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash

A reconciliation of cash, cash equivalents and restricted cash equivalents reported in the accompanying Condensed Consolidated Balance Sheets to the amount reported within the accompanying Condensed Consolidated Statements of Cash Flows was as follows (in thousands):


	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	540,597	$	501,195

Restricted cash equivalents included in other long-term assets	1,482		1,482
Cash, cash equivalents and restricted cash equivalents as reported within the accompanying Condensed Consolidated Statements of Cash Flows	$	542,079	$	502,677

Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash


	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	540,597	$	501,195

Restricted cash equivalents included in other long-term assets	1,482		1,482
Cash, cash equivalents and restricted cash equivalents as reported within the accompanying Condensed Consolidated Statements of Cash Flows	$	542,079	$	502,677

Schedule of Investments by Security Type

Cash, cash equivalents, restricted cash equivalents and investments consisted of the following (in thousands):


	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	684,917	$	—	$	—	$	684,917
Corporate bonds	823,100		2,105		(10,274)		814,931
U.S. Treasury and government-sponsored enterprises	367,479		466		(3,859)		364,086
Municipal bonds	11,480		—		(144)		11,336
Total debt securities available-for-sale	1,886,976		2,571		(14,277)		1,875,270
Cash	64		—		—		64
Money market funds	165,941		—		—		165,941
Certificates of deposit	79,955		—		—		79,955
Total cash, cash equivalents, restricted cash equivalents and investments	$	2,132,936	$	2,571	$	(14,277)	$	2,121,230


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	722,018	$	—	$	—	$	722,018
Corporate bonds	810,439		541		(13,132)		797,848
U.S. Treasury and government-sponsored enterprises	338,218		48		(5,679)		332,587
Municipal bonds	16,385		—		(223)		16,162
Total debt securities available-for-sale	1,887,060		589		(19,034)		1,868,615
Cash	41		—		—		41
Money market funds	94,344		—		—		94,344
Certificates of deposit	103,681		—		—		103,681
Total cash, cash equivalents, restricted cash equivalents and investments	$	2,085,126	$	589	$	(19,034)	$	2,066,681

Schedule of Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position

The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands):


	March 31, 2023
	Fair Value		Gross Unrealized Losses
Corporate Bonds	$	551,038	$	(10,274)

U.S. Treasury and government-sponsored enterprises	283,051		(3,859)
Municipal bonds	11,336		(144)

Total	$	845,425	$	(14,277)


	December 31, 2022
	Fair Value		Gross Unrealized Losses
Corporate bonds	$	706,711	$	(13,132)
U.S. Treasury and government-sponsored enterprises	308,307		(5,679)
Municipal bonds	15,792		(223)
Total	$	1,030,810	$	(19,034)

Schedule of Fair Value of Cash Equivalents and Investments by Contractual Maturity

The fair value of debt securities available-for-sale by contractual maturity was as follows (in thousands):


	March 31, 2023		December 31, 2022
Maturing in one year or less	$	1,071,653	$	1,114,884
Maturing after one year through five years	803,617		753,731
Total debt securities available-for-sale	$	1,875,270	$	1,868,615

Revenues - Net Product Revenues Disaggregated by Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Disaggregation of Revenue [Line Items]
Net product revenues	$ 408,788	$ 355,980
Net product revenues
Disaggregation of Revenue [Line Items]
Net product revenues	363,400	310,298
CABOMETYX
Disaggregation of Revenue [Line Items]
Net product revenues	361,773	302,812
COMETRIQ
Disaggregation of Revenue [Line Items]
Net product revenues	$ 1,627	$ 7,486

- Definition

+ References

+ Details

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Ipsen (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 408,788	$ 355,980
Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	33,534	34,527
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	38,292	32,067
License revenues \| Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	29,812	24,614
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	7,096	13,615
Collaboration services revenues \| Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 3,722	$ 9,913

- Definition

+ References

+ Details

Stockholders’ Equity - Schedule of Employee Service Share - Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 16,661	$ 19,759
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,207	3,678
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	12,607	13,073
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	794	1,709
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,053	$ 1,299

Collaboration Agreements And Business Development Activities - Takeda Collaboration Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligation	$ 69.0
Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligation	$ 35.0

Cash and Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

CASH AND INVESTMENTS

Cash, Cash Equivalents and Restricted Cash Equivalents


	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	540,597	$	501,195

Restricted cash equivalents included in other long-term assets	1,482		1,482
Cash, cash equivalents and restricted cash equivalents as reported within the accompanying Condensed Consolidated Statements of Cash Flows	$	542,079	$	502,677

Restricted cash equivalents are used to collateralize letters of credit agreements and are invested primarily in certificates of deposit with original maturity of 90 days or less. The restricted cash equivalents are classified as other long-term assets.

