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Stockholders’ Equity (Tables)

12 Months Ended

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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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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