0000939767-25-000019 | 10-K | XBRL Viewer

Cash and Marketable Securities (Tables)

12 Months Ended

Jan. 03, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments by Security Type

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


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	172,891	$	—	$	—	$	172,891
Corporate bonds	1,012,035		1,498		(2,167)		1,011,366
U.S. Treasury and government-sponsored enterprises	339,126		226		(959)		338,393
Municipal bonds	2,990		11		—		3,001
Total debt securities available-for-sale	1,527,042		1,735		(3,126)		1,525,651

Money market funds	145,690		—		—		145,690
Certificates of deposit	77,226		—		—		77,226
Total cash, cash equivalents and marketable securities	$	1,749,958	$	1,735	$	(3,126)	$	1,748,567


	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 marketable securities	$	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):


	December 31, 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	$	370,065	$	(1,630)	$	160,887	$	(537)	$	530,952	$	(2,167)
U.S. Treasury and government-sponsored enterprises	125,224		(755)		56,984		(204)		182,208		(959)
Total	$	495,289	$	(2,385)	$	217,871	$	(741)	$	713,160	$	(3,126)


	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):


	December 31,
	2024		2023
Maturing in one year or less	$	888,360	$	768,706
Maturing after one year through five years	637,291		728,717
Total debt securities available-for-sale	$	1,525,651	$	1,497,423

Segment Reporting - Segment and Consolidated Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 2,168,701	$ 1,830,208	$ 1,611,062
Less:
Cost of goods sold	76,216	72,547	57,909
Interest income	(77,156)	(86,543)	(33,065)
Provision for income taxes	160,373	49,756	52,070
Net income	521,267	207,765	182,282
Reportable Segment
Segment Reporting Information [Line Items]
Revenues	2,168,701	1,830,208	1,611,062
Less:
Cost of goods sold	76,216	72,547	57,909
Drug discovery	94,842	215,085	249,713
Development	665,847	669,240	521,622
Selling, general and administrative	428,962	470,680	397,632
Other segment items	298,350	231,678	182,899
Interest income	(77,156)	(86,543)	(33,065)
Provision for income taxes	160,373	49,756	52,070
Net income	$ 521,267	$ 207,765	$ 182,282

Collaboration Agreements And Business Development Activities

12 Months Ended

Jan. 03, 2025

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.

Under these collaborations, we are generally entitled to receive milestone and royalty payments, and for certain collaborations, to receive payments for product supply services, development cost reimbursements, and/or profit-sharing payments. See “Note 3. Revenues” for additional information on revenues recognized under our collaboration agreements during the years ended December 31, 2024, 2023 and 2022.

Cabozantinib Commercial Collaborations

Ipsen Collaboration

Description of the 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.

In the second quarter of fiscal year 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 pNET) or advanced 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 year ended December 31, 2024 includes a cumulative catch-up for Ipsen’s share of global development costs incurred since the beginning of the study and through the opt-in date.

Unless earlier terminated, the collaboration agreement has a term that continues, on a product-by-product and country-by-country basis, until the latter of (1) the expiration of patent claims related to cabozantinib, (2) the expiration of regulatory exclusivity covering cabozantinib or (3) ten years after the first commercial sale of cabozantinib, other than COMETRIQ. A related supply agreement will continue in effect until expiration or termination of the collaboration agreement. The collaboration agreement may be terminated for cause by either party based on uncured material breach of either the collaboration agreement or the supply agreement by the other party, bankruptcy of the other party or for safety reasons. We may terminate the collaboration agreement if Ipsen challenges or opposes any patent covered by the collaboration agreement. Ipsen may terminate the collaboration agreement if the FDA or European Medicines Agency (EMA) orders or requires substantially all cabozantinib clinical trials to be terminated. Ipsen also has the right to terminate the collaboration agreement on a region-by-region basis after the first commercial sale of cabozantinib in advanced RCC in the given region. Upon termination by either party, all licenses granted by us to Ipsen will automatically terminate, and,

except in the event of a termination by Ipsen for our material breach, the licenses granted by Ipsen to us shall survive such termination and shall automatically become worldwide, or, if Ipsen were to terminate only for a particular region, then for the terminated region. Following termination by us for Ipsen’s material breach, or termination by Ipsen without cause or because we undergo a change of control by a party engaged in a competing program, Ipsen is prohibited from competing with us for a period of time.

Consideration under the Collaboration

In consideration for the exclusive license and other rights contained in the collaboration agreement, including commercialization rights in Canada, we received aggregate upfront payments of $210.0 million from Ipsen in 2016. As of December 31, 2024, we have achieved aggregate milestones of $654.2 million related to regulatory, development and sales-based threshold by Ipsen since the inception of the collaboration agreement, including $164.7 million and $27.0 million in milestones achieved during the years ended December 31, 2024 and 2022, respectively.

As of December 31, 2024, we are eligible to receive additional regulatory and development milestone payments from Ipsen totaling an aggregate of $7.0 million as well as sales-based milestones of up to $200.0 million and CAD$23.5 million. We excluded these milestones from the transaction price as of December 31, 2024 because we determined such payments to be fully constrained under Topic 606 due to the fact that it was not probable that a significant reversal of cumulative revenue would not occur, given the inherent uncertainty of success with these milestones. We will adjust the constraint applied to the variable consideration at each reporting period as uncertain events are resolved or other changes in circumstances occur. See “—Performance Obligations and Transaction Prices for our Ipsen and Takeda Collaborations”, below, for additional information related to the revenue recognition for this collaboration.

We also receive royalty revenues on the net sales of cabozantinib by Ipsen outside of the U.S. and Japan. During the year ended December 31, 2024 and going forward, we are entitled to receive a tiered royalty of 22% to 26% on annual net sales, with separate tiers for Canada; these royalty tiers reset each calendar year.

Any variable consideration related to royalties and sales-based milestones will be recognized when the related sales occur as these amounts have been determined to relate to the relevant transferred license and therefore are recognized as the related sales occur.

We are required to pay a 3% royalty on all net sales of any product containing cabozantinib, including net sales by Ipsen.

We are responsible for funding cabozantinib-related development costs for those trials in existence at the time we entered into the collaboration agreement with Ipsen; global development costs for additional trials are shared between the parties, with Ipsen reimbursing us for 35% of such costs, provided Ipsen chooses to opt into such trials. Ipsen has opted into and is co-funding certain clinical trials, including: CheckMate -9ER, COSMIC-021, COSMIC-311, COSMIC-312, CONTACT-01, CONTACT-02 and CABINET.

We remain responsible for manufacturing and supply of cabozantinib for all development and commercialization activities under the collaboration agreement. Relatedly, we entered into a supply agreement with Ipsen to supply finished, labeled drug product to Ipsen for distribution in the territories outside of the U.S. and Japan for the term of the collaboration agreement as well as a quality agreement that provides respective quality responsibilities for the aforementioned supply. The product is supplied at our cost, as defined in the agreement. This agreement also requires us to maintain the global safety database for cabozantinib. To meet our obligations to regulatory authorities for the reporting of safety data from territories outside of U.S. and Japan from sources other than our sponsored global clinical development trials, we rely on data collected and reported to us by Japan.

Revenues from the Collaboration

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


	Year Ended December 31,
	2024		2023		2022
License revenues	$	317,026	$	135,818	$	133,732
Collaboration services revenues	1,607		9,151		34,860
Total collaboration revenues	$	318,633	$	144,969	$	168,592

During the year ended December 31, 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 and $2.2 million in license revenues for a commercial milestone from Ipsen upon its achievement of CAD$30.0 million in cumulative net sales of cabozantinib over four consecutive quarters in Canada. In addition, we recognized $10.8 million in license revenues and $0.6 million in collaboration services revenues, in connection with a $12.5 million regulatory milestone upon submission of a variation application to the EMA for evaluating cabozantinib versus placebo in patients with either advanced pNET or advanced epNET who experienced progression after prior systemic therapy.

As of December 31, 2024, $25.8 million of the transaction price was allocated to our research and development services performance obligation that has not yet been satisfied.

Takeda Collaboration

Description of the Collaboration

In January 2017, we entered into a collaboration and license agreement with Takeda, which was subsequently amended, to, among other things, modify the amount of reimbursements we receive, for costs associated with our required pharmacovigilance activities and milestones we are eligible to receive, as well as modify certain cost-sharing obligations related to the Japan-specific development costs associated with CONTACT-01 and CONTACT-02.

Takeda is responsible for a portion of the costs associated with the cabozantinib development plan’s current and future trials, provided Takeda opts into such trials, and 100% of costs associated with the cabozantinib development activities that are exclusively for the benefit of Japan. Takeda has opted into and is co-funding CheckMate -9ER, certain cohorts of COSMIC-021, CONTACT-01 and CONTACT-02. Under the collaboration agreement, as amended, Takeda has 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.

Unless earlier terminated, the collaboration agreement has a term that continues, on a product-by-product basis, until the earlier of (1) two years after first generic entry with respect to such product in Japan or (2) the later of (A) the expiration of patent claims related to cabozantinib and (B) the expiration of regulatory exclusivity covering cabozantinib in Japan. The collaboration agreement may be terminated for cause by either party based on uncured material breach by the other party, bankruptcy of the other party or for safety reasons. We may terminate the agreement if Takeda challenges or opposes any patent covered by the collaboration agreement. After the commercial launch of cabozantinib in Japan, Takeda may terminate the collaboration agreement upon twelve months’ prior written notice following the third anniversary of the first commercial sale of cabozantinib in Japan. Upon termination by either party, all licenses granted by us to Takeda will automatically terminate, and the licenses granted by Takeda to us shall survive such termination and shall automatically become worldwide.

Consideration under the Collaboration

In consideration for the exclusive license and other rights contained in the collaboration agreement, we received an upfront payment of $50.0 million from Takeda in 2017. As of December 31, 2024, we have also achieved regulatory, development and commercial milestones in the aggregate of $138.0 million since the inception of the collaboration agreement, including $11.0 million in milestones achieved during the year ended December 31, 2023.

Under the collaboration agreement, as amended, we are eligible to receive additional regulatory and development milestone payments, without contractual limit, for additional potential future indications. We are further eligible to receive commercial milestones, including milestone payments earned for the first commercial sale of a product, of $108.0 million. We excluded these milestones from the transaction price as of December 31, 2024 because we determined such payments to be fully constrained under Topic 606 due to the fact that it was not probable that a significant reversal of cumulative revenue would not occur, given the inherent uncertainty of success with these milestones. We will adjust the constraint applied to the variable consideration at each reporting period as uncertain events are resolved or other changes in circumstances occur.

We also receive royalty revenues on the net sales of cabozantinib in Japan. We are entitled to receive a tiered royalty of 15% to 24% on the initial $300.0 million of net sales, and following this initial $300.0 million of net sales, we are then entitled to receive a tiered royalty of 20% to 30% on annual net sales thereafter; these 20% to 30% royalty tiers reset each calendar year. Any variable consideration related to royalties and sales-based milestones will be recognized when the related sales occur as these amounts have been determined to relate to the relevant transferred license and therefore are recognized as the related sales occur.

We are required to pay a 3% royalty on all net sales of any product containing cabozantinib, including net sales by Takeda.

Under the collaboration agreement, we are responsible for the manufacturing and supply of cabozantinib for all development and commercialization activities under the collaboration agreement. Relatedly, we entered into a clinical supply agreement covering the supply of cabozantinib to Takeda for the term of the collaboration agreement, as well as a quality agreement that provides respective quality responsibilities for the aforementioned supply. Furthermore, at the time we entered into the collaboration agreement, the parties also entered into a safety data exchange agreement, which defines each partner’s responsibility for safety reporting. This agreement also requires us to maintain the global safety database for cabozantinib. To meet our obligations to regulatory authorities for the reporting of safety data from Japan from sources other than our sponsored global clinical development trials, we rely on data collected and reported to us by Takeda.

Revenues from the Collaboration

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


	Year Ended December 31,
	2024		2023		2022
License revenues	$	12,915	$	20,671	$	11,335
Collaboration services revenues	8,455		13,543		12,903
Total collaboration revenues	$	21,370	$	34,214	$	24,238

As of December 31, 2024, $14.7 million of the transaction price was allocated to our research and development services performance obligations that have not yet been satisfied.

Performance Obligations and Transaction Prices for our Ipsen and Takeda Collaborations

There is one remaining performance obligation for the Ipsen collaboration agreement: the research and development services, which includes certain committed studies for the development of cabozantinib, pharmacovigilance services and participation on various joint committees (as defined in the specific collaboration agreements). As part of the original contract, we also had a performance obligation associated with exclusive license for the commercialization and further development of cabozantinib, which was transferred in 2016.

There are two remaining performance obligations for the Takeda collaboration agreement: (1) the research and development services, which includes certain committed studies for the development of cabozantinib, pharmacovigilance services and participation on various joint committees (as defined in the specific collaboration agreements) and (2) the research and development services associated with CONTACT-01, CONTACT-02, and certain cohorts of COSMIC-021 studies. As part of the original contract, we had a performance obligation associated with the exclusive license for the commercialization and further development of cabozantinib, which was transferred in 2017.

We have allocated the transaction price for each of these collaborations to the originally identified performance obligations based on our best estimate of their relative standalone selling price. For the licenses, the estimate of the relative standalone selling price was determined using a discounted cash flow valuation utilizing forecasted revenues and costs. For research and development services the estimate of the relative standalone selling price was determined using an adjusted market assessment approach that relies on internal and external costs and market factors.

The portion of the transaction price allocated to our license performance obligation is recorded immediately as our license represents functional intellectual property that was transferred at a point in time. The portion of the transaction price allocated to our research and development services performance obligation is being recognized as revenue using the inputs method based on our internal development projected cost estimates through the current estimated patent expiration of cabozantinib in the European Union for the Ipsen collaboration and Japan for the Takeda collaboration, both of which are early 2030.

We adjust the constraint applied to the variable consideration for the collaboration agreements in each reporting period as uncertain events are resolved or other changes in circumstances occur and we allocate those changes in the transaction price between our performance obligations. During the years ended December 31, 2024, 2023 and 2022, the transaction price of the Ipsen and Takeda collaboration agreements increased as a result of the achievement of various milestones, and the reimbursements of research and development services related to committed and opt-in studies. We further updated the transaction price based upon the actual research and development services performed during the period and changes in our estimated reimbursements for our future research and development services. The portion of the increase in transaction price that was allocated to the previously satisfied performance obligations for the transfer of an intellectual property license was recognized during the period and the portion allocated to research and development services will be recognized in future periods as those services are delivered through early 2030. As of December 31, 2024, variable consideration related to the remaining unearned regulatory and development milestones for both agreements remained constrained due to the fact that it was not probable that a significant reversal of cumulative revenue would not occur.

Cabozantinib Development Collaborations

BMS

In February 2017, we entered into a clinical trial collaboration agreement with BMS for the purpose of exploring the therapeutic potential of cabozantinib in combination with BMS’s immune checkpoint inhibitors (ICIs), nivolumab and/or ipilimumab, to treat a variety of types of cancer. As part of the collaboration, we are evaluating the triplet combination of cabozantinib, nivolumab and ipilimumab as a treatment option for RCC in the COSMIC-313 trial. Under the collaboration agreement with BMS, we may also evaluate these combinations in other phase 3 pivotal trials in various other tumor types.

Under the collaboration agreement with BMS, as amended, each party granted to the other a non-exclusive, worldwide (within the collaboration territory as defined in the collaboration agreement and its supplemental agreements), non-transferable, royalty-free license to use the other party’s compounds in the conduct of each clinical trial. The parties’ efforts are governed through a joint development committee established to guide and oversee the collaboration’s operation. Each trial is conducted under a combination IND application, unless otherwise required by a regulatory authority. Each party is responsible for supplying finished drug product for the applicable clinical trial, and responsibility for the payment of costs for each such trial will be determined on a trial-by-trial basis. Unless earlier terminated, the collaboration agreement will remain in effect until the completion of all clinical trials under the collaboration, all related trial data has been delivered to both parties and the completion of any then agreed upon analysis. The collaboration agreement may be terminated for cause by either party based on uncured material breach by the other party, bankruptcy of the other party or for safety reasons. Upon termination by either party, the licenses granted to each party to conduct a combined therapy trial will terminate.

F. Hoffmann-La Roche Ltd. (Roche) Collaboration

In February 2017, we entered into a master clinical supply agreement with Roche for the purpose of evaluating cabozantinib and Roche’s ICI, atezolizumab, in locally advanced or metastatic solid tumors. Under this agreement with Roche, in June 2017, we initiated COSMIC-021, a phase 1b dose escalation study that is evaluating the safety and tolerability of cabozantinib in combination with Roche’s atezolizumab in patients with locally advanced or metastatic solid tumors, and in December 2018, we initiated COSMIC-312, a multicenter, randomized, controlled phase 3 pivotal trial evaluating cabozantinib in combination with atezolizumab versus sorafenib in previously untreated advanced HCC. We are the sponsor of both trials, and Roche is providing atezolizumab free of charge.

In December 2019, we entered into a joint clinical research agreement with Roche for the purpose of further evaluating the combination of cabozantinib with atezolizumab in patients with locally advanced or metastatic solid tumors, including in the phase 3 pivotal clinical trials in advanced non-small cell lung cancer (CONTACT-01), metastatic castration-resistant prostate cancer (CONTACT-02) and RCC (CONTACT-03). If a party to the joint clinical research agreement proposes any additional combined therapy trials beyond these phase 3 pivotal trials, the joint clinical research agreement provides that such proposing party must notify the other party and that if agreed to, any such additional combined therapy trial will become part of the collaboration, or if not agreed to, the proposing party may conduct such additional combined therapy trial independently, subject to specified restrictions set forth in the joint clinical research agreement.

In July 2020, a supplement to the joint clinical research agreement was signed amongst us, Roche and Takeda due to Takeda opting into fund the combined therapy trial of CONTACT-01 sponsored by Roche. Chugai was added as an affiliate of Roche. All parties including Chugai conduct combined therapy trials in Japan upon the terms of the joint clinical research agreement.

Under the joint clinical research agreement, each party granted to the other a non-exclusive, worldwide (excluding, in our case, territory already the subject of a license by us to Takeda), non-transferable, royalty-free license, with a right to sublicense (subject to limitations), to use the other party’s intellectual property and compounds solely as necessary for the party to perform its obligations under the joint clinical research agreement. The parties’ efforts will be governed through a joint steering committee established to guide and oversee the collaboration and the conduct of the combined therapy trials. Each party will be responsible for providing clinical supply of their drug for all combined therapy trials, and the cost of the supply will be borne by such party. The clinical trial expenses for each combined therapy trial agreed to be conducted jointly under the joint clinical research agreement will be shared equally between the parties, and the clinical trial expenses for each additional combined therapy trial not agreed to be conducted jointly under the joint clinical research agreement will be borne by the proposing party, except that the cost of clinical supply for all combined therapy trials will be borne by the party that owns the applicable product.

We determined the contract is within the scope of Topic 808 as it involves joint operating activities where both parties have active participation in the arrangement and are exposed to significant risks and rewards. Payments between us and Roche under this arrangement are not subject to other accounting literature. Payments due to Roche for our share of clinical trial costs incurred by Roche will be recorded as research and development expense and payments due from Roche for their share of clinical trial costs incurred by us will be recorded as a reduction of research and development expense.

