Exelixis (EXEL) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jul. 01, 2022	Aug. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2022
Document Transition Report	false
Entity File Number	000-30235
Entity Registrant Name	EXELIXIS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3257395
Entity Address, Address Line One	1851 Harbor Bay Parkway
Entity Address, City or Town	Alameda,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94502
City Area Code	650
Local Phone Number	837-7000
Title of 12(b) Security	Common Stock $.001 Par Value per Share
Trading Symbol	EXEL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		321,831,784
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000939767
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 627,000	$ 647,169
Short-term investments	907,938	819,905
Trade receivables, net	235,400	282,650
Inventory	33,020	27,493
Prepaid expenses and other current assets	48,281	57,530
Total current assets	1,851,639	1,834,747
Long-term investments	463,889	371,112
Property and equipment, net	108,529	104,031
Deferred tax assets, net	113,958	111,663
Goodwill	63,684	63,684
Other long-term assets	279,705	131,002
Total assets	2,881,404	2,616,239
Current liabilities:
Accounts payable	19,978	24,258
Accrued compensation and benefits	61,450	61,969
Accrued clinical trial liabilities	76,740	77,544
Rebates and fees due to customers	43,795	33,700
Accrued collaboration liabilities	29,990	86,753
Other current liabilities	72,568	53,366
Total current liabilities	304,521	337,590
Long-term portion of deferred revenues	7,209	8,739
Long-term portion of operating lease liabilities	161,019	51,272
Other long-term liabilities	17,395	8,023
Total liabilities	490,144	405,624
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares issued	0	0
Common stock, $0.001 par value; 400,000 shares authorized; issued and outstanding: 321,800 and 318,842 at June 30, 2022, and December 31, 2021, respectively	322	319
Additional paid-in capital	2,477,117	2,427,561
Accumulated other comprehensive loss	(8,917)	(758)
Accumulated deficit	(77,262)	(216,507)
Total stockholders' equity	2,391,260	2,210,615
Total liabilities and stockholders' equity	$ 2,881,404	$ 2,616,239

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 01, 2022	Dec. 31, 2021
Preferred stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	10,000,000	10,000,000
Shares issued (in shares)	0	0
Common stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	400,000,000	400,000,000
Shares issued (in shares)	321,800,000	318,842,000
Shares outstanding (in shares)	321,800,000	318,842,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Revenues:
Total revenues	$ 419,427	$ 385,177	$ 775,407	$ 655,407
Operating expenses:
Cost of goods sold	13,481	14,884	26,684	28,082
Research and development	199,481	148,790	356,152	308,078
Selling, general and administrative	122,759	98,495	225,622	200,846
Total operating expenses	335,721	262,169	608,458	537,006
Income from operations	83,706	123,008	166,949	118,401
Interest income	4,757	1,891	6,579	4,573
Other income (expense), net	45	(11)	209	(101)
Income before income taxes	88,508	124,888	173,737	122,873
Provision for income taxes	17,836	28,796	34,492	25,180
Net income	$ 70,672	$ 96,092	$ 139,245	$ 97,693
Net income per share:
Basic (in dollars per share)	$ 0.22	$ 0.31	$ 0.43	$ 0.31
Diluted (in dollars per share)	$ 0.22	$ 0.30	$ 0.43	$ 0.30
Weighted-average common shares outstanding:
Basic (in shares)	321,117	314,117	320,349	313,295
Diluted (in shares)	324,904	322,941	324,096	322,114
Net product revenues
Revenues:
Total revenues	$ 347,044	$ 284,248	$ 657,342	$ 511,460
License revenues
Revenues:
Total revenues	57,526	39,640	89,593	67,168
Collaboration services revenues
Revenues:
Total revenues	$ 14,857	$ 61,289	$ 28,472	$ 76,779

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 70,672	$ 96,092	$ 139,245	$ 97,693
Other comprehensive loss:
Net unrealized losses on available-for-sale debt securities, net of tax impact of $639, $257, $2,295 and $756, respectively	(2,252)	(755)	(8,159)	(2,491)
Comprehensive income	$ 68,420	$ 95,337	$ 131,086	$ 95,202

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Statement of Comprehensive Income [Abstract]
Net unrealized gains (losses) on available-for-sale debt securities, net of tax impact	$ 639	$ 257	$ 2,295	$ 756

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Jan. 01, 2021		311,627
Beginning balance at Jan. 01, 2021	$ 1,879,113	$ 312	$ 2,321,895	$ 4,476	$ (447,570)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	97,693				97,693
Other comprehensive loss	(2,491)			(2,491)
Issuance of common stock under equity incentive plans and stock purchase plan (in shares)		3,195
Issuance of common stock under equity incentive plans and stock purchase plan	15,487	$ 3	15,484
Stock transactions associated with taxes withheld on equity awards	(9,413)		(9,413)
Stock-based compensation	62,688		62,688
Ending balance (in shares) at Jul. 02, 2021		314,822
Ending balance at Jul. 02, 2021	2,043,077	$ 315	2,390,654	1,985	(349,877)
Beginning balance (in shares) at Apr. 02, 2021		313,262
Beginning balance at Apr. 02, 2021	1,911,187	$ 313	2,354,103	2,740	(445,969)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	96,092				96,092
Other comprehensive loss	(755)			(755)
Issuance of common stock under equity incentive plans and stock purchase plan (in shares)		1,560
Issuance of common stock under equity incentive plans and stock purchase plan	11,285	$ 2	11,283
Stock transactions associated with taxes withheld on equity awards	(2,767)		(2,767)
Stock-based compensation	28,035		28,035
Ending balance (in shares) at Jul. 02, 2021		314,822
Ending balance at Jul. 02, 2021	$ 2,043,077	$ 315	2,390,654	1,985	(349,877)
Beginning balance (in shares) at Dec. 31, 2021	318,842	318,842
Beginning balance at Dec. 31, 2021	$ 2,210,615	$ 319	2,427,561	(758)	(216,507)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	139,245				139,245
Other comprehensive loss	(8,159)			(8,159)
Issuance of common stock under equity incentive plans and stock purchase plan (in shares)		2,958
Issuance of common stock under equity incentive plans and stock purchase plan	15,832	$ 3	15,829
Stock transactions associated with taxes withheld on equity awards	(11,185)		(11,185)
Stock-based compensation	$ 44,912
Ending balance (in shares) at Jul. 01, 2022	321,800	321,800
Ending balance at Jul. 01, 2022	$ 2,391,260	$ 322	2,477,117	(8,917)	(77,262)
Beginning balance (in shares) at Apr. 01, 2022		320,268
Beginning balance at Apr. 01, 2022	2,293,851	$ 320	2,448,130	(6,665)	(147,934)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	70,672				70,672
Other comprehensive loss	(2,252)			(2,252)
Issuance of common stock under equity incentive plans and stock purchase plan (in shares)		1,532
Issuance of common stock under equity incentive plans and stock purchase plan	10,319	$ 2	10,317
Stock transactions associated with taxes withheld on equity awards	(6,225)		(6,225)
Stock-based compensation	$ 24,895		24,895
Ending balance (in shares) at Jul. 01, 2022	321,800	321,800
Ending balance at Jul. 01, 2022	$ 2,391,260	$ 322	$ 2,477,117	$ (8,917)	$ (77,262)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021
Statement of Cash Flows [Abstract]
Net income	$ 139,245	$ 97,693
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,266	6,895
Stock-based compensation	44,381	62,688
Non-cash lease expense	6,443	2,586
Deferred taxes	0	22,800
Other, net	4,359	22,831
Changes in operating assets and liabilities:
Trade receivables, net	46,693	(12,313)
Inventory	(8,322)	(8,020)
Prepaid expenses and other assets	(26,025)	(12,296)
Deferred revenue	(1,831)	9,346
Accrued collaboration liabilities	(53,263)	2,972
Accounts payable and other liabilities	17,903	25,863
Net cash provided by operating activities	178,849	221,045
Cash flows from investing activities:
Purchases of property, equipment and other	(17,946)	(33,768)
Purchases of investments	(692,091)	(688,903)
Proceeds from maturities and sales of investments	500,356	714,081
Net cash used in investing activities	(209,681)	(8,590)
Cash flows from financing activities:
Proceeds from issuance of common stock under equity incentive plans	15,791	15,487
Taxes paid related to net share settlement of equity awards	(11,164)	(9,413)
Net cash provided by financing activities	4,627	6,074
Net (decrease) increase in cash, cash equivalents, and restricted cash equivalents	(26,205)	218,529
Cash, cash equivalents and restricted cash equivalents at beginning of period	663,891	320,772
Cash, cash equivalents and restricted cash equivalents at end of period	637,686	539,301
Non-cash operating activities:
Right-of-use assets obtained in exchange for lease obligations	120,363	4,893
Non-cash investing activities:
Unpaid liabilities incurred for purchases of property and equipment	3,570	5,125
Unpaid liabilities incurred in asset acquisition	500	9,000
Unpaid liabilities incurred for unsettled investment purchases	$ 0	$ 7,378