Cash, Cash Equivalents, Restricted Cash Equivalents and Investments

Cash, cash equivalents, restricted cash equivalents and investments consisted of the following (in thousands):


	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	684,917	$	—	$	—	$	684,917
Corporate bonds	823,100		2,105		(10,274)		814,931
U.S. Treasury and government-sponsored enterprises	367,479		466		(3,859)		364,086
Municipal bonds	11,480		—		(144)		11,336
Total debt securities available-for-sale	1,886,976		2,571		(14,277)		1,875,270
Cash	64		—		—		64
Money market funds	165,941		—		—		165,941
Certificates of deposit	79,955		—		—		79,955
Total cash, cash equivalents, restricted cash equivalents and investments	$	2,132,936	$	2,571	$	(14,277)	$	2,121,230


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	722,018	$	—	$	—	$	722,018
Corporate bonds	810,439		541		(13,132)		797,848
U.S. Treasury and government-sponsored enterprises	338,218		48		(5,679)		332,587
Municipal bonds	16,385		—		(223)		16,162
Total debt securities available-for-sale	1,887,060		589		(19,034)		1,868,615
Cash	41		—		—		41
Money market funds	94,344		—		—		94,344
Certificates of deposit	103,681		—		—		103,681
Total cash, cash equivalents, restricted cash equivalents and investments	$	2,085,126	$	589	$	(19,034)	$	2,066,681

Interest receivable was $10.1 million and $7.3 million as of March 31, 2023 and December 31, 2022, respectively, and is included in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets.

Realized gains and losses on the sales of investments were immaterial during the three months ended March 31, 2023 and 2022.

We manage credit risk associated with our investment portfolio through our investment policy, which limits purchases to high-quality issuers and limits the amount of our portfolio that can be invested in a single issuer. The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands):


	March 31, 2023
	Fair Value		Gross Unrealized Losses
Corporate Bonds	$	551,038	$	(10,274)

U.S. Treasury and government-sponsored enterprises	283,051		(3,859)
Municipal bonds	11,336		(144)

Total	$	845,425	$	(14,277)


	December 31, 2022
	Fair Value		Gross Unrealized Losses
Corporate bonds	$	706,711	$	(13,132)
U.S. Treasury and government-sponsored enterprises	308,307		(5,679)
Municipal bonds	15,792		(223)
Total	$	1,030,810	$	(19,034)

There were 237 and 285 debt securities available-for-sale in an unrealized loss position as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023, all securities have been in an unrealized loss position for less than twelve months except for 91 debt securities available-for-sale with an aggregate fair value of $317.1 million and an aggregate $6.3 million unrealized loss. As of December 31, 2022, all securities have been in an unrealized loss position for less than twelve months except for 81 debt securities available-for-sale with an aggregate fair value of $237.6 million and an aggregate $6.1 million unrealized loss.

During the three months ended March 31, 2023, we did not record an allowance for credit losses or other impairment charges on our investment securities. Based upon our quarterly impairment review, we determined that the

unrealized losses were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. Based on the scheduled maturities of our investments, we determined that it was more likely than not that we will hold these investments for a period of time sufficient for a recovery of our cost basis.

