0000939767-23-000114 | 10-Q | XBRL Viewer

Revenues

9 Months Ended

Sep. 29, 2023

Revenue from Contract with Customer [Abstract]

Revenues consisted of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Product revenues:
Gross product revenues	$	590,442	$	496,141	$	1,674,937	$	1,427,451
Discounts and allowances	(163,945)		(129,659)		(475,394)		(403,627)
Net product revenues	426,497		366,482		1,199,543		1,023,824
Collaboration revenues:
License revenues	42,367		34,384		133,406		123,977
Collaboration services revenues	3,056		10,872		17,607		39,344
Total collaboration revenues	45,423		45,256		151,013		163,321
Total revenues	$	471,920	$	411,738	$	1,350,556	$	1,187,145

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Affiliates of McKesson Corporation	18	%	18	%	17	%	18	%
Affiliates of AmerisourceBergen Corporation	18	%	18	%	17	%	16	%
Affiliates of CVS Health Corporation	17	%	19	%	17	%	17	%
Accredo Health, Incorporated	12	%	11	%	12	%	10	%
Affiliates of Optum Specialty Pharmacy	10	%	9	%	10	%	9	%
Ipsen Pharma SAS	8	%	8	%	8	%	11	%

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


	September 30, 2023		December 31, 2022
Affiliates of McKesson Corporation	22	%	22	%
Affiliates of AmerisourceBergen Corporation	19	%	18	%
Ipsen Pharma SAS	18	%	20	%
Affiliates of CVS Health Corporation	14	%	18	%
Cardinal Health, Inc.	9	%	11	%

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
U.S.	$	429,605	$	369,480	$	1,213,089	$	1,033,160
Europe	36,021		34,818		106,286		131,585
Japan	6,294		7,440		31,181		22,400
Total revenues	$	471,920	$	411,738	$	1,350,556	$	1,187,145

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 Arrangements. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
CABOMETYX	$	422,155	$	361,385	$	1,187,220	$	1,003,356
COMETRIQ	4,342		5,097		12,323		20,468
Net product revenues	$	426,497	$	366,482	$	1,199,543	$	1,023,824

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	308,103		40,923		129,922		478,948
Prior periods	293		(1,168)		(2,679)		(3,554)
Payments and customer credits issued	(313,660)		(38,497)		(124,477)		(476,634)
Balance at September 30, 2023	$	21,617	$	16,182	$	38,192	$	75,991

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):


	September 30, 2023		December 31, 2022



Contract assets (1)	$	635	$	1,659

Contract liabilities:
Current portion (2)	$	6,974	$	7,488
Long-term portion (3)	6,371		6,582
Total contract liabilities	$	13,345	$	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 other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets.

During the nine months ended September 30, 2023 and 2022, we recognized $4.9 million and $6.6 million, respectively, in revenues that were included in the beginning deferred revenues balance for those periods.

During the three and nine months ended September 30, 2023, we recognized $41.1 million and $133.0 million, respectively, in revenues for performance obligations satisfied in previous periods, as compared to $33.9 million and $125.0 million for the corresponding prior year 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 and the recognition of license revenues for the achievement of certain milestones allocated to the license performance obligations for our collaborations with Ipsen and Takeda.

As of September 30, 2023, $63.8 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Fair Value Measurements - Narratives (Details) - Foreign Exchange Forward € in Millions, $ in Millions	9 Months Ended
	Sep. 29, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 29, 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 \| €			€ 3.9
Derivative term of contract	3 months
Net gain (loss) on maturity of forward contracts \| $	$ 0.0	$ 1.5

Collaboration Agreements And Business Development Activities - Ipsen Collaboration Narrative (Details) $ in Millions	Sep. 29, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligation	$ 63.8
Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligation	$ 32.2

Cash and Investments

9 Months Ended

Sep. 29, 2023

Investments, Debt and Equity Securities [Abstract]

CASH AND INVESTMENTS

Cash, Cash Equivalents and Investments

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


	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	386,363	$	—	$	—	$	386,363
Corporate bonds	832,075		123		(12,103)		820,095
U.S. Treasury and government-sponsored enterprises	441,576		4		(5,754)		435,826
Municipal bonds	6,000		—		(85)		5,915
Total debt securities available-for-sale	1,666,014		127		(17,942)		1,648,199

Money market funds	182,464		—		—		182,464
Certificates of deposit	84,404		—		—		84,404
Total cash, cash equivalents and investments	$	1,932,882	$	127	$	(17,942)	$	1,915,067


	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 and investments	$	2,085,126	$	589	$	(19,034)	$	2,066,681

As of September 30, 2023, there are no restrictions on cash, cash equivalents or investments. As of December 31, 2022, $1.5 million in certificates of deposit were used to collateralize letters of credit agreements and were classified as other long-term assets based upon the remaining term of the underlying restriction.

Interest receivable was $12.1 million and $7.3 million as of September 30, 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 and nine months ended September 30, 2023 and 2022.

We manage credit risk associated with our investment portfolio through our investment policy, which limits purchases to high-quality issuers and 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):


	September 30, 2023
	Fair Value		Gross Unrealized Losses
Corporate bonds	$	772,154	$	(12,103)

U.S. Treasury and government-sponsored enterprises	420,831		(5,754)
Municipal bonds	5,915		(85)

Total	$	1,198,900	$	(17,942)


	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 350 and 285 debt securities available-for-sale in an unrealized loss position as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023, all securities had been in an unrealized loss position for less than twelve months except for 135 debt securities available-for-sale with an aggregate fair value of $468.0 million and an aggregate $10.6 million unrealized loss. As of December 31, 2022, all securities had 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 nine months ended September 30, 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 values of debt securities available-for-sale by contractual maturity were as follows (in thousands):


	September 30, 2023		December 31, 2022
Maturing in one year or less	$	836,519	$	1,114,884
Maturing after one year through five years	811,680		753,731
Total debt securities available-for-sale	$	1,648,199	$	1,868,615

Commitments and Contingencies (Details) $ in Millions	May 31, 2023 USD ($)	Apr. 30, 2021 segment
Commitments and Contingencies Disclosure [Abstract]
Operating lease right of use asset	$ 13.2
Operating lease liabilities	$ 13.2
Operating lease term	60 months
Number of lawsuits \| segment		2

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 29, 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 unaudited 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 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 nine months ended September 30, 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 periods ended September 29, 2023, 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 periods ended September 30, 2023, 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. Reclassifications Certain prior period amounts in the accompanying Condensed Consolidated Financial Statements have been reclassified to conform to the current period presentation. Such reclassifications did not impact previously reported total revenues, income from operations, net income, total assets, total liabilities or total stockholders’ equity. Significant Accounting Policies There have been no material changes to our significant accounting policies during the nine months ended September 30, 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.