Unless earlier terminated, the joint clinical research agreement provides that it will remain in effect until the completion of all combined therapy trials under the collaboration, the delivery of all related trial data to both parties, and the completion of any then agreed-upon additional analyses. The joint clinical research agreement may be terminated for cause by either party based on any uncured material breach by the other party, bankruptcy of the other party or for safety reasons. Upon termination by either party, the licenses granted to each party will terminate upon completion of any ongoing activities under the joint clinical research agreement.

Royalty Pharma

In October 2002, we established a product development and commercialization collaboration agreement with GlaxoSmithKline (GSK), that required us to pay a 3% royalty to GSK on the worldwide net sales of any product 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 $75.5 million, $68.0 million and $58.2 million during the years ended December 31, 2024, 2023 and 2022, respectively.

Other Collaborations

Genentech Collaboration

We have out-licensed to Genentech under a worldwide collaboration agreement, the development and commercialization of cobimetinib, under the brand name COTELLIC. The terms of the collaboration agreement require that we share in the profits and losses received or incurred in connection with the commercialization of COTELLIC in the U.S. In

addition to our profit share in the U.S., we are entitled to low double-digit royalties on net sales of COTELLIC outside the U.S.

During the years ended December 31, 2024, 2023 and 2022, we recognized $13.6 million, $16.9 million and $12.5 million, in revenues from profits and losses on U.S commercialization and royalties on ex-U.S. sales under the collaboration agreement with Genentech and are included within license revenues on our Consolidated Statements of Income.

Merck Collaboration

In October 2024, we entered into a clinical development collaboration with MSD International Business GmbH, known as Merck within the United States and Canada (Merck), to evaluate zanzalintinib in combination with KEYTRUDA® (pembrolizumab) in SCCHN through our ongoing STELLAR-305 phase 3 pivotal trial, as well as in combination with WELIREG® (belzutifan), Merck’s oral hypoxia-inducible factor-2α inhibitor, in a phase 1/2 trial and two phase 3 pivotal trials for the treatment of patients with renal cell carcinoma. Under the terms of the collaboration, Merck will supply KEYTRUDA for our ongoing phase 3 STELLAR-305 trial in SCCHN. In addition, Merck will sponsor a phase 1/2 trial and two phase 3 pivotal trials in RCC; Merck will fund one of these phase 3 studies, and we will co-fund the phase 1/2 trial and the other phase 3 study, as well as supply zanzalintinib and cabozantinib. We maintain all global commercial and marketing rights to zanzalintinib. We determined the contract is within the scope of Topic 808 as it involves joint operating activities where both parties have active participation in the arrangement and are exposed to significant risks and rewards. Payments between us and Merck under this arrangement are not subject to other accounting literature. Payments due to Merck for our share of clinical trial costs incurred by Merck will be recorded as research and development expenses within the Consolidated Statements of Income.

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 or acquire the intellectual property developed under the research collaborations for further discovery and development. When we decide to exercise the options, we are required to pay an exercise fee and then assume the responsibilities for all subsequent development, manufacturing and commercialization.

As part of the 2024 Restructuring Plan (as defined below), 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 13. Restructuring” for additional information. During the year ended December 31, 2024, we also discontinued certain programs including the development of in-process research and development technology assets acquired from GamaMabs Pharma SA, and we terminated a separate license agreement with Catalent, previously entered into in November 2022, for three target programs.

During the years ended December 31, 2024, 2023 and 2022, we recognized $69.2 million, $173.0 million and $203.9 million, respectively, within research and development expenses on the Consolidated Statements of Income, primarily related to upfront payments for the purchase or in-licensing of intellectual property, research and development funding and development milestone payments related to costs of intellectual property that have not yet reached technological feasibility and other fees.

As of December 31, 2024, in conjunction with these collaborative in-licensing arrangements and asset purchase agreements, we are subject to potential future development milestone payments of up to $441.5 million, regulatory milestone payments of up to $278.0 million, and commercial milestone payments of up to $2.4 billion, each in the aggregate per product or target, as well as royalties on future net sales of products.

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Jan. 03, 2025	Feb. 03, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 03, 2025
Current Fiscal Year End Date	--01-03
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4.8
Entity Common Stock, Shares Outstanding (in shares)		279,881,450
Documents Incorporated by Reference	Certain portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A, not later than May 3, 2025, in connection with the registrant’s 2025 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0000939767

Provision For Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Income Tax Examination [Line Items]
Valuation allowance	$ 86,029	$ 83,001
Valuation allowance increase (decrease)	(3,000)	(5,800)
Unrecognized tax benefits	127,500	$ 115,766	$ 87,706	$ 83,583
Unrecognized tax benefits that would reduce income tax provision and effective tax rate	61,500
Unrecognized tax benefits interest and penalties accrued	8,100
Decrease in unrecognized tax benefits	10,700
State and Local Jurisdiction
Income Tax Examination [Line Items]
Net operating loss carryforwards	407,000
State and Local Jurisdiction \| Research Tax Credit Carryforward
Income Tax Examination [Line Items]
Research and development tax credits	$ 55,000

Stockholders’ Equity - Weighted Average Grant Date Fair Value (Details) - $ / shares	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant-date fair value (in dollars per share)	$ 9.79	$ 9.45	$ 8.36
Employee stock purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant-date fair value (in dollars per share)	$ 6.39	$ 4.67	$ 5.80

- 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

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jan. 03, 2025	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)	281,732,000	302,793,000
Shares outstanding (in shares)	281,732,000	302,793,000

Stockholders’ Equity - Schedule of Allocated Employee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 93,836	$ 106,345	$ 107,574
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	30,670	34,320	45,350
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 63,166	$ 72,025	$ 62,224

Revenues - Revenues Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,168,701	$ 1,830,208	$ 1,611,062
U.S.
Disaggregation of Revenue [Line Items]
Total revenues	1,822,992	1,645,749	1,413,743
Europe
Disaggregation of Revenue [Line Items]
Total revenues	318,633	144,969	168,592
Japan
Disaggregation of Revenue [Line Items]
Total revenues	$ 27,076	$ 39,490	$ 28,727

- 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.

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+ Details

Organization and Summary of Significant Accounting Policies (Details)	12 Months Ended
	Jan. 03, 2025 USD ($) product segment	Dec. 29, 2023 USD ($)	Dec. 30, 2022 USD ($)
Organization And Summary Of Significant Policies [Line Items]
Asset impairment charges	$ 64,400,000	$ 0	$ 0
Number of business segments \| segment	1
Impairment charge on goodwill	$ 0	0	0
Other current liabilities	95,012,000	108,417,000
Current portion included in other current liabilities	$ 25,011,000	25,715,000
Percent discount for prompt payment	2.00%
Discount expected to be earned	100.00%
Collaboration agreement percent of royalty on net sale	3.00%
Advertising expense	$ 43,500,000	40,000,000	$ 41,600,000
Products Derived From Other Compounds
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace \| product	4
Resulting From Discovery Efforts
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace \| product	2
Branded Prescription Drug fee
Organization And Summary Of Significant Policies [Line Items]
Other current liabilities	$ 26,200,000	$ 26,300,000

Cash and Marketable Securities - Narrative (Details)	Jan. 03, 2025 USD ($) investment	Dec. 29, 2023 USD ($) investment
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 14,900,000	$ 13,100,000
Number of investments in an unrealized loss position \| investment	255	230
Allowance for credit losses	$ 0	$ 0

Commitments and Contingencies (Tables)

12 Months Ended

Jan. 03, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Balance Sheet Classification of Lease Liabilities

The balance sheet classification of our operating lease assets and liabilities were as follows (in thousands):


	December 31,
	2024		2023
Assets:
Right-of-use assets included in other non-current assets	$	172,564	$	233,244
Liabilities:
Current portion included in other current liabilities	$	25,011	$	25,715
Non-current portion of operating lease liabilities	190,823		189,944
Total operating lease liabilities	$	215,834	$	215,659

Schedule of Components of Lease Expense

The components of operating lease costs were as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Operating lease cost	$	27,461	$	28,976	$	18,315
Variable lease cost	9,276		7,068		3,098

Total operating lease costs	$	36,737	$	36,044	$	21,413

Schedule of Lease Cash Flow and Other Information Disclosure

Cash paid for operating leases which were included in net cash provided by operating activities in our Consolidated Statements of Cash Flows were as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cash paid for operating leases	$	26,341	$	19,559	$	11,430

The lease term and discount rate for operating leases were as follows:


	December 31,
	2024		2023
Weighted-average remaining lease term (in years)	10.6 years		11.4 years
Weighted-average discount rate	5.3	%	5.3	%

Schedule of Maturities of Operating Lease Liabilities

As of December 31, 2024, the maturities of our operating lease liabilities were as follows (in thousands):


Year Ended December 31,	Amount
2025	$	26,526
2026	28,520
2027	24,301
2028	25,029
2029	25,777
Thereafter	155,585
Total lease payments	285,738
Less:
Imputed interest	(69,904)

Operating lease liabilities	$	215,834

Restructuring (Tables)

12 Months Ended

Jan. 03, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Activities

The restructuring activities and balances as of and for the year ended December 31, 2024, were as follows (in thousands):


			Year Ended December 31, 2024
	Accrued at December 31, 2023		Initial Costs		Adj. to Costs(2)		Non-cash charges		Cash Payments		Accrued at December 31, 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)	—		5,220		(4)		—		(5,216)		—		5,216		5,216
Impairment of long-lived assets	—		12,318		401		(12,719)		—		—		12,719		12,719
Total restructuring	$	—	$	33,194	$	466	$	(12,719)	$	(20,685)	$	256	$	33,660	$	33,660

__________________

(1) Contract termination costs consist of accruals for costs 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 December 31, 2024, all restructuring liabilities have been recorded in accrued compensation and benefits in the accompanying Consolidated Balance Sheets.

Commitments and Contingencies

12 Months Ended

Jan. 03, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Leases

We have operating leases for our corporate headquarters in Alameda, California and in Greater Philadelphia area which includes both office and laboratory space totaling approximately 674,000 square feet with lease terms ending in 2025 through 2037. Certain of our leases include options to renew the lease or to early terminate the lease. As of December 31, 2024, we considered whether these options to renew or early terminate were reasonably certain of exercise in determining the related lease terms.

Impairment of Long-Lived Assets

In connection with our 2024 Restructuring Plan, as discussed in “Note 13. Restructuring”, we exited two leases in

the Greater Philadelphia area pertaining to approximately 40,000 square feet of leased premises and performed an impairment analysis for these asset groups, primarily composed of right-of-use assets, leasehold improvements, and certain property and equipment. We reassessed the lease term for one of the leases in the Greater Philadelphia area and concluded we were reasonably certain to exercise our right to early terminate the lease and reduced our right-of-use asset and lease liability by $3.3 million. In connection with the restructuring plan, we recognized $12.7 million of non-cash impairment charge during the year ended December 31, 2024, to reduce the carrying value of these long-lived assets at their fair value. The impairment charge is presented in restructuring in the accompanying Consolidated Statements of Income.

During fiscal 2024, we evaluated our plans for the Alameda leased facilities and listed certain buildings for sublease. As a result, we determined the related right-of-use assets and leasehold improvements should be evaluated for impairment as separate asset groups. We concluded that these asset groups were not recoverable and we recognized $51.7 million of non-cash impairment charge and reduced the carrying value of our right-of-use assets pertaining to approximately 215,000 square feet of leased premises, reduced the leasehold improvements and certain property and equipment, to their estimated fair value. The estimated fair value was determined using an income approach comprised of projected discounted cash flows that included certain Level 3 inputs, such as sublease income and discount rates. The assumptions associated with sublease income and discount rates are subject to risks and uncertainties and could materially differ from our estimates. The impairment charge is presented in impairment of long-lived assets in the accompanying Consolidated Statements of Income.

The balance sheet classification of our operating lease assets and liabilities were as follows (in thousands):


	December 31,
	2024		2023
Assets:
Right-of-use assets included in other non-current assets	$	172,564	$	233,244
Liabilities:
Current portion included in other current liabilities	$	25,011	$	25,715
Non-current portion of operating lease liabilities	190,823		189,944
Total operating lease liabilities	$	215,834	$	215,659

The components of operating lease costs were as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Operating lease cost	$	27,461	$	28,976	$	18,315
Variable lease cost	9,276		7,068		3,098

Total operating lease costs	$	36,737	$	36,044	$	21,413

Lease costs for leases with initial terms less than 1 year were immaterial for the years ended December 31, 2024, 2023 and 2022, respectively.

Cash paid for operating leases which were included in net cash provided by operating activities in our Consolidated Statements of Cash Flows were as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cash paid for operating leases	$	26,341	$	19,559	$	11,430

The lease term and discount rate for operating leases were as follows:


	December 31,
	2024		2023
Weighted-average remaining lease term (in years)	10.6 years		11.4 years
Weighted-average discount rate	5.3	%	5.3	%

As of December 31, 2024, the maturities of our operating lease liabilities were as follows (in thousands):


Year Ended December 31,	Amount
2025	$	26,526
2026	28,520
2027	24,301
2028	25,029
2029	25,777
Thereafter	155,585
Total lease payments	285,738
Less:
Imputed interest	(69,904)

Operating lease liabilities	$	215,834

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 counterclaim 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. 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. In accordance with these rulings, the Delaware District Court 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 did not impact our separate 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 sought, 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 on October 15, 2024, the Delaware District Court issued a ruling rejecting MSN’s invalidity challenge to each of U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015. The Delaware District Court also ruled that our U.S. Patent No. 11,298,349 is not invalid and that MSN’s proposed ANDA product does not infringe this patent. In accordance with these rulings, the Delaware District Court entered final judgment on October 23, 2024, that, should the FDA ultimately approve MSN’s ANDA, the effective date of any such approval of MSN’s ANDA shall not be a date earlier than January 15, 2030, the expiration date of each of U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015, subject to our potential additional regulatory exclusivity.

On November 22, 2024, MSN noticed an appeal to the Court of Appeals for the Federal Circuit and we noticed a cross-appeal on November 26, 2024. We are currently evaluating next steps with respect to this litigation.

In February 2025, we received another notice letter from MSN regarding its ANDA, requesting FDA approval to market a generic version of CABOMETYX tablets. MSN’s notice letter included a Paragraph IV certification with respect to Orange Book-listed patent U.S. Patent No. 12,128,039 (low impurity), which expires in 2032. We intend to continue to vigorously defend our cabozantinib intellectual property estate.

Teva ANDA Litigation

In May 2021, we received notice letters regarding an ANDA 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 with Teva (the Teva Settlement Agreement) 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 sought, 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.

Sun ANDA Litigation

On September 17, 2024, we received a notice letter regarding an ANDA submitted to the FDA by Sun Pharmaceutical Industries Ltd. (Sun), requesting approval to market a generic version of CABOMETYX tablets. Sun’s 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), 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), which are listed in the Approved Drug Products with Therapeutic Equivalence Evaluations, also referred to as the Orange Book, for CABOMETYX. On October 30,2024 we filed a complaint in the United States District Court for the District of Delaware (the Delaware District Court) for patent infringement against Sun asserting infringement of U.S. Patent Nos. 8,877,776, 11,091,439, 11,091,440, and 11,098,015. On January 22, 2025, Sun filed its response to the complaint, alleging that the asserted claims of U.S. Patent No. 8,877,776, 11,091,439, 11,091,440, and 11,098,015 are invalid and not infringed. Sun also filed counterclaims that, inter alia, seek a declaratory judgment that Sun’s ANDA would not infringe any valid and enforceable claim of U.S. Patent Nos. 8,877,776, 11,091,439, 11,091,440, 11,098,015, 9,724,342, 10,034,873, 10,039,757, and 11,298,349. We have not yet responded to Sun’s counterclaims.

Other

On November 18, 2024, Azurity Pharmaceuticals, Inc. (Azurity) filed a petition seeking inter partes (IPR) review of U.S. Patent No. 11,298,349 at the United States Patent and Trademark Office. The proceeding was accorded a filing date of December 12, 2024 and our preliminary response is due March 12, 2025. On January 9, 2025, Azurity filed a petition seeking IPR review of U.S. Patent No. 12,128,039 at the United States Patent and Trademark Office. The proceeding has not yet been accorded a filing date.

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.

Revenues - Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 84,840	$ 77,231
Provision related to sales made in:
Current period	712,754	647,112
Prior periods	(3,903)	(3,458)
Payments and customer credits issued	(706,048)	(636,045)
Balance at end of period	87,643	84,840
Chargebacks, Discounts for Prompt Payment and Other
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	25,221	26,881
Provision related to sales made in:
Current period	470,103	419,975
Prior periods	(891)	295
Payments and customer credits issued	(469,166)	(421,930)
Balance at end of period	25,267	25,221
Other Customer Credits/Fees and Co-pay Assistance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	19,721	14,924
Provision related to sales made in:
Current period	63,354	56,349
Prior periods	(2,044)	(1,222)
Payments and customer credits issued	(56,086)	(50,330)
Balance at end of period	24,945	19,721
Rebates
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	39,898	35,426
Provision related to sales made in:
Current period	179,297	170,788
Prior periods	(968)	(2,531)
Payments and customer credits issued	(180,796)	(163,785)
Balance at end of period	$ 37,431	$ 39,898

Property and Equipment

12 Months Ended

Jan. 03, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment consisted of the following (in thousands):


	Estimated Useful Lives	December 31,
		2024		2023
Leasehold improvements	up to 15 years	$	108,277	$	89,038
Computer equipment and software	up to 3 years	15,671		19,795
Furniture and fixtures	up to 7 years	22,865		24,919
Laboratory equipment	5 years	70,435		50,904
Construction in progress		2,875		24,465
Total property and equipment		220,123		209,121
Less: accumulated depreciation and amortization		(100,732)		(80,390)
Total property and equipment, net		$	119,391	$	128,731

Depreciation and amortization expense was $28.8 million, $25.7 million and $20.9 million during the years ended December 31, 2024, 2023 and 2022, respectively.

