exel-20260403

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM			10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 3, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 000-30235



EXELIXIS, INC.
(Exact name of registrant as specified in its charter)


Delaware						04-3257395
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

1851 Harbor Bay Parkway

Alameda, CA 94502

(650) 837-7000

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 Par Value per Share	EXEL	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days). Yes ý No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

As of April 27, 2026, there were 251,355,083 shares of the registrant’s common stock outstanding.

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EXELIXIS, INC.

QUARTERLY REPORT ON FORM 10-Q

INDEX


		Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets (Unaudited)	3
	Condensed Consolidated Statements of Income (Unaudited)	4
	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	4
	Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)	5
	Condensed Consolidated Statements of Cash Flows (Unaudited)	6
	Notes to Condensed Consolidated Financial Statements (Unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	36
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	38
Item 6.	Exhibits	38
SIGNATURES

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

EXELIXIS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)


	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	226,152	$	482,488
Marketable securities	551,055		576,603
Trade receivables, net	328,947		286,916
Inventory	26,605		21,686
Prepaid expenses and other current assets	75,878		75,596
Total current assets	1,208,637		1,443,289
Non-current marketable securities	649,144		603,603
Property and equipment, net	95,524		98,960
Deferred tax assets, net	293,730		292,582
Goodwill	63,684		63,684
Right-of-use assets and other non-current assets	282,874		342,305
Total assets	$	2,593,593	$	2,844,423
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	24,154	$	29,623
Accrued compensation and benefits	87,512		102,218
Accrued clinical trial liabilities	64,804		65,742
Rebates and fees due to customers	65,892		59,896
Accrued collaboration liabilities	28,327		22,783
Other current liabilities	100,286		125,382
Total current liabilities	370,975		405,644
Non-current operating lease liabilities	169,541		173,038
Other non-current liabilities	117,329		104,422
Total liabilities	657,845		683,104
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares issued	—		—
Common stock, $0.001 par value; 400,000 shares authorized; issued and outstanding: 253,701 and 262,483 at March 31, 2026, and December 31, 2025, respectively	254		262
Additional paid-in-capital	2,151,703		2,234,411
Accumulated other comprehensive income (loss)	(415)		3,476
Accumulated deficit	(215,794)		(76,830)
Total stockholders’ equity	1,935,748		2,161,319
Total liabilities and stockholders’ equity	$	2,593,593	$	2,844,423

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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EXELIXIS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Revenues:
Net product revenues	$	554,977	$	513,283
Collaboration revenues	55,835		42,164
Total revenues	610,812		555,447
Operating expenses:
Cost of goods sold	19,953		19,172
Research and development	199,916		212,233
Selling, general and administrative	139,602		137,183


Total operating expenses	359,471		368,588
Income from operations	251,341		186,859
Interest income	16,127		19,076
Other income (expenses), net	219		(245)
Income before income taxes	267,687		205,690
Provision for income taxes	57,220		46,074
Net income	$	210,467	$	159,616
Net income per share:
Basic	$	0.81	$	0.57
Diluted	$	0.79	$	0.55
Weighted-average common shares outstanding:
Basic	258,329		278,804
Diluted	267,322		288,177

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

EXELIXIS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Net income	$	210,467	$	159,616
Other comprehensive income (loss):
Net unrealized gains (losses) on available-for-sale debt securities, net of tax impact of $1,147 and $(983), respectively	(3,891)		3,357
Comprehensive income	$	206,576	$	162,973

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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EXELIXIS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)


	Three Months Ended March 31, 2026
	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders' Equity
	Shares	Amount
Balance at December 31, 2025	262,483	$	262	$	2,234,411	$	3,476	$	(76,830)	$	2,161,319
Net income	—	—		—		—		210,467		210,467
Other comprehensive loss	—	—		—		(3,891)		—		(3,891)
Issuance of common stock under the equity incentive plan	1,239	2		7,593		—		—		7,595
Stock transactions associated with taxes withheld on equity awards	—	—		(34,208)		—		—		(34,208)
Repurchases of common stock	(10,021)	(10)		(85,297)		—		(349,431)		(434,738)
Stock-based compensation	—	—		29,204		—		—		29,204
Balance at March 31, 2026	253,701	$	254	$	2,151,703	$	(415)	$	(215,794)	$	1,935,748

