<SEC-DOCUMENT>0000939767-21-000115.txt : 20211217
<SEC-HEADER>0000939767-21-000115.hdr.sgml : 20211217
<ACCEPTANCE-DATETIME>20211217203518
ACCESSION NUMBER:		0000939767-21-000115
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20211215
FILED AS OF DATE:		20211217
DATE AS OF CHANGE:		20211217

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lamb Peter
		CENTRAL INDEX KEY:			0001387306

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30235
		FILM NUMBER:		211503392

	MAIL ADDRESS:	
		STREET 1:		PO BOX 511, 170 HARBOR WAY
		CITY:			SOUTH SAN FRANCISCO
		STATE:			CA
		ZIP:			94083-0511

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:			1231

	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_163979129617804.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2021-12-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001387306</rptOwnerCik>
            <rptOwnerName>Lamb Peter</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>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>EVP, Scientific Strategy &amp; CSO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2021-12-15</value>
                <footnoteId id="F2"/>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>18741</value>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>367818</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2021-12-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4646</value>
                    <footnoteId id="F5"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>17</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>363172</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2021-12-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>47500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>6.21</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>410672</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2021-12-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F6"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>47500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>17.44</value>
                    <footnoteId id="F7"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>363172</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>17105</value>
                    <footnoteId id="F8"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By 401(k)</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>6.21</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2021-12-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>47500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2016-09-16</value>
                <footnoteId id="F9"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-09-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>47500.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">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="F2">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 18,741 shares of common stock. The PSU award generally vests as follows: (i) 50% of the original number of shares subject to the award vest upon certification by the Compensation Committee (the &quot;Committee&quot;) that Exelixis, Inc. has achieved certain performance criteria related to the submission of Investigational New Drug applications with the U.S. Food and Drug Administration, or equivalent applications or filings with a foreign governmental authority, with respect to product candidates discovered, in-licensed or acquired by Exelixis, Inc. (the &quot;2018 PSU Goal&quot;); and (ii) 50% of the original number of shares subject to the 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="F3">On December 15, 2021, the Committee convened to determine that the 2018 PSU Goal had been achieved, resulting in the immediate vesting of 50% of the PSU award, and the remaining 50% will vest on February 15, 2023, subject to the Reporting Person's continuous service through that date.</footnote>
        <footnote id="F4">Includes 113,573 shares of Exelixis, Inc. common stock that will be issued to the Reporting Person upon vesting of restricted stock units.</footnote>
        <footnote id="F5">Shares withheld by Exelixis, Inc. to satisfy taxes payable in connection with the vesting of certain restricted stock units earned on December 15, 2021.</footnote>
        <footnote id="F6">The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 18, 2021.</footnote>
        <footnote id="F7">Represents the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $16.95 to $17.86. Reporting Person undertakes to provide Exelixis, Inc., any security holder of Exelixis, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote 7 to this Form 4.</footnote>
        <footnote id="F8">Represents shares of Exelixis, Inc. common stock under the Exelixis, Inc. 401(k) Plan, pursuant to a plan statement dated as of December 15, 2021.</footnote>
        <footnote id="F9">The option, representing the right to purchase a total of 190,000 shares of Exelixis, Inc. common stock, became fully exercisable on September 16, 2019.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Jennifer Drimmer Rokovich, Attorney in Fact</signatureName>
        <signatureDate>2021-12-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
