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Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 28, 2024
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 and biotherapeutics, including antibody-drug conjugates (ADCs). 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 other countries: as CABOMETYX® (cabozantinib) tablets for advanced renal cell carcinoma (RCC) (both alone and in combination with Bristol-Myers Squibb Company’s (BMS) nivolumab), for previously treated hepatocellular carcinoma (HCC) and for previously treated, radioactive iodine (RAI)-refractory differentiated thyroid cancer (DTC); 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. We have adopted a 52- or 53-week fiscal year policy that generally ends on the Friday closest to December 31. Fiscal year 2024, which is a 53-week fiscal year, will end on January 3, 2025 and fiscal year 2023, which was a 52-week fiscal year, ended on December 29, 2023. For convenience, references in this report as of and for the fiscal periods ended June 28, 2024, and as of and for the fiscal years ending January 3, 2025 and ended December 29, 2023 are indicated as being as of and for the periods ended June 30, 2024, and the years ending December 31, 2024 and ended December 31, 2023, respectively. 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 six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 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, 2023, included in Part II, Item 8 of our Annual Report on Form 10-K, filed with the SEC on February 6, 2024 (Fiscal 2023 Form 10-K). 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 product sales, 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 six months ended June 30, 2024, 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 2023 Form 10-K. Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted by us since our filing of the Fiscal 2023 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which enhances the disclosures required for operating segments in our annual and interim consolidated financial statements. ASU 2023-07 is effective for us in our annual reporting for fiscal 2024 and for interim period reporting beginning in fiscal 2025 on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact of ASU 2023-07 on our Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which enhances the disclosures required for income taxes in our annual consolidated financial statements. ASU 2023-09 is effective for us in our annual reporting for fiscal 2025 on a prospective basis. Early adoption and retrospective reporting are permitted. We are currently evaluating the impact of ASU 2023-09 on our Consolidated Financial Statements.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings MSN I ANDA Litigation In September 2019, we received a notice letter regarding an Abbreviated New Drug Application (ANDA) submitted to the FDA by MSN Pharmaceuticals, Inc. (individually and collectively with certain of its affiliates, including MSN Laboratories Private Limited, referred to as MSN), requesting approval to market a generic version of CABOMETYX tablets. MSN’s initial notice letter included a Paragraph IV certification with respect to our U.S. Patents No. 8,877,776 (salt and polymorphic forms), 9,724,342 (formulations), 10,034,873 (methods of treatment) and 10,039,757 (methods of treatment), which are listed in the Approved Drug Products with Therapeutic Equivalence Evaluations, also referred to as the Orange Book, for CABOMETYX. MSN’s initial notice letter did not provide a Paragraph IV certification against U.S. Patents No. 7,579,473 (composition of matter) or 8,497,284 (methods of treatment), each of which is listed in the Orange Book. On October 29, 2019, we filed a complaint in the United States District Court for the District of Delaware (the Delaware District Court) for patent infringement against MSN asserting infringement of U.S. Patent No. 8,877,776 arising from MSN’s ANDA filing with the FDA. On November 20, 2019, MSN filed its response to the complaint, alleging that the asserted claims of U.S. Patent No. 8,877,776 are invalid and not infringed. On May 5, 2020, we received notice from MSN that it had amended its ANDA to include additional Paragraph IV certifications. In particular, the May 5, 2020 amended ANDA requested approval to market a generic version of CABOMETYX tablets prior to expiration of two previously unasserted CABOMETYX patents: U.S. Patents No. 7,579,473 and 8,497,284. On May 11, 2020, we filed a complaint in the Delaware District Court for patent infringement against MSN asserting infringement of U.S. Patents No. 7,579,473 and 8,497,284 arising from MSN’s amended ANDA filing with the FDA. Neither of our complaints have alleged infringement of U.S. Patents No. 9,724,342, 10,034,873 and 10,039,757. On May 22, 2020, MSN filed its response to the complaint, alleging that the asserted claims of U.S. Patents No. 7,579,473 and 8,497,284 are invalid and not infringed. On March 23, 2021, MSN filed its First Amended Answer and Counterclaims (amending its prior filing from May 22, 2020), seeking, among other things, a declaratory judgment that U.S. Patent No. 9,809,549 (salt and polymorphic forms) is invalid and would not be infringed by MSN if its generic version of CABOMETYX tablets were approved by the FDA. U.S. Patent No. 9,809,549 is not listed in the Orange Book. On April 7, 2021, we filed our response to MSN’s First Amended Answer and Counterclaims, denying, among other things, that U.S. Patent No. 9,809,549 is invalid or would not be infringed. The two lawsuits comprising this litigation (collectively referred to as MSN I), numbered Civil Action Nos. 19-02017 and 20-00633, were consolidated in April 2021. On October 1, 2021, pursuant to a stipulation between us and MSN, the Delaware District Court entered an order that (i) MSN’s submission of its ANDA constitutes infringement of certain claims relating to U.S. Patents No. 7,579,473 and 8,497,284, if those claims are not found to be invalid, and (ii) upon approval, MSN’s commercial manufacture, use, sale or offer for sale within the U.S., and importation into the U.S., of MSN’s proposed 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 accordingly 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 proposed 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 second half of 2024. Teva ANDA Litigation In May 2021, we received notice letters regarding an ANDA Teva submitted to the FDA by Teva Pharmaceutical Industries Limited, Teva Pharmaceuticals Development, Inc. and Teva Pharmaceuticals USA, Inc. (individually and collectively referred to as Teva), 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 sought, 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. In July 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 stipulation and proposed order. On March 27, 2024, we received notice from Cipla that it had amended its ANDA to assert additional Paragraph IV certifications. The ANDA now requests approval to market generic versions of CABOMETYX tablets with 20 mg and 40 mg dosage strengths (in addition to the 60 mg dosage strength contemplated by Cipla’s original ANDA) prior to expiration of U.S. Patents No. 8,877,776, 9,724,342, 10,039,757, 11,091,439, 11,091,440, 11,098,015 and 11,298,349. In May 2024, we entered into a settlement and license agreement (the Cipla Settlement Agreement) with Cipla to end these litigations. Pursuant to the terms of the Cipla Settlement Agreement, we granted Cipla 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 July 8, 2024, the parties filed a joint stipulation of dismissal with the Delaware District Court, and on July 9, 2024, the Delaware District Court granted the parties’ stipulation and dismissed the case without prejudice. 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.

Commitments and Contingencies (Details)	Jan. 11, 2022 patent	Oct. 31, 2022 lawsuit	Sep. 30, 2022 lawsuit	Apr. 30, 2021 lawsuit
Other Commitments [Line Items]
Number of lawsuits			2	2
MSN II ANDA
Other Commitments [Line Items]
Number of lawsuits		2
Number of patents allegedly infringed \| patent	3

Collaboration Agreements And Business Development Activities - Takeda Collaboration Narrative (Details) $ in Millions	Jun. 28, 2024 USD ($)
Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligation	$ 21.0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Current assets:
Cash and cash equivalents	$ 198,459	$ 262,994
Short-term investments	803,540	732,308
Trade receivables, net	396,584	237,407
Inventory	20,614	17,323
Prepaid expenses and other current assets	58,247	67,926
Total current assets	1,477,444	1,317,958
Long-term investments	432,305	728,717
Property and equipment, net	130,210	128,731
Deferred tax assets, net	361,561	361,145
Goodwill	63,684	63,684
Right-of-use assets and other non-current assets	307,917	342,122
Total assets	2,773,121	2,942,357
Current liabilities:
Accounts payable	28,676	33,768
Accrued compensation and benefits	71,806	93,325
Accrued clinical trial liabilities	64,829	71,615
Rebates and fees due to customers	58,468	59,619
Accrued collaboration liabilities	18,683	27,533
Other current liabilities	103,241	108,417
Total current liabilities	345,703	394,277
Long-term portion of operating lease liabilities	198,017	189,944
Other long-term liabilities	109,667	94,224
Total liabilities	653,387	678,445
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: 285,222 and 302,793 at June 30, 2024, and December 31, 2023, respectively	285	303
Additional paid-in capital	2,324,570	2,440,710
Accumulated other comprehensive loss	(5,149)	(3,750)
Accumulated deficit	(199,972)	(173,351)
Total stockholders’ equity	2,119,734	2,263,912
Total liabilities and stockholders' equity	$ 2,773,121	$ 2,942,357