Collaboration Agreements And Business Development Activities - Takeda Collaboration Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 29, 2023 USD ($)	Sep. 29, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligation	$ 63.8	$ 63.8
Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer, commercial sales milestone	0.1	9.9
Revenue from contract with customer, commercial milestone		11.0
Remaining performance obligation	$ 31.6	31.6
Collaborative Arrangement with Takeda \| Japan
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cumulative net sales milestone		$ 150.0

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net unrealized gains (losses) on available-for-sale debt securities, net of tax impact	$ (126)	$ 2,457	$ (121)	$ 4,752

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		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 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)	10,144	15,059	13,164	15,311

Collaboration Agreements And Business Development Activities

9 Months Ended

Sep. 29, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
License revenues	$	34,777	$	27,607	$	98,607	$	103,389
Collaboration services revenues	1,244		7,211		7,679		28,196
Total collaboration revenues	$	36,021	$	34,818	$	106,286	$	131,585

As of September 30, 2023, $32.2 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
License revenues	$	2,974	$	2,690	$	17,185	$	7,755
Collaboration services revenues	1,812		3,661		9,928		11,148
Total collaboration revenues	$	4,786	$	6,351	$	27,113	$	18,903

During the three and nine months ended September 30, 2023, we recognized $0.1 million and $9.9 million, respectively, in revenues in connection with a commercial milestone of $11.0 million from Takeda upon their achievement of $150.0 million of cumulative net sales of cabozantinib in Japan.

As of September 30, 2023, $31.6 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 the 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 $17.5 million and $50.2 million during the three and nine months ended September 30, 2023, respectively, as compared to $14.9 million and $42.6 million for the corresponding prior year periods.

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 for the purchase or in-licensing of intellectual property, 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 and nine months ended September 30, 2023, we recognized $103.5 million and $165.0 million, respectively, within research and development expenses on the Condensed Consolidated Statements of Income, primarily related to upfront payments for the purchase or in-licensing of intellectual property and development milestone payments related to costs of intellectual property that have not yet achieved technological feasibility, research and development funding and other fees.

In September 2023, we entered into an exclusive global license agreement with Insilico Medicine US Inc. and its parent company, Insilico Medicine Hong Kong Limited, along with certain other affiliated entities (individually and collectively referred to as Insilico). Under the terms of the agreement, we made an upfront payment of $80.0 million to obtain an exclusive, worldwide license to develop and commercialize XL309 (formerly ISM3091), and other USP1-targeting compounds which was recognized as research and development expenses as noted above given the intellectual property has not yet achieved technological feasibility. Insilico is eligible to receive up to $100.0 million upon achievement of potential future development milestones and up to $775.0 million upon achievement of commercial milestones, as well as tiered royalties on future net sales of products.

As of September 30, 2023, in conjunction with these collaborative in-licensing arrangements and asset purchase agreements, we are subject to potential future development milestone payments of up to $774.0 million, regulatory milestone payments of up to $615.2 million and commercial milestone payments of up to $3.9 billion, each in the aggregate per product or target, as well as royalties on future net sales of products.

Fair Value Measurements

9 Months Ended

Sep. 29, 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):


	September 30, 2023
	Level 1		Level 2		Total
Commercial paper	$	—	$	386,363	$	386,363
Corporate bonds	—		820,095		820,095
U.S. Treasury and government-sponsored enterprises	—		435,826		435,826
Municipal bonds	—		5,915		5,915
Total debt securities available-for-sale	—		1,648,199		1,648,199
Money market funds	182,464		—		182,464
Certificates of deposit	—		84,404		84,404
Total financial assets carried at fair value	$	182,464	$	1,732,603	$	1,915,067


	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 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 September 30, 2023, we had one forward contract outstanding to sell €3.9 million. The forward contract with a maturity of three months is recorded at fair value and is included in other current liabilities in the accompanying Condensed Consolidated Balance Sheets. The unrealized loss on the forward contract is immaterial as of September 30, 2023. The forward contract is considered a Level 2 in the fair value hierarchy of our fair value measurements. The net realized gains we recognized on the maturity of forward contracts were immaterial for the nine months ended September 30, 2023 and $1.5 million for the corresponding prior year period. Realized and unrealized gains and losses on our forward contracts 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

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 29, 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)	310,970,000	323,951,000
Shares outstanding (in shares)	310,970,000	323,951,000

Revenues - Revenues by Disaggregated Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 471,920	$ 411,738	$ 1,350,556	$ 1,187,145
Gross product revenues
Disaggregation of Revenue [Line Items]
Total revenues	590,442	496,141	1,674,937	1,427,451
Discounts and allowances
Disaggregation of Revenue [Line Items]
Total revenues	(163,945)	(129,659)	(475,394)	(403,627)
Net product revenues
Disaggregation of Revenue [Line Items]
Total revenues	426,497	366,482	1,199,543	1,023,824
License revenues
Disaggregation of Revenue [Line Items]
Total revenues	42,367	34,384	133,406	123,977
Collaboration services revenues
Disaggregation of Revenue [Line Items]
Total revenues	3,056	10,872	17,607	39,344
Total collaboration revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 45,423	$ 45,256	$ 151,013	$ 163,321