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jul. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Exelixis, Inc. (Exelixis, we, our or us) is an oncology-focused biotechnology company that strives to accelerate the discovery, development and commercialization of new medicines for patients with difficult-to-treat cancers. Using our considerable drug discovery, development and commercialization resources and capabilities, we have invented and brought to market innovative therapies that appropriately balance patient benefits and risks; we will continue to build on this foundation as we strive to provide cancer patients with new treatment options that improve upon current standards of care. Today, four products that originated in Exelixis laboratories are available to be prescribed to patients. Sales related to our flagship molecule, cabozantinib, account for the large 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 U.S. Food and Drug Administration (FDA) and in 62 other countries as: CABOMETYX® (cabozantinib) tablets approved for advanced renal cell carcinoma (RCC), both alone and in combination with Bristol-Myers Squibb Company’s (BMS) OPDIVO® (nivolumab), for previously treated hepatocellular carcinoma (HCC) and, currently by the FDA and European Commission (EC), for previously treated, radioactive iodine (RAI)-refractory differentiated thyroid cancer (DTC); and COMETRIQ® (cabozantinib) capsules approved for progressive, metastatic medullary thyroid cancer (MTC). 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 (Daiichi Sankyo). Basis of Presentation The accompanying 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. The accompanying unaudited 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 six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 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 included in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 18, 2022 (Fiscal 2021 Form 10-K). We have adopted a 52- or 53-week fiscal year policy that generally ends on the Friday closest to December 31 st . Fiscal year 2022, which is a 52-week fiscal year, will end on December 30, 2022 and fiscal year 2021, which was a 52-week fiscal year, ended on December 31, 2021. For convenience, references in this report as of and for the fiscal periods ended July 1, 2022 and July 2, 2021, and as of and for the fiscal year ending December 30, 2022 are indicated as being as of and for the fiscal periods ended June 30, 2022 and June 30, 2021, and the year ending December 31, 2022, respectively. Segment Information We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our 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 Chief Executive Officer uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. All of our long-lived assets are located in the U.S. See “Note 2. Revenues” for enterprise-wide disclosures about product sales, revenues from major customers and revenues by geographic region. 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. Reclassifications Certain prior period amounts in the accompanying Condensed Consolidated Financial Statements have been reclassified to conform to the current period presentation. Such reclassifications did not impact previously reported total revenues, income from operations, net income, total assets, total liabilities or total stockholders’ equity. Significant Accounting Policies There have been no material changes to our significant accounting policies during the six months ended June 30, 2022, 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 2021 Form 10-K. Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted by us since the filing of our Fiscal 2021 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted There were no new accounting pronouncements issued since the filing of our Fiscal 2021 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements.

Revenues

Revenues	6 Months Ended
	Jul. 01, 2022
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Revenues consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Product revenues: Gross product revenues $ 483,073 $ 380,204 $ 931,310 $ 694,409 Discounts and allowances (136,029) (95,956) (273,968) (182,949) Net product revenues 347,044 284,248 657,342 511,460 Collaboration revenues: License revenues 57,526 39,640 89,593 67,168 Collaboration services revenues 14,857 61,289 28,472 76,779 Total collaboration revenues 72,383 100,929 118,065 143,947 Total revenues $ 419,427 $ 385,177 $ 775,407 $ 655,407 The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Affiliates of McKesson Corporation 16 % 14 % 17 % 14 % Affiliates of CVS Health Corporation 16 % 13 % 16 % 14 % Affiliates of AmerisourceBergen Corporation 15 % 12 % 16 % 13 % Ipsen Pharma SAS 15 % 24 % 12 % 19 % Accredo Health, Incorporated 10 % 8 % 9 % 8 % The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows: June 30, 2022 December 31, 2021 Ipsen Pharma SAS 30 % 50 % Affiliates of McKesson Corporation 17 % 10 % Affiliates of AmerisourceBergen Corporation 14 % 11 % Affiliates of CVS Health Corporation 14 % 9 % Cardinal Health 10 % 6 % Revenues by geographic region were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 U.S. $ 349,615 $ 287,190 $ 663,680 $ 517,147 Europe 62,240 90,921 96,767 124,727 Japan 7,572 7,066 14,960 13,533 Total revenues $ 419,427 $ 385,177 $ 775,407 $ 655,407 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 were recorded in accordance with ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 and by analogy to Topic 606. 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. Net product revenues by product were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 CABOMETYX $ 339,159 $ 275,614 $ 641,971 $ 499,209 COMETRIQ 7,885 8,634 15,371 12,251 Net product revenues $ 347,044 $ 284,248 $ 657,342 $ 511,460 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, 2021 $ 14,625 $ 8,875 $ 24,825 $ 48,325 Provision related to sales made in: Current period 175,564 24,444 72,890 272,898 Prior periods 1,311 (168) (73) 1,070 Payments and customer credits issued (171,534) (22,186) (64,812) (258,532) Balance at June 30, 2022 $ 19,966 $ 10,965 $ 32,830 $ 63,761 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. Contract assets are primarily related to Ipsen Pharma SAS (Ipsen) and contract liabilities are primarily related to deferred revenues from Takeda Pharmaceutical Company Limited (Takeda). Contract assets and liabilities were as follows (in thousands): June 30, 2022 December 31, 2021 Contract assets (1) $ 394 $ 1,665 Contract liabilities: Current portion (2) $ 7,513 $ 7,814 Long-term portion (3) 7,209 8,739 Total contract liabilities $ 14,722 $ 16,553 ____________________ (1) Presented in other long-term assets in the accompanying Condensed Consolidated Balance Sheets. (2) Presented in other current liabilities in the accompanying Condensed Consolidated Balance Sheets. (3) Presented in the long-term portion of deferred revenues in the accompanying Condensed Consolidated Balance Sheets During the six months ended June 30, 2022 and 2021, we recognized $4.5 million and $4.8 million, respectively, in revenues that were included in the beginning deferred revenues balance for those periods. During the three and six months ended June 30, 2022, we recognized $59.4 million and $91.1 million, respectively, in revenues for performance obligations satisfied in previous periods. Such revenues were primarily related to royalty payments allocated to the license performance obligations for our collaborations with Ipsen, Takeda, Daiichi Sankyo and Genentech and the recognition of license revenue for the achievement of milestones during the three months ended June 30, 2022, allocated to the license performance obligations for our collaboration with Ipsen. As of June 30, 2022, $89.3 million of t he co mbined transaction prices for our Ipsen a nd Takeda collaborations were allocated to our research and development services performance obligations that had not yet been satisfied. See “Note 3. Collaboration Agreements and Business Development Activities” of the “Notes to Consolidated Financial Statements”

Collaboration Agreements And Bu

Collaboration Agreements And Business Development Activities	6 Months Ended
	Jul. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COLLABORATION AGREEMENTS AND BUSINESS DEVELOPMENT ACTIVITIES	COLLABORATION AGREEMENTS AND BUSINESS DEVELOPMENT ACTIVITIES We have established multiple collaborations with leading pharmaceutical companies for the commercialization and further development of our cabozantinib franchise. Additionally, we have entered into several research collaborations, in-licensing arrangements and other strategic transactions to further enhance our early-stage pipeline and expand our ability to discover, develop and commercialize novel therapies with the goal of providing new treatment options for cancer patients and their physicians. Historically, we also entered into other collaborations with leading pharmaceutical companies pursuant to which we out-licensed other compounds and programs in our portfolio. See “Note 3. Collaboration Agreements and Business Development Activities” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2021 Form 10-K, as further described below, for additional information on certain of our collaboration agreements and in-licensing arrangements. Cabozantinib Commercial Collaborations Ipsen Collaboration In February 2016, we entered into a collaboration agreement with Ipsen for the commercialization and further development of cabozantinib. Under the terms of the collaboration agreement, as amended, Ipsen received exclusive commercialization rights for current and potential future cabozantinib indications outside of the U.S. and Japan. We have also agreed to collaborate with Ipsen on the development of cabozantinib for current and potential future indications. The parties’ efforts are governed through a joint steering committee and appropriate subcommittees established to guide and oversee the collaboration’s operation and strategic direction; provided, however, that we retain final decision-making authority with respect to cabozantinib’s ongoing development. Revenues under the collaboration agreement with Ipsen were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 License revenues $ 51,168 $ 33,656 $ 75,782 $ 56,107 Collaboration services revenues 11,072 57,265 20,985 68,620 Total $ 62,240 $ 90,921 $ 96,767 $ 124,727 During the three months ended June 30, 2022, we recognized $25.7 million in revenues in connection with two regulatory milestones totaling $27.0 million upon approval by the European Commission and Health Canada of cabozantinib as monotherapy for the treatment of adult patients with locally advanced or metastatic differentiated thyroid carcinoma (DTC), refractory or not eligible to radioactive iodine (RAI) who have progressed during or after prior systemic therapy. As of June 30, 2022, $51.9 million of the transaction price for this collaboration was allocated to our research and development services performance obligations that have not yet been satisfied. Takeda Collaboration In January 2017, we entered into a collaboration and license agreement with Takeda for the commercialization and further development of cabozantinib. Pursuant to this collaboration and license agreement, as amended, Takeda has exclusive commercialization rights for current and potential future cabozantinib indications in Japan, and the parties have agreed to collaborate on the clinical development of cabozantinib in Japan. The operation and strategic direction of the parties’ collaboration is governed through a joint executive committee and appropriate subcommittees. Revenues under the collaboration agreement with Takeda were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 License revenues $ 2,700 $ 2,097 $ 5,065 $ 3,398 Collaboration services revenues 3,785 4,024 7,487 8,159 Total $ 6,485 $ 6,121 $ 12,552 $ 11,557 As of June 30, 2022 , $37.5 million of the transaction price for this collaboration was allocated to our research and development services performance obligations that have not yet been satisfied. Royalty Pharma In October 2002, we established a product development and commercialization collaboration agreement with GlaxoSmithKline (GSK), that required us to pay a 3% royalty to GSK on the worldwide net sales of any product incorporating cabozantinib sold by us and our collaboration partners. Effective January 1, 2021, Royalty Pharma plc (Royalty Pharma) acquired from GSK all rights, title and interest in royalties on net product sales containing cabozantinib for non-U.S. markets for the full term of the royalty and for U.S. market through September 2026, after which time U.S. royalties will revert back to GSK. Royalties earned by Royalty Pharma in connection with our sales of cabozantinib are included in cost of goods sold and in connection with sales by our collaboration partners are included as a reduction of collaboration services revenues. Such royalties were $14.6 million and $27.7 million during the three and six months ended June 30, 2022, respectively, as compared to $12.1 million and $22.2 million in the corresponding periods in 2021. Other Commercial Collaborations Genentech Collaboration In December 2006, we out-licensed the development and commercialization of cobimetinib to Genentech under a worldwide collaboration agreement. In November 2015, the FDA approved cobimetinib, under the brand name COTELLIC, in combination with Genentech’s ZELBORAF® (vemurafenib) for the treatment of patients with BRAF V600E or V600K mutation-positive advanced melanoma. COTELLIC in combination with ZELBORAF has also been approved in the European Union and multiple additional countries for use in the same indication. In July 2020, the FDA also approved COTELLIC for use in combination with ZELBORAF and TECENTRIQ® (atezolizumab) for the treatment of patients with BRAF V600 mutation-positive advanced melanoma in previously untreated patients. License revenues under the collaboration agreement with Genentech were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Profits on U.S. commercialization $ 1,682 $ 2,160 $ 3,821 $ 3,954 Royalty revenues on ex-U.S. sales $ 889 $ 782 $ 2,517 $ 1,733 Research Collaborations, In-Licensing Arrangements and Other Business Development Activities Our research collaborations, in-licensing arrangements and other strategic transactions include upfront payments, development, regulatory, commercial milestone payments and royalty payments, contingent upon the occurrence of certain future events linked to the success of the asset in development. Certain of our research collaborations provide us exclusive options that give us the right to license programs developed under the research collaborations for further discovery and development. When we decide to exercise the options, we are required to pay an exercise fee and then, in most instances we will assume the responsibilities for all subsequent clinical development, manufacturing and commercialization. In conjunction with each of these collaborative in-licensing arrangements, we were subject to upfront payments and will make payments for potential future development, regulatory, and commercial milestones as well as royalties on future net product sales. In June 2022, we entered into an exclusive option and license agreement with BioInvent International AB (BioInvent), upon which we paid BioInvent an upfront payment of $25.0 million. Upon option exercise, we will pay BioInvent an option exercise fee, and BioInvent will be eligible for additional payments from us for future development and commercial milestones, as well as royalties on future net product sales. As of June 30, 2022, in conjunction with each of our collaborative in-licensing arrangements, and an asset purchase agreement entered in 2021, we will make payments for potential future development milestones of up to $321.8 million, regulatory milestones of up to $453.7 million and commercial milestones of up to $2,070.7 million, each in the aggregate per product or target, as well as royalties on future net product sales.