The fair value of debt securities available-for-sale by contractual maturity was as follows (in thousands):


	March 31, 2023		December 31, 2022
Maturing in one year or less	$	1,071,653	$	1,114,884
Maturing after one year through five years	803,617		753,731
Total debt securities available-for-sale	$	1,875,270	$	1,868,615

Collaboration Agreements And Business Development Activities -Royalty Pharma Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Collaboration Agreement with GlaxoSmithKline
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent of royalty on net sale	3.00%
Royal Pharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty expense	$ 15.4	$ 13.1

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Exelixis, Inc. (Exelixis, we, our or us) is an oncology company innovating next-generation medicines and combination regimens at the forefront of cancer care. Through the commitment of our drug discovery, development and commercialization resources, we have produced four marketed pharmaceutical products, two of which are formulations of our flagship molecule, cabozantinib. We continue to evolve our product portfolio, leveraging our investments, expertise and strategic partnerships, to target an expanding range of tumor types and indications with our clinically differentiated pipeline of small molecules, antibody-drug conjugates and other biotherapeutics. Sales related to cabozantinib account for the majority of our revenues. Cabozantinib is an inhibitor of multiple tyrosine kinases including MET, AXL, VEGF receptors and RET and has been approved by the U.S. Food and Drug Administration (FDA) and in 67 other countries as of the date of this Quarterly Report on Form 10-Q: as CABOMETYX® (cabozantinib) tablets for advanced renal cell carcinoma (both alone and in combination with Bristol-Myers Squibb Company’s OPDIVO® (nivolumab)), for previously treated hepatocellular carcinoma and for previously treated, radioactive iodine-refractory differentiated thyroid cancer; and as COMETRIQ® (cabozantinib) capsules for progressive, metastatic medullary thyroid cancer. For physicians treating these types of cancer, cabozantinib has become or is becoming an important medicine in their selection of effective therapies. The other two products resulting from our discovery efforts are: COTELLIC® (cobimetinib), an inhibitor of MEK, approved as part of multiple combination regimens to treat specific forms of advanced melanoma and marketed under a collaboration with Genentech, Inc. (a member of the Roche Group) (Genentech); and MINNEBRO® (esaxerenone), an oral, non-steroidal, selective blocker of the mineralocorticoid receptor, approved for the treatment of hypertension in Japan and licensed to Daiichi Sankyo Company, Limited (Daiichi Sankyo). Basis of Presentation The accompanying Condensed Consolidated Financial Statements include the accounts of Exelixis and those of our wholly owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial statements for the periods presented have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or for any future period. The accompanying Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with our Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2022, included in Part II, Item 8 of our Annual Report on Form 10-K, filed with the SEC on February 7, 2023 (Fiscal 2022 Form 10-K). We have adopted a 52- or 53-week fiscal year policy that ends on the Friday closest to December 31st. Fiscal year 2023, which is a 52-week fiscal year, will end on December 29, 2023 and fiscal year 2022, which was a 52-week fiscal year, ended on December 30, 2022. For convenience, references in this report as of and for the fiscal period ended April 1, 2022, and as of and for the fiscal years ending December 29, 2023 and ended December 30, 2022 are indicated as being as of and for the period ended March 31, 2022, and the years ending December 31, 2023 and ended December 31, 2022, respectively. Segment Information We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our Chief Executive Officer, as the chief operating decision-maker, manages and allocates resources to our operations on a total consolidated basis. Consistent with this decision-making process, our Chief Executive Officer uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. All of our long-lived assets are located in the U.S. See “Note 2. Revenues” for enterprise-wide disclosures about sales of products, revenues from major customers and revenues by geographic region. Use of Estimates The preparation of the accompanying Condensed Consolidated Financial Statements conforms to accounting principles generally accepted in the U.S., which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosures. On an ongoing basis, we evaluate our significant estimates. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. Significant Accounting Policies There have been no material changes to our significant accounting policies during the three months ended March 31, 2023, as compared to the significant accounting policies disclosed in “Note 1. Organization and Summary of Significant Accounting Policies” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2022 Form 10-K. Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted by us since our filing of the Fiscal 2022 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted There were no new accounting pronouncements issued since our filing of the Fiscal 2022 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements.

Organization and Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2023 country product segment
Organization And Summary Of Significant Policies [Line Items]
Number of countries with drug approval, excluding the u.s. \| country	67
Number of business segments \| segment	1
Products derived from other compounds
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace \| product	2

