EXELIXIS, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>EXELIXIS, INC. has filed its 2023 Form 10-K detailing financial performance and key balance sheet items.</b>

AI Summary

EXELIXIS, INC. (EXEL) filed a Annual Report (10-K) with the SEC on February 6, 2024. EXELIXIS, INC. filed its annual report on Form 10-K for the fiscal year ended December 29, 2023. The company is incorporated in Delaware and operates in the Biological Products sector. The filing includes financial data for the fiscal years ending December 31, 2022, December 30, 2022, and December 29, 2023. Key financial statement components such as Common Stock, Additional Paid-In Capital, Accumulated Other Comprehensive Income, and Retained Earnings are detailed for various periods. The report references specific accounting standards, including those related to Operating Lease Right-Of-Use Assets and Other Current Liabilities.

Why It Matters

For investors and stakeholders tracking EXELIXIS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Exelixis's financial position and operational results for the fiscal year 2023, crucial for investors assessing the company's health and future prospects. The detailed financial data, including balance sheet components and segment information, allows stakeholders to analyze trends, evaluate management's performance, and make informed investment decisions.

Risk Assessment

Risk Level: — EXELIXIS, INC. shows moderate risk based on this filing. The risk is low as this is a standard annual filing providing historical financial data and does not contain forward-looking statements that inherently carry higher risk.

Analyst Insight

Review the detailed financial statements and segment data within the 10-K to understand Exelixis's performance and financial health for fiscal year 2023.

Key Numbers

• 2023-12-29 — Fiscal Year End (EXELIXIS, INC. fiscal year end)
• 2024-02-06 — Filing Date (Date the 10-K was filed)
• 0000939767-24-000028 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• EXELIXIS, INC. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-06 (date) — Filing date
• 10-K (document) — Form type
• DE (jurisdiction) — State of incorporation
• 2836 (industry_code) — Standard Industrial Classification

Forward-Looking Statements

• EXELIXIS will continue to focus on product revenue growth in the upcoming fiscal year. (EXELIXIS, INC.) — high confidence, target: 2024-12-31
• The company's R&D investments will likely increase given its classification in biological products. (EXELIXIS, INC.) — medium confidence, target: 2024-12-31

FAQ

Industry Context

Exelixis operates in the Biological Products sector, focusing on the development and commercialization of treatments for cancer.

Regulatory Implications

The company is subject to regulations by the U.S. Securities and Exchange Commission (SEC) for its public filings.

What Investors Should Do

1. Analyze the consolidated balance sheets for the fiscal years ended December 29, 2023, and December 30, 2022.
2. Review the statements of operations for the fiscal years ended December 29, 2023, December 30, 2022, and December 31, 2021.
3. Examine the disclosures related to operating lease right-of-use assets and other liabilities.

Key Dates

• 2024-02-06: 10-K Filing — Annual report filed for fiscal year 2023

Year-Over-Year Comparison

This filing represents the annual report for fiscal year 2023, following previous filings which would include quarterly reports and potentially prior annual reports.

Key Financial Figures

• $1,628.9 m — In 2023, 2022 and 2021, we generated $1,628.9 million, $1,401.2 million and $1,077.3 mi
• $1,401.2 million — nd 2021, we generated $1,628.9 million, $1,401.2 million and $1,077.3 million, respectively, in
• $1,077.3 m — $1,628.9 million, $1,401.2 million and $1,077.3 million, respectively, in net product rev
• $148.5 m — rket. In 2023, 2022 and 2021, we earned $148.5 million, $121.4 million and $105.1 millio
• $121.4 million — 022 and 2021, we earned $148.5 million, $121.4 million and $105.1 million, respectively, of ro
• $105.1 m — rned $148.5 million, $121.4 million and $105.1 million, respectively, of royalties on ne

Filing Documents

• exel-20231229.htm (10-K) — 2264KB
• exel20231231exhibit1018.htm (EX-10.18) — 21KB
• exel20231231exhibit1023.htm (EX-10.23) — 11KB
• exel20231231exhibit1024.htm (EX-10.24) — 190KB
• exel20231231exhibit211.htm (EX-21.1) — 3KB
• exel20231231exhibit231.htm (EX-23.1) — 3KB
• exel20231231exhibit311.htm (EX-31.1) — 8KB
• exel20231231exhibit312.htm (EX-31.2) — 9KB
• exel20231231exhibit321.htm (EX-32.1) — 7KB
• exel20231231exhibit971.htm (EX-97.1) — 59KB
• exel-20231229_g1.jpg (GRAPHIC) — 54KB
• exel-20231229_g2.jpg (GRAPHIC) — 95KB
• imagea.jpg (GRAPHIC) — 2KB
• 0000939767-24-000028.txt (&nbsp;) — 11189KB
• exel-20231229.xsd (EX-101.SCH) — 67KB
• exel-20231229_cal.xml (EX-101.CAL) — 95KB
• exel-20231229_def.xml (EX-101.DEF) — 321KB
• exel-20231229_lab.xml (EX-101.LAB) — 881KB
• exel-20231229_pre.xml (EX-101.PRE) — 582KB
• exel-20231229_htm.xml (XML) — 1628KB

Risk Factors

Item 1A. Risk Factors 39

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 59

Cybersecurity

Item 1C. Cybersecurity 60

Properties

Item 2. Properties 61

Legal Proceedings

Item 3. Legal Proceedings 61

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 63 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 64

[ Reserved ]

Item 6. [ Reserved ] 65

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 65

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 84

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 85

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 123

Controls and Procedures

Item 9A. Controls and Procedures 123

Other Information

Item 9B. Other Information 126

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 126 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 126

Executive Compensation

Item 11. Executive Compensation 126

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 126

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 127

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 127 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 128

Form 10-K Summary

Item 16. Form 10-K Summary 132

SIGNATURES

SIGNATURES 133 1 Table of Contents SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS Some of the statements under the captions "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business" and elsewhere in this Annual Report on Form 10-K are forward-looking statements. These statements are based on our current expectations, assumptions, estimates and projections about our business and our industry and involve known and unknown risks, uncertainties and other factors that may cause our company's or our industry's results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in, or contemplated by, the forward-looking statements. Our actual results and the timing of events may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a difference include those discussed under the heading "Item 1A. Risk Factors" as well as those discussed elsewhere in this Annual Report on Form 10-K. These and many other factors could affect our future financial and operating results. We undertake no obligation to update any forward-looking statement to reflect events after the date of this report. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. RISK FACTOR SUMMARY Investing in our securiti

Business

Item 1. Business. Overview Exelixis, Inc. (Exelixis, we, our or us) is an oncology company innovating next-generation medicines and combination regimens at the forefront of cancer care. Through the commitment of our drug discovery, development and commercialization resources, we have produced four marketed pharmaceutical products, two of which are formulations of our flagship molecule, cabozantinib. We continue to evolve our product portfolio, leveraging our investments, expertise and strategic partnerships to target an expanding range of tumor types and indications with our clinically differentiated pipeline of small molecules and biotherapeutics, including antibody-drug conjugates (ADCs). Sales related to cabozantinib account for the majority of our revenues. Cabozantinib is an inhibitor of multiple tyrosine kinases, including MET, AXL, VEGF receptors and RET and has been approved by the U.S. Food and Drug Administration (FDA) and in 69 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 (OPDIVO)), 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 (MTC). 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 (MR), approved for the treatment of hyperte

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View this 10-K filing on SEC EDGAR