Cash and Investments

Cash and Investments	6 Months Ended
	Jul. 01, 2022
Investments, Debt and Equity Securities [Abstract]
CASH AND INVESTMENTS	CASH AND INVESTMENTS Cash, Cash Equivalents and Restricted Cash Equivalents A reconciliation of cash, cash equivalents, and restricted cash equivalents reported in the accompanying Condensed Consolidated Balance Sheets to the amount reported within the accompanying Condensed Consolidated Statements of Cash Flows was as follows (in thousands): June 30, 2022 December 31, 2021 Cash and cash equivalents $ 627,000 $ 647,169 Restricted cash equivalents included in other long-term assets 10,686 16,722 Cash, cash equivalents, and restricted cash equivalents as reported in the accompanying Condensed Consolidated Statements of Cash Flows $ 637,686 $ 663,891 Restricted cash equivalents are used to collateralize letters of credit and consist of money-market funds and certificates of deposit with original maturities of 90 days or less. The restricted cash equivalents are classified as other long-term assets based upon the remaining term of the underlying restriction. As of June 30, 2022 , restricted cash equivalents included $9.2 million of short-term investments, which is collateral under our January 2021 standby letter of credit to guarantee our obligation to fund a portion of the total tenant improvements related to our build-to-suit lease at our corporate campus. As we fund these tenant improvements, our restricted cash becomes available for operations. Our January 2021 standby letter of credit will remain effective through August 31, 2022. Cash, Cash Equivalents, Restricted Cash Equivalents and Investments Cash, cash equivalents, restricted cash equivalents and investments consisted of the following (in thousands): June 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available-for-sale: Commercial paper $ 880,593 $ — $ (107) $ 880,486 Corporate bonds 573,343 117 (9,059) 564,401 U.S. Treasury and government-sponsored enterprises 255,407 58 (2,057) 253,408 Municipal bonds 12,350 — (202) 12,148 Total debt securities available-for-sale 1,721,693 175 (11,425) 1,710,443 Cash 80,747 — — 80,747 Money market funds 87,821 — — 87,821 Certificates of deposit 130,502 — — 130,502 Total cash, cash equivalents, restricted cash equivalents and investments $ 2,020,763 $ 175 $ (11,425) $ 2,009,513 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available-for-sale: Commercial paper $ 945,801 $ 42 $ (2) $ 945,841 Corporate bonds 541,774 876 (1,672) 540,978 U.S. Treasury and government-sponsored enterprises 33,965 1 (21) 33,945 Municipal bonds 12,924 15 (35) 12,904 Total debt securities available-for-sale 1,534,464 934 (1,730) 1,533,668 Cash 135,653 — — 135,653 Money market funds 66,531 — — 66,531 Certificates of deposit 119,056 — — 119,056 Total cash, cash equivalents, restricted cash equivalents and investments $ 1,855,704 $ 934 $ (1,730) $ 1,854,908 Interest receivable was $3.6 million and $2.9 million as of June 30, 2022 and December 31, 2021, respectively, and is included in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets. Realized gains and losses on the sales of investments were insignificant during the three and six months ended June 30, 2022, and 2021. We manage credit risk associated with our investment portfolio through our investment policy, which limits purchases to high-quality issuers and limits the amount of our portfolio that can be invested in a single issuer. The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands): June 30, 2022 Fair Value Gross Unrealized Losses Corporate bonds $ 540,226 $ (9,059) U.S. Treasury and government-sponsored enterprises 237,680 (2,057) Commercial paper 14,000 (107) Municipal bonds 12,148 (202) Total $ 804,054 $ (11,425) December 31, 2021 Fair Value Gross Unrealized Losses Corporate bonds $ 385,053 $ (1,672) Commercial paper 43,290 (2) U.S. Treasury and government-sponsored enterprises 18,962 (21) Municipal bonds 7,475 (35) Total $ 454,780 $ (1,730) There were 237 and 133 investments in an unrealized loss position as of June 30, 2022 and December 31, 2021, respectively. All securities presented above have been in an unrealized loss position for less than twelve months except for six corporate bond securities with an aggregate fair value of $18.1 million and an aggregate immaterial unrealized loss as of June 30, 2022 . During the six months ended June 30, 2022, and 2021, we did not record an allowance for credit losses or other impairment charges on our investment securities. Based upon our quarterly impairment review, we determined that the unrealized losses were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. Based on the scheduled maturities of our investments, we determined that it was more likely than not that we will hold these investments for a period of time sufficient for a recovery of our cost basis. The fair value of debt securities available-for-sale by contractual maturity was as follows (in thousands): June 30, 2022 December 31, 2021 Maturing in one year or less $ 1,253,553 $ 1,168,256 Maturing after one year through five years 456,890 365,412 Total debt securities available-for-sale $ 1,710,443 $ 1,533,668

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 01, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value reflects the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy has the following three levels: • Level 1 - quoted prices (unadjusted) in active markets for identical assets and liabilities; • Level 2 - inputs other than level 1 that are observable either directly or indirectly, such as quoted prices in active markets for similar instruments or on industry models using data inputs, such as interest rates and prices that can be directly observed or corroborated in active markets; and • Level 3 - unobservable inputs that are supported by little or no market activity that are significant to the fair value measurement. The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands): June 30, 2022 Level 1 Level 2 Total Commercial paper $ — $ 880,486 $ 880,486 Corporate bonds — 564,401 564,401 U.S. Treasury and government-sponsored enterprises — 253,408 253,408 Municipal bonds — 12,148 12,148 Total debt securities available-for-sale — 1,710,443 1,710,443 Money market funds 87,821 — 87,821 Certificates of deposit — 130,502 130,502 Total financial assets carried at fair value $ 87,821 $ 1,840,945 $ 1,928,766 December 31, 2021 Level 1 Level 2 Total Commercial paper $ — $ 945,841 $ 945,841 Corporate bonds — 540,978 540,978 U.S. Treasury and government-sponsored enterprises — 33,945 33,945 Municipal bonds — 12,904 12,904 Total debt securities available-for-sale — 1,533,668 1,533,668 Money market funds 66,531 — 66,531 Certificates of deposit — 119,056 119,056 Total financial assets carried at fair value $ 66,531 $ 1,652,724 $ 1,719,255 When available, we value investments based on quoted prices for those financial instruments, which is a Level 1 input. Our remaining investments are valued using third-party pricing sources, which use observable market prices, interest rates and yield curves observable at commonly quoted intervals for similar assets as observable inputs for pricing, which is a Level 2 input. The carrying amount of our remaining financial assets and liabilities, which include cash, receivables and payables, approximate their fair values due to their short-term nature. Forward Foreign Currency Contracts We have entered into forward contracts to hedge certain operational exposures for the changes in foreign currency exchanges rates associated with assets or liabilities denominated in foreign currencies, primarily the Euro. As of June 30, 2022 , we had one forward contract outstanding to sell €9.3 million. The forward contract with a maturity of three months is recorded at fair value and is included in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. The forward contract is considered a Level 2 in the fair value hierarchy of our fair value measurements. For the six months ended June 30, 2022, and 2021, we recognized $0.7 million and $0.3 million, respectively, of net gains on the maturity of our forward contracts, which is included in other income (expense), net on our Condensed Consolidated Statements of Income.