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenues - Net Product Revenues Disaggregated by Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 471,920	$ 411,738	$ 1,350,556	$ 1,187,145
Net product revenues
Disaggregation of Revenue [Line Items]
Total revenues	426,497	366,482	1,199,543	1,023,824
CABOMETYX
Disaggregation of Revenue [Line Items]
Total revenues	422,155	361,385	1,187,220	1,003,356
COMETRIQ
Disaggregation of Revenue [Line Items]
Total revenues	$ 4,342	$ 5,097	$ 12,323	$ 20,468

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ 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	212,455				212,455
Other comprehensive income (loss)	(16,780)			(16,780)
Issuance of common stock under equity incentive and stock purchase plans (in shares)		3,699
Issuance of common stock under equity incentive and stock purchase plans	18,680	$ 4	18,676
Stock transactions associated with taxes withheld on equity awards	(16,091)		(16,091)
Stock-based compensation	82,523		82,523
Ending balance (in shares) at Sep. 30, 2022		322,541
Ending balance at Sep. 30, 2022	2,491,402	$ 323	2,512,669	(17,538)	(4,052)
Beginning balance (in shares) at Jul. 01, 2022		321,800
Beginning balance at Jul. 01, 2022	2,391,260	$ 322	2,477,117	(8,917)	(77,262)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	73,210				73,210
Other comprehensive income (loss)	(8,621)			(8,621)
Issuance of common stock under equity incentive and stock purchase plans (in shares)		741
Issuance of common stock under equity incentive and stock purchase plans	2,848	$ 1	2,847
Stock transactions associated with taxes withheld on equity awards	(4,906)		(4,906)
Stock-based compensation	37,611		37,611
Ending balance (in shares) at Sep. 30, 2022		322,541
Ending balance at Sep. 30, 2022	$ 2,491,402	$ 323	2,512,669	(17,538)	(4,052)
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	122,247				122,247
Other comprehensive income (loss)	509			509
Issuance of common stock under equity incentive and stock purchase plans (in shares)		3,962
Issuance of common stock under equity incentive and stock purchase plans	24,417	$ 4	24,413
Stock transactions associated with taxes withheld on equity awards	(23,096)		(23,096)
Repurchases of common stock (in shares)		(16,943)
Repurchases of common stock	(347,766)	$ (17)	(133,678)		(214,071)
Stock-based compensation	$ 82,882		82,882
Ending balance (in shares) at Sep. 29, 2023	310,970	310,970
Ending balance at Sep. 29, 2023	$ 2,347,620	$ 311	2,487,370	(14,012)	(126,049)
Beginning balance (in shares) at Jun. 30, 2023		320,253
Beginning balance at Jun. 30, 2023	2,527,938	$ 320	2,530,869	(14,437)	11,186
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,041				1,041
Other comprehensive income (loss)	425			425
Issuance of common stock under equity incentive and stock purchase plans (in shares)		1,052
Issuance of common stock under equity incentive and stock purchase plans	7,090	$ 1	7,089
Stock transactions associated with taxes withheld on equity awards	(9,751)		(9,751)
Repurchases of common stock (in shares)		(10,335)
Repurchases of common stock	(219,952)	$ (10)	(81,666)		(138,276)
Stock-based compensation	$ 40,829		40,829
Ending balance (in shares) at Sep. 29, 2023	310,970	310,970
Ending balance at Sep. 29, 2023	$ 2,347,620	$ 311	$ 2,487,370	$ (14,012)	$ (126,049)

Provision For Income Taxes	9 Months Ended
Provision For Income Taxes	Sep. 29, 2023
Income Tax Disclosure [Abstract]
PROVISION FOR INCOME TAXES	PROVISION FOR INCOME TAXESThe effective tax rates for the three and nine months ended September 30, 2023 were 82.1% and 20.9% respectively, as compared to 20.5% and 20.1% for the corresponding periods in 2022. The effective tax rate for the three months ended September 30, 2023, differed from the U.S. federal statutory tax rate of 21% primarily due to non-deductible executive compensation and the branded prescription drug fee, partially offset by the generation of federal tax credits. The effective tax rate for the nine months ended September 30, 2023, differed from the U.S. federal statutory tax rate of 21% primarily due to the generation of federal tax credits, partially offset by non-deductible executive compensation and state taxes. The effective tax rates for the three and nine months ended September 30, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenues - Revenues Disaggregated by Concentration Risks (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Dec. 30, 2022
Affiliates of McKesson Corporation \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	18.00%	18.00%	17.00%	18.00%
Affiliates of McKesson Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			22.00%		22.00%
Affiliates of AmerisourceBergen Corporation \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	18.00%	18.00%	17.00%	16.00%
Affiliates of AmerisourceBergen Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			19.00%		18.00%
Affiliates of CVS Health Corporation \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	17.00%	19.00%	17.00%	17.00%
Affiliates of CVS Health Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			14.00%		18.00%
Accredo Health, Incorporated \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	12.00%	11.00%	12.00%	10.00%
Affiliates of Optum Specialty Pharmacy \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	10.00%	9.00%	10.00%	9.00%
Ipsen Pharma SAS \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	8.00%	8.00%	8.00%	11.00%
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%

Revenues - Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances (Details) $ in Thousands	9 Months Ended
	Sep. 29, 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	478,948
Prior periods	(3,554)
Payments and customer credits issued	(476,634)
Balance at September 30, 2023	75,991
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	308,103
Prior periods	293
Payments and customer credits issued	(313,660)
Balance at September 30, 2023	21,617
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	40,923
Prior periods	(1,168)
Payments and customer credits issued	(38,497)
Balance at September 30, 2023	16,182
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	129,922
Prior periods	(2,679)
Payments and customer credits issued	(124,477)
Balance at September 30, 2023	$ 38,192

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 29, 2023	Oct. 23, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 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)		310,974,113
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000939767
Current Fiscal Year End Date	--12-29

