Caligan-linked Exelixis director reports 27,532-share EXEL purchase

Rhea-AI Filing Summary

Exelixis, Inc. (EXEL)27,532 shares of common stock on 11/25/2025 at a price of $43.122 per share. After this transaction, 1,553,262 shares are reported as indirectly owned through Caligan-managed funds and accounts, while 18,176 shares are reported separately, which include 9,088 shares that will be issued upon vesting of restricted stock units to Johnson. The reporting persons state they disclaim beneficial ownership of the securities beyond any pecuniary interest and note that Caligan may be deemed a director by deputization because Johnson serves on the Exelixis board.

11/26/2025 - 04:05 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

JOHNSON DAVID EDWARD

(Last) (First) (Middle)

780 THIRD AVENUE

30TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
EXELIXIS, INC. [ EXEL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/25/2025		P		27,532	A	$43.122	1,553,262	I	See footnote(1)
Common Stock								18,176	D(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

JOHNSON DAVID EDWARD

(Last) (First) (Middle)

780 THIRD AVENUE

30TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Caligan Partners LP

(Last) (First) (Middle)

780 THIRD AVENUE

30TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

Explanation of Responses:

1. This Form 4 is filed by David Johnson ("Mr. Johnson") and Caligan Partners LP ("Caligan") with respect to the securities held by Caligan Partners Master Fund LP ("Caligan Master Fund"), a Cayman Islands limited partnership, and managed accounts ("Caligan Accounts", together with the Caligan Master Fund, the "Caligan Fund and Accounts") to which Caligan serves as investment manager. Mr. Johnson is the Managing Partner of Caligan and a Managing Member of Caligan Partners GP LLC, the general partner of Caligan.

2. Includes 9,088 shares of common stock that will be issued to Mr. Johnson upon vesting of restricted stock units. Mr. Johnson is deemed to hold the securities reported herein for the benefit of the Caligan Fund and Accounts, and may, after vesting, if applicable, transfer the securities directly to the Caligan Fund and Accounts.

Remarks:

Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Caligan may be deemed to be a director by deputization of the Issuer by virtue of the fact that Mr. Johnson currently serves on the Issuer's board of directors.

	/s/ David Edward Johnson	11/26/2025
	Caligan Partners LP, By: /s/ David Johnson, Managing Partner	11/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Exelixis (EXEL) disclose in this Form 4?

The filing reports that David Johnson, a director of Exelixis, and Caligan Partners LP were involved in an open-market purchase of 27,532 shares of EXEL common stock on 11/25/2025 at $43.122 per share.

How many Exelixis (EXEL) shares does David Johnson indirectly report owning after the transaction?

Following the reported purchase, the filing states that 1,553,262 shares of EXEL common stock are beneficially owned indirectly through Caligan Partners Master Fund LP and managed accounts advised by Caligan Partners LP.

What is David Johnsons relationship to Exelixis (EXEL) and Caligan Partners?

David Johnson is listed as a director of Exelixis and is described as the Managing Partner of Caligan Partners LP and a Managing Member of Caligan Partners GP LLC, the general partner of Caligan.

How many Exelixis (EXEL) shares are tied to David Johnsons restricted stock units?

The filing notes that the holdings include 9,088 shares of EXEL common stock that will be issued to David Johnson upon vesting of restricted stock units, which may then be transferred to Caligan funds and accounts.

Do the reporting persons claim full beneficial ownership of the Exelixis (EXEL) shares?

No. Each reporting person disclaims beneficial ownership of the securities reported, except to the extent of its or his pecuniary interest, and the report states it should not be deemed an admission of beneficial ownership for Section 16 or other purposes.

Why might Caligan Partners be considered a director of Exelixis (EXEL)?

The filing explains that Caligan Partners LP may be deemed to be a director by deputization of Exelixis because David Johnson, Caligans Managing Partner, currently serves on Exelixiss board of directors.