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 226,116	$ 81,178	$ 263,433	$ 121,206

- Definition

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

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+ Details

Revenues

6 Months Ended

Jun. 28, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

Revenues consisted of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Product revenues:
Gross product revenues	$	604,291	$	563,173	$	1,168,076	$	1,084,495
Discounts and allowances	(166,710)		(153,527)		(351,972)		(311,449)
Net product revenues	437,581		409,646		816,104		773,046
Collaboration revenues:
License revenues	194,986		52,747		239,662		91,039
Collaboration services revenues	4,611		7,455		6,638		14,551
Total collaboration revenues	199,597		60,202		246,300		105,590
Total revenues	$	637,178	$	469,848	$	1,062,404	$	878,636

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Ipsen Pharma SAS	30	%	8	%	21	%	8	%
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation)	14	%	16	%	16	%	16	%
Affiliates of McKesson Corporation	14	%	16	%	15	%	16	%
Affiliates of CVS Health Corporation	13	%	17	%	15	%	17	%
Accredo Health, Incorporated	9	%	12	%	10	%	12	%

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


	June 30, 2024		December 31, 2023
Ipsen Pharma SAS	50	%	19	%
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation)	14	%	17	%
Affiliates of McKesson Corporation	13	%	21	%
Affiliates of CVS Health Corporation	9	%	20	%
Cardinal Health, Inc.	7	%	11	%

Total revenues by geographic region were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
U.S.	$	440,476	$	416,043	$	822,413	$	783,484
Europe	190,559		36,731		226,262		70,265
Japan	6,143		17,074		13,729		24,887
Total revenues	$	637,178	$	469,848	$	1,062,404	$	878,636

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 (Topic 606). 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 paid on sales of products containing cabozantinib by our collaboration partners.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
CABOMETYX	$	433,341	$	403,292	$	809,758	$	765,065
COMETRIQ	4,240		6,354		6,346		7,981
Net product revenues	$	437,581	$	409,646	$	816,104	$	773,046

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, 2023	$	25,221	$	19,721	$	39,898	$	84,840
Provision related to sales made in:
Current period	228,217		31,790		95,257		355,264
Prior periods	(1,088)		(2,043)		(161)		(3,292)
Payments and customer credits issued	(219,316)		(30,374)		(95,620)		(345,310)
Balance at June 30, 2024	$	33,034	$	19,094	$	39,374	$	91,502

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):


	June 30, 2024		December 31, 2023



Contract assets (1)	$	1,469	$	1,321

Contract liabilities:
Current portion (2)	$	3,443	$	5,406
Long-term portion (3)	4,420		5,524
Total contract liabilities	$	7,863	$	10,930

____________________

(1) Presented in right-of-use assets and other non-current 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 six months ended June 30, 2024 and 2023, we recognized $3.0 million and $3.6 million, respectively, in revenues that were included in the beginning deferred revenues balance for those periods.

During the three and six months ended June 30, 2024 and 2023, we recognized $195.4 million and $241.3 million, respectively, in revenues for performance obligations satisfied in previous periods, as compared to $53.9 million and $91.9 million, respectively, for the corresponding prior year periods. Such revenues were primarily related to milestone and royalty payments allocated to our license performance obligations for our collaborations with Ipsen, Takeda, Daiichi Sankyo and Genentech.

As of June 30, 2024, $47.8 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 2023 Form 10-K for additional information about the expected timing to satisfy these performance obligations.

- Definition

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

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+ Details

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 28, 2024
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.
Fiscal Period	We have adopted a 52- or 53-week fiscal year policy that generally ends on the Friday closest to December 31. Fiscal year 2024, which is a 53-week fiscal year, will end on January 3, 2025 and fiscal year 2023, which was a 52-week fiscal year, ended on December 29, 2023. For convenience, references in this report as of and for the fiscal periods ended June 28, 2024, and as of and for the fiscal years ending January 3, 2025 and ended December 29, 2023 are indicated as being as of and for the periods ended June 30, 2024, and the years ending December 31, 2024 and ended December 31, 2023, respectively.
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 six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 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, 2023, included in Part II, Item 8 of our Annual Report on Form 10-K, filed with the SEC on February 6, 2024 (Fiscal 2023 Form 10-K).
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 product sales, 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.
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 2023 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which enhances the disclosures required for operating segments in our annual and interim consolidated financial statements. ASU 2023-07 is effective for us in our annual reporting for fiscal 2024 and for interim period reporting beginning in fiscal 2025 on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact of ASU 2023-07 on our Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which enhances the disclosures required for income taxes in our annual consolidated financial statements. ASU 2023-09 is effective for us in our annual reporting for fiscal 2025 on a prospective basis. Early adoption and retrospective reporting are permitted. We are currently evaluating the impact of ASU 2023-09 on our 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 (Topic 606). 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 paid 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.

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- Definition

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 30, 2022		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	121,206				121,206
Other comprehensive income (loss)	84			84
Issuance of common stock under the equity incentive plan and stock purchase plan (in shares)		2,910
Issuance of common stock under the equity incentive plan and stock purchase plan	17,327	$ 3	17,324
Stock transactions associated with taxes withheld on equity awards	(13,345)		(13,345)
Repurchases of common stock (in shares)		(6,608)
Repurchases of common stock	(127,814)	$ (7)	(52,012)		(75,795)
Stock-based compensation	42,053		42,053
Ending balance (in shares) at Jun. 30, 2023		320,253
Ending balance at Jun. 30, 2023	2,527,938	$ 320	2,530,869	(14,437)	11,186
Beginning balance (in shares) at Mar. 31, 2023		324,985
Beginning balance at Mar. 31, 2023	2,555,136	$ 325	2,558,297	(9,289)	5,803
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	81,178				81,178
Other comprehensive income (loss)	(5,148)			(5,148)
Issuance of common stock under the equity incentive plan and stock purchase plan (in shares)		1,876
Issuance of common stock under the equity incentive plan and stock purchase plan	10,247	$ 2	10,245
Stock transactions associated with taxes withheld on equity awards	(10,822)		(10,822)
Repurchases of common stock (in shares)		(6,608)
Repurchases of common stock	(127,814)	$ (7)	(52,012)		(75,795)
Stock-based compensation	25,161		25,161
Ending balance (in shares) at Jun. 30, 2023		320,253
Ending balance at Jun. 30, 2023	$ 2,527,938	$ 320	2,530,869	(14,437)	11,186
Beginning balance (in shares) at Dec. 29, 2023	302,793	302,793
Beginning balance at Dec. 29, 2023	$ 2,263,912	$ 303	2,440,710	(3,750)	(173,351)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	263,433				263,433
Other comprehensive income (loss)	(1,399)			(1,399)
Issuance of common stock under the equity incentive plan and stock purchase plan (in shares)		2,729
Issuance of common stock under the equity incentive plan and stock purchase plan	23,097	$ 2	23,095
Stock transactions associated with taxes withheld on equity awards	(20,009)		(20,009)
Repurchases of common stock (in shares)		(20,300)
Repurchases of common stock	(454,225)	$ (20)	(164,151)		(290,054)
Stock-based compensation	$ 44,925		44,925
Ending balance (in shares) at Jun. 28, 2024	285,222	285,222
Ending balance at Jun. 28, 2024	$ 2,119,734	$ 285	2,324,570	(5,149)	(199,972)
Beginning balance (in shares) at Mar. 29, 2024		295,032
Beginning balance at Mar. 29, 2024	2,128,008	$ 295	2,391,865	(5,204)	(258,948)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	226,116				226,116
Other comprehensive income (loss)	55			55
Issuance of common stock under the equity incentive plan and stock purchase plan (in shares)		1,852
Issuance of common stock under the equity incentive plan and stock purchase plan	14,659	$ 1	14,658
Stock transactions associated with taxes withheld on equity awards	(13,015)		(13,015)
Repurchases of common stock (in shares)		(11,662)
Repurchases of common stock	(261,684)	$ (11)	(94,533)		(167,140)
Stock-based compensation	$ 25,595		25,595
Ending balance (in shares) at Jun. 28, 2024	285,222	285,222
Ending balance at Jun. 28, 2024	$ 2,119,734	$ 285	$ 2,324,570	$ (5,149)	$ (199,972)