Inventory

Inventory	6 Months Ended
	Jul. 01, 2022
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY Inventory consisted of the following (in thousands): June 30, 2022 December 31, 2021 Raw materials $ 9,760 $ 8,867 Work in process 35,233 27,717 Finished goods 13,371 12,927 Total $ 58,364 $ 49,511 Balance Sheet classification: Current portion included in inventory $ 33,020 $ 27,493 Long-term portion included in other long-term assets 25,344 22,018 Total $ 58,364 $ 49,511

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jul. 01, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION We allocated the stock-based compensation expense for our equity incentive plans and our Employee Stock Purchase Plan (ESPP) as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 9,549 $ 13,667 $ 18,448 $ 26,063 Selling, general and administrative 15,073 14,368 25,933 36,625 Total stock-based compensation expense $ 24,622 $ 28,035 $ 44,381 $ 62,688 Stock-based compensation for each type of award under our equity incentive plans and ESPP were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock options $ 3,493 $ 5,902 $ 7,171 $ 10,596 Restricted stock units 18,928 15,412 32,001 27,081 Performance stock units 1,581 4,698 3,290 22,645 ESPP 620 2,023 1,919 2,366 Total stock-based compensation expense $ 24,622 $ 28,035 $ 44,381 $ 62,688 On May 25, 2022, at the 2022 Annual Meeting of Stockholders, our stockholders approved the amendment and restatement of Exelixis, Inc. 2017 Equity Incentive Plan (as amended and restated, the 2017 Plan). The amendment and restatement increased the share reserve under the 2017 Plan by 28,500,000 shares. As of June 30, 2022, 31,687,133 sh ares were available for grant under the Exelixis, Inc. 2017 Equity Incentive Plan. The share reserve is reduced by 1 share for each share issued pursuant to a stock option and 2 shares for full value awards, including restricted stock units (RSUs). During the six months ended June 30, 2022, we granted 587,762 stock options with a weighted average exercise price of $19.99 per share and a weighted average grant date fair value of $8.36 per s hare. As of June 30, 2022 , there were 12,307,775 stock options outstanding and $23.6 million of related unrecognized compensation expense. In March 2022, we awarded to certain employees an aggregate of 1,003,482 (the target amount) RSUs that are subject to a total shareholder return (TSR) market condition (the TSR-based RSUs). The TSR market condition is based on our relative TSR percentile rank compared to companies in the NASDAQ Biotechnology Index during the performance period, which is January 1, 2022 through January 3, 2025. Depending on the results relative to the TSR market condition, the holders of the TSR-based RSUs may earn up to 175% of the target amount of shares. 50% of the shares earned pursuant to the TSR-based RSU awards will vest at the end of the performance period, and the remainder will vest approximately one year later, subject to employee’s continuous service. These TSR-based RSUs will be forfeited if the market condition at or above a threshold level is not achieved at the end of the performance period on January 3, 2025. We used a Monte Carlo simulation model and the following assumptions to determine the grant date fair value of $33.17 per share for the TSR-based RSUs: Fair value of the Company’s common stock on grant date $ 20.70 Expected volatility 46.85 % Risk-free interest rate 1.59 % Dividend yield — % The Monte Carlo simulation model also assumed correlations of returns of the stock prices of the Company’s common stock and the common stock of a peer group of companies and historical stock price volatility of the peer group of companies. The valuation model also used terms based on the length of the performance period and compound annual growth rate goals for total stockholder return based on the provisions of the award. During the six months ended June 30, 2022, we granted 4,585,618 service-based RSUs with a weighted average grant date fair value of $20.64 per share. As of June 30, 2022 , there were 11,496,162 RSUs outstanding, including the TSR-based RSUs, and $207.2 million of related unrecognized compensation expense. Stock options and service-based RSUs granted to employees during the six months ended June 30, 2022 have vesting conditions and contractual lives of a similar nature to those described in “Note 8. Employee Benefit Plans” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2021 Form 10-K. As of June 30, 2022 , there were 5,662,157 performance-based restricted stock units (PSUs) outstanding and $113.5 million of related unrecognized stock-based compensation expense. Expense recognition for PSUs commences when it is determined that achievement of the performance target is probable. For more information about our PSUs, see “Note 8. Employee Benefit Plans” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2021 Form 10-K.

Provision For Income Taxes

Provision For Income Taxes	6 Months Ended
	Jul. 01, 2022
Income Tax Disclosure [Abstract]
PROVISION FOR INCOME TAXES	PROVISION FOR INCOME TAXESThe effective tax rate for the three and six months ended June 30, 2022 were 20.2% and 19.9% respectively, as compared to 23.1% and 20.5% for the corresponding periods 2021. The effective tax rate for the three and six months ended June 30, 2022 and June 30, 2021 differed from the U.S. federal statutory tax rate of 21% primarily due to excess tax benefits related to the exercise of certain stock options during the periods and the generation of federal tax credits, which were partially offset by state taxes

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jul. 01, 2022
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE Net income per share - basic and diluted, were computed as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net income $ 70,672 $ 96,092 $ 139,245 $ 97,693 Denominator: Weighted-average common shares outstanding — basic 321,117 314,117 320,349 313,295 Dilutive securities 3,787 8,824 3,747 8,819 Weighted-average common shares outstanding — diluted 324,904 322,941 324,096 322,114 Net income per share — basic $ 0.22 $ 0.31 $ 0.43 $ 0.31 Net income per share — diluted $ 0.22 $ 0.30 $ 0.43 $ 0.30 Dilutive securities included outstanding stock options, unvested RSUs, including TSR-based RSUs, PSUs and ESPP contributions. Certain potential common shares were excluded from our calculation of weighted-average common shares outstanding - diluted because either they would have had an anti-dilutive effect on net income per share or they were related to shares from PSUs that were contingently issuable and the contingency had not been satisfied at the end of the reporting period. The weighted-average potential common shares excluded from our calculation were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Anti-dilutive securities and contingently issuable shares excluded 14,350 12,285 15,436 11,146