Inventory

12 Months Ended

Jan. 03, 2025

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of the following (in thousands):


	December 31,
	2024		2023
Raw materials	$	2,784	$	7,313
Work in process	60,316		59,422
Finished goods	8,629		9,581
Total	$	71,729	$	76,316

Balance Sheet classification:
Current portion included in inventory	$	22,388	$	17,323
Long-term portion included in other long-term assets	49,341		58,993
Total	$	71,729	$	76,316

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Ipsen (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 2,168,701	$ 1,830,208	$ 1,611,062
Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	318,633	144,969	168,592
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	349,244	178,635	162,056
License revenues \| Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	317,026	135,818	133,732
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	10,062	22,694	47,763
Collaboration services revenues \| Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 1,607	$ 9,151	$ 34,860

- Definition

+ References

+ Details

Provision For Income Taxes - Schedule of Deferred Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Dec. 29, 2023
Deferred tax assets:
Net operating loss and capital loss carryforwards	$ 39,877	$ 29,512
Tax credit carryforwards	39,572	39,640
Depreciation and amortization	349,058	313,679
Stock-based compensation	17,791	24,592
Lease liabilities	49,137	49,971
Accruals and reserves not currently deductible	40,858	30,068
Other assets	9,049	10,730
Total deferred tax assets	545,342	498,192
Valuation allowance	(86,029)	(83,001)
Net deferred tax assets	459,313	415,191
Deferred tax liabilities:
Lease right-of-use assets	(39,286)	(54,046)
Net deferred taxes	$ 420,027	$ 361,145

Stockholders’ Equity - Estimated Grant-Date Fair Value (Details) - $ / shares	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
TSR-Based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value, awarded (in dollars per share)	$ 20.19	$ 26.05
Fair value of Exelixis common stock on grant date (in dollars per share)	$ 21.71	$ 19.48	$ 20.70
Expected volatility	36.68%	40.26%	46.85%
Risk-free interest rate	4.42%	3.75%	1.59%
Dividend yield	0.00%	0.00%	0.00%
Performance stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value, awarded (in dollars per share)	$ 24.54		$ 33.17	$ 24.54
Fair value of Exelixis common stock on grant date (in dollars per share)				$ 21.31
Expected volatility				49.21%
Risk-free interest rate				0.29%
Dividend yield				0.00%

- Definition

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

+ References

+ Details

Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended				3 Months Ended			6 Months Ended	12 Months Ended
	May 30, 2024	Feb. 29, 2024	Apr. 30, 2023	Mar. 31, 2022	Mar. 31, 2021	Sep. 29, 2023	Mar. 31, 2023	Oct. 01, 2021	Jun. 28, 2024	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022	Jan. 01, 2021	Jan. 03, 2020	Aug. 31, 2024	Jan. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum potential to vest						50.00%		25.00%		175.00%
Number of shares earned (in shares)										1,500,000
Repurchases of common stock										$ 661,229	$ 554,870
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
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock repurchase program, authorized amount															$ 500,000
Repurchases of common stock (in shares)										6,100,000
Repurchases of common stock										$ 205,600
Stock repurchase program, remaining authorized repurchase amount										294,400
Exelixis 401(k) Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expenses relating to stock match										$ 15,000	13,900	$ 11,700
Share-based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period				1 year
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of months following change in control in which an employee was terminated										3 months
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of months following change in control in which an employee was terminated										15 months
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period										7 years
Total unrecognized compensation expense										$ 3,900
Unrecognized compensation expense weighted-average period for recognition										1 year 7 months 6 days
Intrinsic value of options exercised										$ 16,700	16,700	36,500
Cash received from option exercises and purchases under the ESPP										$ 49,600	$ 20,800	$ 13,900
Stock options \| Share-based Payment Arrangement, Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period										4 years
Stock options \| Share-based Payment Arrangement, Nonemployee
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]
Total unrecognized compensation expense										$ 161,100
Unrecognized compensation expense weighted-average period for recognition										2 years 2 months 12 days
Number of awards granted (in shares)										5,974,000
Forfeited (in shares)										2,063,000
Restricted stock units \| Share-based Payment Arrangement, Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period										4 years
Restricted stock units \| Share-based Payment Arrangement, Nonemployee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period										1 year
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	800,000	1,000,000.0
Maximum potential to vest		175.00%	175.00%	175.00%						175.00%
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%	50.00%	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	1 year
Employee stock purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant (in shares)										7,000,000.0
Discount rate from market value on purchase date (as a percent)										85.00%
Discount rate from market value on offering date (as a percent)										85.00%
Purchase period										6 months
Common stock issued (in shares)										700,000	900,000	600,000
Average price per share (in dollars per share)										$ 18.23	$ 14.56	$ 16.63
Proceeds from employee stock purchase plan										$ 12,100	$ 12,700	$ 10,100
Performance stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense weighted-average period for recognition										1 month 6 days
Number of awards granted (in shares)					1,000,000.0					192,000
Maximum potential to vest					200.00%		100.00%	25.00%			125.00%		200.00%
Number of shares earned (in shares)											1,000,000.0
Forfeited (in shares)										2,733,000
Performance stock units \| Probable
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense										$ 300
Performance stock units \| Share-based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting award percentage					50.00%
Performance stock units \| Share-based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period					1 year
Performance Shares, Clinical Trial Results
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of awards granted (in shares)														2,300,000
Performance Shares, Performance Conditions Not Met
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Forfeited (in shares)										1,600,000
Amended and Restated 2017 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant (in shares)										28,600,000
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
Amended And Restated 2000 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Increase in share reserve under 2000 ESPP plan (in shares)	6,000,000

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Jan. 03, 2025 segment
Segment Reporting [Abstract]
Number of business segments	1

Restructuring

12 Months Ended

Jan. 03, 2025

Restructuring and Related Activities [Abstract]

RESTRUCTURING

In January 2024, 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 incurred under the 2024 Restructuring Plan include: severance and employee-related costs; impairment of long-lived assets; and contract termination and other exit costs. The total restructuring costs, incurred during the year ended December 31, 2024, associated with the 2024 Restructuring Plan were $33.7 million and were recorded to the restructuring expense line item within our Consolidated Statements of Income as they were incurred through the end of the plan. We incurred the majority of the costs related to the 2024 Restructuring Plan during the first quarter of 2024.

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 12. Commitments and Contingencies” for additional information.

The restructuring activities and balances as of and for the year ended December 31, 2024, were as follows (in thousands):


			Year Ended December 31, 2024
	Accrued at December 31, 2023		Initial Costs		Adj. to Costs(2)		Non-cash charges		Cash Payments		Accrued at December 31, 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)	—		5,220		(4)		—		(5,216)		—		5,216		5,216
Impairment of long-lived assets	—		12,318		401		(12,719)		—		—		12,719		12,719
Total restructuring	$	—	$	33,194	$	466	$	(12,719)	$	(20,685)	$	256	$	33,660	$	33,660

__________________

(1) Contract termination costs consist of accruals for costs 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 December 31, 2024, all restructuring liabilities have been recorded in accrued compensation and benefits in the accompanying Consolidated Balance Sheets.

Cash and Marketable Securities - Investments by Security Type (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Dec. 29, 2023
Debt securities available-for-sale:
Amortized Cost	$ 1,527,042	$ 1,501,923
Gross Unrealized Gains	1,735	2,076
Gross Unrealized Losses	(3,126)	(6,576)
Fair Value	1,525,651	1,497,423
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	1,749,958	1,728,519
Gross Unrealized Gains	1,735	2,076
Gross Unrealized Losses	(3,126)	(6,576)
Fair Value	1,748,567	1,724,019
Commercial paper
Debt securities available-for-sale:
Amortized Cost	172,891	214,016
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	172,891	214,016
Corporate bonds
Debt securities available-for-sale:
Amortized Cost	1,012,035	870,870
Gross Unrealized Gains	1,498	1,652
Gross Unrealized Losses	(2,167)	(4,277)
Fair Value	1,011,366	868,245
U.S. Treasury and government-sponsored enterprises
Debt securities available-for-sale:
Amortized Cost	339,126	409,157
Gross Unrealized Gains	226	414
Gross Unrealized Losses	(959)	(2,250)
Fair Value	338,393	407,321
Municipal bonds
Debt securities available-for-sale:
Amortized Cost	2,990	7,880
Gross Unrealized Gains	11	10
Gross Unrealized Losses	0	(49)
Fair Value	3,001	7,841
Money market funds
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	145,690	154,287
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	145,690	154,287
Certificates of deposit
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	77,226	72,309
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 77,226	$ 72,309

Net Income Per Share - Potentially Dilutive Shares of Common Stock (Details) - shares shares in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Share-based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities and contingently issuable shares excluded (in shares)	5,708	11,703	17,063

Provision For Income Taxes (Tables)

12 Months Ended

Jan. 03, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Our income before income taxes is derived solely from within the U.S. Our provision for income taxes was as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	201,890	$	167,954	$	100,525
State	17,941		15,011		11,903
Total current tax expense	$	219,831	$	182,965	$	112,428
Deferred:
Federal	$	(52,433)	$	(123,486)	$	(54,223)
State	(7,025)		(9,723)		(6,135)
Total deferred tax expense	(59,458)		(133,209)		(60,358)
Provision for income taxes	$	160,373	$	49,756	$	52,070

Schedule of Reconciliation of Income Taxes At The Statutory Federal Income Tax Rate to Net Income Taxes

The reconciliation of the U.S. federal income tax provision at the statutory federal income tax rate of 21% for each of the years ended December 31, 2024, 2023 and 2022, respectively, to our provision for income taxes was as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
U.S. federal income tax provision at statutory rate	$	143,144	$	54,080	$	49,213
State tax expense	12,240		(1,487)		(2,632)
Change in valuation allowance	(3,617)		5,770		7,162
Research credits	(10,997)		(23,714)		(14,130)
Stock-based compensation	665		1,066		(2,864)
Non-deductible executive compensation	7,094		7,019		4,549
Branded prescription drug fee	4,633		4,968		3,855
Non-deductible warrant purchase	—		—		6,300
Other	7,211		2,054		617
Provision for income taxes	$	160,373	$	49,756	$	52,070

Schedule of Deferred Assets and Liabilities

Our deferred tax assets and liabilities were as follows (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Net operating loss and capital loss carryforwards	$	39,877	$	29,512
Tax credit carryforwards	39,572		39,640
Depreciation and amortization	349,058		313,679
Stock-based compensation	17,791		24,592
Lease liabilities	49,137		49,971
Accruals and reserves not currently deductible	40,858		30,068

Other assets	9,049		10,730
Total deferred tax assets	545,342		498,192
Valuation allowance	(86,029)		(83,001)
Net deferred tax assets	459,313		415,191
Deferred tax liabilities:
Lease right-of-use assets	(39,286)		(54,046)


Net deferred taxes	$	420,027	$	361,145

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2024		2023		2022
Beginning balance	$	115,766	$	87,706	$	83,583
Change relating to prior year provision	(1,994)		631		715
Change relating to current year provision	13,796		32,137		4,129
Reductions based on the lapse of the applicable statutes of limitations	(68)		(4,708)		(721)
Ending balance	$	127,500	$	115,766	$	87,706

Restructuring - Restructuring Activities (Details) - 2024 Restructuring Plan $ in Thousands	12 Months Ended
	Jan. 03, 2025 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0
Initial Costs	33,194
Adj. to Costs	466
Non-cash charges	(12,719)
Cash Payments	(20,685)
Ending balance	256
Total Costs Incurred to Date	33,660
Total Expected Plan Costs	33,660
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	5,220
Adj. to Costs	(4)
Non-cash charges	0
Cash Payments	(5,216)
Ending balance	0
Total Costs Incurred to Date	5,216
Total Expected Plan Costs	5,216
Impairment of long-lived assets
Restructuring Reserve [Roll Forward]
Beginning balance	0
Initial Costs	12,318
Adj. to Costs	401
Non-cash charges	(12,719)
Cash Payments	0
Ending balance	0
Total Costs Incurred to Date	12,719
Total Expected Plan Costs	$ 12,719

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		318,842
Beginning balance at Dec. 31, 2021	$ 2,210,615	$ 319	$ 2,427,561	$ (758)	$ (216,507)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	182,282				182,282
Other comprehensive loss	(13,763)			(13,763)
Issuance of common stock under the equity incentive plan and stock purchase plan (in shares)		5,109
Issuance of common stock under the equity incentive plan and stock purchase plan	23,981	$ 5	23,976
Stock transactions associated with taxes withheld on equity awards	(23,344)		(23,344)
Stock-based compensation	108,656		108,656
Ending balance (in shares) at Dec. 30, 2022		323,951
Ending 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	207,765				207,765
Other comprehensive loss	10,771			10,771
Issuance of common stock under the equity incentive plan and stock purchase plan (in shares)		5,072
Issuance of common stock under the equity incentive plan and stock purchase plan	33,494	$ 5	33,489
Stock transactions associated with taxes withheld on equity awards	(29,083)		(29,083)
Repurchase of common stock (in shares)		(26,230)
Repurchase of common stock	(554,870)	$ (26)	(207,953)		(346,891)
Stock-based compensation	$ 107,408		107,408
Ending balance (in shares) at Dec. 29, 2023	302,793	302,793
Ending 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	521,267				521,267
Other comprehensive loss	2,403			2,403
Issuance of common stock under the equity incentive plan and stock purchase plan (in shares)		5,356
Issuance of common stock under the equity incentive plan and stock purchase plan	61,780	$ 5	61,775
Stock transactions associated with taxes withheld on equity awards	(38,632)		(38,632)
Repurchase of common stock (in shares)		(26,417)
Repurchase of common stock	(661,229)	$ (26)	(214,640)		(446,563)
Stock-based compensation	$ 94,702		94,702
Ending balance (in shares) at Jan. 03, 2025	281,732	281,732
Ending balance at Jan. 03, 2025	$ 2,244,203	$ 282	$ 2,343,915	$ (1,347)	$ (98,647)

Commitments and Contingencies - Narrative (Details)		12 Months Ended
Commitments and Contingencies - Narrative (Details)	Jan. 11, 2022 patent	Jan. 03, 2025 USD ($) ft² lease	Dec. 29, 2023 USD ($)	Dec. 30, 2022 USD ($)	Oct. 31, 2022 lawsuit	Sep. 30, 2022 lawsuit	Apr. 30, 2021 lawsuit
Lessee, Lease, Description [Line Items]
Area of leased property (in sqft) \| ft²		215,000
Asset impairment charges		$ 64,400,000	$ 0	$ 0
Impairment of long-lived assets		$ 51,672,000	$ 0	$ 0
Number of lawsuits \| lawsuit						2	2
2024 Restructuring Plan
Lessee, Lease, Description [Line Items]
Area of leased property (in sqft) \| ft²		40,000
Number of leases \| lease		2
Decrease in operating lease, right-of-use asset		$ 3,300,000
Decrease in operating lease liability		3,300,000
Asset impairment charges		$ 12,700,000
MSN II ANDA
Lessee, Lease, Description [Line Items]
Number of lawsuits \| lawsuit					2
Number of patents allegedly infringed \| patent	3
Headquarters Lease
Lessee, Lease, Description [Line Items]
Area of leased property (in sqft) \| ft²		674,000

Segment Reporting

12 Months Ended

Jan. 03, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our President and 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 President and Chief Executive Officer uses net income to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources.

Our significant segment expenses are regularly provided to our President and Chief Executive Officer and included in the measure of segment net income of consolidated expenses for our operational departments consisting of drug discovery, development, and selling, general and administrative and other segment items.

Summary of the segment net income, including significant segment expenses were as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Revenues	$	2,168,701	$	1,830,208	$	1,611,062
Less:
Cost of goods sold	76,216		72,547		57,909
Drug discovery	94,842		215,085		249,713
Development	665,847		669,240		521,622
Selling, general, and administrative	428,962		470,680		397,632
Other segment items(1)	298,350		231,678		182,899
Interest income	(77,156)		(86,543)		(33,065)
Provision for income taxes	160,373		49,756		52,070
Segment and consolidated net income	$	521,267	$	207,765	$	182,282

_________________

(1) Other segment items include stock-based compensation expenses, restructuring expenses, impairment of long-lived assets, other research and development expenses including the allocation of general corporate costs to research and development services and development cost reimbursements in connection with certain of our collaboration arrangements, and other income (expenses), net.

All of our long-lived assets are located in the U.S. See “Note 3. Revenues” for enterprise-wide disclosures about product sales, revenues from major customers and revenues by geographic region.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Takeda (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 2,168,701	$ 1,830,208	$ 1,611,062
Collaborative arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	21,370	34,214	24,238
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	349,244	178,635	162,056
License revenues \| Collaborative arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	12,915	20,671	11,335
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	10,062	22,694	47,763
Collaboration services revenues \| Collaborative arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 8,455	$ 13,543	$ 12,903

- Definition

+ References

+ Details

Stockholders’ Equity

12 Months Ended

Jan. 03, 2025

Share-Based Payment Arrangement [Abstract]

STOCKHOLDERS’ EQUITY

Stock-based compensation

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


	Year Ended December 31,
	2024		2023		2022
Research and development	$	30,670	$	34,320	$	45,350
Selling, general and administrative	63,166		72,025		62,224
Total stock-based compensation expense	$	93,836	$	106,345	$	107,574


	Year Ended December 31,
	2024		2023		2022
Stock options	$	6,035	$	7,771	$	12,790
Restricted stock units	81,130		70,462		69,775
Performance stock units	3,058		23,938		21,616
Employee stock purchase plan	3,613		4,174		3,393
Total stock-based compensation expense	$	93,836	$	106,345	$	107,574

We have an equity incentive plan under which we granted stock options and RSUs, including PSUs, to employees and directors. As of December 31, 2024, 28.6 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.

The Board of Directors delegated responsibility for administration of our equity incentive plan to the Compensation Committee of our Board of Directors, including the authority to determine the term, exercise price and vesting requirements of each grant. Stock options granted to our employees and directors generally have a four-year vesting term and a one-year vesting term, respectively, an exercise price equal to the fair market value on the date of grant, and a seven-year life from the date of grant. RSUs granted to our employees and directors generally have a four-year vesting term and a one-year vesting term, respectively. PSUs granted pursuant to our equity incentive plans vest upon specified service conditions and the achievement of a performance target or market condition.

We have adopted a Change in Control and Severance Benefit Plan for certain executive officers. Eligible Change in Control and Severance Benefit Plan participants include employees with the title of vice president and above. If a participant’s employment is terminated without cause during a period commencing three months before and ending fifteen months following a change in control, as defined in the plan document, then the Change in Control and Severance Benefit Plan participant is entitled to have the vesting of all their outstanding equity awards accelerated and the exercise period for their stock options extended to no more than one year.

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 by 6.0 million shares. Our Amended ESPP allows for qualified employees (as defined in the Amended ESPP) to purchase shares of our common stock at a price equal to the lower of 85% of the closing price at the beginning of the offering period or 85% of the closing price at the end of each six-month purchase period. As of December 31, 2024, we had 7.0 million shares available for issuance under our Amended ESPP. Pursuant to the Amended ESPP, we issued 0.7 million, 0.9 million and 0.6 million shares of common stock at an average price per share of $18.23, $14.56 and $16.63 during the years ended December 31, 2024, 2023 and 2022, respectively. Cash received from purchases under the Amended ESPP for the years ended December 31, 2024, 2023 and 2022 was $12.1 million, $12.7 million and $10.1 million, respectively.

We used a Black-Scholes Merton option pricing model to value stock options and ESPP purchases. The weighted average grant-date fair value per share of stock options and ESPP purchases were as follows:


	Year Ended December 31,
	2024		2023		2022
Stock options	$	9.79	$	9.45	$	8.36
ESPP	$	6.39	$	4.67	$	5.80

The grant-date fair value of stock option grants and ESPP purchases was estimated using the following weighted average assumptions:


	Year Ended December 31,
	2024		2023		2022
Stock options:
Risk-free interest rate	4.40	%	4.14	%	2.35	%
Dividend yield	—	%	—	%	—	%
Volatility	39	%	44	%	48	%
Expected life	5.6 years		5.6 years		4.6 years
ESPP:
Risk-free interest rate	5.15	%	5.07	%	1.49	%
Dividend yield	—	%	—	%	—	%
Volatility	34	%	40	%	45	%
Expected life	6 months		6 months		6 months

We considered both implied and historical volatility in developing our estimate of expected volatility. The assumption for the expected life of stock options is based on historical exercise patterns and post-vesting termination behavior. The risk-free interest rate is based on U.S. Treasury rates with the same or similar term as the underlying award. Our dividend rate is based on historical experience and our investors’ current expectations.

