XML 55 R34.htm IDEA: XBRL DOCUMENT v3.25.4
Stockholders’ Equity (Tables)
 12 Months Ended
Jan. 02, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Allocated Employee Stock-Based Compensation Expense
We allocated the stock-based compensation expense for our equity incentive plan and our ESPP as follows (in thousands):
 
Year Ended December 31,
 
202520242023
Research and development$40,792 $30,670 $34,320 
Selling, general and administrative72,191 63,166 72,025 
Total stock-based compensation expense$112,983 $93,836 $106,345 
 
Year Ended December 31,
 
202520242023
Stock options$2,529 $6,035 $7,771 
Restricted stock units105,964 81,130 70,462 
Performance stock units241 3,058 23,938 
Employee stock purchase plan4,249 3,613 4,174 
Total stock-based compensation expense$112,983 $93,836 $106,345 
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,
 
202520242023
Stock options$19.46 $9.79 $9.45 
ESPP$10.03 $6.39 $4.67 
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,
 
202520242023
Stock options:
Risk-free interest rate4.0%4.4%4.1%
Dividend yield—%—%—%
Volatility43%39%44%
Expected life5.7 years5.6 years5.6 years
ESPP:
Risk-free interest rate4.2%5.2%5.1%
Dividend yield—%—%—%
Volatility42%34%40%
Expected life6 months6 months6 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,
 
202520242023
Stock options:
Risk-free interest rate4.0%4.4%4.1%
Dividend yield—%—%—%
Volatility43%39%44%
Expected life5.7 years5.6 years5.6 years
ESPP:
Risk-free interest rate4.2%5.2%5.1%
Dividend yield—%—%—%
Volatility42%34%40%
Expected life6 months6 months6 months
Schedule of All Stock Option Activity
Activity for stock options, during the year ended December 31, 2025, 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, 2024
4,616 $20.64 2.5 years$61,551 
Granted21 $42.60 
Exercised(2,108)$20.05 
Cancelled(106)$21.29 
Stock options outstanding at December 31, 2025
2,423 $21.31 2.3 years$53,959 
Stock options exercisable at December 31, 2025
2,322 $21.12 2.2 years$52,153 
Schedule of RSU Activity Activity for RSUs, including market condition-based RSUs, during the year ended December 31, 2025, 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, 2024
12,940 $22.84 1.5 years$439,580 
Awarded11,751 $31.54 
Vested and released(3,712)$23.36 
Forfeited(3,798)$26.54 
RSUs outstanding at December 31, 2025
17,181 $27.86 2.5 years$748,728 
Schedule of PSU Activity
Activity for PSUs, during the year ended December 31, 2025, 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, 2024
449 $24.54 0.1 years$15,257 
Awarded— $— 
Vested and released449 $24.54 
Forfeited— $— 
 
PSUs outstanding at December 31, 2025
— $— 0.0 years$— 
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 $47.58 per share for the 2025 TSR-based RSUs, $25.26 per share for the 2025 stock price target-based RSUs, $20.19 per share for the 2024 TSR-based RSUs, and $26.05 per share for the 2023 TSR-based RSUs:
2025 TSR-Based RSUs
2025 stock price target-based RSUs
2024 TSR-Based RSUs2023 TSR-Based RSUs
Fair value of Exelixis common stock on grant date$37.53 $37.09 $21.71 $19.48 
Expected volatility33%38%37%40%
Risk-free interest rate4.0%3.9%4.4%3.8%
Dividend yield—%—%—%—%