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Build-to-Suit Lease and Headquarters Lease In April 2022, the office building (New Premises) associated with our October 2019 build-to-suit lease agreement (Build-to-Suit Lease) was substantially completed. The New Premises is 220,517 square feet and is in Alameda, California, adjacent to our existing corporate headquarters. The Build-to-Suit Lease term is 242 months, includes two five-year options to extend the term of the lease and a one-time option to terminate the lease after 180 months. In addition to the monthly lease payments, currently estimated at $0.7 million, subject to an annual increase of 3% during the Term, we are also responsible for paying operating expenses related to the New Premises. On April 15, 2022, the lease commenced for the New Premises. We determined the classification of the lease was an operating lease. Upon commencement of the lease, we recognized a right-of-use asset of $160.9 million inclusive of $44.9 million for the cost of the tenant improvements in excess of the allowance provided by the lessor and an operating lease liability of $116.0 million discounted over 180 months using our estimated incremental borrowing rate of 4.9%. In May 2022, we entered into the seventh amendment to the lease for our corporate headquarters located on Harbor Bay Parkway, Alameda, California (the Alameda Lease). The May 2022 amendment to the Alameda Lease (the Seventh Lease Amendment) provides, among other things, for the expansion of the premises under the Alameda Lease by 34,745 square feet of office facilities located at 1751 Harbor Bay Parkway, Alameda, California (the 1751 Expansion Space). The term for the 1751 Expansion Space will run coterminous with the term of the Alameda Lease for the existing space. In connection with the Seventh Lease Amendment, we remeasured our lease components under the Alameda Lease relating to the existing premises using an incremental borrowing rate of 5.0%. As of June 1, 2022, we have taken possession of the 1751 Expansion Space, and accordingly we have adjusted our right-of-use asset and liability by $4.3 million. Legal Proceedings In September 2019, we received a notice letter regarding an Abbreviated New Drug Application (ANDA) submitted to the FDA by MSN Pharmaceuticals, Inc. (MSN), requesting approval to market a generic version of CABOMETYX tablets. MSN’s initial notice letter included a Paragraph IV certification with respect to our U.S. Patents No. 8,877,776 (salt and polymorphic forms), 9,724,342 (formulations), 10,034,873 (methods of treatment) and 10,039,757 (methods of treatment), which are listed in the Approved Drug Products with Therapeutic Equivalence Evaluations, also referred to as the Orange Book, for CABOMETYX. MSN’s initial notice letter did not provide a Paragraph IV certification against U.S. Patents No. 7,579,473 (composition of matter) or 8,497,284 (methods of treatment), each of which is listed in the Orange Book. On October 29, 2019, we filed a complaint in the United States District Court for the District of Delaware (the Delaware District Court) for patent infringement against MSN asserting infringement of U.S. Patent No. 8,877,776 arising from MSN’s ANDA filing with the FDA. On November 20, 2019, MSN filed its response to the complaint, alleging that the asserted claims of U.S. Patent No. 8,877,776 are invalid and not infringed. On May 5, 2020, we received notice from MSN that it had amended its ANDA to include additional Paragraph IV certifications. In particular, the May 5, 2020 amended ANDA requested approval to market a generic version of CABOMETYX tablets prior to expiration of two previously unasserted CABOMETYX patents: U.S. Patents No. 7,579,473 and 8,497,284. On May 11, 2020, we filed a complaint in the Delaware District Court for patent infringement against MSN asserting infringement of U.S. Patents No. 7,579,473 and 8,497,284 arising from MSN’s amended ANDA filing with the FDA. Neither of our complaints have alleged infringement of U.S. Patents No. 9,724,342, 10,034,873 and 10,039,757. On May 22, 2020, MSN filed its response to the complaint, alleging that the asserted claims of U.S. Patents No. 7,579,473 and 8,497,284 are invalid and not infringed. On March 23, 2021, MSN filed its First Amended Answer and Counterclaims (amending its prior filing from May 22, 2020), seeking, among other things, a declaratory judgment that U.S. Patent No. 9,809,549 (salt and polymorphic forms) is invalid and would not be infringed by MSN if its generic version of CABOMETYX tablets were approved by the FDA. U.S. Patent No. 9,809,549 is not listed in the Orange Book. On April 7, 2021, we filed our response to MSN’s First Amended Answer and Counterclaims, denying, among other things, that U.S. Patent No. 9,809,549 is invalid or would not be infringed. These two lawsuits, numbered Civil Action Nos. 19-02017 and 20-00633, were consolidated in April 2021. On October 1, 2021, pursuant to a stipulation between us and MSN, the Delaware District Court entered an order that (i) MSN’s submission of its ANDA constitutes infringement of certain claims relating to U.S. Patents No. 7,579,473 and 8,497,284, if those claims are not found to be invalid, and (ii) upon approval, MSN’s commercial manufacture, use, sale or offer for sale within the U.S., and importation into the U.S., of MSN’s ANDA product prior to the expiration of U.S. Patents No. 7,579,473 and 8,497,284 would also infringe certain claims of each patent, if those claims are not found to be invalid. Then, on October 12, 2021, pursuant to a separate stipulation between us and MSN, the Delaware District Court entered an order dismissing MSN’s counterclaims with respect to U.S. Patent No. 9,809,549. In our complaints, we are seeking, among other relief, an order that the effective date of any FDA approval of MSN’s ANDA be a date no earlier than the expiration of all of U.S. Patents No. 7,579,473, 8,497,284 and 8,877,776, the latest of which expires on October 8, 2030, and equitable relief enjoining MSN from infringing these patents. In an effort to streamline the case, the parties have narrowed their assertions. On April 8, 2022, MSN withdrew its validity challenge to U.S. Patent No. 8,877,776. On April 14, 2022, we agreed not to assert U.S. Patent No. 8,497,284 at trial and MSN has, correspondingly, agreed to withdraw its validity challenges to U.S. Patent No. 8,497,284, as well as claims 1-4 and 6-7 of U.S. Patent No. 7,579,473. As a result of this narrowing, the trial addressed two issues: (1) infringement of claims 1 and 2 of the U.S. Patent No. 8,877,776; and (2) validity of claim 5 of the U.S. Patent No. 7,579,473. A bench trial occurred in May 2022, and a judgment is expected during the third or fourth quarter of 2022. On January 11, 2022, we received notice from MSN that it had further amended its ANDA to assert additional Paragraph IV certifications. In particular, the January 11, 2022 amended ANDA requested approval to market a generic version of CABOMETYX tablets prior to expiration of three previously-unasserted CABOMETYX patents that are now listed in the Orange Book: U.S. Patents No. 11,091,439 (crystalline salt forms), 11,091,440 (pharmaceutical composition) and 11,098,015 (methods of treatment). On February 23, 2022, we filed a complaint in the Delaware District Court for patent infringement against MSN asserting infringement of U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015 (the February 2022 MSN ANDA Complaint) arising from MSN’s further amendment of its ANDA filing with the FDA. In the February 2022 MSN ANDA Complaint, we are seeking, among other remedies, equitable relief enjoining MSN from infringing these patents, as well as an order that the effective date of any FDA approval of MSN’s ANDA would be a date no earlier than the expiration of the patents identified in the February 2022 MSN ANDA Complaint, the latest of which expires on January 15, 2030. The February 2022 MSN ANDA Complaint is a new case, numbered Civil Action No. 22-00228, against MSN involving Exelixis patents that are different from those asserted in the consolidated Civil Action Nos. 19-02017 and 20-00633 described above. On February 25, 2022, MSN filed its response to the complaint, alleging that the asserted claims of U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015 are invalid and not infringed. On June 21, 2022, pursuant to a stipulation between us and MSN, the Delaware District Court entered an order that (i) MSN’s submission of its ANDA constitutes infringement of certain claims relating to U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015 , if those claims are not found to be invalid, and (ii) upon approval, MSN’s commercial manufacture, use, sale or offer for sale within the U.S., and importation into the U.S., of MSN’s ANDA product prior to the expiration of U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015 would also infringe certain claims of each patent, if those claims are not found to be invalid. A bench trial in connection with the February 2022 MSN ANDA Complaint has been scheduled for May 2023. On June 6, 2022, we received notice from MSN that it had further amended its ANDA to assert an additional Paragraph IV certification. As currently amended, MSN’s ANDA now requests approval to market a generic version of CABOMETYX tablets prior to expiration of a previously-unasserted CABOMETYX patent that is now listed in the Orange Book: U.S. Patent No. 11,298,349 (pharmaceutical composition). On July 18, 2022, we filed a complaint in the Delaware District Court for patent infringement against MSN asserting infringement of U.S. Patent No. 11,298,349 (the July 2022 MSN ANDA Complaint) arising from MSN’s further amendment of its ANDA Filing with the FDA. In the July 2022 MSN ANDA Complaint, we are seeking, among other remedies, equitable relief enjoining MSN from infringing this patent, as well as an order that the effective date of any FDA approval of MSN’s ANDA would be a date no earlier than the expiration of the patent identified in the July 2022 MSN ANDA Complaint, which expires on February 10, 2032. The July 2022 MSN ANDA Complaint is a new case against MSN involving an Exelixis patent that is different from those asserted in the consolidated Civil Action Nos. 19-02017, 20-00633 and 22-00228 described above. MSN’s response to the complaint is due on August 9, 2022. A trial has not yet been scheduled in connection with the July 2022 MSN ANDA Complaint. In May 2021, we received notice letters from Teva Pharmaceuticals Development, Inc. and Teva Pharmaceuticals USA, Inc. (individually and collectively referred to as Teva) regarding an ANDA Teva submitted to the FDA, requesting approval to market a generic version of CABOMETYX tablets. Teva’s notice letters included a Paragraph IV certification with respect to our U.S. Patents No. 9,724,342 (formulations), 10,034,873 (methods of treatment) and 10,039,757 (methods of treatment), which are listed in the Orange Book and expire in 2033, 2031 and 2031, respectively. Teva’s notice letters did not provide a Paragraph IV certification against any additional CABOMETYX patents. On June 17, 2021, we filed a complaint in the Delaware District Court for patent infringement against Teva, along with Teva Pharmaceutical Industries Limited ( Teva Parent), asserting infringement of U.S. Patents No. 9,724,342, 10,034,873 and 10,039,757 arising from Teva’s ANDA filing with the FDA. On August 27, 2021, Teva filed its answer and counterclaims to the complaint, alleging that the asserted claims of U.S. Patents No. 9,724,342, 10,034,873 and 10,039,757 are invalid and not infringed, and on August 23, 2021, we and Teva entered into a stipulation wherein Teva Parent was dismissed without prejudice from this lawsuit and agreed to be bound by any stipulation, judgment, order or decision rendered as to Teva, including any appeals and any order granting preliminary or permanent injunctive relief against Teva. On September 17, 2021, we filed an answer to Teva’s counterclaims. We are seeking, among other relief, an order that the effective date of any FDA approval of Teva’s ANDA be a date no earlier than the expiration of all of U.S. Patents No. 9,724,342, 10,034,873 and 10,039,757, the latest of which expires on July 9, 2033, and equitable relief enjoining Teva from infringing these patents. On February 8, 2022, the parties filed a stipulation to stay all proceedings, which was granted by the Delaware District Court on February 9, 2022. On February 11, 2022, this case was administratively closed. On July 29, 2022, we received notice from Teva that it had amended its ANDA to assert an additional Paragraph IV certification. As amended, Teva’s ANDA now requests approval to market a generic version of CABOMETYX tablets prior to expiration of a previously-unasserted CABOMETYX patent that is now listed in the Orange Book: U.S. Patent No. 11,298,349 (pharmaceutical composition). We have 45 days from the receipt of the July 29, 2022 notice to file a patent infringement claim against Teva relating to the newly challenged patent. The sale of any generic version of CABOMETYX earlier than its patent expiration could significantly decrease our revenues derived from the U.S. sales of CABOMETYX and thereby materially harm our business, financial condition and results of operations. It is not possible at this time to determine the likelihood of an unfavorable outcome or estimate of the amount or range of any potential loss. We may also from time to time become a party or subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. Some of these proceedings have involved, and may involve in the future, claims that are subject to substantial uncertainties and unascertainable damages.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	The accompanying 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.
Basis of Presentation	The accompanying unaudited 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 six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 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 included in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 18, 2022 (Fiscal 2021 Form 10-K).
Fiscal Period	We have adopted a 52- or 53-week fiscal year policy that generally ends on the Friday closest to December 31 st
Segment Information	We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our 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 Chief Executive Officer uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets.
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.
Reclassifications	Certain prior period amounts in the accompanying Condensed Consolidated Financial Statements have been reclassified to conform to the current period presentation. Such reclassifications did not impact previously reported total revenues, income from operations, net income, total assets, total liabilities or total stockholders’ equity.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted by us since the filing of our Fiscal 2021 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted There were no new accounting pronouncements issued since the filing of our Fiscal 2021 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements.
Revenues	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 were recorded in accordance with ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 and by analogy to Topic 606. 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. 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. Contract assets are primarily related to Ipsen Pharma SAS (Ipsen) and contract liabilities are primarily related to deferred revenues from Takeda Pharmaceutical Company Limited (Takeda).