The fair value of RSUs, including PSUs, was based on the closing price of the underlying common stock on the date of grant.

Activity for stock options during the year ended December 31, 2024 was as follows (in thousands, except per share amounts):


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Stock options outstanding at December 31, 2023	8,208	$	21.24	2.7 years	$	24,115
Granted	124	$	22.46
Exercised	(3,051)	$	21.78
Cancelled	(665)	$	23.22
Stock options outstanding at December 31, 2024	4,616	$	20.64	2.5 years	$	61,551
Stock options exercisable at December 31, 2024	4,106	$	20.58	2.2 years	$	54,974

As of December 31, 2024, there was $3.9 million of unrecognized compensation expense related to our unvested stock options. The compensation expense for the unvested stock options will be recognized over a weighted-average period of 1.6 years.

The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between our closing stock price on the last trading day of fiscal year 2024 and the exercise prices, multiplied by the number of in-the-money stock options) that would have been received by the stock option holders had all stock option holders exercised their stock options on December 31, 2024. The total intrinsic value of stock options exercised during the years ended December 31, 2024, 2023 and 2022 was $16.7 million, $16.7 million and $36.5 million, respectively. Cash received from stock option exercises during the years ended December 31, 2024, 2023 and 2022 was $49.6 million, $20.8 million and $13.9 million, respectively.

Activity for RSUs during the year ended December 31, 2024 was as follows (in thousands, except per share amounts):


	Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
RSUs outstanding at December 31, 2023	11,874	$	22.72	1.7 years	$	284,856
Awarded	5,974	$	21.74
Vested and released	(2,845)	$	20.71
Forfeited	(2,063)	$	21.86
RSUs outstanding at December 31, 2024	12,940	$	22.84	1.5 years	$	439,580

As of December 31, 2024, there was $161.1 million of unrecognized compensation expense related to our unvested RSUs which will be recognized over a weighted-average period of 2.2 years.

Activity for PSUs during the year ended December 31, 2024 was as follows (in thousands, except per share amounts):


	Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
PSUs outstanding at December 31, 2023	3,891	$	23.60	1.3 years	$	93,351
Awarded	192	$	24.54
Vested and released	(901)	$	23.87
Forfeited	(2,733)	$	23.42
PSUs outstanding at December 31, 2024	449	$	24.54	0.1 years	$	15,257

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.

In April 2023, we awarded to certain employees an aggregate of 0.8 million RSUs (the target amount) that are subject to a TSR market condition (the 2023 TSR-based RSUs). The TSR market condition is based on our relative TSR percentile rank compared to companies in the Nasdaq Biotechnology Index during the performance period, which is December 31, 2022 through January 2, 2026. Depending on the results relative to the TSR market condition, the holders of the 2023 TSR-based RSUs may earn up to 175% of the target number of shares. 50% of the shares earned pursuant to the 2023 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 2023 TSR-based RSUs will be forfeited if the market condition at or above a threshold level is not achieved at the end of the performance period on January 2, 2026.

In March 2022, we awarded to certain employees an aggregate of 1.0 million RSUs (the target amount) that are subject to a TSR market condition (the 2022 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 January 1, 2022 through January 3, 2025. Depending on the results relative to the TSR market condition, the holders of the 2022 TSR-based RSUs may earn up to 175% of the target number of shares. At the end of fiscal year 2024 (end of the performance period), the TSR market condition was achieved at 175% level, resulting in 1.5 million shares earned (175% of the 2022 TSR-based RSUs target amount, net of forfeitures). 50% percent of the shares earned subject to the market

conditions vested shortly after the end of the performance period, and the remainder will vest approximately one year later, subject to an employee’s continuous service.

In March 2021, we awarded to certain employees an aggregate of 1.0 million PSUs (the 2021 target amount), subject to a performance and a market condition (the 2021 PSUs). Pursuant to the terms of 2021 PSUs, the holders of the awards may earn up to 200% of the 2021 PSUs target amount, depending on the level of achievement of the performance condition related to certain net product revenues and a TSR market condition. The TSR market condition for the 2021 PSUs was based on our relative TSR percentile rank compared to companies in the Nasdaq Biotechnology Index during the performance period, which was from January 2, 2021 through December 29, 2023. The performance condition of net product revenues relative to the 2021 PSUs was achieved at target level in the first quarter of 2023, representing 100% of the 2021 PSUs target amount. At the end of fiscal year 2023 (end of the performance period), the TSR market condition was achieved at 125% level, resulting in 1.0 million shares earned (125% of the 2021 PSUs target amount, net of forfeitures). 50% percent of the shares earned subject to the performance and market conditions vested shortly after the end of the performance period, and the remainder will vest approximately one year, later subject to an employee’s continuous service.

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, $26.05 per share for the 2023 TSR-based RSUs, $33.17 per share for the 2022 TSR-based RSUs, and $24.54 per share for the 2021 PSUs:


	2024 TSR-Based RSUs			2023 TSR-Based RSUs			2022 TSR-Based RSUs			2021 PSUs
Fair value of Exelixis common stock on grant date	$	21.71		$	19.48		$	20.70		$	21.31
Expected volatility	36.68		%	40.26		%	46.85		%	49.21		%
Risk-free interest rate	4.42		%	3.75		%	1.59		%	0.29		%
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 year ended December 31, 2020, we awarded 2.3 million PSUs (the target amount) that will vest upon the achievement of performance targets related to (i) clinical trial positive top-line results and (ii) product approvals by the FDA (the 2020 PSUs). Pursuant to the terms of the 2020 PSUs, employees may earn up to 200% of the target amount depending on the volume and timing of achievement of the performance targets. The 2020 PSUs will be forfeited if the performance targets are not met by December 31, 2024. In the third quarter of 2021, we achieved a performance condition for a product approval by the FDA relative to the 2020 PSUs, representing 25% of the target amount. In the third quarter of 2022, we achieved a performance condition for positive top-line results by the FDA relative to the 2020 PSUs, representing 25% of the target amount, and in the third quarter of 2023, we achieved additional performance conditions for positive top-line results by the FDA relative to the 2020 PSUs, representing an additional 50% of the target amount. At the end of the performance period, on December 31, 2024, shares assigned to the performance conditions previously achieved were fully vested and there was no unrecognized compensation expense for the performance conditions achieved. There were 1.6 million shares forfeited for performance conditions that were not achieved by the end of the performance period.

Expense recognition for PSUs commences when it is determined that attainment of the performance target is probable. As of December 31, 2024, all of the outstanding PSUs relate to awards for which we achieved the performance target. As of December 31, 2024, the remaining unrecognized compensation expense for the PSUs achieved was $0.3 million, which will be recognized over a weighted-average period of 0.1 years.

Exelixis, Inc. 401(k) Plan (the 401(k) Plan)

We sponsor the 401(k) Plan under which we make matching cash contributions to our employees’ 401(k) accounts. We recorded compensation expense of $15.0 million, $13.9 million and $11.7 million for the years ended December 31, 2024, 2023 and 2022, respectively, for matching contributions.

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. Under this program, as of December 31, 2024, we repurchased 6.1 million shares of common stock for an aggregate purchase price of $205.6 million. As of December 31, 2024, approximately $294.4 million remained available for future stock repurchases before the end of 2025.

Stock repurchases under the program may be made from time to time through a variety of methods, which may include open market purchases, in block trades, Rule 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.

Revenues - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 369	$ 1,321
Contract liabilities:
Current portion	2,739	5,406
Non-current portion	3,392	5,524
Total contract liabilities	6,131	10,930
Disaggregation of Revenue [Line Items]
Contract revenue recognized, including revenue from deferred revenue beginning balance	6,000	6,900	$ 8,100
Ispen, Takeda, Daiichi Sankyo And Genentech Collaborations
Disaggregation of Revenue [Line Items]
Revenues recognized for performance obligations satisfied in previous periods	351,900	$ 179,700	$ 161,600
Ispen And Takeda Collaborations
Disaggregation of Revenue [Line Items]
Remaining performance obligation	$ 40,500

Stockholders’ Equity - Schedule of Fair Value of Employee Share-Based Payments Awards ESPP Assumptions and Weighted Average Fair Values (Details)	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.40%	4.14%	2.35%
Dividend yield	0.00%	0.00%	0.00%
Volatility	39.00%	44.00%	48.00%
Expected life	5 years 7 months 6 days	5 years 7 months 6 days	4 years 7 months 6 days
Employee stock purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	5.15%	5.07%	1.49%
Dividend yield	0.00%	0.00%	0.00%
Volatility	34.00%	40.00%	45.00%
Expected life	6 months	6 months	6 months

- 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

Stockholders’ Equity - Summary of All Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023
Shares
Options outstanding at beginning of the year (in shares)	8,208
Granted (in shares)	124
Exercised (in shares)	(3,051)
Cancelled (in shares)	(665)
Options outstanding at ending of the year (in shares)	4,616	8,208
Exercisable at end of the year (in shares)	4,106
Weighted Average Exercise Price
Options outstanding at beginning of the year (in dollars per share)	$ 21.24
Granted (in dollars per share)	22.46
Exercised (in dollars per share)	21.78
Cancelled (in dollars per share)	23.22
Options outstanding at ending of the year (in dollars per share)	20.64	$ 21.24
Exercisable at end of the year (in dollars per share)	$ 20.58
Weighted average remaining contractual term, options outstanding	2 years 6 months	2 years 8 months 12 days
Weighted average remaining contractual term, exercisable at end of the year	2 years 2 months 12 days
Aggregate intrinsic value, options outstanding	$ 61,551	$ 24,115
Aggregate intrinsic value, exercisable at end of the year	$ 54,974

Provision For Income Taxes - Schedule of Reconciliation of Income Taxes at the Statutory Federal Income Tax Rate to Net Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Income Tax Disclosure [Abstract]
U.S. federal income tax provision at statutory rate	$ 143,144	$ 54,080	$ 49,213
State tax expense	12,240	(1,487)	(2,632)
Change in valuation allowance	(3,617)	5,770	7,162
Research credits	(10,997)	(23,714)	(14,130)
Stock-based compensation	665	1,066	(2,864)
Non-deductible executive compensation	7,094	7,019	4,549
Branded prescription drug fee	4,633	4,968	3,855
Non-deductible warrant purchase	0	0	6,300
Other	7,211	2,054	617
Provision for income taxes	$ 160,373	$ 49,756	$ 52,070

Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Numerator:
Net income	$ 521,267	$ 207,765	$ 182,282
Denominator:
Weighted-average common shares outstanding - basic (in shares)	290,030	318,151	321,526
Dilutive securities (in shares)	6,102	3,313	3,030
Weighted-average common shares outstanding - diluted (in shares)	296,132	321,464	324,556
Net income per share - basic (in dollars per share)	$ 1.80	$ 0.65	$ 0.57
Net income per share - diluted (in dollars per share)	$ 1.76	$ 0.65	$ 0.56

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Revenues:
Total revenues	$ 2,168,701	$ 1,830,208	$ 1,611,062
Operating expenses:
Cost of goods sold	76,216	72,547	57,909
Research and development	910,408	1,044,071	891,813
Selling, general and administrative	492,128	542,705	459,856
Impairment of long-lived assets	51,672	0	0
Restructuring	33,660	0	0
Total operating expenses	1,564,084	1,659,323	1,409,578
Income from operations	604,617	170,885	201,484
Interest income	77,156	86,543	33,065
Other income (expense), net	(133)	93	(197)
Income before income taxes	681,640	257,521	234,352
Provision for income taxes	160,373	49,756	52,070
Net income	$ 521,267	$ 207,765	$ 182,282
Net income per share:
Basic (in dollars per share)	$ 1.80	$ 0.65	$ 0.57
Diluted (in dollars per share)	$ 1.76	$ 0.65	$ 0.56
Weighted-average common shares outstanding:
Basic (in shares)	290,030	318,151	321,526
Diluted (in shares)	296,132	321,464	324,556
Net product revenues
Revenues:
Total revenues	$ 1,809,395	$ 1,628,879	$ 1,401,243
License revenues
Revenues:
Total revenues	349,244	178,635	162,056
Collaboration services revenues
Revenues:
Total revenues	$ 10,062	$ 22,694	$ 47,763

Collaboration Agreements And Business Development Activities - Royalty Pharma (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2022	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration agreement percent of royalty on net sale		3.00%
Collaborative Arrangements with Glaxo Smith Kline
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration agreement percent of royalty on net sale	3.00%
Collaborative Arrangements with Royalty Pharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty expense		$ 75.5	$ 68.0	$ 58.2

Inventory (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Dec. 29, 2023
Inventory [Line Items]
Raw materials	$ 2,784	$ 7,313
Work in process	60,316	59,422
Finished goods	8,629	9,581
Total	71,729	76,316
Current portion included in inventory
Inventory [Line Items]
Total	22,388	17,323
Long-term portion included in other long-term assets
Inventory [Line Items]
Total	$ 49,341	$ 58,993

Provision For Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Current:
Federal	$ 201,890	$ 167,954	$ 100,525
State	17,941	15,011	11,903
Total current tax expense	219,831	182,965	112,428
Deferred:
Federal	(52,433)	(123,486)	(54,223)
State	(7,025)	(9,723)	(6,135)
Total deferred tax expense	(59,458)	(133,209)	(60,358)
Provision for income taxes	$ 160,373	$ 49,756	$ 52,070

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jan. 03, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Dec. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	$ 1,525,651	$ 1,497,423
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,525,651	1,497,423
Total financial assets carried at fair value	1,748,567	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	145,690	154,287
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,525,651	1,497,423
Total financial assets carried at fair value	1,602,877	1,569,732
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	172,891	214,016
Commercial paper \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	172,891	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	172,891	214,016
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,011,366	868,245
Corporate bonds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,011,366	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	1,011,366	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	338,393	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	338,393	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	338,393	407,321
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	3,001	7,841
Municipal bonds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	3,001	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	3,001	7,841
Money market funds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	145,690	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	145,690	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	77,226	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	$ 77,226	$ 72,309

Collaboration Agreements And Business Development Activities (Tables)

12 Months Ended

Jan. 03, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Collaborative Revenues Under Collaboration Agreement

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


	Year Ended December 31,
	2024		2023		2022
License revenues	$	317,026	$	135,818	$	133,732
Collaboration services revenues	1,607		9,151		34,860
Total collaboration revenues	$	318,633	$	144,969	$	168,592

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


	Year Ended December 31,
	2024		2023		2022
License revenues	$	12,915	$	20,671	$	11,335
Collaboration services revenues	8,455		13,543		12,903
Total collaboration revenues	$	21,370	$	34,214	$	24,238

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Jan. 03, 2025 shares	Jan. 03, 2025 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Jack L Wyszomierski, a member of our Board of Directors, entered into a pre-arranged stock trading plan on November 29, 2024. Mr. Wyszomierski’s trading plan provides for the sale of up to 23,409 shares of our common stock (including shares obtained from the exercise of vested stock options covered by the trading plan) between February 28, 2025 and June 13, 2025. This trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and Exelixis’ policies regarding transactions in Exelixis securities. S. Gail Eckhardt, a member of our Board of Directors, entered into a pre-arranged stock trading plan on October 30, 2024. Ms. Eckhardt’s trading plan provides for the sale of up to 30,406 shares of our common stock (including shares obtained from the exercise of vested stock options covered by the trading plan) between February 14, 2025 and September 30, 2025. This trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and Exelixis’ policies regarding transactions in Exelixis securities.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jack L Wyszomierski [Member]
Trading Arrangements, by Individual
Name	Jack L Wyszomierski
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 29, 2024
Expiration Date	June 13, 2025
Arrangement Duration	105 days
Aggregate Available	23,409	23,409
S Gail Eckhardt [Member]
Trading Arrangements, by Individual
Name	S. Gail Eckhardt
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	October 30, 2024
Expiration Date	September 30, 2025
Arrangement Duration	228 days
Aggregate Available	30,406	30,406

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Statement of Comprehensive Income [Abstract]
Net unrealized gains (losses) on available-for-sale debt securities, tax impact	$ (706)	$ (3,174)	$ 3,886