Collaboration Agreements And Business Development Activities (Tables)

9 Months Ended

Sep. 29, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
License revenues	$	34,777	$	27,607	$	98,607	$	103,389
Collaboration services revenues	1,244		7,211		7,679		28,196
Total collaboration revenues	$	36,021	$	34,818	$	106,286	$	131,585

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
License revenues	$	2,974	$	2,690	$	17,185	$	7,755
Collaboration services revenues	1,812		3,661		9,928		11,148
Total collaboration revenues	$	4,786	$	6,351	$	27,113	$	18,903

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Takeda (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 471,920	$ 411,738	$ 1,350,556	$ 1,187,145
Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	4,786	6,351	27,113	18,903
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	42,367	34,384	133,406	123,977
License revenues \| Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	2,974	2,690	17,185	7,755
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	3,056	10,872	17,607	39,344
Collaboration services revenues \| Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 1,812	$ 3,661	$ 9,928	$ 11,148

- Definition

+ References

+ Details

Net Income Per Share

9 Months Ended

Sep. 29, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income	$	1,041	$	73,210	$	122,247	$	212,455
Denominator:
Weighted-average common shares outstanding — basic	315,496		322,148		321,373		320,949
Dilutive securities	3,751		2,918		2,904		3,471
Weighted-average common shares outstanding — diluted	319,247		325,066		324,277		324,420

Net income per share — basic	$	0.00	$	0.23	$	0.38	$	0.66
Net income per share — diluted	$	0.00	$	0.23	$	0.38	$	0.65

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 September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Anti-dilutive securities and contingently issuable shares excluded	10,144	15,059	13,164	15,311

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 1,041	$ 73,210	$ 122,247	$ 212,455

- Definition

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

+ References

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+ Details

Revenues - Revenues Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 471,920	$ 411,738	$ 1,350,556	$ 1,187,145
U.S.
Disaggregation of Revenue [Line Items]
Total revenues	429,605	369,480	1,213,089	1,033,160
Europe
Disaggregation of Revenue [Line Items]
Total revenues	36,021	34,818	106,286	131,585
Japan
Disaggregation of Revenue [Line Items]
Total revenues	$ 6,294	$ 7,440	$ 31,181	$ 22,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 29, 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):


	September 30, 2023
	Level 1		Level 2		Total
Commercial paper	$	—	$	386,363	$	386,363
Corporate bonds	—		820,095		820,095
U.S. Treasury and government-sponsored enterprises	—		435,826		435,826
Municipal bonds	—		5,915		5,915
Total debt securities available-for-sale	—		1,648,199		1,648,199
Money market funds	182,464		—		182,464
Certificates of deposit	—		84,404		84,404
Total financial assets carried at fair value	$	182,464	$	1,732,603	$	1,915,067


	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

Inventory (Tables)

9 Months Ended

Sep. 29, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Raw materials	$	8,014	$	8,077
Work in process	51,668		43,564
Finished goods	17,940		10,635
Total	$	77,622	$	62,276

Balance Sheet classification:
Current portion included in inventory	$	24,978	$	33,299
Long-term portion included in other long-term assets	52,644		28,977
Total	$	77,622	$	62,276

Stockholders’ Equity

9 Months Ended

Sep. 29, 2023

Share-Based Payment Arrangement [Abstract]

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 September 30, 2023, 28,107,770 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 and PSUs.

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Research and development	$	12,438	$	16,438	$	25,279	$	34,886
Selling, general and administrative	28,040		20,899		56,760		46,832
Total stock-based compensation expense	$	40,478	$	37,337	$	82,039	$	81,718

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock options	$	1,882	$	3,299	$	5,966	$	10,470
RSUs	18,440		22,233		50,804		54,234
PSUs	19,463		11,331		22,129		14,621
ESPP	693		474		3,140		2,393
Total stock-based compensation expense	$	40,478	$	37,337	$	82,039	$	81,718

During the nine months ended September 30, 2023, we granted 357,233 stock options with a weighted average exercise price of $20.41 per share and a weighted average grant date fair value of $9.45 per share. Stock options granted during the nine months ended September 30, 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 September 30, 2023, there were 8,537,173 stock options outstanding and $11.8 million of related unrecognized compensation expense.

In April 2023, we awarded to certain employees an aggregate of 849,866 RSUs (the target amount) that are subject to a total shareholder return (TSR) market condition (the 2023 TSR-based RSUs). The TSR market condition is based on our relative TSR percentile rank compared to companies in the NASDAQ Biotechnology Index during the performance period, which is December 31, 2022 through January 2, 2026. Depending on the results relative to the TSR market condition, the holders of the 2023 TSR-based RSUs may earn up to 175% of the target amount of shares. 50% of the shares earned pursuant to the 2023 TSR-based RSU awards will vest at the end of the performance period, and the remainder will vest approximately one year later, subject to an employee’s continuous service. These 2023 TSR-based RSUs will be forfeited if the market condition at or above a threshold level is not achieved at the end of the performance period on January 2, 2026.

We used a Monte Carlo simulation model and the following assumptions to determine the grant date fair value of $26.05 per share for the 2023 TSR-based RSUs:


Fair value of Exelixis common stock on grant date	$	19.48
Expected volatility	40.26		%
Risk-free interest rate	3.75		%
Dividend yield	—		%

The Monte Carlo simulation model assumed correlations of returns of the stock prices of the Company’s common stock and the common stock of a peer group of companies and historical stock price volatility of the peer group of companies. The valuation model also used terms based on the length of the performance period and compound annual growth rate goals for TSR based on the provisions of the award.