Stockholders’ Equity - Estimate Grant-Date Fair Value (Details) - TSR-Based Restricted Stock Units	6 Months Ended
	Jun. 28, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value, awarded (in dollars per share)	$ 20.19
Fair value of Exelixis common stock on grant date (in dollars per share)	$ 21.71
Expected volatility	36.68%
Risk-free interest rate	4.42%
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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cash and Investments

6 Months Ended

Jun. 28, 2024

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):


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	189,302	$	—	$	—	$	189,302
Corporate bonds	766,321		362		(4,593)		762,090
U.S. Treasury and government-sponsored enterprises	319,939		1		(2,070)		317,870
Municipal bonds	7,880		—		(15)		7,865
Total debt securities available-for-sale	1,283,442		363		(6,678)		1,277,127

Money market funds	116,234		—		—		116,234
Certificates of deposit	40,943		—		—		40,943
Total cash, cash equivalents and investments	$	1,440,619	$	363	$	(6,678)	$	1,434,304


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	214,016	$	—	$	—	$	214,016
Corporate bonds	870,870		1,652		(4,277)		868,245
U.S. Treasury and government-sponsored enterprises	409,157		414		(2,250)		407,321
Municipal bonds	7,880		10		(49)		7,841
Total debt securities available-for-sale	1,501,923		2,076		(6,576)		1,497,423

Money market funds	154,287		—		—		154,287
Certificates of deposit	72,309		—		—		72,309
Total cash, cash equivalents and investments	$	1,728,519	$	2,076	$	(6,576)	$	1,724,019

Interest receivable was $11.1 million and $13.1 million as of June 30, 2024 and December 31, 2023, 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 six months ended June 30, 2024 and 2023.

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):


	June 30, 2024
	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses

Corporate bonds	$	321,374	$	(1,157)	$	306,630	$	(3,436)	$	628,004	$	(4,593)
U.S. Treasury and government-sponsored enterprises	136,614		(543)		178,290		(1,527)		314,904		(2,070)
Municipal bonds	1,869		(11)		5,996		(4)		7,865		(15)
Total	$	459,857	$	(1,711)	$	490,916	$	(4,967)	$	950,773	$	(6,678)


	December 31, 2023
	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds	$	255,958	$	(847)	$	281,837	$	(3,430)	$	537,795	$	(4,277)
U.S. Treasury and government-sponsored enterprises	163,339		(406)		155,452		(1,844)		318,791		(2,250)
Municipal bonds	—		—		5,951		(49)		5,951		(49)
Total	$	419,297	$	(1,253)	$	443,240	$	(5,323)	$	862,537	$	(6,576)

There were 286 and 230 debt securities available-for-sale in an unrealized loss position as of June 30, 2024 and December 31, 2023, respectively. During the six months ended June 30, 2024, 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):


	June 30, 2024		December 31, 2023
Maturing in one year or less	$	844,822	$	768,706
Maturing after one year through five years	432,305		728,717
Total debt securities available-for-sale	$	1,277,127	$	1,497,423

Restructuring - Restructuring Activities (Details) - 2024 Restructuring Plan $ in Thousands	6 Months Ended
	Jun. 28, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0
Initial Costs	32,984
Adj. to Costs	326
Non-cash charges	(12,579)
Cash Payments	(20,475)
Ending balance	256
Total Costs Incurred to Date	33,310
Total Expected Plan Costs	33,546
Severance and employee-related costs
Restructuring Reserve [Roll Forward]
Beginning balance	0
Initial Costs	15,656
Adj. to Costs	69
Non-cash charges	0
Cash Payments	(15,469)
Ending balance	256
Total Costs Incurred to Date	15,725
Total Expected Plan Costs	15,725
Contract termination and other exit costs
Restructuring Reserve [Roll Forward]
Beginning balance	0
Initial Costs	5,010
Adj. to Costs	(4)
Non-cash charges	0
Cash Payments	(5,006)
Ending balance	0
Total Costs Incurred to Date	5,006
Total Expected Plan Costs	5,242
Asset impairment
Restructuring Reserve [Roll Forward]
Beginning balance	0
Initial Costs	12,318
Adj. to Costs	261
Non-cash charges	(12,579)
Cash Payments	0
Ending balance	0
Total Costs Incurred to Date	12,579
Total Expected Plan Costs	$ 12,579

Fair Value Measurements - Narrative (Details) - Foreign Exchange Forward € in Millions	6 Months Ended
	Jun. 28, 2024 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 \| €	€ 1.8
Derivative term of contract	3 months

Inventory

6 Months Ended

Jun. 28, 2024

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Raw materials	$	2,912	$	7,313
Work in process	58,468		59,422
Finished goods	12,319		9,581
Total	$	73,699	$	76,316

Balance Sheet classification:
Current portion included in inventory	$	20,614	$	17,323
Non-current portion included in other non-current assets	53,085		58,993
Total	$	73,699	$	76,316

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 28, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2024
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, $0.001 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)		285,251,725
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000939767
Current Fiscal Year End Date	--01-03

Cash and Investments - Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Fair Value
In an Unrealized Loss Position Less than 12 Months	$ 459,857	$ 419,297
In an Unrealized Loss Position 12 Months or Greater	490,916	443,240
Total	950,773	862,537
Gross Unrealized Losses
In an Unrealized Loss Position Less than 12 Months	(1,711)	(1,253)
In an Unrealized Loss Position 12 Months or Greater	(4,967)	(5,323)
Total	(6,678)	(6,576)
Corporate bonds
Fair Value
In an Unrealized Loss Position Less than 12 Months	321,374	255,958
In an Unrealized Loss Position 12 Months or Greater	306,630	281,837
Total	628,004	537,795
Gross Unrealized Losses
In an Unrealized Loss Position Less than 12 Months	(1,157)	(847)
In an Unrealized Loss Position 12 Months or Greater	(3,436)	(3,430)
Total	(4,593)	(4,277)
U.S. Treasury and government-sponsored enterprises
Fair Value
In an Unrealized Loss Position Less than 12 Months	136,614	163,339
In an Unrealized Loss Position 12 Months or Greater	178,290	155,452
Total	314,904	318,791
Gross Unrealized Losses
In an Unrealized Loss Position Less than 12 Months	(543)	(406)
In an Unrealized Loss Position 12 Months or Greater	(1,527)	(1,844)
Total	(2,070)	(2,250)
Municipal bonds
Fair Value
In an Unrealized Loss Position Less than 12 Months	1,869	0
In an Unrealized Loss Position 12 Months or Greater	5,996	5,951
Total	7,865	5,951
Gross Unrealized Losses
In an Unrealized Loss Position Less than 12 Months	(11)	0
In an Unrealized Loss Position 12 Months or Greater	(4)	(49)
Total	$ (15)	$ (49)

Stockholders’ Equity - Schedule of Allocated Employee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 25,354	$ 24,900	$ 44,467	$ 41,561
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	9,178	9,589	13,070	12,841
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 16,176	$ 15,311	$ 31,397	$ 28,720

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 226,116	$ 81,178	$ 263,433	$ 121,206
Other comprehensive income (loss):
Net unrealized gains (losses) on available-for-sale debt securities, net of tax impact of $(17), $1,512, $416 and $5, respectively	55	(5,148)	(1,399)	84
Comprehensive income	$ 226,171	$ 76,030	$ 262,034	$ 121,290

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 28, 2024

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):


