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Stockholders’ Equity (Tables)

12 Months Ended

Jan. 03, 2025

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,
			2024						2023						2022
Research and development			$	30,670					$	34,320					$	45,350
Selling, general and administrative			63,166						72,025						62,224
Total stock-based compensation expense			$	93,836					$	106,345					$	107,574

			Year Ended December 31,
			2024						2023						2022
Stock options			$	6,035					$	7,771					$	12,790
Restricted stock units			81,130						70,462						69,775
Performance stock units			3,058						23,938						21,616
Employee stock purchase plan			3,613						4,174						3,393
Total stock-based compensation expense			$	93,836					$	106,345					$	107,574

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,
			2024						2023						2022
Stock options			$	9.79					$	9.45					$	8.36
ESPP			$	6.39					$	4.67					$	5.80

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,
			2024						2023						2022
Stock options:
Risk-free interest rate			4.40		%				4.14		%				2.35		%
Dividend yield			—		%				—		%				—		%
Volatility			39		%				44		%				48		%
Expected life			5.6 years						5.6 years						4.6 years
ESPP:
Risk-free interest rate			5.15		%				5.07		%				1.49		%
Dividend yield			—		%				—		%				—		%
Volatility			34		%				40		%				45		%
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,
			2024						2023						2022
Stock options:
Risk-free interest rate			4.40		%				4.14		%				2.35		%
Dividend yield			—		%				—		%				—		%
Volatility			39		%				44		%				48		%
Expected life			5.6 years						5.6 years						4.6 years
ESPP:
Risk-free interest rate			5.15		%				5.07		%				1.49		%
Dividend yield			—		%				—		%				—		%
Volatility			34		%				40		%				45		%
Expected life			6 months						6 months						6 months

Schedule of All Stock Option Activity

Activity for stock options during the year ended December 31, 2024 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, 2023			8,208						$	21.24					2.7 years						$	24,115
Granted			124						$	22.46
Exercised			(3,051)						$	21.78
Cancelled			(665)						$	23.22
Stock options outstanding at December 31, 2024			4,616						$	20.64					2.5 years						$	61,551
Stock options exercisable at December 31, 2024			4,106						$	20.58					2.2 years						$	54,974

Schedule of All RSU Activity

Activity for RSUs during the year ended December 31, 2024 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, 2023			11,874						$	22.72					1.7 years						$	284,856
Awarded			5,974						$	21.74
Vested and released			(2,845)						$	20.71
Forfeited			(2,063)						$	21.86
RSUs outstanding at December 31, 2024			12,940						$	22.84					1.5 years						$	439,580

Activity for PSUs during the year ended December 31, 2024 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, 2023			3,891						$	23.60					1.3 years						$	93,351
Awarded			192						$	24.54
Vested and released			(901)						$	23.87
Forfeited			(2,733)						$	23.42
PSUs outstanding at December 31, 2024			449						$	24.54					0.1 years						$	15,257

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

We used a Monte Carlo simulation model and the following weighted-average assumptions to determine the weighted-average grant date fair value of $20.19 per share for the 2024 TSR-based RSUs, $26.05 per share for the 2023 TSR-based RSUs, $33.17 per share for the 2022 TSR-based RSUs, and $24.54 per share for the 2021 PSUs:

			2024 TSR-Based RSUs						2023 TSR-Based RSUs						2022 TSR-Based RSUs						2021 PSUs
Fair value of Exelixis common stock on grant date			$	21.71					$	19.48					$	20.70					$	21.31
Expected volatility			36.68		%				40.26		%				46.85		%				49.21		%
Risk-free interest rate			4.42		%				3.75		%				1.59		%				0.29		%
Dividend yield			—		%				—		%				—		%				—		%

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

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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 of the changes in outstanding nonvested restricted stock units.

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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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