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jul. 01, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenues consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Product revenues: Gross product revenues $ 483,073 $ 380,204 $ 931,310 $ 694,409 Discounts and allowances (136,029) (95,956) (273,968) (182,949) Net product revenues 347,044 284,248 657,342 511,460 Collaboration revenues: License revenues 57,526 39,640 89,593 67,168 Collaboration services revenues 14,857 61,289 28,472 76,779 Total collaboration revenues 72,383 100,929 118,065 143,947 Total revenues $ 419,427 $ 385,177 $ 775,407 $ 655,407 Net product revenues by product were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 CABOMETYX $ 339,159 $ 275,614 $ 641,971 $ 499,209 COMETRIQ 7,885 8,634 15,371 12,251 Net product revenues $ 347,044 $ 284,248 $ 657,342 $ 511,460
Schedule of Concentration Risks	The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Affiliates of McKesson Corporation 16 % 14 % 17 % 14 % Affiliates of CVS Health Corporation 16 % 13 % 16 % 14 % Affiliates of AmerisourceBergen Corporation 15 % 12 % 16 % 13 % Ipsen Pharma SAS 15 % 24 % 12 % 19 % Accredo Health, Incorporated 10 % 8 % 9 % 8 % The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows: June 30, 2022 December 31, 2021 Ipsen Pharma SAS 30 % 50 % Affiliates of McKesson Corporation 17 % 10 % Affiliates of AmerisourceBergen Corporation 14 % 11 % Affiliates of CVS Health Corporation 14 % 9 % Cardinal Health 10 % 6 %
Schedule of Revenues Disaggregated by Geographic Region	Revenues by geographic region were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 U.S. $ 349,615 $ 287,190 $ 663,680 $ 517,147 Europe 62,240 90,921 96,767 124,727 Japan 7,572 7,066 14,960 13,533 Total revenues $ 419,427 $ 385,177 $ 775,407 $ 655,407
Schedule of Activities and Ending Reserve Balances for Significant Categories of 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, 2021 $ 14,625 $ 8,875 $ 24,825 $ 48,325 Provision related to sales made in: Current period 175,564 24,444 72,890 272,898 Prior periods 1,311 (168) (73) 1,070 Payments and customer credits issued (171,534) (22,186) (64,812) (258,532) Balance at June 30, 2022 $ 19,966 $ 10,965 $ 32,830 $ 63,761
Schedule of Other Assets and Other Liabilities	Contract assets and liabilities were as follows (in thousands): June 30, 2022 December 31, 2021 Contract assets (1) $ 394 $ 1,665 Contract liabilities: Current portion (2) $ 7,513 $ 7,814 Long-term portion (3) 7,209 8,739 Total contract liabilities $ 14,722 $ 16,553 ____________________ (1) Presented in other long-term assets in the accompanying Condensed Consolidated Balance Sheets. (2) Presented in other current liabilities in the accompanying Condensed Consolidated Balance Sheets. (3) Presented in the long-term portion of deferred revenues in the accompanying Condensed Consolidated Balance Sheets

Collaboration Agreements And _2

Collaboration Agreements And Business Development Activities (Tables)	6 Months Ended
	Jul. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Collaborative Revenues Under Collaboration Agreement	Revenues under the collaboration agreement with Ipsen were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 License revenues $ 51,168 $ 33,656 $ 75,782 $ 56,107 Collaboration services revenues 11,072 57,265 20,985 68,620 Total $ 62,240 $ 90,921 $ 96,767 $ 124,727 Revenues under the collaboration agreement with Takeda were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 License revenues $ 2,700 $ 2,097 $ 5,065 $ 3,398 Collaboration services revenues 3,785 4,024 7,487 8,159 Total $ 6,485 $ 6,121 $ 12,552 $ 11,557 License revenues under the collaboration agreement with Genentech were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Profits on U.S. commercialization $ 1,682 $ 2,160 $ 3,821 $ 3,954 Royalty revenues on ex-U.S. sales $ 889 $ 782 $ 2,517 $ 1,733

Cash and Investments (Tables)

Cash and Investments (Tables)	6 Months Ended
	Jul. 01, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash	A reconciliation of cash, cash equivalents, and restricted cash equivalents reported in the accompanying Condensed Consolidated Balance Sheets to the amount reported within the accompanying Condensed Consolidated Statements of Cash Flows was as follows (in thousands): June 30, 2022 December 31, 2021 Cash and cash equivalents $ 627,000 $ 647,169 Restricted cash equivalents included in other long-term assets 10,686 16,722 Cash, cash equivalents, and restricted cash equivalents as reported in the accompanying Condensed Consolidated Statements of Cash Flows $ 637,686 $ 663,891
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash	A reconciliation of cash, cash equivalents, and restricted cash equivalents reported in the accompanying Condensed Consolidated Balance Sheets to the amount reported within the accompanying Condensed Consolidated Statements of Cash Flows was as follows (in thousands): June 30, 2022 December 31, 2021 Cash and cash equivalents $ 627,000 $ 647,169 Restricted cash equivalents included in other long-term assets 10,686 16,722 Cash, cash equivalents, and restricted cash equivalents as reported in the accompanying Condensed Consolidated Statements of Cash Flows $ 637,686 $ 663,891
Schedule of Investments by Security Type	Cash, cash equivalents, restricted cash equivalents and investments consisted of the following (in thousands): June 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available-for-sale: Commercial paper $ 880,593 $ — $ (107) $ 880,486 Corporate bonds 573,343 117 (9,059) 564,401 U.S. Treasury and government-sponsored enterprises 255,407 58 (2,057) 253,408 Municipal bonds 12,350 — (202) 12,148 Total debt securities available-for-sale 1,721,693 175 (11,425) 1,710,443 Cash 80,747 — — 80,747 Money market funds 87,821 — — 87,821 Certificates of deposit 130,502 — — 130,502 Total cash, cash equivalents, restricted cash equivalents and investments $ 2,020,763 $ 175 $ (11,425) $ 2,009,513 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available-for-sale: Commercial paper $ 945,801 $ 42 $ (2) $ 945,841 Corporate bonds 541,774 876 (1,672) 540,978 U.S. Treasury and government-sponsored enterprises 33,965 1 (21) 33,945 Municipal bonds 12,924 15 (35) 12,904 Total debt securities available-for-sale 1,534,464 934 (1,730) 1,533,668 Cash 135,653 — — 135,653 Money market funds 66,531 — — 66,531 Certificates of deposit 119,056 — — 119,056 Total cash, cash equivalents, restricted cash equivalents and investments $ 1,855,704 $ 934 $ (1,730) $ 1,854,908
Schedule of Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position	The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands): June 30, 2022 Fair Value Gross Unrealized Losses Corporate bonds $ 540,226 $ (9,059) U.S. Treasury and government-sponsored enterprises 237,680 (2,057) Commercial paper 14,000 (107) Municipal bonds 12,148 (202) Total $ 804,054 $ (11,425) December 31, 2021 Fair Value Gross Unrealized Losses Corporate bonds $ 385,053 $ (1,672) Commercial paper 43,290 (2) U.S. Treasury and government-sponsored enterprises 18,962 (21) Municipal bonds 7,475 (35) Total $ 454,780 $ (1,730)
Schedule of Fair Value of Cash Equivalents and Investments by Contractual Maturity	The fair value of debt securities available-for-sale by contractual maturity was as follows (in thousands): June 30, 2022 December 31, 2021 Maturing in one year or less $ 1,253,553 $ 1,168,256 Maturing after one year through five years 456,890 365,412 Total debt securities available-for-sale $ 1,710,443 $ 1,533,668

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 01, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets Measured on a Recurring Basis	The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands): June 30, 2022 Level 1 Level 2 Total Commercial paper $ — $ 880,486 $ 880,486 Corporate bonds — 564,401 564,401 U.S. Treasury and government-sponsored enterprises — 253,408 253,408 Municipal bonds — 12,148 12,148 Total debt securities available-for-sale — 1,710,443 1,710,443 Money market funds 87,821 — 87,821 Certificates of deposit — 130,502 130,502 Total financial assets carried at fair value $ 87,821 $ 1,840,945 $ 1,928,766 December 31, 2021 Level 1 Level 2 Total Commercial paper $ — $ 945,841 $ 945,841 Corporate bonds — 540,978 540,978 U.S. Treasury and government-sponsored enterprises — 33,945 33,945 Municipal bonds — 12,904 12,904 Total debt securities available-for-sale — 1,533,668 1,533,668 Money market funds 66,531 — 66,531 Certificates of deposit — 119,056 119,056 Total financial assets carried at fair value $ 66,531 $ 1,652,724 $ 1,719,255

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jul. 01, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following (in thousands): June 30, 2022 December 31, 2021 Raw materials $ 9,760 $ 8,867 Work in process 35,233 27,717 Finished goods 13,371 12,927 Total $ 58,364 $ 49,511 Balance Sheet classification: Current portion included in inventory $ 33,020 $ 27,493 Long-term portion included in other long-term assets 25,344 22,018 Total $ 58,364 $ 49,511