	June 30, 2024
	Level 1		Level 2		Total
Commercial paper	$	—	$	189,302	$	189,302
Corporate bonds	—		762,090		762,090
U.S. Treasury and government-sponsored enterprises	—		317,870		317,870
Municipal bonds	—		7,865		7,865
Total debt securities available-for-sale	—		1,277,127		1,277,127
Money market funds	116,234		—		116,234
Certificates of deposit	—		40,943		40,943
Total financial assets carried at fair value	$	116,234	$	1,318,070	$	1,434,304


	December 31, 2023
	Level 1		Level 2		Total
Commercial paper	$	—	$	214,016	$	214,016
Corporate bonds	—		868,245		868,245
U.S. Treasury and government-sponsored enterprises	—		407,321		407,321
Municipal bonds	—		7,841		7,841
Total debt securities available-for-sale	—		1,497,423		1,497,423
Money market funds	154,287		—		154,287
Certificates of deposit	—		72,309		72,309
Total financial assets carried at fair value	$	154,287	$	1,569,732	$	1,724,019

Restructuring

6 Months Ended

Jun. 28, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING

Our Board of Directors authorized, and we implemented, a corporate restructuring plan (the 2024 Restructuring Plan) to reduce our workforce and rebalance our cost structure in alignment with our strategic priorities. Restructuring expenses expected to be incurred under the 2024 Restructuring Plan include: severance and employee-related costs; asset impairment; and contract termination and other exit costs. The total estimated restructuring costs associated with the 2024 Restructuring Plan are approximately $33.5 million and will be recorded to the restructuring expense line item within our Condensed Consolidated Statements of Income as they are incurred through the end of the plan. During the three and six months ended June 30, 2024, we recognized $0.5 million and $33.3 million, respectively, in expenses associated with the 2024 Restructuring Plan which are presented in restructuring in the accompanying Condensed Consolidated Statements of Income.

In connection with the 2024 Restructuring Plan, we exited two leases in the Greater Philadelphia area and the right-of-use assets, related leasehold improvements and certain other long-lived assets were remeasured and recorded at fair value, see “Note 5. Fair Value” for additional information.

We incurred the majority of the charges related to the 2024 Restructuring Plan during the first quarter of 2024 and substantially completed the 2024 Restructuring Plan as of the end of the second quarter of 2024. The expected pre-tax charges are estimates and are subject to a number of assumptions and actual results may vary from the estimates provided.

The restructuring activities and balances as of and for the six months ended June 30, 2024 were as follows (in thousands):


			Six Months Ended June 30, 2024
	Accrued at December 31, 2023		Initial Costs		Adj. to Costs(2)		Non-cash charges		Cash Payments		Accrued at June 30, 2024(3)		Total Costs Incurred to Date		Total Expected Plan Costs
Severance and employee-related costs	$	—	$	15,656	$	69	$	—	$	(15,469)	$	256	$	15,725	$	15,725
Contract termination and other exit costs(1)	—		5,010		(4)		—		(5,006)		—		5,006		5,242
Asset impairment	—		12,318		261		(12,579)		—		—		12,579		12,579
Total restructuring	$	—	$	32,984	$	326	$	(12,579)	$	(20,475)	$	256	$	33,310	$	33,546

__________________

(1) Contract termination costs consist of accruals for costs to be incurred without future economic benefit, and other exit costs expensed as incurred.

(2) Adjustments to costs consist of changes in estimates whereby increases and decreases in costs were recorded to operating expenses in the period of adjustments.

(3) As of June 30, 2024, substantially all restructuring liabilities have been recorded in accrued compensation and benefits in the accompanying Condensed Consolidated Balance Sheets.

Restructuring (Tables)

6 Months Ended

Jun. 28, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Activities

The restructuring activities and balances as of and for the six months ended June 30, 2024 were as follows (in thousands):


			Six Months Ended June 30, 2024
	Accrued at December 31, 2023		Initial Costs		Adj. to Costs(2)		Non-cash charges		Cash Payments		Accrued at June 30, 2024(3)		Total Costs Incurred to Date		Total Expected Plan Costs
Severance and employee-related costs	$	—	$	15,656	$	69	$	—	$	(15,469)	$	256	$	15,725	$	15,725
Contract termination and other exit costs(1)	—		5,010		(4)		—		(5,006)		—		5,006		5,242
Asset impairment	—		12,318		261		(12,579)		—		—		12,579		12,579
Total restructuring	$	—	$	32,984	$	326	$	(12,579)	$	(20,475)	$	256	$	33,310	$	33,546

__________________

(1) Contract termination costs consist of accruals for costs to be incurred without future economic benefit, and other exit costs expensed as incurred.

(2) Adjustments to costs consist of changes in estimates whereby increases and decreases in costs were recorded to operating expenses in the period of adjustments.

(3) As of June 30, 2024, substantially all restructuring liabilities have been recorded in accrued compensation and benefits in the accompanying Condensed Consolidated Balance Sheets.

Inventory (Tables)

6 Months Ended

Jun. 28, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Raw materials	$	2,912	$	7,313
Work in process	58,468		59,422
Finished goods	12,319		9,581
Total	$	73,699	$	76,316

Balance Sheet classification:
Current portion included in inventory	$	20,614	$	17,323
Non-current portion included in other non-current assets	53,085		58,993
Total	$	73,699	$	76,316

Revenues - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 1,469		$ 1,469		$ 1,321
Contract liabilities:
Current portion	3,443		3,443		5,406
Long-term portion	4,420		4,420		5,524
Total contract liabilities	7,863		7,863		$ 10,930
Disaggregation of Revenue [Line Items]
Contract revenue recognized, including revenue from deferred revenue beginning balance			3,000	$ 3,600
Ipsen, Takeda, Daiichi Sankyo and Genentech Collaborations
Disaggregation of Revenue [Line Items]
Revenues recognized for performance obligations satisfied in previous periods	195,400	$ 53,900	241,300	$ 91,900
Ipsen And Takeda Collaborations
Disaggregation of Revenue [Line Items]
Remaining performance obligation	$ 47,800		$ 47,800

Collaboration Agreements And Business Development Activities - Ipsen Collaboration Narrative (Details) - Collaborative Arrangement with Ipsen $ in Millions	3 Months Ended	6 Months Ended
	Jun. 28, 2024 USD ($)	Jun. 28, 2024 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer, commercial sales milestone		$ 150.0
Cumulative net sales milestone	$ 600.0	600.0
Remaining performance obligation	$ 26.8	$ 26.8

Revenues - Revenues by Disaggregated Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 637,178	$ 469,848	$ 1,062,404	$ 878,636
Gross product revenues
Disaggregation of Revenue [Line Items]
Total revenues	604,291	563,173	1,168,076	1,084,495
Discounts and allowances
Disaggregation of Revenue [Line Items]
Total revenues	(166,710)	(153,527)	(351,972)	(311,449)
Net product revenues
Disaggregation of Revenue [Line Items]
Total revenues	437,581	409,646	816,104	773,046
License revenues
Disaggregation of Revenue [Line Items]
Total revenues	194,986	52,747	239,662	91,039
Collaboration services revenues
Disaggregation of Revenue [Line Items]
Total revenues	4,611	7,455	6,638	14,551
Total collaboration revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 199,597	$ 60,202	$ 246,300	$ 105,590

- 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

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+ Details

Provision For Income Taxes	6 Months Ended
Provision For Income Taxes	Jun. 28, 2024
Income Tax Disclosure [Abstract]
PROVISION FOR INCOME TAXES	PROVISION FOR INCOME TAXES The effective tax rates for the three and six months ended June 30, 2024, were 22.8% and 23.0%, respectively, as compared to 19.1% and 18.5%, respectively, for the corresponding periods in 2023. The effective tax rates for the three and six months ended June 30, 2024, differed from the U.S. federal statutory tax rate of 21% primarily due to state taxes, offset by the generation of federal tax credits. The effective tax rates for the three and six months ended June 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 state taxes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

Provision For Income Taxes (Details)	3 Months Ended		6 Months Ended
Provision For Income Taxes (Details)	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	22.80%	19.10%	23.00%	18.50%

Revenues (Tables)