	Three Months Ended March 31, 2025
	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders' Equity
	Shares	Amount
Balance at December 31, 2024	281,732	$	282	$	2,343,915	$	(1,347)	$	(98,647)	$	2,244,203
Net income	—	—		—		—		159,616		159,616
Other comprehensive income	—	—		—		3,357		—		3,357
Issuance of common stock under the equity incentive plan	1,362	1		11,562		—		—		11,563
Stock transactions associated with taxes withheld on equity awards	—	—		(22,506)		—		—		(22,506)
Repurchases of common stock	(8,061)	(8)		(67,055)		—		(224,263)		(291,326)
Stock-based compensation	—	—		26,117		—		—		26,117
Balance at March 31, 2025	275,033	$	275	$	2,292,033	$	2,010	$	(163,294)	$	2,131,024

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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EXELIXIS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Net income	$	210,467	$	159,616
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,948		7,345

Stock-based compensation	29,050		25,930
Non-cash lease expense	5,994		6,096
Acquired in-process research and development technology	2,025		—
Other, net	(2,019)		(4,786)
Changes in operating assets and liabilities:
Trade receivables, net	(42,031)		(16,119)
Inventory	(3,389)		(71)
Prepaid expenses and other assets	58,653		20,320
Accrued collaboration liabilities	4,044		4,605
Accounts payable and other liabilities	(17,897)		8,501
Net cash provided by operating activities	251,845		211,437
Cash flows from investing activities:
Purchases of marketable securities	(274,161)		(186,701)
Proceeds from maturities and sales of marketable securities	225,125		258,917
Purchases of property, equipment and other, net	(1,509)		(2,952)
Acquired in-process research and development technology	(525)		(19,500)
Net cash provided by (used in) investing activities	(51,070)		49,764
Cash flows from financing activities:
Payments for repurchases of common stock	(430,352)		(283,934)
Proceeds from issuance of common stock under the equity incentive plan	7,472		11,627
Taxes paid related to net share settlement of equity awards	(34,231)		(22,516)
Net cash used in financing activities	(457,111)		(294,823)
Net decrease in cash and cash equivalents	(256,336)		(33,622)
Cash and cash equivalents at beginning of period	482,488		217,374
Cash and cash equivalents at end of period	$	226,152	$	183,752

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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EXELIXIS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Exelixis, Inc. (Exelixis, we, our or us) is an oncology company innovating next-generation medicines and regimens at the forefront of cancer care. We have produced four marketed pharmaceutical products, two of which are formulations of our flagship molecule, cabozantinib, and we are steadily advancing and evolving our product pipeline portfolio, including our lead clinical asset, zanzalintinib, currently under review by the U.S. Food and Drug Administration (FDA) for the treatment of certain forms of colorectal cancer, as well as the focus of an extensive late-stage clinical development program in other indications. With a rational and disciplined approach to investment, we are leveraging our internal experience and expertise, and the strength of strategic partnerships, to identify and pursue opportunities across the landscape of scientific modalities, including small molecules and biotherapeutics, such as antibody-drug conjugates.

Sales related to cabozantinib account for the majority of our revenues. Cabozantinib is an inhibitor of multiple tyrosine kinases, including MET, AXL, VEGF receptors and RET and has been approved by the FDA, and in other countries for all or a combination of, the following: as CABOMETYX® (cabozantinib) tablets for advanced renal cell carcinoma (RCC) (both alone and in combination with Bristol-Myers Squibb Company’s nivolumab (OPDIVO®)), previously treated hepatocellular carcinoma, previously treated, radioactive iodine-refractory differentiated thyroid cancer, and previously treated, unresectable, locally advanced or metastatic, well-differentiated pancreatic neuroendocrine tumors and extra-pancreatic neuroendocrine tumors; and as COMETRIQ® (cabozantinib) capsules for progressive, metastatic medullary thyroid cancer. For physicians treating these types of cancer, cabozantinib has become or is becoming an important medicine in their selection of effective therapies.

The other two products resulting from our discovery efforts are: COTELLIC® (cobimetinib), an inhibitor of MEK, approved as part of multiple combination regimens to treat specific forms of advanced melanoma and marketed under a collaboration with Genentech, Inc. (a member of the Roche Group) (Genentech); and MINNEBRO® (esaxerenone), an oral, non-steroidal, selective blocker of the mineralocorticoid receptor, approved for the treatment of hypertension in Japan and licensed to Daiichi Sankyo Company, Limited.

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Exelixis and those of our wholly owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated.

