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Stockholders’ Equity (Tables) | 12 Months Ended
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Dec. 29, 2023
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,
| 2023 |  | 2022 |  | 2021
Research and development | $ | 34,320 |  |  | $ | 45,350 |  |  | $ | 46,654 |
Selling, general and administrative | 72,025 |  |  | 62,224 |  |  | 73,166 |
Total stock-based compensation expense | $ | 106,345 |  |  | $ | 107,574 |  |  | $ | 119,820 |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Stock options | $ | 7,771 |  |  | $ | 12,790 |  |  | $ | 19,048 |
Restricted stock units | 70,462 |  |  | 69,775 |  |  | 53,629 |
Performance stock units | 23,938 |  |  | 21,616 |  |  | 43,428 |
ESPP | 4,174 |  |  | 3,393 |  |  | 3,715 |
Total stock-based compensation expense | $ | 106,345 |  |  | $ | 107,574 |  |  | $ | 119,820 |
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,
| 2023 |  | 2022 |  | 2021
Stock options | $ | 9.45 |  |  | $ | 8.36 |  |  | $ | 9.04 |
ESPP | $ | 4.67 |  |  | $ | 5.80 |  |  | $ | 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 weighted average assumptions:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Stock options: |  |  |  |  |
Risk-free interest rate | 4.14 | % |  | 2.35 | % |  | 0.74 | %
Dividend yield | — | % |  | — | % |  | — | %
Volatility | 44 | % |  | 48 | % |  | 51 | %
Expected life | 5.6 years |  | 4.6 years |  | 4.6 years
ESPP: |  |  |  |  |
Risk-free interest rate | 5.07 | % |  | 1.49 | % |  | 0.08 | %
Dividend yield | — | % |  | — | % |  | — | %
Volatility | 40 | % |  | 45 | % |  | 47 | %
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 weighted average assumptions:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Stock options: |  |  |  |  |
Risk-free interest rate | 4.14 | % |  | 2.35 | % |  | 0.74 | %
Dividend yield | — | % |  | — | % |  | — | %
Volatility | 44 | % |  | 48 | % |  | 51 | %
Expected life | 5.6 years |  | 4.6 years |  | 4.6 years
ESPP: |  |  |  |  |
Risk-free interest rate | 5.07 | % |  | 1.49 | % |  | 0.08 | %
Dividend yield | — | % |  | — | % |  | — | %
Volatility | 40 | % |  | 45 | % |  | 47 | %
Expected life | 6 months |  | 6 months |  | 6 months
Schedule of All Stock Option Activity | Activity for stock options during the year ended December 31, 2023 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, 2022 | 10,882 |  |  | $ | 19.49 |  |  |  |  |
Granted | 357 |  |  | $ | 20.41 |  |  |  |  |
Exercised | (2,340) |  |  | $ | 12.84 |  |  |  |  |
Cancelled | (691) |  |  | $ | 21.66 |  |  |  |  |
Stock options outstanding at December 31, 2023 | 8,208 |  |  | $ | 21.24 |  |  | 2.7 years |  | $ | 24,115 |
Stock options exercisable at December 31, 2023 | 6,981 |  |  | $ | 21.31 |  |  | 2.3 years |  | $ | 20,207 |
Schedule of All RSU Activity | Activity for RSUs during the year ended December 31, 2023 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, 2022 | 11,294 |  |  | $ | 21.83 |  |  |  |  |
Awarded | 5,028 |  |  | $ | 21.65 |  |  |  |  |
Vested and released | (2,950) |  |  | $ | 20.81 |  |  |  |  |
Forfeited | (1,498) |  |  | $ | 21.81 |  |  |  |  |
RSUs outstanding at December 31, 2023 | 11,874 |  |  | $ | 22.72 |  |  | 1.7 years |  | $ | 284,856 |
Activity for PSUs during the year ended December 31, 2023 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, 2022 | 4,964 |  |  | $ | 23.26 |  |  |  |  |
Awarded | — |  |  | $ | — |  |  |  |  |
Vested and released | (764) |  |  | $ | 22.48 |  |  |  |  |
Forfeited | (309) |  |  | $ | 24.57 |  |  |  |  |
PSUs outstanding at December 31, 2023 | 3,891 |  |  | $ | 23.60 |  |  | 1.3 years |  | $ | 93,351 |
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 $26.05 per share for the 2023 TSR-based RSUs, $33.17 for 2022 TSR-based RSUs and $24.54 for the 2021 PSUs:
| 2023 TSR-Based RSUs |  | 2022 TSR-Based RSUs |  | 2021 PSUs
Fair value of Exelixis common stock on grant date | $ | 19.48 |  |  | $ | 20.70 |  |  | $ | 21.31 |
Expected volatility | 40.26 | % |  | 46.85 | % |  | 49.21 | %
Risk-free interest rate | 3.75 | % |  | 1.59 | % |  | 0.29 | %
Dividend yield | — | % |  | — | % |  | — | %

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