6 Months Ended

Jun. 28, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenues consisted of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Product revenues:
Gross product revenues	$	604,291	$	563,173	$	1,168,076	$	1,084,495
Discounts and allowances	(166,710)		(153,527)		(351,972)		(311,449)
Net product revenues	437,581		409,646		816,104		773,046
Collaboration revenues:
License revenues	194,986		52,747		239,662		91,039
Collaboration services revenues	4,611		7,455		6,638		14,551
Total collaboration revenues	199,597		60,202		246,300		105,590
Total revenues	$	637,178	$	469,848	$	1,062,404	$	878,636

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
CABOMETYX	$	433,341	$	403,292	$	809,758	$	765,065
COMETRIQ	4,240		6,354		6,346		7,981
Net product revenues	$	437,581	$	409,646	$	816,104	$	773,046

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Ipsen Pharma SAS	30	%	8	%	21	%	8	%
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation)	14	%	16	%	16	%	16	%
Affiliates of McKesson Corporation	14	%	16	%	15	%	16	%
Affiliates of CVS Health Corporation	13	%	17	%	15	%	17	%
Accredo Health, Incorporated	9	%	12	%	10	%	12	%

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


	June 30, 2024		December 31, 2023
Ipsen Pharma SAS	50	%	19	%
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation)	14	%	17	%
Affiliates of McKesson Corporation	13	%	21	%
Affiliates of CVS Health Corporation	9	%	20	%
Cardinal Health, Inc.	7	%	11	%

Schedule of Revenues Disaggregated by Geographic Region

Total revenues by geographic region were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
U.S.	$	440,476	$	416,043	$	822,413	$	783,484
Europe	190,559		36,731		226,262		70,265
Japan	6,143		17,074		13,729		24,887
Total revenues	$	637,178	$	469,848	$	1,062,404	$	878,636

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, 2023	$	25,221	$	19,721	$	39,898	$	84,840
Provision related to sales made in:
Current period	228,217		31,790		95,257		355,264
Prior periods	(1,088)		(2,043)		(161)		(3,292)
Payments and customer credits issued	(219,316)		(30,374)		(95,620)		(345,310)
Balance at June 30, 2024	$	33,034	$	19,094	$	39,374	$	91,502

Schedule of Other Assets and Other Liabilities

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


	June 30, 2024		December 31, 2023



Contract assets (1)	$	1,469	$	1,321

Contract liabilities:
Current portion (2)	$	3,443	$	5,406
Long-term portion (3)	4,420		5,524
Total contract liabilities	$	7,863	$	10,930

____________________

(1) Presented in right-of-use assets and other non-current 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.

Cash and Investments - Investments by Security Type (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Debt securities available-for-sale:
Amortized Cost	$ 1,283,442	$ 1,501,923
Gross Unrealized Gains	363	2,076
Gross Unrealized Losses	(6,678)	(6,576)
Fair Value	1,277,127	1,497,423
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	1,440,619	1,728,519
Gross Unrealized Gains	363	2,076
Gross Unrealized Losses	(6,678)	(6,576)
Fair Value	1,434,304	1,724,019
Commercial paper
Debt securities available-for-sale:
Amortized Cost	189,302	214,016
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	189,302	214,016
Corporate bonds
Debt securities available-for-sale:
Amortized Cost	766,321	870,870
Gross Unrealized Gains	362	1,652
Gross Unrealized Losses	(4,593)	(4,277)
Fair Value	762,090	868,245
U.S. Treasury and government-sponsored enterprises
Debt securities available-for-sale:
Amortized Cost	319,939	409,157
Gross Unrealized Gains	1	414
Gross Unrealized Losses	(2,070)	(2,250)
Fair Value	317,870	407,321
Municipal bonds
Debt securities available-for-sale:
Amortized Cost	7,880	7,880
Gross Unrealized Gains	0	10
Gross Unrealized Losses	(15)	(49)
Fair Value	7,865	7,841
Money market funds
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	116,234	154,287
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	116,234	154,287
Certificates of deposit
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	40,943	72,309
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 40,943	$ 72,309

Collaboration Agreements And Business Development Activities (Tables)

6 Months Ended

Jun. 28, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Collaborative Revenues Under Collaboration and License Agreement

Revenues under the collaboration agreement with Ipsen were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
License revenues	$	187,926	$	34,018	$	224,787	$	63,830
Collaboration services revenues	2,633		2,713		1,475		6,435
Total collaboration revenues	$	190,559	$	36,731	$	226,262	$	70,265

Revenues under the collaboration agreement with Takeda were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
License revenues	$	3,294	$	11,362	$	6,004	$	14,211
Collaboration services revenues	1,978		4,742		5,163		8,116
Total collaboration revenues	$	5,272	$	16,104	$	11,167	$	22,327

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		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Numerator:
Net income	$ 226,116	$ 81,178	$ 263,433	$ 121,206
Denominator:
Weighted-average common shares outstanding - basic (in shares)	289,216	324,205	294,986	324,312
Dilutive securities (in shares)	4,758	3,100	4,766	2,480
Weighted-average common shares outstanding - diluted (in shares)	293,974	327,305	299,752	326,792
Net income per share - basic (in dollars per share)	$ 0.78	$ 0.25	$ 0.89	$ 0.37
Net income per share - diluted (in dollars per share)	$ 0.77	$ 0.25	$ 0.88	$ 0.37

- Definition

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

+ References

+ 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

+ Details

- Definition

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

+ References

+ Details

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Ipsen (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 637,178	$ 469,848	$ 1,062,404	$ 878,636
Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	190,559	36,731	226,262	70,265
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	194,986	52,747	239,662	91,039
License revenues \| Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	187,926	34,018	224,787	63,830
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	4,611	7,455	6,638	14,551
Collaboration services revenues \| Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 2,633	$ 2,713	$ 1,475	$ 6,435

- Definition

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+ Details

Fair Value Measurements

6 Months Ended

Jun. 28, 2024

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):


	June 30, 2024
	Level 1		Level 2		Total
Commercial paper	$	—	$	189,302	$	189,302
Corporate bonds	—		762,090		762,090
U.S. Treasury and government-sponsored enterprises	—		317,870		317,870
Municipal bonds	—		7,865		7,865
Total debt securities available-for-sale	—		1,277,127		1,277,127
Money market funds	116,234		—		116,234
Certificates of deposit	—		40,943		40,943
Total financial assets carried at fair value	$	116,234	$	1,318,070	$	1,434,304


	December 31, 2023
	Level 1		Level 2		Total
Commercial paper	$	—	$	214,016	$	214,016
Corporate bonds	—		868,245		868,245
U.S. Treasury and government-sponsored enterprises	—		407,321		407,321
Municipal bonds	—		7,841		7,841
Total debt securities available-for-sale	—		1,497,423		1,497,423
Money market funds	154,287		—		154,287
Certificates of deposit	—		72,309		72,309
Total financial assets carried at fair value	$	154,287	$	1,569,732	$	1,724,019

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.

When necessary, we record impairments of long-lived assets for the amount by which the fair value is less than the carrying value of these assets. When an impairment indicator exists, we calculate the undiscounted value of the projected cash flows for the asset, or asset group, and compare this estimated amount to the carrying amount. If the carrying amount is greater, we record an impairment loss for the excess of carrying value over fair value. In addition, in all cases of an impairment review, we reevaluate the remaining useful lives of the assets and modify them, as appropriate. In connection with the 2024 Restructuring Plan, we determined certain long-lived assets were impaired. The fair value was determined using an income approach where certain Level 3 inputs were used, including estimates and assumptions on the timing and amount of discounted cash flows. See “Note 11. Restructuring” for additional information.

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 foreign currency exchange contracts that are not designated as hedges for accounting purposes 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 June 30, 2024, we had one forward contract outstanding to sell €1.8 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 June 30, 2024. The forward contract is considered a Level 2 in the fair value hierarchy of our fair value measurements. The net realized and unrealized gains (losses) we recognized on the maturity of forward contracts were immaterial for each of the three and six months ended June 30, 2024 and 2023 and are included in other 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.