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jul. 01, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Allocated Employee Stock-Based Compensation Expense	We allocated the stock-based compensation expense for our equity incentive plans and our Employee Stock Purchase Plan (ESPP) as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 9,549 $ 13,667 $ 18,448 $ 26,063 Selling, general and administrative 15,073 14,368 25,933 36,625 Total stock-based compensation expense $ 24,622 $ 28,035 $ 44,381 $ 62,688 Stock-based compensation for each type of award under our equity incentive plans and ESPP were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock options $ 3,493 $ 5,902 $ 7,171 $ 10,596 Restricted stock units 18,928 15,412 32,001 27,081 Performance stock units 1,581 4,698 3,290 22,645 ESPP 620 2,023 1,919 2,366 Total stock-based compensation expense $ 24,622 $ 28,035 $ 44,381 $ 62,688
Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions	We used a Monte Carlo simulation model and the following assumptions to determine the grant date fair value of $33.17 per share for the TSR-based RSUs: Fair value of the Company’s common stock on grant date $ 20.70 Expected volatility 46.85 % Risk-free interest rate 1.59 % Dividend yield — %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jul. 01, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share	Net income per share - basic and diluted, were computed as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net income $ 70,672 $ 96,092 $ 139,245 $ 97,693 Denominator: Weighted-average common shares outstanding — basic 321,117 314,117 320,349 313,295 Dilutive securities 3,787 8,824 3,747 8,819 Weighted-average common shares outstanding — diluted 324,904 322,941 324,096 322,114 Net income per share — basic $ 0.22 $ 0.31 $ 0.43 $ 0.31 Net income per share — diluted $ 0.22 $ 0.30 $ 0.43 $ 0.30
Schedule of Potential Shares of Common Stock Not Included in the Computation of Diluted Net Income Per Share	The weighted-average potential common shares excluded from our calculation were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Anti-dilutive securities and contingently issuable shares excluded 14,350 12,285 15,436 11,146

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jul. 01, 2022 segment product country
Organization And Summary Of Significant Policies [Line Items]
Number of countries with drug approval, excluding the u.s. | country	62
Number of business segments | segment	1
Resulting from discovery efforts
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace	4
Products derived from other compounds
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace	2

Revenues - Revenues by Disaggre

Revenues - Revenues by Disaggregated Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 419,427	$ 385,177	$ 775,407	$ 655,407
Gross product revenues
Disaggregation of Revenue [Line Items]
Total revenues	483,073	380,204	931,310	694,409
Discounts and allowances
Disaggregation of Revenue [Line Items]
Total revenues	(136,029)	(95,956)	(273,968)	(182,949)
Net product revenues
Disaggregation of Revenue [Line Items]
Total revenues	347,044	284,248	657,342	511,460
License revenues
Disaggregation of Revenue [Line Items]
Total revenues	57,526	39,640	89,593	67,168
Collaboration services revenues
Disaggregation of Revenue [Line Items]
Total revenues	14,857	61,289	28,472	76,779
Total collaboration revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 72,383	$ 100,929	$ 118,065	$ 143,947

Revenues - Revenues Disaggregat

Revenues - Revenues Disaggregated by Concentration Risks (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021	Dec. 31, 2021
Affiliates of McKesson Corporation | Revenue
Concentration Risk [Line Items]
Percent of total revenues	16%	14%	17%	14%
Affiliates of McKesson Corporation | Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			17%		10%
Affiliates of CVS Health Corporation | Revenue
Concentration Risk [Line Items]
Percent of total revenues	16%	13%	16%	14%
Affiliates of CVS Health Corporation | Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			14%		9%
Affiliates of AmerisourceBergen Corporation | Revenue
Concentration Risk [Line Items]
Percent of total revenues	15%	12%	16%	13%
Affiliates of AmerisourceBergen Corporation | Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			14%		11%
Ipsen Pharma SAS | Revenue
Concentration Risk [Line Items]
Percent of total revenues	15%	24%	12%	19%
Ipsen Pharma SAS | Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			30%		50%
Accredo Health, Incorporated | Revenue
Concentration Risk [Line Items]
Percent of total revenues	10%	8%	9%	8%
Cardinal Health | Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			10%		6%

Revenues - Revenues Disaggreg_2

Revenues - Revenues Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 419,427	$ 385,177	$ 775,407	$ 655,407
U.S.
Disaggregation of Revenue [Line Items]
Total revenues	349,615	287,190	663,680	517,147
Europe
Disaggregation of Revenue [Line Items]
Total revenues	62,240	90,921	96,767	124,727
Japan
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,572	$ 7,066	$ 14,960	$ 13,533

Revenues - Net Product Revenues

Revenues - Net Product Revenues Disaggregated by Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Disaggregation of Revenue [Line Items]
Net product revenues	$ 419,427	$ 385,177	$ 775,407	$ 655,407
Net product revenues
Disaggregation of Revenue [Line Items]
Net product revenues	347,044	284,248	657,342	511,460
CABOMETYX
Disaggregation of Revenue [Line Items]
Net product revenues	339,159	275,614	641,971	499,209
COMETRIQ
Disaggregation of Revenue [Line Items]
Net product revenues	$ 7,885	$ 8,634	$ 15,371	$ 12,251

Revenues - Activities and Endin

Revenues - Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances (Details) $ in Thousands	6 Months Ended
	Jul. 01, 2022 USD ($)
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2021	$ 48,325
Provision related to sales made in:
Current period	272,898
Prior periods	1,070
Payments and customer credits issued	(258,532)
Balance at June 30, 2022	63,761
Chargebacks, Discounts for Prompt Payment and Other
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2021	14,625
Provision related to sales made in:
Current period	175,564
Prior periods	1,311
Payments and customer credits issued	(171,534)
Balance at June 30, 2022	19,966
Other Customer Credits/Fees and Co-pay Assistance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2021	8,875
Provision related to sales made in:
Current period	24,444
Prior periods	(168)
Payments and customer credits issued	(22,186)
Balance at June 30, 2022	10,965
Rebates
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2021	24,825
Provision related to sales made in:
Current period	72,890
Prior periods	(73)
Payments and customer credits issued	(64,812)
Balance at June 30, 2022	$ 32,830

Revenues - Contract Assets and

Revenues - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 01, 2022	Jul. 01, 2022	Jul. 02, 2021	Dec. 31, 2021
Contract assets:
Contract assets	$ 394	$ 394		$ 1,665
Contract liabilities:
Current portion	7,513	7,513		7,814
Long-term portion	7,209	7,209		8,739
Total contract liabilities	14,722	14,722		$ 16,553
Contract revenue recognized, including revenue from deferred revenue beginning balance		4,500	$ 4,800
Revenues recognized for performance obligations satisfied in previous periods	59,400	91,100
Takeda And Ispen
Contract liabilities:
Remaining performance obligation	$ 89,300	$ 89,300

Collaboration Agreements And _3

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Ipsen (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 419,427	$ 385,177	$ 775,407	$ 655,407
Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	62,240	90,921	96,767	124,727
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	57,526	39,640	89,593	67,168
License revenues | Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	51,168	33,656	75,782	56,107
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	14,857	61,289	28,472	76,779
Collaboration services revenues | Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 11,072	$ 57,265	$ 20,985	$ 68,620

Collaboration Agreements And _4

Collaboration Agreements And Business Development Activities - Ipsen Collaboration Narrative (Details) - Collaborative Arrangement with Ipsen $ in Millions	3 Months Ended
	Jul. 01, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Amount of revenues recognized included in the beginning contract liability balance	$ 25.7
Revenue from contract with customer, regulatory milestone probable of achievement	27
Remaining performance obligation	$ 51.9

Collaboration Agreements And _5

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Takeda (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 419,427	$ 385,177	$ 775,407	$ 655,407
Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	6,485	6,121	12,552	11,557
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	57,526	39,640	89,593	67,168
License revenues | Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	2,700	2,097	5,065	3,398
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	14,857	61,289	28,472	76,779
Collaboration services revenues | Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 3,785	$ 4,024	$ 7,487	$ 8,159

Collaboration Agreements And _6

Collaboration Agreements And Business Development Activities - Takeda Collaboration Narrative (Details) $ in Millions	Jul. 01, 2022 USD ($)
Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligation	$ 37.5

Collaboration Agreements And _7

Collaboration Agreements And Business Development Activities - GSK Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Collaboration Agreement with GlaxoSmithKline
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent of royalty on net sale			3%
Royal Pharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty expense	$ 14.6	$ 12.1	$ 27.7	$ 22.2

Collaboration Agreements And _8

Collaboration Agreements And Business Development Activities- Royalty Revenues under the Collaboration Agreement with Genentech (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty revenues on ex-U.S. sales	$ 419,427	$ 385,177	$ 775,407	$ 655,407
Collaborative Arrangement with Genentech | Cotellic
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Profits on U.S. commercialization	1,682	2,160	3,821	3,954
Royalty revenues on ex-U.S. sales	$ 889	$ 782	$ 2,517	$ 1,733

Collaboration Agreements And _9

Collaboration Agreements And Business Development Activities - Research Collaborations and In-Licensing Arrangements Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2022	Jul. 01, 2022
Collaboration Agreement with BioInvent, Option And License
Asset Acquisition [Line Items]
Collaborative arrangement, upfront payment	$ 25
Research Collaborations, In-Licensing Arrangements and Other Business Development Activities
Asset Acquisition [Line Items]
Collaborative arrangement, maximum aggregate development milestone payments		$ 321.8
Collaborative arrangement, maximum aggregate regulatory milestone payments		453.7
Collaborative arrangement, rights and obligations, maximum aggregate commercial milestone payments		$ 2,070.7

