<SEC-DOCUMENT>0000939767-21-000013.txt : 20210205
<SEC-HEADER>0000939767-21-000013.hdr.sgml : 20210205
<ACCEPTANCE-DATETIME>20210205215355
ACCESSION NUMBER:		0000939767-21-000013
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210203
FILED AS OF DATE:		20210205
DATE AS OF CHANGE:		20210205

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MORRISSEY MICHAEL
		CENTRAL INDEX KEY:			0001202096

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30235
		FILM NUMBER:		21598358

	MAIL ADDRESS:	
		STREET 1:		C/O EXELIXIS INC
		STREET 2:		170 HARBOR WAY
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94083

	FORMER NAME:	
		FORMER CONFORMED NAME:	MORRISSEY MICHAEL M
		DATE OF NAME CHANGE:	20030512

	FORMER NAME:	
		FORMER CONFORMED NAME:	MORRISSEY MICHAEL R
		DATE OF NAME CHANGE:	20021029

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EXELIXIS, INC.
		CENTRAL INDEX KEY:			0000939767
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				043257395
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0101

	BUSINESS ADDRESS:	
		STREET 1:		1851 HARBOR BAY PARKWAY
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502
		BUSINESS PHONE:		6508377000

	MAIL ADDRESS:	
		STREET 1:		1851 HARBOR BAY PARKWAY
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXELIXIS INC
		DATE OF NAME CHANGE:	20000207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXELIXIS PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	20000106
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wf-form4_161258002141849.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2021-02-03</periodOfReport>

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    <issuer>
        <issuerCik>0000939767</issuerCik>
        <issuerName>EXELIXIS, INC.</issuerName>
        <issuerTradingSymbol>EXEL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001202096</rptOwnerCik>
            <rptOwnerName>MORRISSEY MICHAEL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O EXELIXIS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1851 HARBOR BAY PARKWAY</rptOwnerStreet2>
            <rptOwnerCity>ALAMEDA</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94502</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and CEO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

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                <value>Common Stock</value>
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                    <footnoteId id="F7"/>
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                <transactionAcquiredDisposedCode>
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                <footnoteId id="F9"/>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>224287</value>
                    <footnoteId id="F10"/>
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                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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                    <value>65190</value>
                    <footnoteId id="F12"/>
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                <transactionPricePerShare>
                    <value>22.56</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
                    <value>568976</value>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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            <securityTitle>
                <value>Common Stock</value>
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                    <footnoteId id="F13"/>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By 401(k)</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">On November 20, 2020, the reporting person gifted 187,239 shares of Exelixis, Inc. common stock to Michael M. Morrissey and Meghan D. Morrissey, Trustees of the Morrissey Family Living Trust dated July 21, 1994, as amended.</footnote>
        <footnote id="F2">Includes 386,641 shares of Exelixis, Inc. common stock that will be issued to the Reporting Person upon vesting of restricted stock units.</footnote>
        <footnote id="F3">Shares held by Michael M. Morrissey and Meghan D. Morrissey, Trustees of the Morrissey Family Living Trust dated July 21, 1994, as amended.</footnote>
        <footnote id="F4">Represents shares of Exelixis, Inc. common stock that the Reporting Person donated as a gift to a charitable lead annuity trust.</footnote>
        <footnote id="F5">Represents shares of Exelixis, Inc. common stock issued to the Reporting Person upon vesting of restricted stock units.  Each restricted stock unit is the economic equivalent of one share of Exelixis, Inc. common stock.</footnote>
        <footnote id="F6">On September 10, 2018, the Reporting Person was granted a performance-based restricted stock unit (&quot;PSU&quot;) award under the Exelixis, Inc. 2017 Equity Incentive Plan covering 23,238 shares of common stock (such award, the &quot;2018 Award&quot;). The 2018 Award generally vests as follows: (i) 50% of the original number of shares subject to the 2018 Award vest upon certification by the Compensation Committee (the &quot;Committee&quot;) that Exelixis has achieved certain performance criteria related to clinical trial enrollment or positive top-line results (the &quot;2018 Goal&quot;); and (ii) 50% of the original number of shares subject to the 2018 Award will vest on the first quarterly PSU vesting date (i.e. February 15th, May 15th, August 15th and November 15th) following the one-year anniversary of the Committee's certification.</footnote>
        <footnote id="F7">On February 3, 2021, the Committee convened to determine that the 2018 Goal had been achieved, resulting in the immediate vesting of 50% of the 2018 Award, and the remaining 50% will vest on February 15, 2022, subject to the Reporting Person's continuous service through that date.</footnote>
        <footnote id="F8">Includes 398,260 shares of Exelixis, Inc. common stock that will be issued to the Reporting Person upon vesting of restricted stock units.</footnote>
        <footnote id="F9">On September 20, 2019, the Reporting Person was granted a PSU award the under 2017 Equity Incentive Plan covering 448,574 shares of common stock (such award, the &quot;2019 Award,&quot; and such shares, the &quot;Target Shares&quot;). The 2019 Award generally vests as follows: (i) 50% of the Target Shares vest upon the Committee's certification of achievement certain performance criteria as certified by Committee; and (ii) 50% of the Target Shares vest on the first quarterly PSU vesting date (i.e. February 15th, May 15th, August 15th and November 15th) following the one-year anniversary of the Committee's certification. In addition, the 2019 Award provides for vesting of up to a maximum of 200% of the Target Shares depending on the timing and level of achievement of the performance criteria provided for under the 2019 Award.</footnote>
        <footnote id="F10">On February 3, 2021, the Committee determined the maximum performance criteria had been achieved, resulting in the Reporting Person's eligibility to vest up to 200% of the Target Shares subject to the 2019 Award. Accordingly, the Committee's certification resulted in the immediate vesting of 25% of the Target Shares, and the remaining 25% of the Target Shares will vest on February 15, 2022, subject to the Reporting Person's continuous service through that date.</footnote>
        <footnote id="F11">Includes 510,404 shares of Exelixis, Inc. common stock that will be issued to the Reporting Person upon vesting of the restricted stock units.</footnote>
        <footnote id="F12">Shares withheld by Exelixis, Inc. to satisfy taxes payable in connection with the vesting of certain restricted stock units earned on February 3, 2021.</footnote>
        <footnote id="F13">Represents shares of Exelixis, Inc. common stock under the Exelixis, Inc. 401(k) Plan, pursuant to a plan statement dated as of February 3, 2021.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Jennifer Drimmer Rokovich, Attorney in Fact</signatureName>
        <signatureDate>2021-02-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