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+ Details

Revenues - Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances (Details) $ in Thousands	6 Months Ended
	Jun. 28, 2024 USD ($)
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2023	$ 84,840
Provision related to sales made in:
Current period	355,264
Prior periods	(3,292)
Payments and customer credits issued	(345,310)
Balance at June 30, 2024	91,502
Chargebacks, Discounts for Prompt Payment and Other
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2023	25,221
Provision related to sales made in:
Current period	228,217
Prior periods	(1,088)
Payments and customer credits issued	(219,316)
Balance at June 30, 2024	33,034
Other Customer Credits/Fees and Co-pay Assistance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2023	19,721
Provision related to sales made in:
Current period	31,790
Prior periods	(2,043)
Payments and customer credits issued	(30,374)
Balance at June 30, 2024	19,094
Rebates
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2023	39,898
Provision related to sales made in:
Current period	95,257
Prior periods	(161)
Payments and customer credits issued	(95,620)
Balance at June 30, 2024	$ 39,374

Revenues - Net Product Revenues Disaggregated by Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 637,178	$ 469,848	$ 1,062,404	$ 878,636
Net product revenues
Disaggregation of Revenue [Line Items]
Total revenues	437,581	409,646	816,104	773,046
CABOMETYX
Disaggregation of Revenue [Line Items]
Total revenues	433,341	403,292	809,758	765,065
COMETRIQ
Disaggregation of Revenue [Line Items]
Total revenues	$ 4,240	$ 6,354	$ 6,346	$ 7,981

- 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.

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+ Details

Cash and Investments - Fair Value of Cash Equivalents and Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 844,822	$ 768,706
Maturing after one year through five years	432,305	728,717
Total debt securities available-for-sale	$ 1,277,127	$ 1,497,423

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 28, 2024	Dec. 29, 2023
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)	285,222,000	302,793,000
Shares outstanding (in shares)	285,222,000	302,793,000

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net unrealized gains (losses) on available-for-sale debt securities, tax impact	$ (17)	$ 1,512	$ 416	$ 5

Collaboration Agreements And Business Development Activities

6 Months Ended

Jun. 28, 2024

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 2023 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, which was subsequently amended, for the commercialization and further development of cabozantinib. Under the collaboration 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.

During the second quarter of 2024, Ipsen opted into and is now co-funding the development costs for CABINET, a phase 3 pivotal study that evaluated cabozantinib versus placebo in patients with either advanced pancreatic neuroendocrine tumors (pNET) or advanced extra-pancreatic neuroendocrine tumors (epNET) who experienced progression after prior systemic therapy. Under the terms of the agreement, Ipsen is now obligated to reimburse us for its share of the

CABINET global development costs. We determined that Ipsen’s decision to opt into and co-fund the development costs for CABINET represented a contract modification for additional distinct services at its standalone selling price and therefore was treated as a separate contract under Topic 606. Accordingly, collaboration services revenues for the three and six months ended June 30, 2024 includes a cumulative catch-up for Ipsen’s share of global development costs incurred since the beginning of the study and through the end of the periods.

Revenues under the collaboration agreement with Ipsen were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
License revenues	$	187,926	$	34,018	$	224,787	$	63,830
Collaboration services revenues	2,633		2,713		1,475		6,435
Total collaboration revenues	$	190,559	$	36,731	$	226,262	$	70,265

During the three and six months ended June 30, 2024, we recognized $150.0 million in license revenues related to a commercial milestone from Ipsen upon its achievement of $600.0 million in cumulative net sales of cabozantinib over four consecutive quarters in its related Ipsen license territory.

As of June 30, 2024, $26.8 million of the transaction price for this collaboration 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, which was subsequently amended, for the commercialization and further development of cabozantinib. Under the collaboration 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 agreement with Takeda were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
License revenues	$	3,294	$	11,362	$	6,004	$	14,211
Collaboration services revenues	1,978		4,742		5,163		8,116
Total collaboration revenues	$	5,272	$	16,104	$	11,167	$	22,327

As of June 30, 2024, $21.0 million of the transaction price for this collaboration 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 (now GSK plc, or GSK), that required us to pay a 3% royalty to GSK on the worldwide net sales of any product containing 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 $18.4 million and $35.1 million during the three and six months ended June 30, 2024, respectively, as compared to $17.3 million and $32.6 million, respectively, 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 oncology assets or other 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 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.

As part of the 2024 Restructuring Plan, we have terminated certain of our in-licensing collaboration arrangements, including Aurigene Oncology, Ltd., BioInvent International AB, Cybrexa Therapeutics LLC, NBE-Therapeutics AG and STORM Therapeutics LTD. The termination of these agreements was effective in April 2024. See “Note 11. Restructuring” for additional information.

During the three and six months ended June 30, 2024, we recognized $5.8 million and $28.6 million, respectively, within research and development expenses on the Condensed Consolidated Statements of Income, primarily related to development milestone payments and option exercise fee for the costs of intellectual property that have not yet achieved technological feasibility, research and development funding and other fees.

As of June 30, 2024, in conjunction with the active collaborative in-licensing arrangements and asset purchase agreements, we are subject to potential future development milestone payments of up to $509.6 million, regulatory milestone payments of up to $365.3 million and commercial milestone payments of up to $2.5 billion, each in the aggregate per product or target, as well as royalties on future net sales of products.

Cash and Investments (Tables)

6 Months Ended

Jun. 28, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments by Security Type

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


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	189,302	$	—	$	—	$	189,302
Corporate bonds	766,321		362		(4,593)		762,090
U.S. Treasury and government-sponsored enterprises	319,939		1		(2,070)		317,870
Municipal bonds	7,880		—		(15)		7,865
Total debt securities available-for-sale	1,283,442		363		(6,678)		1,277,127

Money market funds	116,234		—		—		116,234
Certificates of deposit	40,943		—		—		40,943
Total cash, cash equivalents and investments	$	1,440,619	$	363	$	(6,678)	$	1,434,304


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	214,016	$	—	$	—	$	214,016
Corporate bonds	870,870		1,652		(4,277)		868,245
U.S. Treasury and government-sponsored enterprises	409,157		414		(2,250)		407,321
Municipal bonds	7,880		10		(49)		7,841
Total debt securities available-for-sale	1,501,923		2,076		(6,576)		1,497,423

Money market funds	154,287		—		—		154,287
Certificates of deposit	72,309		—		—		72,309
Total cash, cash equivalents and investments	$	1,728,519	$	2,076	$	(6,576)	$	1,724,019

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):


	June 30, 2024
	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses

Corporate bonds	$	321,374	$	(1,157)	$	306,630	$	(3,436)	$	628,004	$	(4,593)
U.S. Treasury and government-sponsored enterprises	136,614		(543)		178,290		(1,527)		314,904		(2,070)
Municipal bonds	1,869		(11)		5,996		(4)		7,865		(15)
Total	$	459,857	$	(1,711)	$	490,916	$	(4,967)	$	950,773	$	(6,678)


	December 31, 2023
	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds	$	255,958	$	(847)	$	281,837	$	(3,430)	$	537,795	$	(4,277)
U.S. Treasury and government-sponsored enterprises	163,339		(406)		155,452		(1,844)		318,791		(2,250)
Municipal bonds	—		—		5,951		(49)		5,951		(49)
Total	$	419,297	$	(1,253)	$	443,240	$	(5,323)	$	862,537	$	(6,576)

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):


	June 30, 2024		December 31, 2023
Maturing in one year or less	$	844,822	$	768,706
Maturing after one year through five years	432,305		728,717
Total debt securities available-for-sale	$	1,277,127	$	1,497,423

Revenues - Revenues Disaggregated by Concentration Risks (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Ipsen Pharma SAS \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	30.00%	8.00%	21.00%	8.00%
Ipsen Pharma SAS \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			50.00%		19.00%
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation) \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	14.00%	16.00%	16.00%	16.00%
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation) \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			14.00%		17.00%
Affiliates of McKesson Corporation \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	14.00%	16.00%	15.00%	16.00%
Affiliates of McKesson Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			13.00%		21.00%
Affiliates of CVS Health Corporation \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	13.00%	17.00%	15.00%	17.00%
Affiliates of CVS Health Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			9.00%		20.00%
Accredo Health, Incorporated \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	9.00%	12.00%	10.00%	12.00%
Cardinal Health, Inc. \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			7.00%		11.00%

Collaboration Agreements And Business Development Activities -Royalty Pharma Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Collaborative Arrangements with Glaxo Smith Kline
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent of royalty on net sale			3.00%
Collaborative Arrangements with Royalty Pharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty expense	$ 18.4	$ 17.3	$ 35.1	$ 32.6

Stockholders’ Equity

6 Months Ended

Jun. 28, 2024

Share-Based Payment Arrangement [Abstract]

STOCKHOLDERS’ EQUITY

Stock-based Compensation

We have an equity incentive plan under which we granted stock options and restricted stock units (RSUs), including performance-based restricted stock units (PSUs), to employees and directors. As of June 30, 2024, 23.7 million 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.