During the nine months ended September 30, 2023, we granted 2,879,109 service-based RSUs with a weighted average grant date fair value of $19.41 per share. As of September 30, 2023, there were 12,229,658 RSUs outstanding, including RSUs that are subject to a TSR market condition, and $181.7 million of related unrecognized compensation expense. Service-based RSUs granted to employees during the nine months ended September 30, 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 September 30, 2023, there were 3,931,231 PSUs outstanding, of which 1,489,209 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. During the three months ended September 30, 2023, we achieved certain performance conditions for 912,881 PSUs granted during 2020 (the 2020 PSUs) and recognized $18.1 million of stock-based compensation expense related to the 2020 PSUs. As of September 30, 2023, the remaining unrecognized stock-based compensation expense for the PSUs that were either achieved or deemed probable of achievement was $8.1 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 $54.0 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.

Common Stock Repurchases

In March 2023, our Board of Directors authorized a stock repurchase program to acquire up to $550 million of our outstanding common stock before the end of 2023. During the nine months ended September 30, 2023, we repurchased 16,943,230 shares of common stock under our stock repurchase program for an aggregate purchase price of $344.8 million. As of September 30, 2023, approximately $205.2 million remained available for future stock repurchases before the end of 2023, pursuant to our stock repurchase program.

The timing and amount of any stock repurchases under the stock 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. Stock 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 stock 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 stock repurchase program may be modified, suspended or discontinued at any time without prior notice.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Statement of Cash Flows [Abstract]
Net income	$ 122,247	$ 212,455
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	19,191	14,929
Stock-based compensation	82,039	81,718
Non-cash lease expense	21,475	11,931
Acquired in-process research and development technology	128,500	4,500
Other, net	(12,372)	2,890
Changes in operating assets and liabilities:
Trade receivables, net	(33,804)	66,890
Inventory	(14,503)	(9,836)
Prepaid expenses and other assets	2,430	(35,166)
Accrued collaboration liabilities	1,081	(64,976)
Accounts payable and other liabilities	6,469	3,585
Net cash provided by operating activities	322,753	288,920
Cash flows from investing activities:
Purchases of investments	(823,847)	(1,079,411)
Proceeds from maturities and sales of investments	884,989	826,768
Acquired in-process research and development technology	(122,500)	(8,000)
Purchases of property, equipment and other	(27,334)	(17,989)
Net cash used in investing activities	(88,692)	(278,632)
Cash flows from financing activities:
Payments for repurchases of common stock	(341,082)	0
Proceeds from issuance of common stock under equity incentive and stock purchase plans	24,339	18,680
Taxes paid related to net share settlement of equity awards	(23,136)	(16,091)
Net cash provided by (used in) financing activities	(339,879)	2,589
Net increase (decrease) in cash and cash equivalents	(105,818)	12,877
Cash and cash equivalents at beginning of period	502,677	663,891
Cash and cash equivalents at end of period	396,859	676,768
Non-cash operating activities:
Right-of-use assets obtained in exchange for lease obligations	$ 13,612	$ 121,958

Stockholders’ Equity - Schedule of Employee Service Share - Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 40,478	$ 37,337	$ 82,039	$ 81,718
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,882	3,299	5,966	10,470
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	18,440	22,233	50,804	54,234
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	19,463	11,331	22,129	14,621
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 693	$ 474	$ 3,140	$ 2,393

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
-Subparagraph (c)(1)(i)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(2)(i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Cash and Investments - Narrative (Details)	Sep. 29, 2023 USD ($) investment bond	Dec. 30, 2022 USD ($) investment bond
Debt Securities, Available-for-sale [Line Items]
Restrictions on cash, cash equivalents and investments	$ 0
Interest receivable	$ 12,100,000	$ 7,300,000
Number of investments in an unrealized loss position \| investment	350	285
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	$ 468,000,000	$ 237,600,000
Accumulated loss	10,600,000	$ 6,100,000
Allowance for credit losses	$ 0
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Number of investments in an unrealized loss position more than 12 months or longer \| bond	135	81
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Restrictions on cash, cash equivalents and investments		$ 1,500,000

Collaboration Agreements And Business Development Activities -Royalty Pharma Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 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	$ 17.5	$ 14.9	$ 50.2	$ 42.6

Inventory (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 30, 2022
Inventory [Line Items]
Raw materials	$ 8,014	$ 8,077
Work in process	51,668	43,564
Finished goods	17,940	10,635
Total	77,622	62,276
Current portion included in inventory
Inventory [Line Items]
Total	24,978	33,299
Long-term portion included in other long-term assets
Inventory [Line Items]
Total	$ 52,644	$ 28,977

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2023	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Mar. 31, 2023
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 granted in the period (in shares)				357,233
Options granted in the period (in dollars per share)				$ 20.41
Options, weighted average grant-date fair value (in dollars per share)				$ 9.45
Options outstanding (in shares)		8,537,173		8,537,173
Options, unrecognized compensation expense		$ 11,800		$ 11,800
Recognized stock-based compensation expense		40,478	$ 37,337	82,039	$ 81,718
Repurchases of common stock		219,952		$ 347,766
March 2023 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount						$ 550,000
Repurchases of common stock (in shares)				16,943,230
Repurchases of common stock				$ 344,800
Stock repurchase program, remaining authorized repurchase amount		$ 205,200		$ 205,200
TSR-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)	849,866
Maximum potential to vest	175.00%
Weighted average grant date fair value, awarded (in dollars per share)				$ 26.05
TSR-Based Restricted Stock Units \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting award percentage	50.00%
TSR-Based Restricted Stock Units \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)				2,879,109
Weighted average grant date fair value, awarded (in dollars per share)				$ 19.41
Number of awards outstanding (in shares)		12,229,658		12,229,658
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount		$ 181,700		$ 181,700
Recognized stock-based compensation expense		$ 18,440	22,233	$ 50,804	54,234
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards outstanding (in shares)		3,931,231		3,931,231
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount		$ 8,100		$ 8,100
Recognized stock-based compensation expense		$ 19,463	$ 11,331	$ 22,129	$ 14,621
PSUs \| Granted 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)		912,881
Recognized stock-based compensation expense		$ 18,100
Performance Shares, Target Achieved Or Probable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards outstanding (in shares)		1,489,209		1,489,209
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount		$ 54,000		$ 54,000
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)		28,107,770		28,107,770