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Jan. 03, 2025
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. We have produced four marketed pharmaceutical products, two of which are formulations of our flagship molecule, cabozantinib, and we are steadily advancing and evolving our product pipeline portfolio, including our lead asset zanzalintinib, currently the focus of an extensive phase 3 clinical development program. With a rational and disciplined approach to investment, we are leveraging our internal experience and expertise, and the strength of strategic partnerships, to identify and pursue opportunities across the landscape of scientific modalities, including small molecules, biotherapeutics and 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 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 31st. Fiscal year 2024, which was a 53-week fiscal year, ended on January 3, 2025; fiscal year 2023, which was a 52-week fiscal year, ended on December 29, 2023; and fiscal year 2022, which was a 52-week fiscal year, ended on December 30, 2022. For convenience, references in this report as of and for the fiscal years ended January 3, 2025, December 29, 2023 and December 30, 2022, are indicated as being as of and for the years ended December 31, 2024, 2023 and 2022, respectively. We have made reclassifications to our prior years’ Consolidated Financial Statements to conform to the current year’s presentation. These reclassifications did not impact previously reported total revenues, income from operations, net income, total assets, total liabilities, total operating, investing or financing cash flows or total stockholders’ equity. Use of Estimates The preparation of the accompanying Consolidated Financial Statements conforms to accounting principles generally accepted in the U.S., which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosures. On an ongoing basis, we evaluate our significant estimates. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. Recently Adopted Accounting Pronouncements 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, which enhances the disclosures required for operating segments in our annual and interim consolidated financial statements. We adopted the new standard effective beginning fiscal year 2024. We have presented the effects of the adoption of ASU 2023-07 in “Note 2. Segment Reporting.” Cash, Cash Equivalents and Marketable Securities We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents include high-grade, short-term investments in money market funds and marketable debt securities which are subject to minimal credit and market risk. We designate all investments in marketable debt securities and certificates of deposit as available-for-sale and therefore, report such investments at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income. For securities sold prior to maturity, the cost of securities sold is based on the specific identification method. We include realized gains and losses on the sale of marketable securities in other income (expense), net in the accompanying Consolidated Statements of Income. We classify those marketable securities that we do not require for use in current operations and that mature in more than 12 months as non-current marketable securities in the accompanying Consolidated Balance Sheets. Investment Impairment Quarterly, we assess each of our investments in available-for-sale debt securities whose fair value is below its cost basis to determine if the investment’s impairment is due to credit-related factors or noncredit-related factors. Factors considered in determining whether an impairment is credit-related include the extent to which the investment’s fair value is less than its cost basis, declines in published credit ratings, issuer default on interest or principal payments, and declines in the financial condition and near-term prospects of the issuer. If we determine a credit-related impairment exists, we will measure the credit loss based on a discounted cash flow model. Credit-related impairments on available-for-sale debt securities are recognized as an allowance for credit losses with a corresponding adjustment to other income (expense), net in the accompanying Consolidated Statements of Income. The portion of the impairment that is not credit-related is recorded as a reduction of other comprehensive income (loss), net of applicable taxes. We have elected to exclude accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities for the purposes of identifying and measuring an impairment. We write-off accrued interest as a reduction of interest income when an issuer has defaulted on interest payments due on a security. Fair Value Measurements Fair value is defined as the amount 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 (exit price). When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risks. Foreign Currency Remeasurement Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured using exchange rates in effect at the end of the period and related gains or losses are recorded in other income (expense), net in the accompanying Consolidated Statements of Income. Net foreign currency gains or losses were immaterial for the years ended December 31, 2024, 2023 and 2022, respectively. Accounts Receivable Trade receivables, net, contain amounts billed to our customers for product sales, and amounts billed to our collaboration partners for development, regulatory and sales-based milestone payments, royalties on the sale of licensed products, profit-sharing arrangements, development cost reimbursements, and payments for product supply services. Our customers are primarily pharmaceutical and biotechnology companies that are located in the U.S., and collaboration partners that are located in Europe and Japan. We record trade receivables net of allowances for credit losses and chargebacks, and cash discounts for prompt payment. We apply an aging method to estimate credit losses and consider our historical loss information, adjusted to account for current economic conditions, and reasonable and supportable forecasts of future economic conditions affecting our customers. We write off trade receivables and related allowances for credit losses when it becomes probable we will not collect the amount receivable. The allowances for credit losses and write-offs for the years ended December 31, 2024 and December 31, 2023 were immaterial. Inventory We value inventory at the lower of cost or net realizable value. We determine the cost of inventory using the standard-cost method, which approximates actual cost based on a first-in, first-out method. We analyze our inventory levels quarterly and write down inventory subject to expiry in excess of expected requirements, or that has a cost basis in excess of its expected net realizable value. These write downs are charged to either cost of goods sold or the cost of supplied product included in collaboration services revenues in the accompanying Consolidated Statements of Income. On a quarterly basis, we analyze our estimated production levels for the following twelve-month period, which is our normal operating cycle, and reclassify inventory we expect to use or sell in periods beyond the next twelve months into other long-term assets in the accompanying Consolidated Balance Sheets. Property and Equipment We record property and equipment at cost, net of depreciation. We compute depreciation using the straight-line method based on estimated useful lives of the assets and amortize leasehold improvements over the lesser of their estimated useful lives or the remainder of the lease term. We charge repairs and maintenance costs to expense as incurred. We periodically review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-Lived Assets Impairment The carrying value of our long-lived assets, which includes property and equipment, right-of-use assets and leasehold improvements, is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Should there be an indication of impairment, we test for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of the asset to the carrying amount of the asset or asset group. If the asset or asset group is determined to be impaired, any excess of the carrying value of the asset or asset group over its estimated fair value is recognized as an impairment loss. The fair value is determined using an income approach where certain Level 3 inputs are used, including estimates and assumptions on the timing and amount of discounted cash flows. During the year ended December 31, 2024, we recognized $64.4 million in impairment charges primarily comprised of right-of use assets, leasehold improvements, and property and equipment. We did not recognize any material impairment charges during the years ended December 31, 2023 and 2022. See “Note 12. Commitments and Contingencies – Impairment of long-lived assets” and “Note 13. Restructuring” for further details. Leases We determine if an arrangement includes a lease at the inception of the agreement. For each of our lease arrangements, we record a right-of-use asset representing our right to use an underlying asset for the lease term and a lease liability representing our obligation to make lease payments. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the net present value of lease payments over the lease term. In determining the discount rate used to calculate the net present value of lease payments, we use our incremental borrowing rate based on the information available at the lease commencement date. Our leases may include options to extend or terminate the lease which are included in the lease term when it is reasonably certain that we will exercise any such options. The Company elected to account for lease and non-lease components as a single lease component. Lease expense for our operating leases is recognized on a straight-line basis over the lease term. Impairments of right-of-use assets are recognized as a reduction in their respective carrying values. Post-impairment, the lease expense for our operating leases is comprised of the straight-line amortization of the remaining right-of-use assets over the lease term and the accretion of lease liability. We have elected not to apply the recognition requirements of Topic 842, Leases, for short-term leases that do not include an option to purchase the underlying asset for which the Company is reasonably certain to exercise. For short-term leases, lease payments are recognized as incurred in operating expenses over the lease term. Goodwill We record goodwill amounts as the excess of purchase price over identifiable net assets acquired based on their estimated fair value. We review the carrying amount of goodwill for impairment annually and whenever events or changes in circumstance indicate that the carrying value may not be recoverable. We perform our annual assessment of the recoverability of our goodwill as of the first day of our fourth quarter. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. We perform a quantitative assessment if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded for the amount by which the carrying amount of a reporting unit exceeds its fair value, limited to the goodwill balance. We operate in one business segment, which is also considered to be our sole reporting unit and therefore, goodwill is tested for impairment at the enterprise level. We did not recognize any goodwill impairment charges in any of the periods presented. Other current liabilities As of December 31, 2024 and 2023, other current liabilities includes the current portion of the Branded Prescription Drug Fee due to the Internal Revenue Service in the amount of $26.2 million and $26.3 million, respectively, and the current portion of our lease liability in the amount of $25.0 million and $25.7 million, respectively. Revenue We account for revenues under the guidance of Topic 606, Revenues from Contracts with Customers (Topic 606). Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration to which the entity is entitled to in exchange for those goods or services. To determine revenue recognition for arrangements that are within the scope of Topic 606, we perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. Net Product Revenues We sell our products principally to specialty distributors and specialty pharmacy providers, or collectively, our Customers. These Customers subsequently resell our products to health care providers and patients. In addition to distribution agreements with Customers, we enter into arrangements with health care providers and payors that provide for government-mandated and/or privately-negotiated rebates, chargebacks and discounts with respect to the purchase of our products. Revenues from product sales are recognized when the Customer obtains control of our product, which occurs at a point in time, typically upon delivery to the Customer. Product Sales Discounts and Allowances We record revenues from product sales at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established primarily from chargebacks, discounts for prompt payment, rebates, co-pay assistance and other customer credits that are offered within contracts between us and our Customers, health care providers, payors and other indirect customers relating to the sales of our products. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the Customer) or a current liability (if the amount is payable to a party other than a Customer). Where appropriate, these estimates take into consideration a range of possible outcomes for relevant factors such as our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted Customer buying and payment patterns. Overall, these reserves reflect our best estimates of the amount of consideration to which we are entitled based on the terms of our contracts. The amount of variable consideration that is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from our estimates. If actual results in the future vary from our estimates, we will adjust these estimates, which would affect net product revenues and earnings in the period such variances become known. Chargebacks: Chargebacks are discounts that occur when contracted Customers purchase directly from a specialty distributor. Contracted Customers, which currently consist primarily of Public Health Service institutions, Federal government entities purchasing via the Federal Supply Schedule, Group Purchasing Organizations, and health maintenance organizations, generally purchase the product at a discounted price. The specialty distributor, in turn, charges back to us the difference between the price initially paid by the specialty distributor and the discounted price paid to the specialty distributor by the Customer. The allowance for chargebacks is based on actual chargebacks received and an estimate of sales to contracted Customers. Discounts for Prompt Payment: Our Customers in the U.S. receive a discount of 2% for prompt payment. We expect our Customers will earn 100% of their prompt payment discounts and, therefore, we deduct the full amount of these discounts from total product sales when revenues are recognized. Rebates: Allowances for rebates consist primarily of mandated discounts under the Medicaid Drug Rebate Program, other government programs and commercial contracts. Rebate amounts owed after the final dispensing of the product to a benefit plan participant are based upon contractual agreements or legal requirements with public sector benefit providers, such as Medicaid. The allowance for rebates is based on statutory or contractual discount rates and expected utilization. Our estimates for the expected utilization of rebates are based on Customer and payer data received from the specialty pharmacies and distributors and historical utilization rates. Rebates are generally invoiced by the payer and paid in arrears, such that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s shipments to our Customers, plus an accrual balance for known prior quarters’ unpaid rebates. If actual future rebates vary from estimates, we may need to adjust our accruals, which would affect net product revenues in the period of adjustment. Allowances for rebates also include amounts related to the Medicare Part D Coverage Gap Discount and Manufacturer Discount programs. Our estimates for expected Medicare Part D coverage gap amounts are based on Customer and payer data received from specialty pharmacies and distributors and historical utilization rates. The coverage gap is invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s shipments to Customers, plus an accrual balance for prior quarters’ unpaid claims. If invoiced amounts vary from estimates, we may need to adjust our accruals, which would affect net product revenues in the period of adjustment. Co-payment Assistance: Patients who have commercial insurance and meet certain eligibility requirements may receive co-payment assistance. We accrue a liability for co-payment assistance based on actual program participation and estimates of program redemption using Customer data provided by the specialty distributor that administers the copay program. Other Customer Credits: We pay fees to our Customers for account management, data management and other administrative services. To the extent the services received are distinct from the sale of products to the Customer, we classify these payments in selling, general and administrative expenses in our Consolidated Statements of Income. Collaboration Revenues We assess whether our collaboration agreements are subject to Topic 808, Collaborative Arrangements (Topic 808), based on whether they involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. To the extent that the arrangement falls within the scope of Topic 808, we apply by analogy the unit of account guidance under Topic 606 to identify distinct performance obligations, and then determine whether a customer relationship exists for each distinct performance obligation. If we determine a performance obligation within the arrangement is with a customer, we apply the guidance in Topic 606. If a portion of a distinct bundle of goods or services within an arrangement is not with a customer, then the unit of account is not within the scope of Topic 606, and the recognition and measurement of that unit of account shall be based on analogy to authoritative accounting literature or, if there is no appropriate analogy, a reasonable, rational, and consistently applied accounting policy election. We enter into collaboration arrangements, under which we license certain rights to our intellectual property to third parties. The terms of these arrangements may include payments to us for one or more of the following: nonrefundable up-front license fees; development, regulatory and sales-based milestone payments; product supply services; development cost reimbursements; profit-sharing arrangements; and royalties on net sales of licensed products. As part of the accounting for these arrangements, we develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. These key assumptions may include forecasted revenues, clinical development timelines and costs, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. Up-front License Fees: If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from nonrefundable up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license, which generally occurs at or near the inception of the contract. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenues from nonrefundable up-front fees. We evaluate the measure of progress at the end of each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Regulatory and Development Milestone Payments: At the inception of each arrangement that includes development milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until uncertainty associated with the approvals has been resolved. The transaction price is then allocated to each performance obligation, on a relative standalone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related variable consideration constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis. Product Supply Services: Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. Development Cost Reimbursements: Our collaboration arrangements may include promises of future clinical development and drug safety services, as well as participation on certain joint committees. When such services are provided to a customer, and they are distinct from the licenses provided to our collaboration partners, these promises are accounted for as a separate performance obligation, which we estimate using internal development costs incurred and projections through the term of the arrangements. We record revenues for these services as the performance obligations are satisfied over time based on measure of progress. However, if we conclude that our collaboration partner is not a customer for those collaborative research and development activities, we present such payments as a reduction of research and development expenses. Profit-sharing Arrangements: Under the terms of our collaboration agreement with Genentech for cobimetinib, we are entitled to a share of U.S. profits and losses received in connection with the commercialization of cobimetinib. We account for this arrangement in accordance with Topic 606. We have determined that we are an agent under the agreement and therefore revenues are recorded net of costs incurred. We record revenues for the variable consideration associated with the profits and losses under the collaboration agreement when it is probable that a significant reversal in the amount of cumulative revenues recognized will not occur. Royalty and Sales-based Milestone Payments: For arrangements that include royalties and sales-based milestone payments, including milestone payments earned for the first commercial sale of a product, the license is deemed to be the predominant item to which such payments relate and we recognize revenues at the later of when the related sales occur or when the performance obligation to which the royalty has been allocated has been satisfied. Cost of Goods Sold Cost of goods sold is related to our product revenues and consists primarily of a 3% royalty we are required to pay on all net sales of any product containing cabozantinib, the cost of manufacturing, indirect labor costs, write-downs related to expiring and excess inventory, shipping and other third-party logistics and distribution costs for our product. We consider regulatory approval of product candidates to be uncertain and product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained. As such, the manufacturing costs for product candidates incurred prior to regulatory approval are not capitalized as inventory but are expensed as research and development costs. Research and Development Expenses Research and development expenses consist of (1) direct and indirect internal costs for drug discovery; (2) upfront license and project initiation fees, license option fees and option exercise fees, funded research and milestone payments incurred or probable to be incurred for our in-licensing arrangements with our collaboration partners for research programs in development and prior to regulatory approval; and (3) development costs associated with our clinical trial projects, which include fees paid to Contract Research Organizations (CRO) performing work on our behalf. Our clinical trial projects have been executed with support from third-party CROs, who specialize in conducting and managing global clinical trials. We accrue expenses for clinical trial activities performed by the CROs based upon the estimated amount of work completed on each trial. For clinical trial expenses, the significant factors used in estimating accruals include direct CRO costs, the number of patients enrolled, the number of active clinical sites involved, the duration for which the patients will be enrolled in the trial and patient out of pocket costs. We monitor patient enrollment levels and related activities to the extent possible through CRO meetings and correspondence, internal reviews and review of contractual terms. We base our estimates on the best information available at the time. However, additional information may become available to us which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. As described further above, certain payments made to us from our collaboration partners may be presented as a reduction of research and development expense. Advertising Advertising expenses were $43.5 million, $40.0 million and $41.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. We expense the costs of advertising, including promotional expenses, as incurred. Advertising expenses are recorded in selling, general and administrative expenses in the accompanying Consolidated Statements of Income. Stock-Based Compensation We account for stock-based payments to employees, including grants of service-based restricted stock units (RSUs), performance-based restricted stock units (PSUs), service-based stock options and purchases under our 2000 Employee Stock Purchase Plan (as amended and restated, the Amended ESPP) in accordance with Topic 718, Compensation-Stock Compensation, which requires that stock-based payments (to the extent they are compensatory) be recognized in our Consolidated Statements of Income based on their fair values. We account for forfeitures of stock-based awards as they occur. The expense for stock-based compensation is based on the grant date fair value of the award. The grant date fair value of RSUs and PSUs are estimated as the value of the underlying shares of our common stock. The grant date fair values for certain PSUs and RSUs with market vesting conditions are estimated using a Monte Carlo simulation pricing model and for stock options, using a Black-Scholes Merton option pricing model. Both pricing models require the input of subjective assumptions. These variables include, but are not limited to, the expected volatility of our stock price and the expected term of the awards. We consider both implied and historical volatility when developing an estimate of expected volatility. We estimate the term using historical data. We recognize compensation expense over the requisite service period on an accelerated basis for awards with a market or performance condition and on a straight-line basis for service-based stock options and awards. Compensation expense related to PSUs is recognized when we determine that it is probable that the performance goals will be achieved, which we assess on a quarterly basis. Compensation expense related to RSUs with market vesting conditions is recognized regardless of the outcome of the market conditions. Provision for Income Taxes Our provision for income taxes is computed under the asset and liability method. Significant estimates are required in determining our provision for income taxes. Some of these estimates are based on interpretations of existing tax laws or regulations. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (temporary differences) at enacted tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax assets, including net operating losses and tax credits, will not be realized. We periodically re-assess the need for a valuation allowance against our deferred tax assets based on various factors including our historical earnings experience by taxing jurisdiction, and forecasts of future operating results and utilization of net operating losses and tax credits prior to their expiration. Significant judgment is required in making this assessment and, to the extent that a reversal of any portion of our valuation allowance against our deferred tax assets is deemed appropriate, a tax benefit will be recognized against our provision for income taxes in the period of such reversal. Based on our evaluation and weighing of both positive and negative evidence, including our achievement of a cumulative three-year income position as of December 31, 2024 and forecasts of future operating results, as well as considering the utilization of net operating losses and tax credits prior to their expiration, management has continued to determine that there is sufficient positive evidence to conclude that it is more likely than not the deferred tax assets are realizable and therefore, we do not have a valuation allowance against our deferred tax assets as described in “Note 10. Provision For Income Taxes”, below. We continue to maintain a valuation allowance against our California state deferred tax assets and federal and state capital loss carryforwards. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by the tax authorities based on the technical merits of the position. An adverse resolution of one or more of these uncertain tax positions in any period could have a material impact on the results of operations for that period. Recent Accounting Pronouncements Not Yet Adopted 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. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which enhances the disclosures required for expense disaggregation in our annual and interim consolidated financial statements. ASU 2024-03 is effective for us in our annual reporting beginning in fiscal year 2027, and in our interim periods beginning in fiscal year 2028 on a prospective basis. Early adoption and retrospective application are permitted. We are currently evaluating the impact of ASU 2024-03 on our Consolidated Financial Statements.