Cash and Investments - Reconcil

Cash and Investments - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021	Jul. 02, 2021	Jan. 01, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 627,000	$ 647,169
Restricted cash equivalents included in other long-term assets	10,686	16,722
Cash, cash equivalents, and restricted cash equivalents as reported in the accompanying Condensed Consolidated Statements of Cash Flows	$ 637,686	$ 663,891	$ 539,301	$ 320,772

Cash and Investments - Narrativ

Cash and Investments - Narrative (Details)	Jul. 01, 2022 USD ($) investment	Dec. 31, 2021 USD ($) investment	Jul. 02, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Restricted cash equivalents included in other long-term assets	$ 10,686,000	$ 16,722,000
Interest receivable	$ 3,600,000	$ 2,900,000
Number of investments in an unrealized loss position | investment	237	133
Allowance for credit losses	$ 0		$ 0
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	18,100,000
Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Restricted cash equivalents included in other long-term assets	$ 9,200,000

Cash and Investments - Investme

Cash and Investments - Investments by Security Type (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Debt securities available-for-sale:
Amortized Cost	$ 1,721,693	$ 1,534,464
Gross Unrealized Gains	175	934
Gross Unrealized Losses	(11,425)	(1,730)
Fair Value	1,710,443	1,533,668
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	2,020,763	1,855,704
Gross Unrealized Gains	175	934
Gross Unrealized Losses	(11,425)	(1,730)
Fair Value	2,009,513	1,854,908
Commercial paper
Debt securities available-for-sale:
Amortized Cost	880,593	945,801
Gross Unrealized Gains	0	42
Gross Unrealized Losses	(107)	(2)
Fair Value	880,486	945,841
Corporate bonds
Debt securities available-for-sale:
Amortized Cost	573,343	541,774
Gross Unrealized Gains	117	876
Gross Unrealized Losses	(9,059)	(1,672)
Fair Value	564,401	540,978
U.S. Treasury and government-sponsored enterprises
Debt securities available-for-sale:
Amortized Cost	255,407	33,965
Gross Unrealized Gains	58	1
Gross Unrealized Losses	(2,057)	(21)
Fair Value	253,408	33,945
Municipal bonds
Debt securities available-for-sale:
Amortized Cost	12,350	12,924
Gross Unrealized Gains	0	15
Gross Unrealized Losses	(202)	(35)
Fair Value	12,148	12,904
Cash
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	80,747	135,653
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	80,747	135,653
Money market funds
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	87,821	66,531
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	87,821	66,531
Certificates of deposit
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	130,502	119,056
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 130,502	$ 119,056

Cash and Investments - Fair Val

Cash and Investments - Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	$ 804,054	$ 454,780
Gross Unrealized Losses	(11,425)	(1,730)
Corporate bonds
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	540,226	385,053
Gross Unrealized Losses	(9,059)	(1,672)
U.S. Treasury and government-sponsored enterprises
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	237,680	18,962
Gross Unrealized Losses	(2,057)	(21)
Commercial paper
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	14,000	43,290
Gross Unrealized Losses	(107)	(2)
Municipal bonds
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	12,148	7,475
Gross Unrealized Losses	$ (202)	$ (35)

Cash and Investments - Fair V_2

Cash and Investments - Fair Value of Cash Equivalents and Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 1,253,553	$ 1,168,256
Maturing after one year through five years	456,890	365,412
Total debt securities available-for-sale	$ 1,710,443	$ 1,533,668

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	$ 1,710,443	$ 1,533,668
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,710,443	1,533,668
Total financial assets carried at fair value	1,928,766	1,719,255
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Total financial assets carried at fair value	87,821	66,531
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,710,443	1,533,668
Total financial assets carried at fair value	1,840,945	1,652,724
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	880,486	945,841
Commercial paper | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	880,486	945,841
Commercial paper | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Commercial paper | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	880,486	945,841
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	564,401	540,978
Corporate bonds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	564,401	540,978
Corporate bonds | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Corporate bonds | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	564,401	540,978
U.S. Treasury and government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	253,408	33,945
U.S. Treasury and government-sponsored enterprises | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	253,408	33,945
U.S. Treasury and government-sponsored enterprises | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
U.S. Treasury and government-sponsored enterprises | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	253,408	33,945
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	12,148	12,904
Municipal bonds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	12,148	12,904
Municipal bonds | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Municipal bonds | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	12,148	12,904
Money market funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	87,821	66,531
Money market funds | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	87,821	66,531
Money market funds | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Certificates of deposit | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	130,502	119,056
Certificates of deposit | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Certificates of deposit | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 130,502	$ 119,056

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - Foreign Exchange Forward € in Millions, $ in Millions	6 Months Ended
	Jul. 01, 2022 USD ($)	Jul. 02, 2021 USD ($)	Jul. 01, 2022 EUR (€) forward_contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of contract | forward_contract			1
Derivative notional amount | €			€ 9.3
Derivative term of contract	3 months
Gain on derivative instruments, pretax | $	$ 0.7	$ 0.3

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Inventory [Line Items]
Raw materials	$ 9,760	$ 8,867
Work in process	35,233	27,717
Finished goods	13,371	12,927
Total	58,364	49,511
Current portion included in inventory
Inventory [Line Items]
Total	33,020	27,493
Long-term portion included in other long-term assets
Inventory [Line Items]
Total	$ 25,344	$ 22,018

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Allocated Employee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 24,622	$ 28,035	$ 44,381	$ 62,688
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	9,549	13,667	18,448	26,063
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 15,073	$ 14,368	$ 25,933	$ 36,625

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Employee Service Share - Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 24,622	$ 28,035	$ 44,381	$ 62,688
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,493	5,902	7,171	10,596
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	18,928	15,412	32,001	27,081
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,581	4,698	3,290	22,645
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 620	$ 2,023	$ 1,919	$ 2,366

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	6 Months Ended
	May 25, 2022	Mar. 31, 2022	Jul. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in share reserve under 2017 plan (in shares)	28,500,000
Number of shares available for grant (in shares)			31,687,133
Reduction in share reserve after stock option or stock appreciation award (in shares)			1
Reduction in share reserve after all other awards (in shares)			2
Options granted in the period (in shares)			587,762
Options granted in the period (in dollars per share)			$ 19.99
Weighted average grant-date fair value (in dollars per share)			$ 8.36
Options outstanding (in shares)			12,307,775
Unrecognized compensation expense			$ 23.6
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 207.2
Number of awards granted (in shares)			4,585,618
Weighted average grant date fair value, awarded (in dollars per share)			$ 20.64
Number of awards outstanding (in shares)			11,496,162
TSR-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)		1,003,482
Maximum potential to vest		175%
Weighted average grant date fair value, awarded (in dollars per share)			$ 33.17
TSR-Based Restricted Stock Units | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting award percentage		50%
Award vesting period		1 year
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 113.5
Number of awards outstanding (in shares)			5,662,157

Stock-Based Compensation - Esti

Stock-Based Compensation - Estimate Grant-Date Fair Value (Details) - TSR-Based Restricted Stock Units	6 Months Ended
	Jul. 01, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of the Company's common stock on grant date (in dollars per share)	$ 20.70
Expected volatility	46.85%
Risk-free interest rate	1.59%
Dividend yield	0%

Provision For Income Taxes (Det

Provision For Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	20.20%	23.10%	19.90%	20.50%

Net Income Per Share - Computat

Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Numerator:
Net income	$ 70,672	$ 96,092	$ 139,245	$ 97,693
Net income, Basic	70,672	96,092	139,245	97,693
Net income, Diluted	$ 70,672	$ 96,092	$ 139,245	$ 97,693
Denominator:
Weighted-average common shares outstanding - basic (in shares)	321,117	314,117	320,349	313,295
Dilutive securities (in shares)	3,787	8,824	3,747	8,819
Weighted-average common shares outstanding - diluted (in shares)	324,904	322,941	324,096	322,114
Net income per share - basic (in dollars per share)	$ 0.22	$ 0.31	$ 0.43	$ 0.31
Net income per share - diluted (in dollars per share)	$ 0.22	$ 0.30	$ 0.43	$ 0.30

Net Income Per Share - Potentia

Net Income Per Share - Potential Shares of Common Stock Not Included in the Computation of Diluted Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Share-based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities and contingently issuable shares excluded (in shares)	14,350	12,285	15,436	11,146

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions			1 Months Ended
	Jul. 29, 2022	Apr. 15, 2022 USD ($)	Apr. 30, 2022 USD ($) ft² segment	Jun. 01, 2022 USD ($)	May 31, 2022 ft²	Apr. 30, 2021 lawsuit
Lessee, Lease, Description [Line Items]
Operating lease right of use asset				$ 4.3
Estimate incremental borrowing rate (in percent)					5%
Number of lawsuits | lawsuit						2
Subsequent Event
Lessee, Lease, Description [Line Items]
Notice period for file a patent infringement claim	45 days
Built-To-Suit Lease And Headquarters Lease
Lessee, Lease, Description [Line Items]
Area of lease property (in square feet) | ft²			220,517
Operating lease term			242 months
Number of options to extend the lease | segment			2
Lease option to extend period			5 years
Option to terminate lease (after period)			180 months
Estimated monthly base rent under Build-to-Suite leases			$ 0.7
Monthly base rent, lease not yet commenced, annual percentage increase			3%
Operating lease right of use asset		$ 160.9
Inclusive of operating lease liability		44.9
Tenant improvement allowance		$ 116
Operating lease liability discounted period		180 months
Estimate incremental borrowing rate (in percent)		4.90%
1751 Expansion Space
Lessee, Lease, Description [Line Items]
Area of lease property (in square feet) | ft²					34,745