On May 30, 2024, at the 2024 Annual Meeting of Stockholders, our stockholders approved the amendment and restatement of the Exelixis, Inc. 2000 Employee Stock Purchase Plan (as amended and restated, the Amended ESPP). The amendment and restatement increased the share reserve under the Amended ESPP by 6.0 million shares. As of June 30, 2024, 7.2 million shares were available for grant under the Amended ESPP.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Research and development	$	9,178	$	9,589	$	13,070	$	12,841
Selling, general and administrative	16,176		15,311		31,397		28,720
Total stock-based compensation expense	$	25,354	$	24,900	$	44,467	$	41,561

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Stock options	$	1,524	$	1,877	$	3,262	$	4,084
Restricted stock units	22,164		19,757		37,598		32,364
Performance stock units	1,097		1,872		1,824		2,666
Employee stock purchase plan	569		1,394		1,783		2,447
Total stock-based compensation expense	$	25,354	$	24,900	$	44,467	$	41,561

During the six months ended June 30, 2024, we granted 0.1 million stock options with a weighted-average exercise price of $22.46 per share and a weighted-average grant date fair value of $9.79 per share. Stock options granted during the six months ended June 30, 2024 have vesting conditions and contractual lives of a similar nature to those described in “Note 8. Stockholders’ Equity” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2023 Form 10-K. As of June 30, 2024, there were 7.2 million stock options outstanding and $6.8 million of related unrecognized compensation expense.

In February 2024, we awarded to certain employees an aggregate of 1.3 million RSUs (the target number) that are subject to a total shareholder return (TSR) market condition (the 2024 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 30, 2023 through January 1, 2027. Depending on the results relative to the TSR market condition, the holders of the 2024 TSR-based RSUs may earn up to 175% of the target number of shares. 50% of the shares earned pursuant to the 2024 TSR-based RSU awards will vest shortly after the end of the performance period, and the remainder will vest approximately one year later, subject to an employee’s continuous service. These 2024 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 1, 2027.

We used a Monte Carlo simulation model and the following weighted-average assumptions to determine the weighted-average grant date fair value of $20.19 per share for the 2024 TSR-based RSUs:


Fair value of Exelixis common stock on grant date	$	21.71
Expected volatility	36.68		%
Risk-free interest rate	4.42		%
Dividend yield	—		%

The Monte Carlo simulation model assumed correlations of returns of the stock prices of Exelixis 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 awards.

During the six months ended June 30, 2024, we granted 3.2 million service-based RSUs with a weighted- average grant date fair value of $21.91 per share. As of June 30, 2024, there were 14.0 million RSUs outstanding, including RSUs that

are subject to a TSR market condition, and $203.1 million of related unrecognized compensation expense. Service-based RSUs granted to employees during the six months ended June 30, 2024 have vesting conditions and contractual lives of a similar nature to those described in “Note 8. Stockholders’ Equity” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2023 Form 10-K.

As of June 30, 2024, there were 2.5 million PSUs outstanding, of which 0.9 million PSUs relate to awards for which we either achieved the performance goal or determined that attainment of the performance goal was probable. Expense recognition for PSUs commences when it is determined that attainment of the performance goal is probable. As of June 30, 2024, the remaining unrecognized stock-based compensation expense for the PSUs that were either achieved or deemed probable of achievement was $2.3 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 $37.7 million. For more information about our PSUs, see “Note 8. Stockholders’ Equity” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2023 Form 10-K.

Common Stock Repurchases

In January 2024, our Board of Directors authorized a stock repurchase program to acquire up to $450.0 million of our outstanding common stock before the end of 2024. As of June 30, 2024, we completed the repurchase of 20.3 million shares of common stock for an aggregate purchase price of $450.0 million pursuant to our stock repurchase program.

In August 2024, our Board of Directors authorized a stock repurchase program to acquire up to $500.0 million of our outstanding common stock before the end of 2025. Stock repurchases under this program may be made from time to time through a variety of methods, which may include open market purchases, in block trades, 10b5-1 trading plans, accelerated share repurchase transactions, exchange transactions, or any combination of such methods. 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. 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.

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		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
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)	8,788	13,757	8,840	14,674

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	May 30, 2024	Feb. 29, 2024	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Aug. 06, 2024	Jan. 31, 2024
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)					100,000
Options granted in the period (in dollars per share)					$ 22.46
Options, weighted-average grant date fair value (in dollars per share)					$ 9.79
Options outstanding (in shares)			7,200,000		7,200,000
Options, unrecognized compensation expense			$ 6,800		$ 6,800
Repurchases of common stock			$ 261,684	$ 127,814	$ 454,225	$ 127,814
January 2024 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount								$ 450,000
Repurchases of common stock (in shares)					20,300,000
Repurchases of common stock					$ 450,000
August 2024 Repurchase Program \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount							$ 500,000
TSR-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)		1,300,000
Maximum potential to vest		175.00%
Weighted average grant date fair value, awarded (in dollars per share)					$ 20.19
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
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)					3,200,000
Weighted average grant date fair value, awarded (in dollars per share)					$ 21.91
Number of awards outstanding (in shares)			14,000,000		14,000,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount			$ 203,100		$ 203,100
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards outstanding (in shares)			2,500,000		2,500,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount			$ 2,300		$ 2,300
Performance Shares, Target Achieved Or Probable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards outstanding (in shares)			900,000		900,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount			$ 37,700		$ 37,700
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)			23,700,000		23,700,000
Amended And Restated 2000 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)			7,200,000		7,200,000
Increase in share reserve under 2000 ESPP plan (in shares)	6,000,000

Organization and Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 28, 2024 product segment
Organization And Summary Of Significant Policies [Line Items]
Number of business segments \| segment	1
Resulting From Discovery Efforts
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace	4
Products Derived From Other Compounds
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace	2

Collaboration Agreements And Business Development Activities - Research Collaborations and In-Licensing Arrangements Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Asset Acquisition [Line Items]
Research and development	$ 211,147	$ 232,570	$ 438,836	$ 466,816
Research Collaborations, In-Licensing Arrangements and Other Business Development Activities
Asset Acquisition [Line Items]
Research and development	5,800		28,600
Collaborative arrangement, maximum aggregate development milestone payments	509,600		509,600
Collaborative arrangement, maximum aggregate regulatory milestone payments	365,300		365,300
Collaborative arrangement, rights and obligations, maximum aggregate commercial milestone payments	$ 2,500,000		$ 2,500,000

Net Income Per Share (Tables)

6 Months Ended

Jun. 28, 2024

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	226,116	$	81,178	$	263,433	$	121,206
Denominator:
Weighted-average common shares outstanding — basic	289,216		324,205		294,986		324,312
Dilutive securities	4,758		3,100		4,766		2,480
Weighted-average common shares outstanding — diluted	293,974		327,305		299,752		326,792

Net income per share — basic	$	0.78	$	0.25	$	0.89	$	0.37
Net income per share — diluted	$	0.77	$	0.25	$	0.88	$	0.37

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 June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Anti-dilutive securities and contingently issuable shares excluded	8,788	13,757	8,840	14,674