Revenues - Revenues by Disaggregated Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,168,701	$ 1,830,208	$ 1,611,062
Gross product revenues
Disaggregation of Revenue [Line Items]
Total revenues	2,518,246	2,272,533	1,951,169
Discounts and allowances
Disaggregation of Revenue [Line Items]
Total revenues	(708,851)	(643,654)	(549,926)
Net product revenues
Disaggregation of Revenue [Line Items]
Total revenues	1,809,395	1,628,879	1,401,243
License revenues
Disaggregation of Revenue [Line Items]
Total revenues	349,244	178,635	162,056
Collaboration services revenues
Disaggregation of Revenue [Line Items]
Total revenues	10,062	22,694	47,763
Total collaboration revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 359,306	$ 201,329	$ 209,819

- Definition

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

+ References + Details

- Definition

+ References

+ Details

Cash and Marketable Securities - Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Dec. 29, 2023
Fair Value
In an Unrealized Loss Position Less than 12 Months	$ 495,289	$ 419,297
In an Unrealized Loss Position 12 Months or Greater	217,871	443,240
Total	713,160	862,537
Gross Unrealized Losses
In an Unrealized Loss Position Less than 12 Months	(2,385)	(1,253)
In an Unrealized Loss Position 12 Months or Greater	(741)	(5,323)
Total	(3,126)	(6,576)
Corporate bonds
Fair Value
In an Unrealized Loss Position Less than 12 Months	370,065	255,958
In an Unrealized Loss Position 12 Months or Greater	160,887	281,837
Total	530,952	537,795
Gross Unrealized Losses
In an Unrealized Loss Position Less than 12 Months	(1,630)	(847)
In an Unrealized Loss Position 12 Months or Greater	(537)	(3,430)
Total	(2,167)	(4,277)
U.S. Treasury and government-sponsored enterprises
Fair Value
In an Unrealized Loss Position Less than 12 Months	125,224	163,339
In an Unrealized Loss Position 12 Months or Greater	56,984	155,452
Total	182,208	318,791
Gross Unrealized Losses
In an Unrealized Loss Position Less than 12 Months	(755)	(406)
In an Unrealized Loss Position 12 Months or Greater	(204)	(1,844)
Total	$ (959)	(2,250)
Municipal bonds
Fair Value
In an Unrealized Loss Position Less than 12 Months		0
In an Unrealized Loss Position 12 Months or Greater		5,951
Total		5,951
Gross Unrealized Losses
In an Unrealized Loss Position Less than 12 Months		0
In an Unrealized Loss Position 12 Months or Greater		(49)
Total		$ (49)

Collaboration Agreements And Business Development Activities - Other Collaborations Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 2,168,701	$ 1,830,208	$ 1,611,062
Research and development	910,408	1,044,071	891,813
Collaborative Arrangement with Genentech \| Cotellic
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	13,600	16,900	12,500
Research Collaborations, In-Licensing Arrangements and Other Business Development Activities
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development	69,200	$ 173,000	$ 203,900
Collaborative arrangement, maximum aggregate development milestone payments	441,500
Potential regulatory milestone payments	278,000
Collaborative arrangement, rights and obligations, maximum aggregate commercial milestone payments	$ 2,400,000

- Definition

+ References

+ Details

Segment Reporting (Tables)

12 Months Ended

Jan. 03, 2025

Segment Reporting [Abstract]

Scheduled of Segment Profit, Including Significant Segment Expenses

Summary of the segment net income, including significant segment expenses were as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Revenues	$	2,168,701	$	1,830,208	$	1,611,062
Less:
Cost of goods sold	76,216		72,547		57,909
Drug discovery	94,842		215,085		249,713
Development	665,847		669,240		521,622
Selling, general, and administrative	428,962		470,680		397,632
Other segment items(1)	298,350		231,678		182,899
Interest income	(77,156)		(86,543)		(33,065)
Provision for income taxes	160,373		49,756		52,070
Segment and consolidated net income	$	521,267	$	207,765	$	182,282

_________________

Collaboration Agreements And Business Development Activities - Ipsen Collaboration Narrative (Details) $ in Millions, $ in Millions	12 Months Ended
	Jan. 03, 2025 USD ($)	Jan. 03, 2025 CAD ($)	Dec. 30, 2022 USD ($)	Dec. 31, 2016 USD ($)	Jan. 03, 2025 CAD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration agreement percent of royalty on net sale	3.00%	3.00%
Collaborative arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration period to achieve specified levels of commercial performance	10 years	10 years
Upfront payments				$ 210.0
Milestone payments earned to date	$ 654.2
Milestone payments earned	164.7		$ 27.0
Eligible payment from collaboration for development and regulatory milestone achievement under collaborations agreement	7.0
Maximum amount eligible for commercial milestones under collaborations agreement	$ 200.0				$ 23.5
Research and development arrangement performed for others, reimbursement for costs incurred, percent	35.00%	35.00%
Revenue from contract with customer, commercial sales milestone	$ 2.2
Cumulative net sales milestone	600.0	$ 30.0
Revenue from contract with customer, regulatory milestone	12.5
Remaining performance obligation	25.8
Collaborative arrangement with Ipsen \| License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer, commercial sales milestone	150.0
Revenue from contract with customer, regulatory milestone upon submission of application	10.8
Collaborative arrangement with Ipsen \| Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer, regulatory milestone upon submission of application	$ 0.6
Collaborative arrangement with Ipsen \| Minimum \| Final tier
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent of royalty on net sale	22.00%	22.00%
Collaborative arrangement with Ipsen \| Maximum \| Final tier
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent of royalty on net sale	26.00%	26.00%

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Pay vs Performance Disclosure
Net income	$ 521,267	$ 207,765	$ 182,282

- Definition

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

+ References

+ Details

Commitments and Contingencies - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Dec. 29, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2025	$ 26,526
2026	28,520
2027	24,301
2028	25,029
2029	25,777
Thereafter	155,585
Total lease payments	285,738
Less:
Imputed interest	(69,904)
Operating lease liabilities	$ 215,834	$ 215,659

Provision For Income Taxes

12 Months Ended

Jan. 03, 2025

Income Tax Disclosure [Abstract]

PROVISION FOR INCOME TAXES

Our income before income taxes is derived solely from within the U.S. Our provision for income taxes was as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	201,890	$	167,954	$	100,525
State	17,941		15,011		11,903
Total current tax expense	$	219,831	$	182,965	$	112,428
Deferred:
Federal	$	(52,433)	$	(123,486)	$	(54,223)
State	(7,025)		(9,723)		(6,135)
Total deferred tax expense	(59,458)		(133,209)		(60,358)
Provision for income taxes	$	160,373	$	49,756	$	52,070


	Year Ended December 31,
	2024		2023		2022
U.S. federal income tax provision at statutory rate	$	143,144	$	54,080	$	49,213
State tax expense	12,240		(1,487)		(2,632)
Change in valuation allowance	(3,617)		5,770		7,162
Research credits	(10,997)		(23,714)		(14,130)
Stock-based compensation	665		1,066		(2,864)
Non-deductible executive compensation	7,094		7,019		4,549
Branded prescription drug fee	4,633		4,968		3,855
Non-deductible warrant purchase	—		—		6,300
Other	7,211		2,054		617
Provision for income taxes	$	160,373	$	49,756	$	52,070

Deferred tax assets and liabilities reflect the net tax effects of net operating loss and tax credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting and the amounts used for income tax purposes.

Our deferred tax assets and liabilities were as follows (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Net operating loss and capital loss carryforwards	$	39,877	$	29,512
Tax credit carryforwards	39,572		39,640
Depreciation and amortization	349,058		313,679
Stock-based compensation	17,791		24,592
Lease liabilities	49,137		49,971
Accruals and reserves not currently deductible	40,858		30,068

Other assets	9,049		10,730
Total deferred tax assets	545,342		498,192
Valuation allowance	(86,029)		(83,001)
Net deferred tax assets	459,313		415,191
Deferred tax liabilities:
Lease right-of-use assets	(39,286)		(54,046)


Net deferred taxes	$	420,027	$	361,145

As of December 31, 2024 and 2023, we continue to carry a valuation allowance of $86.0 million and $83.0 million, respectively, against our California state deferred tax assets and federal and state capital loss carryforwards. The valuation allowance increased by $3.0 million and $5.8 million during the years ended December 31, 2024 and 2023, respectively.

At December 31, 2024, we had state net operating loss carryforwards of approximately $407.0 million, which expire in the years 2025 through 2036, and California research and development tax credits of approximately $55.0 million, which do not expire.

Under the Internal Revenue Code and similar state provisions, certain substantial changes in our ownership could result in an annual limitation on the amount of net operating loss and credit carryforwards that can be utilized in future years to offset future taxable income. The annual limitation may result in the expiration of net operating losses and credit carryforwards before utilization. We completed a Section 382 analysis through December 31, 2024, and concluded that an ownership change, as defined under Section 382, had not occurred.

The following table summarizes the activity related to our unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2024		2023		2022
Beginning balance	$	115,766	$	87,706	$	83,583
Change relating to prior year provision	(1,994)		631		715
Change relating to current year provision	13,796		32,137		4,129
Reductions based on the lapse of the applicable statutes of limitations	(68)		(4,708)		(721)
Ending balance	$	127,500	$	115,766	$	87,706

As of December 31, 2024, we had $127.5 million in unrecognized tax benefits, of which $61.5 million would reduce our income tax provision and effective tax rate, if recognized. We have elected to record interest and penalties in the accompanying Consolidated Statements of Income as a component of provision for income taxes. In the year ended December 31, 2024, the total amount of gross interest and penalties accrued was $8.1 million. In the year ended December 31, 2023 and 2022, interest and penalties were nominal or zero. Both the unrecognized tax benefits and the associated

interest and penalties are not expected to result in payment or receipt of cash within one year and are therefore classified as other non-current liabilities in the Consolidated Balance Sheets.

We file U.S. and state income tax returns in jurisdictions with varying statues of limitations during which such tax returns may be audited and adjusted by the relevant tax authorities. The tax years 2002 and onwards generally remain subject to examination by federal and most state tax authorities to the extent net operating losses and credits generated during these periods are being utilized in the open tax periods. We estimate that it is reasonably possible that our gross unrecognized tax benefits, exclusive of interest, could decrease by up to approximately $10.7 million in the next 12 months, as a result of various audit closures, settlements, and expiration of statute of limitations.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Cash and Marketable Securities

12 Months Ended

Jan. 03, 2025

Investments, Debt and Equity Securities [Abstract]

CASH AND MARKETABLE SECURITIES

Cash, Cash Equivalents and Marketable Securities

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


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	172,891	$	—	$	—	$	172,891
Corporate bonds	1,012,035		1,498		(2,167)		1,011,366
U.S. Treasury and government-sponsored enterprises	339,126		226		(959)		338,393
Municipal bonds	2,990		11		—		3,001
Total debt securities available-for-sale	1,527,042		1,735		(3,126)		1,525,651

Money market funds	145,690		—		—		145,690
Certificates of deposit	77,226		—		—		77,226
Total cash, cash equivalents and marketable securities	$	1,749,958	$	1,735	$	(3,126)	$	1,748,567


	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 marketable securities	$	1,728,519	$	2,076	$	(6,576)	$	1,724,019

Interest receivable was $14.9 million and $13.1 million as of December 31, 2024 and 2023, respectively, and is included in prepaid expenses and other current assets in the accompanying Consolidated Balance Sheets.

Realized gains and losses on the sales of marketable securities were immaterial during the years ended December 31, 2024, 2023 and 2022.

We manage credit risk associated with our marketable securities 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):


	December 31, 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	$	370,065	$	(1,630)	$	160,887	$	(537)	$	530,952	$	(2,167)
U.S. Treasury and government-sponsored enterprises	125,224		(755)		56,984		(204)		182,208		(959)
Total	$	495,289	$	(2,385)	$	217,871	$	(741)	$	713,160	$	(3,126)


	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 255 and 230 debt securities available-for-sale in an unrealized loss position as of December 31, 2024 and 2023, respectively. During the years ended December 31, 2024 and 2023, we did not record an allowance for credit losses or other impairment charges on our investment securities. Based upon our quarterly impairment review, we determined that the unrealized losses were not attributed to credit risk, but were primarily associated with changes in interest rates and market liquidity. Based on the scheduled maturities of our marketable securities, we determined that it was more likely than not that we will hold these marketable securities 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):


	December 31,
	2024		2023
Maturing in one year or less	$	888,360	$	768,706
Maturing after one year through five years	637,291		728,717
Total debt securities available-for-sale	$	1,525,651	$	1,497,423

Property and Equipment (Tables)

12 Months Ended

Jan. 03, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following (in thousands):


	Estimated Useful Lives	December 31,
		2024		2023
Leasehold improvements	up to 15 years	$	108,277	$	89,038
Computer equipment and software	up to 3 years	15,671		19,795
Furniture and fixtures	up to 7 years	22,865		24,919
Laboratory equipment	5 years	70,435		50,904
Construction in progress		2,875		24,465
Total property and equipment		220,123		209,121
Less: accumulated depreciation and amortization		(100,732)		(80,390)
Total property and equipment, net		$	119,391	$	128,731

