Exelixis Inc Stock Price, News & Analysis

Exelixis (NASDAQ: EXEL) will participate in a pre-recorded fireside chat at the William Blair Biotech Focus Conference 2022, available on-demand starting July 11, 2022. Investors can access the webcast on www.exelixis.com under the News & Events section. Replays will be available for 30 days. Founded in 1994, Exelixis focuses on developing treatments for challenging cancers and has several products on the market, including CABOMETYX® and COMETRIQ®. They are committed to advancing cancer therapies through innovative drug discovery.

Exelixis has initiated the STELLAR-303 trial, a pivotal phase 3 study for XL092, an oral tyrosine kinase inhibitor. This trial assesses the efficacy of XL092 combined with atezolizumab versus regorafenib in approximately 600 patients with metastatic colorectal cancer (CRC) not exhibiting microsatellite instability-high or mismatch repair-deficiency. The primary endpoint is overall survival, with secondary endpoints including progression-free survival. This study addresses a critical treatment gap for patients who have not responded to standard therapies.

Exelixis has announced a strategic partnership with BioInvent to develop novel antibodies aimed at cancer immunotherapy. This collaboration involves an upfront payment of $25 million from Exelixis for rights to select three targets utilizing BioInvent's advanced screening platform. Exelixis plans to leverage its expertise in antibody engineering to advance these therapies and is focused on expanding its biotherapeutics pipeline. The partnership aims to enhance both companies' capabilities in oncology therapeutics.

Better Therapeutics (NASDAQ: BTTX) has announced the appointment of Frank Karbe as President and CEO starting July 5, 2022. He replaces co-founder Kevin Appelbaum, who will continue until then. Karbe brings extensive experience, having previously raised approximately $2 billion at Myovant Sciences and over $4 billion at Exelixis. The company is poised for a potential FDA submission of its first digital therapeutic for type 2 diabetes, supported by positive trial data indicating significant improvements in patient outcomes.

Exelixis (Nasdaq: EXEL) announced participation in investor conferences in June 2022. The company will present at the William Blair 42nd Annual Growth Stock Conference on June 7, 2022, at 11:00 a.m. ET in Chicago, and at the 2022 Jefferies Healthcare Conference on June 8, 2022, at 1:30 p.m. ET in New York. Webcast links for the events can be found on Exelixis' website, where replays will also be available for 30 days.

Exelixis announced promising results from a phase 2 trial of cabozantinib combined with pembrolizumab in patients with recurrent or metastatic head and neck cancer. The trial achieved an objective response rate of 54% and an overall clinical benefit rate of 91%. At 10.6 months follow-up, one-year progression-free survival was 54%%, while one-year overall survival was 68.4%%. Side effects included fatigue and diarrhea, with a 25% discontinuation rate due to adverse events. The results will be presented at the ASCO Annual Meeting on June 3.

Exelixis announced encouraging results from the phase 1b COSMIC-021 trial, highlighting cabozantinib's activity in combination with atezolizumab for advanced urothelial carcinoma and non-small cell lung cancer. At the ASCO Annual Meeting, data showed objective response rates of 20%, 30%, and 10% for various patient cohorts. Key findings included disease control rates of up to 80% in certain groups and a manageable safety profile. The company continues to explore cabozantinib's potential in ongoing trials and next-generation therapies.

Exelixis reported total revenues of $356.0 million for Q1 2022, up from $270.2 million in Q1 2021. The cabozantinib franchise drove revenues of $310.3 million, reflecting strong demand for CABOMETYX in advanced renal cell carcinoma and thyroid cancer. The GAAP diluted EPS stood at $0.21, with non-GAAP EPS at $0.26. Research and development expenses decreased to $156.7 million. Exelixis retained a strong cash position of $2.0 billion and maintained its 2022 revenue guidance of $1.525 billion to $1.625 billion.

Exelixis (Nasdaq: EXEL) announced management participation in two upcoming investor conferences. The first is at the BofA Securities 2022 Healthcare Conference on May 11 at 1:40 p.m. ET in Las Vegas, followed by the RBC Capital Markets Global Healthcare Conference on May 17 at 8:30 a.m. ET in New York. Interested parties can access webcasts via www.exelixis.com. Replays will be available for 30 days.