We have adopted a 52- or 53-week fiscal year policy that generally ends on the Friday closest to December 31. Fiscal year 2026, which is a 52-week fiscal year, will end on January 1, 2027 and fiscal year 2025, which was a 52-week fiscal year, ended on January 2, 2026. For convenience, references in this report as of and for the fiscal periods ended April 3, 2026 and April 4, 2025, and as of and for the fiscal years ending January 1, 2027 and ended January 2, 2026, are indicated as being as of and for the periods ended March 31, 2026 and March 31, 2025, and the years ending December 31, 2026 and ended December 31, 2025, respectively.

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial statements for the periods presented have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or for any future period. The accompanying Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with our Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2025, included in Part II, Item 8 of our Annual Report on Form 10-K, filed with the SEC on February 10, 2026 (Fiscal 2025 Form 10-K).

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Use of Estimates

The preparation of the accompanying Condensed Consolidated Financial Statements conforms to accounting principles generally accepted in the U.S., which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosures. On an ongoing basis, we evaluate our significant estimates. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.

Significant Accounting Policies

There have been no material changes to our significant accounting policies during the three months ended March 31, 2026, as compared to the significant accounting policies disclosed in “Note 1. Organization and Summary of Significant Accounting Policies” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2025 Form 10-K.

Recently Adopted Accounting Pronouncements

There were no new accounting pronouncements adopted by us since our filing of the Fiscal 2025 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which enhances the disclosures required for expense disaggregation in our annual and interim consolidated financial statements. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) – Clarifying the effective Date (ASU 2025-01), which clarifies the effective date of ASU 2024-03 for companies with a non-calendar year end. ASU 2024-03 is effective for us in our annual reporting for fiscal year 2027, and in our interim periods beginning in fiscal year 2028. Early adoption and retrospective application are permitted. We are currently evaluating the impact of ASU 2024-03 on our Consolidated Financial Statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) to clarify and modernize the accounting for costs related to internal-use software by removing all references to software development project stages and clarifying the threshold entities apply to begin capitalizing costs. ASU 2025-06 is effective for us in our annual reporting for fiscal year 2028. Early adoption and retrospective reporting are permitted. We do not expect the adoption of ASU 2025-06 to have a material impact on our Consolidated Financial Statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (ASU 2025-11), which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. ASU 2025-11 provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for us in our annual reporting for fiscal year 2028, and in our interim periods beginning in fiscal year 2028. Early adoption and retrospective application are permitted. We do not expect the adoption of ASU 2025-11 to have a material impact on our Consolidated Financial Statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements (ASU 2025-12), which addresses thirty-three issues, representing amendments to Accounting Standards Codification (ASC) topics that clarify, correct errors or make minor improvements. ASU 2025-12 makes the ASC topics easier to understand and apply. ASU 2025-12 is effective for us in our annual reporting for fiscal year 2027, and in our interim periods beginning in fiscal year 2027. Early adoption and retrospective application are permitted on an issue-by-issue basis. We are currently evaluating the impact of ASU 2025-12 on our Consolidated Financial Statements.

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NOTE 2. SEGMENT REPORTING

We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our President and Chief Executive Officer, as the chief operating decision-maker, manages and allocates resources to our operations on a total consolidated basis. Consistent with this decision-making process, our President and Chief Executive Officer uses net income to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources.

Our significant segment expenses that are regularly provided to our President and Chief Executive Officer and included in the measure of segment net income consist of consolidated expenses for our operational departments: drug discovery, development, and selling, general and administrative and other segment items.

The segment and consolidated net income, including significant segment expenses were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenues	$	610,812	$	555,447
Less:
Cost of goods sold	19,953		19,172
Drug discovery	19,476		18,253
Development	135,715		153,217
Selling, general, and administrative	122,870		120,775
Other segment items(1)	61,238		57,416
Interest income	(16,127)		(19,076)
Provision for income taxes	57,220		46,074
Segment and consolidated net income	$	210,467	$	159,616

_________________

(1) Other segment items include stock-based compensation, other research and development expenses, including the allocation of general corporate costs to research and development services and development cost reimbursements in connection with certain of our collaboration arrangements, and other income (expenses), net.

All of our long-lived assets are located in the U.S. See “Note 3. Revenues” for enterprise-wide disclosures about product sales, revenues from major customers and revenues by geographic region.