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Net income	$ 263,433	$ 121,206
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	13,707	12,895
Stock-based compensation	44,467	41,561
Non-cash lease expense	13,943	13,980
Acquired in-process research and development technology	20,250	37,500
Other, net	7,924	(8,176)
Changes in operating assets and liabilities:
Trade receivables, net	(159,217)	(18,317)
Inventory	3,075	(12,815)
Prepaid expenses and other assets	33,660	8,548
Accrued collaboration liabilities	(2,350)	3,272
Accounts payable and other liabilities	(50,522)	5,732
Net cash provided by operating activities	188,370	205,386
Cash flows from investing activities:
Purchases of property, equipment and other, net	(16,261)	(17,961)
Acquired in-process research and development technology	(26,750)	(38,000)
Purchases of investments	(247,154)	(641,328)
Proceeds from maturities and sales of investments	483,730	573,912
Net cash provided by (used in) investing activities	193,565	(123,377)
Cash flows from financing activities:
Payments for repurchases of common stock	(449,694)	(124,239)
Proceeds from issuance of common stock under the equity incentive plan and stock purchase plan	23,238	17,422
Taxes paid related to net share settlement of equity awards	(20,014)	(13,389)
Net cash used in financing activities	(446,470)	(120,206)
Net decrease in cash and cash equivalents	(64,535)	(38,197)
Cash and cash equivalents at beginning of period	262,994	502,677
Cash and cash equivalents at end of period	198,459	464,480
Non-cash operating activities:
Right-of-use assets obtained in exchange for lease obligations	$ 15,313	$ 13,584

Revenues - Revenues Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 637,178	$ 469,848	$ 1,062,404	$ 878,636
U.S.
Disaggregation of Revenue [Line Items]
Total revenues	440,476	416,043	822,413	783,484
Europe
Disaggregation of Revenue [Line Items]
Total revenues	190,559	36,731	226,262	70,265
Japan
Disaggregation of Revenue [Line Items]
Total revenues	$ 6,143	$ 17,074	$ 13,729	$ 24,887

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Net Income Per Share

6 Months Ended

Jun. 28, 2024

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	226,116	$	81,178	$	263,433	$	121,206
Denominator:
Weighted-average common shares outstanding — basic	289,216		324,205		294,986		324,312
Dilutive securities	4,758		3,100		4,766		2,480
Weighted-average common shares outstanding — diluted	293,974		327,305		299,752		326,792

Net income per share — basic	$	0.78	$	0.25	$	0.89	$	0.37
Net income per share — diluted	$	0.77	$	0.25	$	0.88	$	0.37

Basic net income per share is computed using the weighted-average number of common shares outstanding during the periods. The diluted net income per share is computed using the weighted-average number of shares and dilutive potential common shares outstanding during the periods. Dilutive shares outstanding includes the dilutive effect of in-the-money options, unvested RSUs (including TSR-based RSUs), unvested PSUs when the performance condition is met and ESPP contributions. The dilutive effect of such equity awards is calculated based on the average share price for each fiscal period using the treasury stock method.

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 June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Anti-dilutive securities and contingently issuable shares excluded	8,788	13,757	8,840	14,674

Restructuring - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Restructuring - Narrative (Details) $ in Thousands	Jun. 28, 2024 USD ($) lease	Jun. 30, 2023 USD ($)	Jun. 28, 2024 USD ($) lease	Jun. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 475	$ 0	$ 33,310	$ 0
2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs	33,546		33,546
Restructuring expenses	$ 500		$ 33,300
2024 Restructuring Plan \| Lease Termination
Restructuring Cost and Reserve [Line Items]
Number of leases \| lease	2		2

- 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

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	$ 1,277,127	$ 1,497,423
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,277,127	1,497,423
Total financial assets carried at fair value	1,434,304	1,724,019
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	116,234	154,287
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,277,127	1,497,423
Total financial assets carried at fair value	1,318,070	1,569,732
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	189,302	214,016
Commercial paper \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	189,302	214,016
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	189,302	214,016
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	762,090	868,245
Corporate bonds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	762,090	868,245
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	762,090	868,245
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	317,870	407,321
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	317,870	407,321
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	317,870	407,321
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	7,865	7,841
Municipal bonds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	7,865	7,841
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	7,865	7,841
Money market funds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	116,234	154,287
Money market funds \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	116,234	154,287
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	40,943	72,309
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	$ 40,943	$ 72,309

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Takeda (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 637,178	$ 469,848	$ 1,062,404	$ 878,636
Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	5,272	16,104	11,167	22,327
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	194,986	52,747	239,662	91,039
License revenues \| Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	3,294	11,362	6,004	14,211
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	4,611	7,455	6,638	14,551
Collaboration services revenues \| Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 1,978	$ 4,742	$ 5,163	$ 8,116

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Stockholders’ Equity (Tables)

6 Months Ended

Jun. 28, 2024

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 Amended ESPP as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Research and development	$	9,178	$	9,589	$	13,070	$	12,841
Selling, general and administrative	16,176		15,311		31,397		28,720
Total stock-based compensation expense	$	25,354	$	24,900	$	44,467	$	41,561

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Stock options	$	1,524	$	1,877	$	3,262	$	4,084
Restricted stock units	22,164		19,757		37,598		32,364
Performance stock units	1,097		1,872		1,824		2,666
Employee stock purchase plan	569		1,394		1,783		2,447
Total stock-based compensation expense	$	25,354	$	24,900	$	44,467	$	41,561

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

We used a Monte Carlo simulation model and the following weighted-average assumptions to determine the weighted-average grant date fair value of $20.19 per share for the 2024 TSR-based RSUs:


Fair value of Exelixis common stock on grant date	$	21.71
Expected volatility	36.68		%
Risk-free interest rate	4.42		%
Dividend yield	—		%

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 637,178	$ 469,848	$ 1,062,404	$ 878,636
Operating expenses:
Cost of goods sold	17,667	17,705	38,923	32,020
Research and development	211,147	232,570	438,836	466,816
Selling, general and administrative	132,015	141,723	245,999	273,120
Restructuring	475	0	33,310	0
Total operating expenses	361,304	391,998	757,068	771,956
Income from operations	275,874	77,850	305,336	106,680
Interest income	17,258	22,541	37,152	42,043
Other expense, net	(287)	(5)	(376)	(59)
Income before income taxes	292,845	100,386	342,112	148,664
Provision for income taxes	66,729	19,208	78,679	27,458
Net income	$ 226,116	$ 81,178	$ 263,433	$ 121,206
Net income per share:
Basic (in dollars per share)	$ 0.78	$ 0.25	$ 0.89	$ 0.37
Diluted (in dollars per share)	$ 0.77	$ 0.25	$ 0.88	$ 0.37
Weighted-average common shares outstanding:
Basic (in shares)	289,216	324,205	294,986	324,312
Diluted (in shares)	293,974	327,305	299,752	326,792
Net product revenues
Revenues:
Total revenues	$ 437,581	$ 409,646	$ 816,104	$ 773,046
License revenues
Revenues:
Total revenues	194,986	52,747	239,662	91,039
Collaboration services revenues
Revenues:
Total revenues	$ 4,611	$ 7,455	$ 6,638	$ 14,551

Cash and Investments - Narrative (Details)	Jun. 28, 2024 USD ($) investment	Dec. 29, 2023 USD ($) investment
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 11,100,000	$ 13,100,000
Number of investments in an unrealized loss position \| investment	286	230
Allowance for credit losses	$ 0

Stockholders’ Equity - Schedule of Employee Service Share - Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 25,354	$ 24,900	$ 44,467	$ 41,561
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,524	1,877	3,262	4,084
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	22,164	19,757	37,598	32,364
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,097	1,872	1,824	2,666
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 569	$ 1,394	$ 1,783	$ 2,447

- 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

Inventory (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Inventory [Line Items]
Raw materials	$ 2,912	$ 7,313
Work in process	58,468	59,422
Finished goods	12,319	9,581
Total	73,699	76,316
Current portion included in inventory
Inventory [Line Items]
Total	20,614	17,323
Non-current portion included in other non-current assets
Inventory [Line Items]
Total	$ 53,085	$ 58,993