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 30, 2022
Current assets:
Cash and cash equivalents	$ 396,859	$ 501,195
Short-term investments	706,528	807,273
Trade receivables, net	248,113	214,784
Inventory	24,978	33,299
Prepaid expenses and other current assets	66,891	62,211
Total current assets	1,443,369	1,618,762
Long-term investments	811,680	756,731
Property and equipment, net	121,039	110,624
Deferred tax assets, net	230,990	231,110
Goodwill	63,684	63,684
Right-of-use assets and other	306,148	290,578
Total assets	2,976,910	3,071,489
Current liabilities:
Accounts payable	26,450	32,667
Accrued compensation and benefits	81,398	77,158
Accrued clinical trial liabilities	62,842	65,072
Rebates and fees due to customers	54,374	50,350
Accrued collaboration liabilities	27,269	20,188
Other current liabilities	124,483	78,924
Total current liabilities	376,816	324,359
Long-term portion of operating lease liabilities	190,858	190,170
Other long-term liabilities	61,616	68,533
Total liabilities	629,290	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: 310,970 and 323,951 at September 30, 2023, and December 31, 2022, respectively	311	324
Additional paid-in capital	2,487,370	2,536,849
Accumulated other comprehensive loss	(14,012)	(14,521)
Accumulated deficit	(126,049)	(34,225)
Total stockholders’ equity	2,347,620	2,488,427
Total liabilities and stockholders' equity	$ 2,976,910	$ 3,071,489

Cash and Investments - Investments by Security Type (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 30, 2022
Debt securities available-for-sale:
Amortized Cost	$ 1,666,014	$ 1,887,060
Gross Unrealized Gains	127	589
Gross Unrealized Losses	(17,942)	(19,034)
Fair Value	1,648,199	1,868,615
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	1,932,882	2,085,126
Gross Unrealized Gains	127	589
Gross Unrealized Losses	(17,942)	(19,034)
Fair Value	1,915,067	2,066,681
Commercial paper
Debt securities available-for-sale:
Amortized Cost	386,363	722,018
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	386,363	722,018
Corporate bonds
Debt securities available-for-sale:
Amortized Cost	832,075	810,439
Gross Unrealized Gains	123	541
Gross Unrealized Losses	(12,103)	(13,132)
Fair Value	820,095	797,848
U.S. Treasury and government-sponsored enterprises
Debt securities available-for-sale:
Amortized Cost	441,576	338,218
Gross Unrealized Gains	4	48
Gross Unrealized Losses	(5,754)	(5,679)
Fair Value	435,826	332,587
Municipal bonds
Debt securities available-for-sale:
Amortized Cost	6,000	16,385
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(85)	(223)
Fair Value	5,915	16,162
Cash
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost		41
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		41
Money market funds
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	182,464	94,344
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	182,464	94,344
Certificates of deposit
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	84,404	103,681
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 84,404	$ 103,681

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	The accompanying unaudited 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 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 nine months ended September 30, 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 periods ended September 29, 2023, 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 periods ended September 30, 2023, 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.
Reclassifications	Certain prior period amounts in the accompanying Condensed Consolidated Financial Statements have been reclassified to conform to the current period presentation. Such reclassifications did not impact previously reported total revenues, income from operations, net income, total assets, total liabilities or total stockholders’ equity.
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 Arrangements. 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
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+ Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 1,041	$ 73,210	$ 122,247	$ 212,455
Other comprehensive income (loss):
Net unrealized gains (losses) on available-for-sale debt securities, net of tax impact of $(126), $2,457, $(121) and $4,752, respectively	425	(8,621)	509	(16,780)
Comprehensive income	$ 1,466	$ 64,589	$ 122,756	$ 195,675

- Definition

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

+ References

+ Details

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 29, 2023 shares	Sep. 29, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Patrick J. Haley, our Executive Vice President, Commercial, an officer for purposes of Section 16 of the Exchange Act, entered into a pre-arranged stock trading plan on August 7, 2023. Mr. Haley’s trading plan provides for the sale of up to 120,149 shares of our common stock (including shares obtained from the exercise of vested stock options covered by the trading plan) between November 6, 2023 and August 7, 2024. This trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and Exelixis’ policies regarding transactions in Exelixis securities.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Patrick J. Haley [Member]
Trading Arrangements, by Individual
Name	Patrick J. Haley
Title	Executive Vice President, Commercial
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 7, 2023
Arrangement Duration	275 days
Aggregate Available	120,149	120,149

Stockholders’ Equity - Schedule of Allocated Employee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 40,478	$ 37,337	$ 82,039	$ 81,718
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	12,438	16,438	25,279	34,886
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 28,040	$ 20,899	$ 56,760	$ 46,832

Revenues (Tables)

9 Months Ended

Sep. 29, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenues consisted of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Product revenues:
Gross product revenues	$	590,442	$	496,141	$	1,674,937	$	1,427,451
Discounts and allowances	(163,945)		(129,659)		(475,394)		(403,627)
Net product revenues	426,497		366,482		1,199,543		1,023,824
Collaboration revenues:
License revenues	42,367		34,384		133,406		123,977
Collaboration services revenues	3,056		10,872		17,607		39,344
Total collaboration revenues	45,423		45,256		151,013		163,321
Total revenues	$	471,920	$	411,738	$	1,350,556	$	1,187,145

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
CABOMETYX	$	422,155	$	361,385	$	1,187,220	$	1,003,356
COMETRIQ	4,342		5,097		12,323		20,468
Net product revenues	$	426,497	$	366,482	$	1,199,543	$	1,023,824

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Affiliates of McKesson Corporation	18	%	18	%	17	%	18	%
Affiliates of AmerisourceBergen Corporation	18	%	18	%	17	%	16	%
Affiliates of CVS Health Corporation	17	%	19	%	17	%	17	%
Accredo Health, Incorporated	12	%	11	%	12	%	10	%
Affiliates of Optum Specialty Pharmacy	10	%	9	%	10	%	9	%
Ipsen Pharma SAS	8	%	8	%	8	%	11	%

