Exelixis Stock Price, News & Analysis

Exelixis, Inc. (NASDAQ: EXEL) is an oncology-focused biopharmaceutical company that discovers, develops and commercializes treatments for cancer. Classified under research and development in biotechnology within the professional, scientific and technical services sector, Exelixis concentrates on small molecule medicines and biotherapeutics aimed at solid tumors. According to company disclosures, its flagship commercial product is CABOMETYX (cabozantinib), and it is also advancing a clinically differentiated pipeline of investigational agents.

Exelixis describes itself as a globally ambitious oncology company "innovating next-generation medicines and regimens at the forefront of cancer care." The company emphasizes drug discovery and development capabilities to build oncology franchises across multiple tumor types and indications. Its approach includes internal research programs and collaborations intended to expand the impact of its marketed therapies and to bring new investigational medicines through clinical development.

Cabozantinib and the CABOMETYX / COMETRIQ Franchise

The company’s cabozantinib franchise is central to its business. Exelixis reports that cabozantinib is commercialized in the United States under the brand names CABOMETYX and COMETRIQ. CABOMETYX is described as the company’s flagship commercial product, and Exelixis states that it is the leading tyrosine kinase inhibitor in the U.S. for the treatment of advanced renal cell carcinoma and advanced neuroendocrine tumors. COMETRIQ is another U.S. cabozantinib presentation referenced in Exelixis’ financial guidance and revenue disclosures.

Exelixis’ public communications highlight cabozantinib as the foundation of a broad oncology franchise. The company notes that CABOMETYX is approved in the United States for multiple indications, including advanced renal cell carcinoma, hepatocellular carcinoma following prior sorafenib, certain differentiated thyroid cancers, and previously treated, unresectable, locally advanced or metastatic well-differentiated pancreatic and extra-pancreatic neuroendocrine tumors. Exelixis also reports that its partners have obtained regulatory approvals for cabozantinib in additional territories, with Ipsen holding commercialization rights outside the U.S. and Japan and Takeda holding rights in Japan.

In its financial updates, Exelixis refers to a "cabozantinib franchise" that generates substantial net product revenues in the U.S., with CABOMETYX accounting for the vast majority of those sales and COMETRIQ contributing a smaller portion. The company also earns royalty revenues from ex-U.S. cabozantinib sales by collaboration partners.

Zanzalintinib and Next-Generation Oncology Franchises

Beyond cabozantinib, Exelixis is developing zanzalintinib, described as a novel oral kinase inhibitor. Company materials state that zanzalintinib inhibits TAM kinases (TYRO3, AXL, MER), MET and VEGF receptors, which are associated with tumor cell proliferation, metastasis, angiogenesis, drug resistance and evasion of antitumor immunity. Exelixis indicates that zanzalintinib is being developed for advanced solid tumors, including colorectal cancer, kidney cancer and neuroendocrine tumors.

Exelixis has outlined a multi-franchise strategy in oncology, indicating that it aims to build lasting franchises in renal cell carcinoma, neuroendocrine tumors and colorectal cancer. The company is pursuing pivotal clinical trials of zanzalintinib in these settings, including the STELLAR-303 phase 3 trial in previously treated metastatic colorectal cancer in combination with atezolizumab, the STELLAR-304 phase 3 trial in previously untreated advanced non-clear cell renal cell carcinoma, and the STELLAR-311 phase 2/3 trial in advanced neuroendocrine tumors versus everolimus as a first oral therapy.

Exelixis reports that STELLAR-303 met one of its dual primary endpoints by demonstrating a statistically significant reduction in the risk of death versus regorafenib in the intention-to-treat population, and that it has submitted a New Drug Application in the United States for zanzalintinib in combination with atezolizumab in previously treated metastatic colorectal cancer. The company also describes ongoing and planned pivotal studies such as LITESPARK-033 in first-line advanced renal cell carcinoma and STELLAR-316 in molecular residual disease–positive stage II/III colorectal cancer, as well as a planned trial in recurrent meningioma (STELLAR-201).

Pipeline of Small Molecules and Biotherapeutics

Exelixis highlights a broader pipeline of investigational agents intended to support next-generation oncology franchises. Among its early-stage programs, the company lists phase 1 clinical trials for:

• XL309, described as a USP1 inhibitor;
• XB010, a 5T4-targeting antibody-drug conjugate (ADC);
• XB628, a PD-L1 + NKG2A bispecific molecule; and
• XB371, a TF-targeting ADC.