NOTE 3. REVENUES

Revenues consisted of the following (in thousands):


	Three Months Ended March 31,
	2026		2025
Product revenues:
Gross product revenues	$	795,354	$	721,711
Discounts and allowances	(240,377)		(208,428)
Net product revenues	554,977		513,283
Collaboration revenues:
License revenues	56,948		42,480
Collaboration services revenues	(1,113)		(316)
Collaboration revenues	55,835		42,164
Total revenues	$	610,812	$	555,447

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The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows:


	Three Months Ended March 31,
	2026		2025
Affiliates of Cencora, Inc.	22	%	23	%
Affiliates of McKesson Corporation	18	%	18	%
Affiliates of CVS Health Corporation	16	%	14	%
Accredo Health, Incorporated	10	%	12	%
Affiliates of Optum Specialty Pharmacy	*		10	%

___________________

(*) Represents less than 10% of our total revenues in the applicable period.

The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:


	March 31, 2026		December 31, 2025
Affiliates of Cencora, Inc.	25	%	23	%
Affiliates of McKesson Corporation	23	%	25	%
Ipsen Pharma SAS	15	%	19	%
Affiliates of CVS Health Corporation	13	%	13	%
Cardinal Health, Inc.	11	%	12	%

Total revenues by geographic region were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
U.S.	$	558,546	$	517,184
Europe	39,568		32,706
Japan	12,698		5,557
Total revenues	$	610,812	$	555,447

Total revenues include net product revenues attributed to geographic regions based on the ship-to location and license and collaboration services revenues attributed to geographic regions based on the location of our collaboration partners’ headquarters.

Net product revenues and license revenues are recorded in accordance with ASC Topic 606, Revenue from Contracts with Customers (Topic 606). License revenues include the recognition of the portion of milestone payments allocated to the transfer of intellectual property licenses for which it had become probable in the current period that the milestone would be achieved and a significant reversal of revenues would not occur, as well as royalty revenues and our share of profits under our collaboration agreement with Genentech. Collaboration services revenues are recorded in accordance with ASC Topic 808, Collaborative Arrangements. Collaboration services revenues include the recognition of deferred revenues for the portion of upfront and milestone payments allocated to our research and development services performance obligations, development cost reimbursements earned under our collaboration agreements, product supply revenues, net of product supply costs and the royalties we paid on sales of products containing cabozantinib by our collaboration partners. License revenues and collaboration services revenues are presented in collaboration revenues in the accompanying Condensed Consolidated Statements of Income.

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Net product revenues by product were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
CABOMETYX	$	552,773	$	510,872
COMETRIQ	2,204		2,411
Net product revenues	$	554,977	$	513,283

Product Sales Discounts and Allowances

The activities and ending reserve balances for each significant category of discounts and allowances (which constitute variable consideration) were as follows (in thousands):


	Chargebacks, Discounts for Prompt Payment and Other		Other Customer Credits/Fees and Co-pay Assistance		Rebates		Total
Balance at December 31, 2025	$	34,223	$	23,612	$	36,284	$	94,119
Provision related to sales made in:
Current period	155,874		21,319		63,447		240,640
Prior periods	614		(294)		(583)		(263)
Payments and customer credits issued	(154,966)		(23,710)		(54,183)		(232,859)
Balance at March 31, 2026	$	35,745	$	20,927	$	44,965	$	101,637

The allowance for chargebacks, discounts for prompt payment and other are recorded as a reduction of trade receivables, net, and the remaining reserves are recorded as rebates and fees due to customers in the accompanying Condensed Consolidated Balance Sheets.

Contract Assets and Liabilities

We receive payments from our collaboration partners based on billing schedules established in each contract. Amounts are recorded as accounts receivable when our right to consideration is unconditional. We may also recognize revenue in advance of the contractual billing schedule and such amounts are recorded as a contract asset when recognized. We may be required to defer recognition of revenue for upfront and milestone payments until we perform our obligations under these arrangements, and such amounts are recorded as deferred revenue upon receipt or when due. For those contracts that have multiple performance obligations, contract assets and liabilities are reported on a net basis at the contract level. There were no contract assets as of March 31, 2026 and December 31, 2025. Contract liabilities are primarily related to deferred revenues from Ipsen Pharma SAS (Ipsen) and Takeda Pharmaceutical Company Limited (Takeda).

Contract liabilities were as follows (in thousands):


	March 31, 2026	December 31, 2025





Contract liabilities:

SEC Form 10-Q filed by Exelixis Inc.