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


	September 30, 2023		December 31, 2022
Affiliates of McKesson Corporation	22	%	22	%
Affiliates of AmerisourceBergen Corporation	19	%	18	%
Ipsen Pharma SAS	18	%	20	%
Affiliates of CVS Health Corporation	14	%	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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
U.S.	$	429,605	$	369,480	$	1,213,089	$	1,033,160
Europe	36,021		34,818		106,286		131,585
Japan	6,294		7,440		31,181		22,400
Total revenues	$	471,920	$	411,738	$	1,350,556	$	1,187,145

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	308,103		40,923		129,922		478,948
Prior periods	293		(1,168)		(2,679)		(3,554)
Payments and customer credits issued	(313,660)		(38,497)		(124,477)		(476,634)
Balance at September 30, 2023	$	21,617	$	16,182	$	38,192	$	75,991

Schedule of Other Assets and Other Liabilities

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


	September 30, 2023		December 31, 2022



Contract assets (1)	$	635	$	1,659

Contract liabilities:
Current portion (2)	$	6,974	$	7,488
Long-term portion (3)	6,371		6,582
Total contract liabilities	$	13,345	$	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 other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets.

Organization and Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 29, 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

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases In May 2023, in connection with the commencement of our lease of laboratory facilities located in Pennsylvania, we recognized a right-of-use asset and an operating lease liability of $13.2 million. We estimated the lease term to be 60 months taking into consideration our early termination rights. For more information about our Leases, see “Note 11. Commitments and Contingencies – Leases” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2022 Form 10-K. 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 on 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. On September 28, 2023, the Delaware District Court granted the parties’ stipulation of dismissal of MSN’s equitable defenses and counterclaims. A bench trial occurred in October 2023, and a judgment is expected during the first half of 2024. 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. On July 18, 2023, we entered into a settlement and license agreement (the Teva Settlement Agreement) with Teva to end these litigations. Pursuant to the terms of the Teva Settlement Agreement, we will grant Teva a license to market its generic version of CABOMETYX in the U.S. beginning on January 1, 2031, if approved by the FDA and subject to conditions and exceptions common to agreements of this type. On September 15, 2023, the parties filed a joint stipulation of dismissal with the Delaware District Court, and on September 19, 2023, the Delaware District Court granted the parties’ stipulation and dismissed the case without prejudice. 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. 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 on the same day, granted the proposed order and administratively closed the case. On May 5, 2023, the Delaware District Court issued a redacted version of the May 4, 2023 order. 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.

Stockholders’ Equity (Tables)

9 Months Ended

Sep. 29, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Research and development	$	12,438	$	16,438	$	25,279	$	34,886
Selling, general and administrative	28,040		20,899		56,760		46,832
Total stock-based compensation expense	$	40,478	$	37,337	$	82,039	$	81,718

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock options	$	1,882	$	3,299	$	5,966	$	10,470
RSUs	18,440		22,233		50,804		54,234
PSUs	19,463		11,331		22,129		14,621
ESPP	693		474		3,140		2,393
Total stock-based compensation expense	$	40,478	$	37,337	$	82,039	$	81,718

Schedule Of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions

We used a Monte Carlo simulation model and the following assumptions to determine the grant date fair value of $26.05 per share for the 2023 TSR-based RSUs:


Fair value of Exelixis common stock on grant date	$	19.48
Expected volatility	40.26		%
Risk-free interest rate	3.75		%
Dividend yield	—		%

Cash and Investments - Fair Value of Cash Equivalents and Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 836,519	$ 1,114,884
Maturing after one year through five years	811,680	753,731
Total debt securities available-for-sale	$ 1,648,199	$ 1,868,615

Net Income Per Share (Tables)

9 Months Ended

Sep. 29, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income	$	1,041	$	73,210	$	122,247	$	212,455
Denominator:
Weighted-average common shares outstanding — basic	315,496		322,148		321,373		320,949
Dilutive securities	3,751		2,918		2,904		3,471
Weighted-average common shares outstanding — diluted	319,247		325,066		324,277		324,420

Net income per share — basic	$	0.00	$	0.23	$	0.38	$	0.66
Net income per share — diluted	$	0.00	$	0.23	$	0.38	$	0.65

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 September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Anti-dilutive securities and contingently issuable shares excluded	10,144	15,059	13,164	15,311

Provision For Income Taxes (Details)	3 Months Ended		9 Months Ended
Provision For Income Taxes (Details)	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	82.10%	20.50%	20.90%	20.10%

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Ipsen (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 471,920	$ 411,738	$ 1,350,556	$ 1,187,145
Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	36,021	34,818	106,286	131,585
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	42,367	34,384	133,406	123,977
License revenues \| Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	34,777	27,607	98,607	103,389
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	3,056	10,872	17,607	39,344
Collaboration services revenues \| Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 1,244	$ 7,211	$ 7,679	$ 28,196

- Definition

+ References

+ Details

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		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Numerator:
Net income	$ 1,041	$ 73,210	$ 122,247	$ 212,455
Denominator:
Weighted-average common shares outstanding - basic (in shares)	315,496	322,148	321,373	320,949
Dilutive securities (in shares)	3,751	2,918	2,904	3,471
Weighted-average common shares outstanding - diluted (in shares)	319,247	325,066	324,277	324,420
Net income per share - basic (in dollars per share)	$ 0.00	$ 0.23	$ 0.38	$ 0.66
Net income per share - diluted (in dollars per share)	$ 0.00	$ 0.23	$ 0.38	$ 0.65

