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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 30, 2022

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,
			2022						2021						2020
Research and development			$	45,350					$	46,654					$	37,198
Selling, general and administrative			62,224						73,166						67,872
Total stock-based compensation expense			$	107,574					$	119,820					$	105,070

			Year Ended December 31,
			2022						2021						2020
Stock options			$	12,790					$	19,048					$	19,863
Restricted stock units			69,775						53,629						35,675
Performance stock units			21,616						43,428						47,106
ESPP			3,393						3,715						2,426
Total stock-based compensation expense			$	107,574					$	119,820					$	105,070

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,
			2022						2021						2020
Stock options			$	8.36					$	9.04					$	9.44
ESPP			$	5.80					$	6.12					$	6.12

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 assumptions:

			Year Ended December 31,
			2022						2021						2020
Stock options:
Risk-free interest rate			2.35		%				0.74		%				0.30		%
Dividend yield			—		%				—		%				—		%
Volatility			48		%				51		%				54		%
Expected life			4.6 years						4.6 years						4.4 years
ESPP:
Risk-free interest rate			1.49		%				0.08		%				0.79		%
Dividend yield			—		%				—		%				—		%
Volatility			45		%				47		%				52		%
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 assumptions:

			Year Ended December 31,
			2022						2021						2020
Stock options:
Risk-free interest rate			2.35		%				0.74		%				0.30		%
Dividend yield			—		%				—		%				—		%
Volatility			48		%				51		%				54		%
Expected life			4.6 years						4.6 years						4.4 years
ESPP:
Risk-free interest rate			1.49		%				0.08		%				0.79		%
Dividend yield			—		%				—		%				—		%
Volatility			45		%				47		%				52		%
Expected life			6 months						6 months						6 months

Schedule of All Stock Option Activity

Activity for stock options during the year ended December 31, 2022 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, 2021			13,671						$	16.79
Granted			589						$	19.99
Exercised			(2,743)						$	5.74
Cancelled			(635)						$	21.29
Stock options outstanding at December 31, 2022			10,882						$	19.49					3.0 years						$	9,377
Stock options exercisable at December 31, 2022			8,743						$	19.17					2.4 years						$	9,373

Schedule of All RSU Activity

Activity for RSUs during the year ended December 31, 2022 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, 2021			6,828						$	21.58
Awarded			7,933						$	21.84
Vested and released			(2,164)						$	21.31
Forfeited			(1,303)						$	21.43
RSUs outstanding at December 31, 2022			11,294						$	21.83					1.8 years						$	181,156

Activity for PSUs, during the year ended December 31, 2022 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, 2021			6,310						$	23.00
Awarded			—						$	—
Vested and released			(942)						$	21.32
Forfeited			(404)						$	24.56
PSUs outstanding at December 31, 2022			4,964						$	23.26					2.3 years						$	79,628

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

We used a Monte Carlo simulation model and the following assumptions to determine the grant date fair value of $33.17 per share for the 2022 TSR-based RSUs:

Fair value of Exelixis common stock on grant date			$	20.70
Expected volatility			46.85		%
Risk-free interest rate			1.59		%
Dividend yield			—		%

A Monte Carlo simulation model was used to determine the grant date fair value of $24.54 for the 2021 PSUs based on the following assumptions:

Fair value of Exelixis common stock on grant date			$	21.31
Expected volatility			49.21		%
Risk-free interest rate			0.29		%
Dividend yield			—		%

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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