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jan. 03, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying 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 31st. Fiscal year 2024, which was a 53-week fiscal year, ended on January 3, 2025; fiscal year 2023, which was a 52-week fiscal year, ended on December 29, 2023; and fiscal year 2022, which was a 52-week fiscal year, ended on December 30, 2022. For convenience, references in this report as of and for the fiscal years ended January 3, 2025, December 29, 2023 and December 30, 2022, are indicated as being as of and for the years ended December 31, 2024, 2023 and 2022, respectively.
Use of Estimates	The preparation of the accompanying Consolidated Financial Statements conforms to accounting principles generally accepted in the U.S., which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosures. On an ongoing basis, we evaluate our significant estimates. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements 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, which enhances the disclosures required for operating segments in our annual and interim consolidated financial statements. We adopted the new standard effective beginning fiscal year 2024. We have presented the effects of the adoption of ASU 2023-07 in “Note 2. Segment Reporting.” 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. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which enhances the disclosures required for expense disaggregation in our annual and interim consolidated financial statements. ASU 2024-03 is effective for us in our annual reporting beginning in fiscal year 2027, and in our interim periods beginning in fiscal year 2028 on a prospective basis. Early adoption and retrospective application are permitted. We are currently evaluating the impact of ASU 2024-03 on our Consolidated Financial Statements.
Cash, Cash Equivalents and Marketable Securities	We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents include high-grade, short-term investments in money market funds and marketable debt securities which are subject to minimal credit and market risk.
Investments and Investment Impairment	We designate all investments in marketable debt securities and certificates of deposit as available-for-sale and therefore, report such investments at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income. For securities sold prior to maturity, the cost of securities sold is based on the specific identification method. We include realized gains and losses on the sale of marketable securities in other income (expense), net in the accompanying Consolidated Statements of Income. We classify those marketable securities that we do not require for use in current operations and that mature in more than 12 months as non-current marketable securities in the accompanying Consolidated Balance Sheets. Investment Impairment Quarterly, we assess each of our investments in available-for-sale debt securities whose fair value is below its cost basis to determine if the investment’s impairment is due to credit-related factors or noncredit-related factors. Factors considered in determining whether an impairment is credit-related include the extent to which the investment’s fair value is less than its cost basis, declines in published credit ratings, issuer default on interest or principal payments, and declines in the financial condition and near-term prospects of the issuer. If we determine a credit-related impairment exists, we will measure the credit loss based on a discounted cash flow model. Credit-related impairments on available-for-sale debt securities are recognized as an allowance for credit losses with a corresponding adjustment to other income (expense), net in the accompanying Consolidated Statements of Income. The portion of the impairment that is not credit-related is recorded as a reduction of other comprehensive income (loss), net of applicable taxes. We have elected to exclude accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities for the purposes of identifying and measuring an impairment. We write-off accrued interest as a reduction of interest income when an issuer has defaulted on interest payments due on a security.
Fair Value Measurements	Fair value is defined as the amount 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 (exit price). When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risks.
Foreign Currency Remeasurement	Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured using exchange rates in effect at the end of the period and related gains or losses are recorded in other income (expense), net in the accompanying Consolidated Statements of Income.
Accounts Receivable	Trade receivables, net, contain amounts billed to our customers for product sales, and amounts billed to our collaboration partners for development, regulatory and sales-based milestone payments, royalties on the sale of licensed products, profit-sharing arrangements, development cost reimbursements, and payments for product supply services. Our customers are primarily pharmaceutical and biotechnology companies that are located in the U.S., and collaboration partners that are located in Europe and Japan. We record trade receivables net of allowances for credit losses and chargebacks, and cash discounts for prompt payment. We apply an aging method to estimate credit losses and consider our historical loss information, adjusted to account for current economic conditions, and reasonable and supportable forecasts of future economic conditions affecting our customers. We write off trade receivables and related allowances for credit losses when it becomes probable we will not collect the amount receivable. The allowances for credit losses and write-offs for the years ended December 31, 2024 and December 31, 2023 were immaterial.
Inventory	We value inventory at the lower of cost or net realizable value. We determine the cost of inventory using the standard-cost method, which approximates actual cost based on a first-in, first-out method. We analyze our inventory levels quarterly and write down inventory subject to expiry in excess of expected requirements, or that has a cost basis in excess of its expected net realizable value. These write downs are charged to either cost of goods sold or the cost of supplied product included in collaboration services revenues in the accompanying Consolidated Statements of Income. On a quarterly basis, we analyze our estimated production levels for the following twelve-month period, which is our normal operating cycle, and reclassify inventory we expect to use or sell in periods beyond the next twelve months into other long-term assets in the accompanying Consolidated Balance Sheets.
Property and Equipment	We record property and equipment at cost, net of depreciation. We compute depreciation using the straight-line method based on estimated useful lives of the assets and amortize leasehold improvements over the lesser of their estimated useful lives or the remainder of the lease term. We charge repairs and maintenance costs to expense as incurred. We periodically review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Long-Lived Assets Impairment	The carrying value of our long-lived assets, which includes property and equipment, right-of-use assets and leasehold improvements, is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Should there be an indication of impairment, we test for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of the asset to the carrying amount of the asset or asset group. If the asset or asset group is determined to be impaired, any excess of the carrying value of the asset or asset group over its estimated fair value is recognized as an impairment loss. The fair value is determined using an income approach where certain Level 3 inputs are used, including estimates and assumptions on the timing and amount of discounted cash flows. During the year ended December 31, 2024, we recognized $64.4 million in impairment charges primarily comprised of right-of use assets, leasehold improvements, and property and equipment. We did not recognize any material impairment charges during the years ended December 31, 2023 and 2022. See “Note 12. Commitments and Contingencies – Impairment of long-lived assets” and “Note 13. Restructuring” for further details.
Leases	We determine if an arrangement includes a lease at the inception of the agreement. For each of our lease arrangements, we record a right-of-use asset representing our right to use an underlying asset for the lease term and a lease liability representing our obligation to make lease payments. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the net present value of lease payments over the lease term. In determining the discount rate used to calculate the net present value of lease payments, we use our incremental borrowing rate based on the information available at the lease commencement date. Our leases may include options to extend or terminate the lease which are included in the lease term when it is reasonably certain that we will exercise any such options. The Company elected to account for lease and non-lease components as a single lease component. Lease expense for our operating leases is recognized on a straight-line basis over the lease term. Impairments of right-of-use assets are recognized as a reduction in their respective carrying values. Post-impairment, the lease expense for our operating leases is comprised of the straight-line amortization of the remaining right-of-use assets over the lease term and the accretion of lease liability. We have elected not to apply the recognition requirements of Topic 842, Leases, for short-term leases that do not include an option to purchase the underlying asset for which the Company is reasonably certain to exercise. For short-term leases, lease payments are recognized as incurred in operating expenses over the lease term.
Goodwill	We record goodwill amounts as the excess of purchase price over identifiable net assets acquired based on their estimated fair value. We review the carrying amount of goodwill for impairment annually and whenever events or changes in circumstance indicate that the carrying value may not be recoverable. We perform our annual assessment of the recoverability of our goodwill as of the first day of our fourth quarter. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. We perform a quantitative assessment if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded for the amount by which the carrying amount of a reporting unit exceeds its fair value, limited to the goodwill balance. We operate in one business segment, which is also considered to be our sole reporting unit and therefore, goodwill is tested for impairment at the enterprise level.
Revenue	We account for revenues under the guidance of Topic 606, Revenues from Contracts with Customers (Topic 606). Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration to which the entity is entitled to in exchange for those goods or services. To determine revenue recognition for arrangements that are within the scope of Topic 606, we perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. Net Product Revenues We sell our products principally to specialty distributors and specialty pharmacy providers, or collectively, our Customers. These Customers subsequently resell our products to health care providers and patients. In addition to distribution agreements with Customers, we enter into arrangements with health care providers and payors that provide for government-mandated and/or privately-negotiated rebates, chargebacks and discounts with respect to the purchase of our products. Revenues from product sales are recognized when the Customer obtains control of our product, which occurs at a point in time, typically upon delivery to the Customer. Product Sales Discounts and Allowances We record revenues from product sales at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established primarily from chargebacks, discounts for prompt payment, rebates, co-pay assistance and other customer credits that are offered within contracts between us and our Customers, health care providers, payors and other indirect customers relating to the sales of our products. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the Customer) or a current liability (if the amount is payable to a party other than a Customer). Where appropriate, these estimates take into consideration a range of possible outcomes for relevant factors such as our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted Customer buying and payment patterns. Overall, these reserves reflect our best estimates of the amount of consideration to which we are entitled based on the terms of our contracts. The amount of variable consideration that is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from our estimates. If actual results in the future vary from our estimates, we will adjust these estimates, which would affect net product revenues and earnings in the period such variances become known. Chargebacks: Chargebacks are discounts that occur when contracted Customers purchase directly from a specialty distributor. Contracted Customers, which currently consist primarily of Public Health Service institutions, Federal government entities purchasing via the Federal Supply Schedule, Group Purchasing Organizations, and health maintenance organizations, generally purchase the product at a discounted price. The specialty distributor, in turn, charges back to us the difference between the price initially paid by the specialty distributor and the discounted price paid to the specialty distributor by the Customer. The allowance for chargebacks is based on actual chargebacks received and an estimate of sales to contracted Customers. Discounts for Prompt Payment: Our Customers in the U.S. receive a discount of 2% for prompt payment. We expect our Customers will earn 100% of their prompt payment discounts and, therefore, we deduct the full amount of these discounts from total product sales when revenues are recognized. Rebates: Allowances for rebates consist primarily of mandated discounts under the Medicaid Drug Rebate Program, other government programs and commercial contracts. Rebate amounts owed after the final dispensing of the product to a benefit plan participant are based upon contractual agreements or legal requirements with public sector benefit providers, such as Medicaid. The allowance for rebates is based on statutory or contractual discount rates and expected utilization. Our estimates for the expected utilization of rebates are based on Customer and payer data received from the specialty pharmacies and distributors and historical utilization rates. Rebates are generally invoiced by the payer and paid in arrears, such that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s shipments to our Customers, plus an accrual balance for known prior quarters’ unpaid rebates. If actual future rebates vary from estimates, we may need to adjust our accruals, which would affect net product revenues in the period of adjustment. Allowances for rebates also include amounts related to the Medicare Part D Coverage Gap Discount and Manufacturer Discount programs. Our estimates for expected Medicare Part D coverage gap amounts are based on Customer and payer data received from specialty pharmacies and distributors and historical utilization rates. The coverage gap is invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s shipments to Customers, plus an accrual balance for prior quarters’ unpaid claims. If invoiced amounts vary from estimates, we may need to adjust our accruals, which would affect net product revenues in the period of adjustment. Co-payment Assistance: Patients who have commercial insurance and meet certain eligibility requirements may receive co-payment assistance. We accrue a liability for co-payment assistance based on actual program participation and estimates of program redemption using Customer data provided by the specialty distributor that administers the copay program. Other Customer Credits: We pay fees to our Customers for account management, data management and other administrative services. To the extent the services received are distinct from the sale of products to the Customer, we classify these payments in selling, general and administrative expenses in our Consolidated Statements of Income. Collaboration Revenues We assess whether our collaboration agreements are subject to Topic 808, Collaborative Arrangements (Topic 808), based on whether they involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. To the extent that the arrangement falls within the scope of Topic 808, we apply by analogy the unit of account guidance under Topic 606 to identify distinct performance obligations, and then determine whether a customer relationship exists for each distinct performance obligation. If we determine a performance obligation within the arrangement is with a customer, we apply the guidance in Topic 606. If a portion of a distinct bundle of goods or services within an arrangement is not with a customer, then the unit of account is not within the scope of Topic 606, and the recognition and measurement of that unit of account shall be based on analogy to authoritative accounting literature or, if there is no appropriate analogy, a reasonable, rational, and consistently applied accounting policy election. We enter into collaboration arrangements, under which we license certain rights to our intellectual property to third parties. The terms of these arrangements may include payments to us for one or more of the following: nonrefundable up-front license fees; development, regulatory and sales-based milestone payments; product supply services; development cost reimbursements; profit-sharing arrangements; and royalties on net sales of licensed products. As part of the accounting for these arrangements, we develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. These key assumptions may include forecasted revenues, clinical development timelines and costs, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. Up-front License Fees: If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from nonrefundable up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license, which generally occurs at or near the inception of the contract. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenues from nonrefundable up-front fees. We evaluate the measure of progress at the end of each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Regulatory and Development Milestone Payments: At the inception of each arrangement that includes development milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until uncertainty associated with the approvals has been resolved. The transaction price is then allocated to each performance obligation, on a relative standalone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related variable consideration constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis. Product Supply Services: Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. Development Cost Reimbursements: Our collaboration arrangements may include promises of future clinical development and drug safety services, as well as participation on certain joint committees. When such services are provided to a customer, and they are distinct from the licenses provided to our collaboration partners, these promises are accounted for as a separate performance obligation, which we estimate using internal development costs incurred and projections through the term of the arrangements. We record revenues for these services as the performance obligations are satisfied over time based on measure of progress. However, if we conclude that our collaboration partner is not a customer for those collaborative research and development activities, we present such payments as a reduction of research and development expenses. Profit-sharing Arrangements: Under the terms of our collaboration agreement with Genentech for cobimetinib, we are entitled to a share of U.S. profits and losses received in connection with the commercialization of cobimetinib. We account for this arrangement in accordance with Topic 606. We have determined that we are an agent under the agreement and therefore revenues are recorded net of costs incurred. We record revenues for the variable consideration associated with the profits and losses under the collaboration agreement when it is probable that a significant reversal in the amount of cumulative revenues recognized will not occur. Royalty and Sales-based Milestone Payments: For arrangements that include royalties and sales-based milestone payments, including milestone payments earned for the first commercial sale of a product, the license is deemed to be the predominant item to which such payments relate and we recognize revenues at the later of when the related sales occur or when the performance obligation to which the royalty has been allocated has been satisfied. Cost of Goods Sold Cost of goods sold is related to our product revenues and consists primarily of a 3% royalty we are required to pay on all net sales of any product containing cabozantinib, the cost of manufacturing, indirect labor costs, write-downs related to expiring and excess inventory, shipping and other third-party logistics and distribution costs for our product. We consider regulatory approval of product candidates to be uncertain and product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained. As such, the manufacturing costs for product candidates incurred prior to regulatory approval are not capitalized as inventory but are expensed as research and development costs.
Research and Development Expenses	Research and development expenses consist of (1) direct and indirect internal costs for drug discovery; (2) upfront license and project initiation fees, license option fees and option exercise fees, funded research and milestone payments incurred or probable to be incurred for our in-licensing arrangements with our collaboration partners for research programs in development and prior to regulatory approval; and (3) development costs associated with our clinical trial projects, which include fees paid to Contract Research Organizations (CRO) performing work on our behalf. Our clinical trial projects have been executed with support from third-party CROs, who specialize in conducting and managing global clinical trials. We accrue expenses for clinical trial activities performed by the CROs based upon the estimated amount of work completed on each trial. For clinical trial expenses, the significant factors used in estimating accruals include direct CRO costs, the number of patients enrolled, the number of active clinical sites involved, the duration for which the patients will be enrolled in the trial and patient out of pocket costs. We monitor patient enrollment levels and related activities to the extent possible through CRO meetings and correspondence, internal reviews and review of contractual terms. We base our estimates on the best information available at the time. However, additional information may become available to us which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. As described further above, certain payments made to us from our collaboration partners may be presented as a reduction of research and development expense.
Advertising	We expense the costs of advertising, including promotional expenses, as incurred. Advertising expenses are recorded in selling, general and administrative expenses in the accompanying Consolidated Statements of Income.
Stock-Based Compensation	We account for stock-based payments to employees, including grants of service-based restricted stock units (RSUs), performance-based restricted stock units (PSUs), service-based stock options and purchases under our 2000 Employee Stock Purchase Plan (as amended and restated, the Amended ESPP) in accordance with Topic 718, Compensation-Stock Compensation, which requires that stock-based payments (to the extent they are compensatory) be recognized in our Consolidated Statements of Income based on their fair values. We account for forfeitures of stock-based awards as they occur. The expense for stock-based compensation is based on the grant date fair value of the award. The grant date fair value of RSUs and PSUs are estimated as the value of the underlying shares of our common stock. The grant date fair values for certain PSUs and RSUs with market vesting conditions are estimated using a Monte Carlo simulation pricing model and for stock options, using a Black-Scholes Merton option pricing model. Both pricing models require the input of subjective assumptions. These variables include, but are not limited to, the expected volatility of our stock price and the expected term of the awards. We consider both implied and historical volatility when developing an estimate of expected volatility. We estimate the term using historical data. We recognize compensation expense over the requisite service period on an accelerated basis for awards with a market or performance condition and on a straight-line basis for service-based stock options and awards. Compensation expense related to PSUs is recognized when we determine that it is probable that the performance goals will be achieved, which we assess on a quarterly basis. Compensation expense related to RSUs with market vesting conditions is recognized regardless of the outcome of the market conditions.
Provision for Income Taxes	Our provision for income taxes is computed under the asset and liability method. Significant estimates are required in determining our provision for income taxes. Some of these estimates are based on interpretations of existing tax laws or regulations. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (temporary differences) at enacted tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax assets, including net operating losses and tax credits, will not be realized. We periodically re-assess the need for a valuation allowance against our deferred tax assets based on various factors including our historical earnings experience by taxing jurisdiction, and forecasts of future operating results and utilization of net operating losses and tax credits prior to their expiration. Significant judgment is required in making this assessment and, to the extent that a reversal of any portion of our valuation allowance against our deferred tax assets is deemed appropriate, a tax benefit will be recognized against our provision for income taxes in the period of such reversal. Based on our evaluation and weighing of both positive and negative evidence, including our achievement of a cumulative three-year income position as of December 31, 2024 and forecasts of future operating results, as well as considering the utilization of net operating losses and tax credits prior to their expiration, management has continued to determine that there is sufficient positive evidence to conclude that it is more likely than not the deferred tax assets are realizable and therefore, we do not have a valuation allowance against our deferred tax assets as described in “Note 10. Provision For Income Taxes”, below. We continue to maintain a valuation allowance against our California state deferred tax assets and federal and state capital loss carryforwards. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by the tax authorities based on the technical merits of the position. An adverse resolution of one or more of these uncertain tax positions in any period could have a material impact on the results of operations for that period.
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 President and 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 President and Chief Executive Officer uses net income to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources. Our significant segment expenses are regularly provided to our President and Chief Executive Officer and included in the measure of segment net income of consolidated expenses for our operational departments consisting of drug discovery, development, and selling, general and administrative and other segment items.

Revenues - Revenues Disaggregated by Significant Customer (Details) - Customer concentration risk	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation) \| Sales revenue, net
Concentration Risk [Line Items]
Percent of total revenues	18.00%	17.00%	18.00%
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation) \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues	17.00%	17.00%
Affiliates of CVS Health Corporation \| Sales revenue, net
Concentration Risk [Line Items]
Percent of total revenues	17.00%	17.00%	17.00%
Affiliates of CVS Health Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues	20.00%	20.00%
Affiliates of McKesson Corporation \| Sales revenue, net
Concentration Risk [Line Items]
Percent of total revenues	16.00%	17.00%	17.00%
Affiliates of McKesson Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues	23.00%	21.00%
Ipsen Pharma SAS \| Sales revenue, net
Concentration Risk [Line Items]
Percent of total revenues	15.00%	8.00%	10.00%
Ipsen Pharma SAS \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues	18.00%	19.00%
Accredo Health, Incorporated \| Sales revenue, net
Concentration Risk [Line Items]
Percent of total revenues	11.00%	12.00%	10.00%
Affiliates of Optum Specialty Pharmacy \| Sales revenue, net
Concentration Risk [Line Items]
Percent of total revenues	9.00%	10.00%	10.00%
Cardinal Health, Inc. \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues	10.00%	11.00%

Provision For Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 115,766	$ 87,706	$ 83,583
Change relating to prior year provision	(1,994)
Change relating to prior year provision		631	715
Change relating to current year provision	13,796	32,137	4,129
Reductions based on the lapse of the applicable statutes of limitations	(68)	(4,708)	(721)
Ending balance	$ 127,500	$ 115,766	$ 87,706

Revenues

12 Months Ended

Jan. 03, 2025

Revenue from Contract with Customer [Abstract]

REVENUES

Revenues consisted of the following (in thousands):


	Year Ended December 31,
	2024		2023		2022
Product revenues:
Gross product revenues	$	2,518,246	$	2,272,533	$	1,951,169
Discounts and allowances	(708,851)		(643,654)		(549,926)
Net product revenues	1,809,395		1,628,879		1,401,243
Collaboration revenues:
License revenues	349,244		178,635		162,056
Collaboration services revenues	10,062		22,694		47,763
Total collaboration revenues	359,306		201,329		209,819
Total revenues	$	2,168,701	$	1,830,208	$	1,611,062

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):


	Year Ended December 31,
	2024		2023		2022
CABOMETYX	$	1,798,237	$	1,614,942	$	1,375,909
COMETRIQ	11,158		13,937		25,334
Net product revenues	$	1,809,395	$	1,628,879	$	1,401,243

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


	Year Ended December 31,
	2024		2023		2022
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation)	18	%	17	%	18	%
Affiliates of CVS Health Corporation	17	%	17	%	17	%
Affiliates of McKesson Corporation	16	%	17	%	17	%
Ipsen Pharma SAS	15	%	8	%	10	%
Accredo Health, Incorporated	11	%	12	%	10	%
Affiliates of Optum Specialty Pharmacy	9	%	10	%	10	%

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


	December 31,
	2024		2023
Affiliates of McKesson Corporation	23	%	21	%
Affiliates of CVS Health Corporation	20	%	20	%
Ipsen Pharma SAS	18	%	19	%
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation)	17	%	17	%
Cardinal Health, Inc.	10	%	11	%

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


	Year Ended December 31,
	2024		2023		2022
U.S.	$	1,822,992	$	1,645,749	$	1,413,743
Europe	318,633		144,969		168,592
Japan	27,076		39,490		28,727
Total revenues	$	2,168,701	$	1,830,208	$	1,611,062

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

Product Sales Discounts and Allowances

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


	Chargebacks, Discounts for Prompt Payment and Other		Other Customer Credits/Fees and Co-pay Assistance		Rebates		Total
Balance at December 31, 2022	$	26,881	$	14,924	$	35,426	$	77,231
Provision related to sales made in:
Current period	419,975		56,349		170,788		647,112
Prior periods	295		(1,222)		(2,531)		(3,458)
Payments and customer credits issued	(421,930)		(50,330)		(163,785)		(636,045)
Balance at December 31, 2023	25,221		19,721		39,898		84,840
Provision related to sales made in:
Current period	470,103		63,354		179,297		712,754
Prior periods	(891)		(2,044)		(968)		(3,903)
Payments and customer credits issued	(469,166)		(56,086)		(180,796)		(706,048)
Balance at December 31, 2024	$	25,267	$	24,945	$	37,431	$	87,643

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 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):


	December 31,
	2024		2023
Contract assets(1)	$	369	$	1,321

Contract liabilities:
Current portion(2)	$	2,739	$	5,406
Non-current portion(3)	3,392		5,524
Total contract liabilities	$	6,131	$	10,930

____________________

(1) Presented in right-of-use assets and other non-current assets in the accompanying Consolidated Balance Sheets.

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

(3) Presented in other non-current liabilities in the accompanying Consolidated Balance Sheets.

During the years ended December 31, 2024, 2023 and 2022, we recognized $6.0 million, $6.9 million and $8.1 million, respectively, in revenues that were included in the beginning deferred revenues balance for those years.

During the years ended December 31, 2024, 2023 and 2022, we recognized $351.9 million, $179.7 million and $161.6 million, respectively, in revenues for performance obligations satisfied in previous periods. Such revenues were primarily related to the recognition of license revenues for the achievement of milestones and royalty payments allocated to our license performance obligations for our collaborations with Ipsen, Takeda, Daiichi Sankyo and Genentech.

As of December 31, 2024, $40.5 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 4. Collaboration Agreements and Business Development Activities — Cabozantinib Commercial Collaborations — Performance Obligations and Transaction Prices for our Ipsen and Takeda Collaborations” for additional information about the expected timing to satisfy these performance obligations.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

Fair Value Measurements

12 Months Ended

Jan. 03, 2025

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):


	December 31, 2024
	Level 1		Level 2		Total
Commercial paper	$	—	$	172,891	$	172,891
Corporate bonds	—		1,011,366		1,011,366
U.S. Treasury and government-sponsored enterprises	—		338,393		338,393
Municipal bonds	—		3,001		3,001
Total debt securities available-for-sale	—		1,525,651		1,525,651
Money market funds	145,690		—		145,690
Certificates of deposit	—		77,226		77,226
Total financial assets carried at fair value	$	145,690	$	1,602,877	$	1,748,567


	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 marketable securities based on quoted prices for those financial instruments, which is a Level 1 input. Our remaining marketable securities are valued using third-party pricing sources, which use observable market prices, interest rates and yield curves observable at commonly quoted intervals for similar assets as observable inputs for pricing, which is a Level 2 input.

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

Forward Foreign Currency Contracts

We have entered into forward 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 December 31, 2024, we had one forward contract outstanding to sell €3.6 million. The forward contract with a maturity of three months is recorded at fair value and is included in other current liabilities in the Consolidated Balance Sheets. The unrealized gain on the forward contract is immaterial as of December 31, 2024. The forward contract is considered a Level 2 in the fair value hierarchy of our fair value measurements. The net realized gains (losses) we recognized on the maturity of forward contracts were immaterial for the years ended December 31, 2024, 2023, respectively and $1.2 million for the year ended December 31, 2022. Realized and unrealized gains and losses on our forward contracts are included in other income (expense), net on our Consolidated Statements of Income.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Revenues (Tables)

12 Months Ended

Jan. 03, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenues consisted of the following (in thousands):


	Year Ended December 31,
	2024		2023		2022
Product revenues:
Gross product revenues	$	2,518,246	$	2,272,533	$	1,951,169
Discounts and allowances	(708,851)		(643,654)		(549,926)
Net product revenues	1,809,395		1,628,879		1,401,243
Collaboration revenues:
License revenues	349,244		178,635		162,056
Collaboration services revenues	10,062		22,694		47,763
Total collaboration revenues	359,306		201,329		209,819
Total revenues	$	2,168,701	$	1,830,208	$	1,611,062

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


	Year Ended December 31,
	2024		2023		2022
CABOMETYX	$	1,798,237	$	1,614,942	$	1,375,909
COMETRIQ	11,158		13,937		25,334
Net product revenues	$	1,809,395	$	1,628,879	$	1,401,243

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:


	Year Ended December 31,
	2024		2023		2022
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation)	18	%	17	%	18	%
Affiliates of CVS Health Corporation	17	%	17	%	17	%
Affiliates of McKesson Corporation	16	%	17	%	17	%
Ipsen Pharma SAS	15	%	8	%	10	%
Accredo Health, Incorporated	11	%	12	%	10	%
Affiliates of Optum Specialty Pharmacy	9	%	10	%	10	%

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


	December 31,
	2024		2023
Affiliates of McKesson Corporation	23	%	21	%
Affiliates of CVS Health Corporation	20	%	20	%
Ipsen Pharma SAS	18	%	19	%
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation)	17	%	17	%
Cardinal Health, Inc.	10	%	11	%

Schedule of Revenues Disaggregated by Geographic Region

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


	Year Ended December 31,
	2024		2023		2022
U.S.	$	1,822,992	$	1,645,749	$	1,413,743
Europe	318,633		144,969		168,592
Japan	27,076		39,490		28,727
Total revenues	$	2,168,701	$	1,830,208	$	1,611,062

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

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


	Chargebacks, Discounts for Prompt Payment and Other		Other Customer Credits/Fees and Co-pay Assistance		Rebates		Total
Balance at December 31, 2022	$	26,881	$	14,924	$	35,426	$	77,231
Provision related to sales made in:
Current period	419,975		56,349		170,788		647,112
Prior periods	295		(1,222)		(2,531)		(3,458)
Payments and customer credits issued	(421,930)		(50,330)		(163,785)		(636,045)
Balance at December 31, 2023	25,221		19,721		39,898		84,840
Provision related to sales made in:
Current period	470,103		63,354		179,297		712,754
Prior periods	(891)		(2,044)		(968)		(3,903)
Payments and customer credits issued	(469,166)		(56,086)		(180,796)		(706,048)
Balance at December 31, 2024	$	25,267	$	24,945	$	37,431	$	87,643

Schedule of Other Assets and Other Liabilities

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


	December 31,
	2024		2023
Contract assets(1)	$	369	$	1,321

Contract liabilities:
Current portion(2)	$	2,739	$	5,406
Non-current portion(3)	3,392		5,524
Total contract liabilities	$	6,131	$	10,930

____________________

(1) Presented in right-of-use assets and other non-current assets in the accompanying Consolidated Balance Sheets.

