Exelixis, Inc. Files 2025 Fiscal Year 10-K Report

Ticker: EXEL · Form: 10-K · Filed: Feb 11, 2025 · CIK: 939767

Sentiment: neutral

Topics: 10-K, annual-report, biotechnology

TL;DR

Exelixis 10-K filed: FY25 results in, check financials.

AI Summary

Exelixis, Inc. filed its 10-K for the fiscal year ending January 3, 2025, reporting on its business operations and financial condition. The company, headquartered in Alameda, CA, operates in the biological products sector. Key financial data and operational details for the fiscal years 2023, 2024, and 2025 are presented within the filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Exelixis's financial performance and strategic positioning for the past fiscal year, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks beyond those typical for a company in the biotechnology sector.

Key Numbers

Key Players & Entities

FAQ

What is Exelixis, Inc.'s primary business classification?

Exelixis, Inc. is classified under 'BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES)' with SIC code [2836].

What is the company's state of incorporation?

Exelixis, Inc. is incorporated in Delaware (DE).

What is the physical address of Exelixis, Inc.?

The business address is 1851 HARBOR BAY PARKWAY, ALAMEDA, CA 94502.

What was the previous name of Exelixis, Inc.?

The company was formerly known as EXELIXIS PHARMACEUTICALS INC, with a name change on 2000-01-06.

What is the SEC file number for Exelixis, Inc.?

The SEC file number is 000-30235.

Filing Stats: 4,483 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2025-02-11 16:26:22

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 36

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 55

Cybersecurity

Item 1C. Cybersecurity 55

Properties

Item 2. Properties 56

Legal Proceedings

Item 3. Legal Proceedings 56

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 56 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 57

[ Reserved ]

Item 6. [ Reserved ] 58

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 58

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 77

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 78

Changes in and Disagreements Wi th Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements Wi th Accountants on Accounting and Financial Disclosure 119

Controls and Procedures

Item 9A. Controls and Procedures 119

Other Information

Item 9B. Other Information 122

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 122 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 122

Executive Compensation

Item 11. Executive Compensation 122

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 123

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 123

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 123 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 124

Form 10-K Summary

Item 16. Form 10-K Summary 128

SIGNATURES

SIGNATURES 129 1 Table of C o n t e n t s 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 s

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. 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 investigational asset, zanzalintinib, currently the focus of an extensive late-stage 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 67 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 M

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