Fair Value Measurements (Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	$ 1,875,270	$ 1,868,615
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,875,270	1,868,615
Total financial assets carried at fair value	2,121,166	2,066,640
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Total financial assets carried at fair value	165,941	94,344
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,875,270	1,868,615
Total financial assets carried at fair value	1,955,225	1,972,296
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	684,917	722,018
Commercial paper \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	684,917	722,018
Commercial paper \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Commercial paper \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	684,917	722,018
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	814,931	797,848
Corporate bonds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	814,931	797,848
Corporate bonds \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Corporate bonds \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	814,931	797,848
U.S. Treasury and government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	364,086	332,587
U.S. Treasury and government-sponsored enterprises \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	364,086	332,587
U.S. Treasury and government-sponsored enterprises \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
U.S. Treasury and government-sponsored enterprises \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	364,086	332,587
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	11,336	16,162
Municipal bonds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	11,336	16,162
Municipal bonds \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Municipal bonds \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	11,336	16,162
Money market funds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	165,941	94,344
Money market funds \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	165,941	94,344
Money market funds \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Certificates of deposit \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	79,955	103,681
Certificates of deposit \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Certificates of deposit \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 79,955	$ 103,681

Revenues (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenues consisted of the following (in thousands):


	Three Months Ended March 31,
	2023		2022
Product revenues:
Gross product revenues	$	521,322	$	448,237
Discounts and allowances	(157,922)		(137,939)
Net product revenues	363,400		310,298
Collaboration revenues:
License revenues	38,292		32,067
Collaboration services revenues	7,096		13,615
Total collaboration revenues	45,388		45,682
Total revenues	$	408,788	$	355,980

Net product revenues by product were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
CABOMETYX	$	361,773	$	302,812
COMETRIQ	1,627		7,486
Net product revenues	$	363,400	$	310,298

Schedule of Concentration Risks

The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows:


	Three Months Ended March 31,
	2023		2022
Affiliates of McKesson Corporation	17	%	19	%
Affiliates of CVS Health Corporation	17	%	17	%
Affiliates of AmerisourceBergen Corporation	17	%	17	%
Accredo Health, Incorporated	12	%	9	%
Affiliates of Optum Specialty Pharmacy	10	%	10	%
Ipsen Pharma SAS	8	%	10	%

The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:


	March 31, 2023		December 31, 2022
Affiliates of McKesson Corporation	24	%	22	%
Affiliates of AmerisourceBergen Corporation	19	%	18	%
Ipsen Pharma SAS	18	%	20	%
Affiliates of CVS Health Corporation	13	%	18	%
Cardinal Health, Inc.	9	%	11	%

Schedule of Revenues Disaggregated by Geographic Region

Revenues by geographic region were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
U.S.	$	367,441	$	314,065
Europe	33,534		34,527
Japan	7,813		7,388
Total revenues	$	408,788	$	355,980

Schedule of Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances

The activities and ending reserve balances for each significant category of discounts and allowances, which constitute variable consideration, were as follows (in thousands):


	Chargebacks, Discounts for Prompt Payment and Other		Other Customer Credits/Fees and Co-pay Assistance		Rebates		Total
Balance at December 31, 2022	$	26,881	$	14,924	$	35,426	$	77,231
Provision related to sales made in:
Current period	94,959		14,913		49,113		158,985
Prior periods	141		(1,117)		(87)		(1,063)
Payments and customer credits issued	(100,831)		(13,637)		(33,130)		(147,598)
Balance at March 31, 2023	$	21,150	$	15,083	$	51,322	$	87,555

Schedule of Other Assets and Other Liabilities

Contract assets and liabilities were as follows (in thousands):


	March 31, 2023		December 31, 2022



Contract assets (1)	$	1,387	$	1,659

Contract liabilities:
Current portion (2)	$	7,064	$	7,488
Long-term portion (3)	6,299		6,582
Total contract liabilities	$	13,363	$	14,070

____________________

(1) Presented in other long-term assets in the accompanying Condensed Consolidated Balance Sheets.

(2) Presented in other current liabilities in the accompanying Condensed Consolidated Balance Sheets.

(3) Presented in the long-term portion of deferred revenues in the accompanying Condensed Consolidated Balance Sheets.

Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Numerator:
Net income	$ 40,028	$ 68,573
Denominator:
Weighted-average common shares outstanding - basic (in shares)	324,420	319,582
Dilutive securities (in shares)	1,859	3,707
Weighted-average common shares outstanding - diluted (in shares)	326,279	323,289
Net income per share - basic (in dollars per share)	$ 0.12	$ 0.21
Net income per share - diluted (in dollars per share)	$ 0.12	$ 0.21

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details