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

(3) Presented in other non-current liabilities in the accompanying Consolidated Balance Sheets.

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 28.8	$ 25.7	$ 20.9

Net Income Per Share (Tables)

12 Months Ended

Jan. 03, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation 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):


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income	$	521,267	$	207,765	$	182,282
Denominator:
Weighted-average common shares outstanding - basic	290,030		318,151		321,526
Dilutive securities	6,102		3,313		3,030
Weighted-average common shares outstanding - diluted	296,132		321,464		324,556

Net income per share - basic	$	1.80	$	0.65	$	0.57
Net income per share - diluted	$	1.76	$	0.65	$	0.56

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

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


	Year Ended December 31,
	2024	2023	2022
Anti-dilutive securities and contingently issuable shares excluded	5,708	11,703	17,063

Stockholders’ Equity - Schedule of Employee Service Share - Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 93,836	$ 106,345	$ 107,574
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	6,035	7,771	12,790
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	81,130	70,462	69,775
Performance stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	3,058	23,938	21,616
Employee stock purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,613	$ 4,174	$ 3,393

- Definition

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

+ References

+ Details

Commitments and Contingencies - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 27,461	$ 28,976	$ 18,315
Variable lease cost	9,276	7,068	3,098
Total operating lease costs	$ 36,737	$ 36,044	$ 21,413

Revenues - Net Product Revenues Disaggregated by Product (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Disaggregation of Revenue [Line Items]
Net product revenues	$ 2,168,701	$ 1,830,208	$ 1,611,062
Net product revenues
Disaggregation of Revenue [Line Items]
Net product revenues	1,809,395	1,628,879	1,401,243
CABOMETYX
Disaggregation of Revenue [Line Items]
Net product revenues	1,798,237	1,614,942	1,375,909
COMETRIQ
Disaggregation of Revenue [Line Items]
Net product revenues	$ 11,158	$ 13,937	$ 25,334

- Definition

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

+ References + Details

- Definition

+ References

+ Details

Audit Information	12 Months Ended
Audit Information	Jan. 03, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Mateo, California

Net Income Per Share

12 Months Ended

Jan. 03, 2025

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):


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income	$	521,267	$	207,765	$	182,282
Denominator:
Weighted-average common shares outstanding - basic	290,030		318,151		321,526
Dilutive securities	6,102		3,313		3,030
Weighted-average common shares outstanding - diluted	296,132		321,464		324,556

Net income per share - basic	$	1.80	$	0.65	$	0.57
Net income per share - diluted	$	1.76	$	0.65	$	0.56

Basic net income per share is computed using the weighted-average number of common shares outstanding during the period. The diluted net income per share is computed using the weighted-average number of shares and dilutive potential common shares outstanding during the period. Dilutive shares outstanding includes the dilutive effect of in-the-money options, unvested RSUs, and unvested PSUs when the performance condition is met. 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 and RSUs with market conditions that were contingently issuable and the contingency had not been satisfied at the end of the reporting period. See “Note 9. Stockholders’ Equity” for a further description of our equity awards.

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


	Year Ended December 31,
	2024	2023	2022
Anti-dilutive securities and contingently issuable shares excluded	5,708	11,703	17,063

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 03, 2025	Dec. 29, 2023
Current assets:
Cash and cash equivalents	$ 217,374	$ 262,994
Marketable securities	893,902	732,308
Trade receivables, net	265,437	237,407
Inventory	22,388	17,323
Prepaid expenses and other current assets	68,478	67,926
Total current assets	1,467,579	1,317,958
Non-current marketable securities	637,291	728,717
Property and equipment, net	119,391	128,731
Deferred tax assets, net	420,027	361,145
Goodwill	63,684	63,684
Right-of-use assets and other non-current assets	239,718	342,122
Total assets	2,947,690	2,942,357
Current liabilities:
Accounts payable	38,191	33,768
Accrued compensation and benefits	109,830	93,325
Accrued clinical trial liabilities	57,976	71,615
Rebates and fees due to customers	62,376	59,619
Accrued collaboration liabilities	40,384	27,533
Other current liabilities	95,012	108,417
Total current liabilities	403,769	394,277
Non-current operating lease liabilities	190,823	189,944
Other non-current liabilities	108,895	94,224
Total liabilities	703,487	678,445
Commitments and contingencies (Note 12)
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: 281,732 and 302,793 at December 31, 2024 and 2023, respectively	282	303
Additional paid-in-capital	2,343,915	2,440,710
Accumulated other comprehensive loss	(1,347)	(3,750)
Accumulated deficit	(98,647)	(173,351)
Total stockholders’ equity	2,244,203	2,263,912
Total liabilities and stockholders’ equity	$ 2,947,690	$ 2,942,357

Stockholders’ Equity - Summary of All RSU & PSU Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Restricted stock units
Shares
Awards outstanding at beginning of period (in shares)		11,874
Awarded (in shares)		5,974
Vested and released (in shares)		(2,845)
Forfeited (in shares)		(2,063)
Awards outstanding at end of period (in shares)		12,940	11,874
Weighted Average Grant Date Fair Value
Awards outstanding at beginning of period (in dollars per share)		$ 22.72
Awarded (in dollars per share)		21.74
Vested and released (in dollars per share)		20.71
Forfeited (in dollars per share)		21.86
Awards outstanding at end of period (in dollars per share)		$ 22.84	$ 22.72
Weighted Average Remaining Contractual Term		1 year 6 months	1 year 8 months 12 days
Aggregate Intrinsic Value		$ 439,580	$ 284,856
Performance stock units
Shares
Awards outstanding at beginning of period (in shares)		3,891
Awarded (in shares)	1,000	192
Vested and released (in shares)		(901)
Forfeited (in shares)		(2,733)
Awards outstanding at end of period (in shares)		449	3,891
Weighted Average Grant Date Fair Value
Awards outstanding at beginning of period (in dollars per share)		$ 23.60
Awarded (in dollars per share)		24.54		$ 33.17	$ 24.54
Vested and released (in dollars per share)		23.87
Forfeited (in dollars per share)		23.42
Awards outstanding at end of period (in dollars per share)		$ 24.54	$ 23.60
Weighted Average Remaining Contractual Term		1 month 6 days	1 year 3 months 18 days
Aggregate Intrinsic Value		$ 15,257	$ 93,351

Collaboration Agreements And Business Development Activities - Takeda Collaboration Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 31, 2017
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration agreement percent of royalty on net sale	3.00%
Collaborative arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payments			$ 50.0
Milestone payments earned to date	$ 138.0
Milestone payments earned		$ 11.0
Maximum amount eligible for commercial milestones under collaborations agreement	108.0
Remaining performance obligation	14.7
Collaborative arrangement with Takeda \| Initial
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty tier	$ 300.0
Collaborative arrangement with Takeda \| Initial \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent of royalty on net sale	15.00%
Collaborative arrangement with Takeda \| Initial \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent of royalty on net sale	24.00%
Collaborative arrangement with Takeda \| Final tier \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent of royalty on net sale	20.00%
Collaborative arrangement with Takeda \| Final tier \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent of royalty on net sale	30.00%
Collaborative arrangement with Takeda \| Japan
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development arrangement performed for others, reimbursement for costs incurred, percent	100.00%
Collaboration period to achieve specified levels of commercial performance	2 years
Collaboration agreement percent of royalty on net sale	3.00%

Cash and Marketable Securities - Fair Value of Cash Equivalents and Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Dec. 29, 2023
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 888,360	$ 768,706
Maturing after one year through five years	637,291	728,717
Total debt securities available-for-sale	$ 1,525,651	$ 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Statement of Cash Flows [Abstract]
Net income	$ 521,267	$ 207,765	$ 182,282
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,803	25,717	20,875
Impairment of long-lived assets	64,391	0	0
Stock-based compensation	93,836	106,345	107,574
Non-cash lease expense	27,461	28,976	18,315
Deferred taxes	(59,458)	(133,209)	(60,358)
Acquired in-process research and development technology	50,750	128,500	107,250
Other, net	(13,626)	(16,797)	(525)
Changes in operating assets and liabilities:
Trade receivable, net	(27,950)	(22,623)	66,849
Inventory	5,453	(12,977)	(11,683)
Prepaid expenses and other assets	31,079	(29,824)	(28,259)
Accrued collaboration liabilities	(149)	1,345	(63,065)
Accounts payable and other liabilities	(21,886)	50,106	23,359
Net cash provided by operating activities	699,971	333,324	362,614
Cash flows from investing activities:
Purchases of marketable securities	(927,905)	(902,468)	(1,450,716)
Proceeds from maturities and sales of marketable securities	877,307	1,038,482	1,064,758
Purchases of property, equipment and other, net	(28,435)	(40,469)	(27,706)
Acquired in-process research and development technology	(37,750)	(122,500)	(110,750)
Net cash used in investing activities	(116,783)	(26,955)	(524,414)
Cash flows from financing activities:
Payments for repurchases of common stock	(652,033)	(550,378)	0
Proceeds from issuance of common stock under the equity incentive plan and stock purchase plan	61,850	33,448	23,886
Taxes paid related to net share settlement of equity awards	(38,625)	(29,122)	(23,300)
Net cash provided by (used in) financing activities	(628,808)	(546,052)	586
Net decrease in cash and cash equivalents	(45,620)	(239,683)	(161,214)
Cash and cash equivalents at beginning of period	262,994	502,677	663,891
Cash and cash equivalents at end of period	217,374	262,994	502,677
Supplemental cash flow disclosures:
Cash paid for taxes	170,482	185,658	127,870
Non-cash operating activities:
Right-of-use assets obtained in exchange for lease obligations	15,313	16,623	155,935
Impairment of right-of-use assets	59,735	0	0
Non-cash investing activity:
Unpaid liabilities incurred for purchases of in-process research and development technology	$ 19,500	$ 6,500	$ 500

Stockholders’ Equity (Tables)

12 Months Ended

Jan. 03, 2025

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 ESPP as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Research and development	$	30,670	$	34,320	$	45,350
Selling, general and administrative	63,166		72,025		62,224
Total stock-based compensation expense	$	93,836	$	106,345	$	107,574


	Year Ended December 31,
	2024		2023		2022
Stock options	$	6,035	$	7,771	$	12,790
Restricted stock units	81,130		70,462		69,775
Performance stock units	3,058		23,938		21,616
Employee stock purchase plan	3,613		4,174		3,393
Total stock-based compensation expense	$	93,836	$	106,345	$	107,574

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value

The weighted average grant-date fair value per share of stock options and ESPP purchases were as follows:


	Year Ended December 31,
	2024		2023		2022
Stock options	$	9.79	$	9.45	$	8.36
ESPP	$	6.39	$	4.67	$	5.80

Schedule of Fair Value of Employee Share-Based Payments Awards Stock Option Assumptions and Weighted Average Fair Values

The grant-date fair value of stock option grants and ESPP purchases was estimated using the following weighted average assumptions:


	Year Ended December 31,
	2024		2023		2022
Stock options:
Risk-free interest rate	4.40	%	4.14	%	2.35	%
Dividend yield	—	%	—	%	—	%
Volatility	39	%	44	%	48	%
Expected life	5.6 years		5.6 years		4.6 years
ESPP:
Risk-free interest rate	5.15	%	5.07	%	1.49	%
Dividend yield	—	%	—	%	—	%
Volatility	34	%	40	%	45	%
Expected life	6 months		6 months		6 months

Schedule of Fair Value of Employee Share-Based Payments Awards ESPP Assumptions and Weighted Average Fair Values

The grant-date fair value of stock option grants and ESPP purchases was estimated using the following weighted average assumptions:


	Year Ended December 31,
	2024		2023		2022
Stock options:
Risk-free interest rate	4.40	%	4.14	%	2.35	%
Dividend yield	—	%	—	%	—	%
Volatility	39	%	44	%	48	%
Expected life	5.6 years		5.6 years		4.6 years
ESPP:
Risk-free interest rate	5.15	%	5.07	%	1.49	%
Dividend yield	—	%	—	%	—	%
Volatility	34	%	40	%	45	%
Expected life	6 months		6 months		6 months

Schedule of All Stock Option Activity

Activity for stock options during the year ended December 31, 2024 was as follows (in thousands, except per share amounts):


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Stock options outstanding at December 31, 2023	8,208	$	21.24	2.7 years	$	24,115
Granted	124	$	22.46
Exercised	(3,051)	$	21.78
Cancelled	(665)	$	23.22
Stock options outstanding at December 31, 2024	4,616	$	20.64	2.5 years	$	61,551
Stock options exercisable at December 31, 2024	4,106	$	20.58	2.2 years	$	54,974

Schedule of All RSU Activity

Activity for RSUs during the year ended December 31, 2024 was as follows (in thousands, except per share amounts):


	Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
RSUs outstanding at December 31, 2023	11,874	$	22.72	1.7 years	$	284,856
Awarded	5,974	$	21.74
Vested and released	(2,845)	$	20.71
Forfeited	(2,063)	$	21.86
RSUs outstanding at December 31, 2024	12,940	$	22.84	1.5 years	$	439,580

Activity for PSUs during the year ended December 31, 2024 was as follows (in thousands, except per share amounts):


	Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
PSUs outstanding at December 31, 2023	3,891	$	23.60	1.3 years	$	93,351
Awarded	192	$	24.54
Vested and released	(901)	$	23.87
Forfeited	(2,733)	$	23.42
PSUs outstanding at December 31, 2024	449	$	24.54	0.1 years	$	15,257

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


	2024 TSR-Based RSUs			2023 TSR-Based RSUs			2022 TSR-Based RSUs			2021 PSUs
Fair value of Exelixis common stock on grant date	$	21.71		$	19.48		$	20.70		$	21.31
Expected volatility	36.68		%	40.26		%	46.85		%	49.21		%
Risk-free interest rate	4.42		%	3.75		%	1.59		%	0.29		%
Dividend yield	—		%	—		%	—		%	—		%

Fair Value Measurements (Tables)

12 Months Ended

Jan. 03, 2025

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):


	December 31, 2024
	Level 1		Level 2		Total
Commercial paper	$	—	$	172,891	$	172,891
Corporate bonds	—		1,011,366		1,011,366
U.S. Treasury and government-sponsored enterprises	—		338,393		338,393
Municipal bonds	—		3,001		3,001
Total debt securities available-for-sale	—		1,525,651		1,525,651
Money market funds	145,690		—		145,690
Certificates of deposit	—		77,226		77,226
Total financial assets carried at fair value	$	145,690	$	1,602,877	$	1,748,567


	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

Commitments and Contingencies - Lease Cash Flow And Other Information Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Cash paid for operating leases	$ 26,341	$ 19,559	$ 11,430
Weighted-average remaining lease term (in years)	10 years 7 months 6 days	11 years 4 months 24 days
Weighted-average discount rate	5.30%	5.30%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2025	Dec. 29, 2023	Dec. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 521,267	$ 207,765	$ 182,282
Other comprehensive income (loss):
Net unrealized gains (losses) on available-for-sale debt securities, net of tax impact of $(706), $(3,174) and $3,886, respectively	2,403	10,771	(13,763)
Comprehensive income	$ 523,670	$ 218,536	$ 168,519

- 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

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Dec. 29, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 220,123	$ 209,121
Less: accumulated depreciation and amortization	(100,732)	(80,390)
Total property and equipment, net	$ 119,391	128,731
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years
Total property and equipment	$ 108,277	89,038
Computer equipment and software
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Total property and equipment	$ 15,671	19,795
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Total property and equipment	$ 22,865	24,919
Laboratory equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Total property and equipment	$ 70,435	50,904
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 2,875	$ 24,465

Fair Value Measurements - Narratives (Details) - Foreign Exchange Forward € in Millions, $ in Millions	12 Months Ended
	Jan. 03, 2025 USD ($)	Dec. 29, 2023 USD ($)	Dec. 30, 2022 USD ($)	Jan. 03, 2025 EUR (€) derivative_instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of forward contract outstanding \| derivative_instrument				1
Forward contract outstanding, amount \| €				€ 3.6
Forward contract maturity (in months)	3 months
Net gain (loss) on maturity of forward contracts \| $	$ 0.0	$ 0.0	$ 1.2

Restructuring - Narrative (Details) - 2024 Restructuring Plan $ in Thousands	Jan. 03, 2025 USD ($) lease
Restructuring Cost and Reserve [Line Items]
Restructuring costs \| $	$ 33,660
Number of leases	2
Lease Termination
Restructuring Cost and Reserve [Line Items]
Number of leases	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

Commitments and Contingencies - Balance Sheet Classification of Lease Liabilities (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Dec. 29, 2023	May 31, 2023
Assets:
Right-of-use assets included in other non-current assets	$ 172,564	$ 233,244
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating Lease, Right-Of-Use Asset And Other Non-Current Assets	Operating Lease, Right-Of-Use Asset And Other Non-Current Assets	Operating Lease, Right-Of-Use Asset And Other Non-Current Assets
Liabilities:
Current portion included in other current liabilities	$ 25,011	$ 25,715
Non-current operating lease liabilities	190,823	189,944
Total operating lease liabilities	$ 215,834	$ 215,659
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities

Inventory (Tables)

12 Months Ended

Jan. 03, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	December 31,
	2024		2023
Raw materials	$	2,784	$	7,313
Work in process	60,316		59,422
Finished goods	8,629		9,581
Total	$	71,729	$	76,316

Balance Sheet classification:
Current portion included in inventory	$	22,388	$	17,323
Long-term portion included in other long-term assets	49,341		58,993
Total	$	71,729	$	76,316