Exelixis states that, if phase 1 data are supportive, it plans to progress these molecules into full development as part of its strategy to build oncology franchises across tumor types and combination regimens, including combinations with zanzalintinib.

The company also reports plans to advance additional programs into clinical development, including XL557, an orally bioavailable small molecule somatostatin receptor 2 agonist intended for neuroendocrine tumor settings, and XB773, an ADC with an exatecan payload targeting DLL3, a transmembrane protein expressed in certain neuroendocrine carcinomas.

Business Model and Revenue Sources

Based on its public financial disclosures, Exelixis generates revenue primarily from net product sales of cabozantinib-based medicines in the United States and from collaboration revenues. Collaboration revenues include license revenues, services revenues and royalties from partners’ cabozantinib sales outside the U.S. The company also references stock repurchase programs authorized by its board of directors, indicating a capital allocation approach that includes returning capital to shareholders alongside investment in research and development.

Exelixis provides financial guidance that separates total revenues, net product revenues, research and development expenses, selling, general and administrative expenses and cost of goods sold as a percentage of net product revenues. The company also reports non-GAAP financial measures that exclude stock-based compensation, explaining that these metrics are used internally to evaluate its business and may help investors compare performance over time.

Research, Development and Clinical Collaborations

Exelixis emphasizes its investment in research and development and its use of collaborations to extend the reach of its programs. The company references a collaboration with Natera to use the Signatera assay in the STELLAR-316 trial for molecular residual disease–guided treatment in colorectal cancer, and a clinical development collaboration with Merck for pivotal trials evaluating zanzalintinib in combination with belzutifan in renal cell carcinoma.

In addition, Exelixis notes its long-standing collaborations related to cabozantinib commercialization and development outside the U.S. and Japan, including agreements with Ipsen and Takeda. The company also participates in cooperative research and development agreements with the U.S. National Cancer Institute’s Cancer Therapy Evaluation Program for certain trials, such as the CABINET study in neuroendocrine tumors.

Corporate Governance and Exchange Listing

Exelixis, Inc. is listed on The Nasdaq Stock Market LLC under the ticker symbol EXEL, as indicated in its SEC filings. Those filings also confirm that the company’s common stock has a par value of $0.001 per share. Exelixis files current reports on Form 8-K to disclose material events, including executive leadership changes, financial results and stock repurchase authorizations.

Recent Form 8-K filings describe changes in senior management, such as the appointment of an Executive Vice President, Research and Development, and the planned transition of the General Counsel role. Another Form 8-K discusses the authorization of a stock repurchase program for up to a specified dollar amount of common stock before a stated date, with repurchases potentially executed through various methods.

Oncology Focus and Therapeutic Areas

Across its disclosures, Exelixis consistently positions itself as an oncology company focused on solid tumors. The therapeutic areas specifically mentioned include renal cell carcinoma, hepatocellular carcinoma, differentiated thyroid cancer, pancreatic and extra-pancreatic neuroendocrine tumors, lung and thymic neuroendocrine tumors, metastatic colorectal cancer and recurrent meningioma. The company’s programs also extend to neuroendocrine carcinomas such as small cell lung cancer and neuroendocrine prostate cancer through its DLL3-targeting ADC candidate.

Exelixis states that its goal is to improve standards of care for patients with cancer and to create treatment options that may be used as monotherapies or in combination regimens. The company’s communications describe an intent to build multiple oncology franchises using both its established cabozantinib platform and its pipeline of new small molecules and biotherapeutics.

Investor and Analyst Considerations

For investors and analysts, Exelixis’ publicly available information highlights several recurring themes: the commercial performance of the cabozantinib franchise, the progress of pivotal trials and regulatory filings for zanzalintinib, the advancement of early-stage pipeline assets, and the company’s capital allocation decisions, including stock repurchase programs. Exelixis also hosts webcasts, conference presentations and R&D-focused events to discuss its strategy for building next-generation oncology franchises and to provide updates on clinical and corporate milestones.

According to its own descriptions, Exelixis’ long-term strategy is anchored in oncology drug discovery and development, expansion of its product portfolio across tumor types and indications, and the use of partnerships to support both commercialization and clinical research. These elements frame the company’s role within the biotechnology and oncology therapeutics landscape as presented in its news releases and SEC filings.