- Definition

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

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

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

+ 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	Sep. 29, 2023	Dec. 30, 2022
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	$ 1,198,900	$ 1,030,810
Gross Unrealized Losses	(17,942)	(19,034)
Corporate bonds
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	772,154	706,711
Gross Unrealized Losses	(12,103)	(13,132)
U.S. Treasury and government-sponsored enterprises
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	420,831	308,307
Gross Unrealized Losses	(5,754)	(5,679)
Municipal bonds
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	5,915	15,792
Gross Unrealized Losses	$ (85)	$ (223)

Cash and Investments (Tables)

9 Months Ended

Sep. 29, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments by Security Type

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


	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	386,363	$	—	$	—	$	386,363
Corporate bonds	832,075		123		(12,103)		820,095
U.S. Treasury and government-sponsored enterprises	441,576		4		(5,754)		435,826
Municipal bonds	6,000		—		(85)		5,915
Total debt securities available-for-sale	1,666,014		127		(17,942)		1,648,199

Money market funds	182,464		—		—		182,464
Certificates of deposit	84,404		—		—		84,404
Total cash, cash equivalents and investments	$	1,932,882	$	127	$	(17,942)	$	1,915,067


	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 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):


	September 30, 2023
	Fair Value		Gross Unrealized Losses
Corporate bonds	$	772,154	$	(12,103)

U.S. Treasury and government-sponsored enterprises	420,831		(5,754)
Municipal bonds	5,915		(85)

Total	$	1,198,900	$	(17,942)


	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 values of debt securities available-for-sale by contractual maturity were as follows (in thousands):


	September 30, 2023		December 31, 2022
Maturing in one year or less	$	836,519	$	1,114,884
Maturing after one year through five years	811,680		753,731
Total debt securities available-for-sale	$	1,648,199	$	1,868,615

Fair Value Measurements (Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	$ 1,648,199	$ 1,868,615
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,648,199	1,868,615
Total financial assets carried at fair value	1,915,067	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	182,464	94,344
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,648,199	1,868,615
Total financial assets carried at fair value	1,732,603	1,972,296
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	386,363	722,018
Commercial paper \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	386,363	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	386,363	722,018
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	820,095	797,848
Corporate bonds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	820,095	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	820,095	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	435,826	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	435,826	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	435,826	332,587
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	5,915	16,162
Municipal bonds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	5,915	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	5,915	16,162
Money market funds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	182,464	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	182,464	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	84,404	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	$ 84,404	$ 103,681

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Revenues:
Total revenues	$ 471,920	$ 411,738	$ 1,350,556	$ 1,187,145
Operating expenses:
Cost of goods sold	18,774	15,305	50,794	41,989
Research and development	332,585	198,837	799,401	554,989
Selling, general and administrative	138,144	114,983	411,264	340,605
Total operating expenses	489,503	329,125	1,261,459	937,583
Income (loss) from operations	(17,583)	82,613	89,097	249,562
Interest income	23,112	9,498	65,155	16,077
Other income (expense), net	289	(69)	230	140
Income before income taxes	5,818	92,042	154,482	265,779
Provision for income taxes	4,777	18,832	32,235	53,324
Net income	$ 1,041	$ 73,210	$ 122,247	$ 212,455
Net income per share:
Basic (in dollars per share)	$ 0.00	$ 0.23	$ 0.38	$ 0.66
Diluted (in dollars per share)	$ 0.00	$ 0.23	$ 0.38	$ 0.65
Weighted-average common shares outstanding:
Basic (in shares)	315,496	322,148	321,373	320,949
Diluted (in shares)	319,247	325,066	324,277	324,420
Net product revenues
Revenues:
Total revenues	$ 426,497	$ 366,482	$ 1,199,543	$ 1,023,824
License revenues
Revenues:
Total revenues	42,367	34,384	133,406	123,977
Collaboration services revenues
Revenues:
Total revenues	$ 3,056	$ 10,872	$ 17,607	$ 39,344

Collaboration Agreements And Business Development Activities - Research Collaborations and In-Licensing Arrangements Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 11, 2023	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Asset Acquisition [Line Items]
Research and development		$ 332,585	$ 198,837	$ 799,401	$ 554,989
Research Collaborations, In-Licensing Arrangements and Other Business Development Activities
Asset Acquisition [Line Items]
Research and development		103,500		165,000
Collaborative arrangement, maximum aggregate development milestone payments		774,000		774,000
Collaborative arrangement, rights and obligations, maximum aggregate commercial milestone payments		3,900,000		3,900,000
Collaborative arrangement, maximum aggregate regulatory milestone payments		615,200		615,200
Insilico Medicine
Asset Acquisition [Line Items]
Collaborative arrangement, upfront payment	$ 80,000
Collaborative arrangement, maximum aggregate development milestone payments		100,000		100,000
Collaborative arrangement, rights and obligations, maximum aggregate commercial milestone payments		$ 775,000		$ 775,000

Inventory

9 Months Ended

Sep. 29, 2023

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Raw materials	$	8,014	$	8,077
Work in process	51,668		43,564
Finished goods	17,940		10,635
Total	$	77,622	$	62,276

Balance Sheet classification:
Current portion included in inventory	$	24,978	$	33,299
Long-term portion included in other long-term assets	52,644		28,977
Total	$	77,622	$	62,276

Revenues - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Dec. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 635		$ 635		$ 1,659
Contract liabilities:
Current portion	6,974		6,974		7,488
Long-term portion	6,371		6,371		6,582
Total contract liabilities	13,345		13,345		$ 14,070
Contract revenue recognized, including revenue from deferred revenue beginning balance			4,900	$ 6,600
Revenues recognized for performance obligations satisfied in previous periods	41,100	$ 33,900	133,000	$ 125,000
Remaining performance obligation	$ 63,800		$ 63,800

Stockholders’ Equity - Estimate Grant-Date Fair Value (Details) - TSR-Based Restricted Stock Units	9 Months Ended
	Sep. 29, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value, awarded (in dollars per share)	$ 26.05
Fair value of Exelixis common stock on grant date (in dollars per share)	$ 19.48
Expected volatility	40.26%
Risk-free interest rate	3.75%
Dividend yield	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details