伊克力西斯第二季收入6.29億美元增10.6% 上調回購計劃至7.5億美元

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Table of Contents

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

FORM
10-Q

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

For the quarterly period ended July 3, 2026
or

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

For the transition period from to 
Commission File Number: 000-30235

EXELIXIS, INC.

(Exact name of registrant as specified in its charter)

Delaware04-3257395
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)

1851 Harbor Bay Parkway
Alameda, CA 94502
(650) 837-7000
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 Par Value per ShareEXELThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days). Yes ý No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerýAccelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý
As of July 27, 2026, there were 247,781,692 shares of the registrant’s common stock outstanding. 

Table of Contents

EXELIXIS, INC.
QUARTERLY REPORT ON FORM 10-Q
INDEX

Page
PART I - FINANCIAL INFORMATION

Item 1.Financial Statements
3

Condensed Consolidated Balance Sheets (Unaudited)
3

Condensed Consolidated Statements of Income (Unaudited)
4

Condensed Consolidated Statements of Comprehensive Income (Unaudited)
4

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
5

Condensed Consolidated Statements of Cash Flows (Unaudited)
7

Notes to Condensed Consolidated Financial Statements (Unaudited)
8

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
23

Item 3.Quantitative and Qualitative Disclosures About Market Risk
37

Item 4.Controls and Procedures
37

PART II - OTHER INFORMATION

Item 1.
Legal Proceedings
38

Item 1A.Risk Factors
38

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
38

Item 3.Defaults Upon Senior Securities
38

Item 4.Mine Safety Disclosures
39

Item 5.Other Information
39

Item 6.Exhibits
39

SIGNATURES

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PART I—FINANCIAL INFORMATION

 Item 1. Financial Statements.

EXELIXIS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)

 
June 30, 2026December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents$281,448 $482,488 
Marketable securities557,937 576,603 
Trade receivables, net322,213 286,916 
Inventory28,729 21,686 
Prepaid expenses and other current assets60,495 75,596 
Total current assets1,250,822 1,443,289 
Non-current marketable securities544,930 603,603 
Property and equipment, net92,665 98,960 
Deferred tax assets, net294,205 292,582 
Goodwill63,684 63,684 
Right-of-use assets and other non-current assets247,928 342,305 
Total assets$2,494,234 $2,844,423 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$39,062 $29,623 
Accrued compensation and benefits68,629 102,218 
Accrued clinical trial liabilities59,767 65,742 
Rebates and fees due to customers66,711 59,896 
Accrued collaboration liabilities25,096 22,783 
Other current liabilities102,662 125,382 
Total current liabilities361,927 405,644 
Non-current operating lease liabilities165,929 173,038 
Other non-current liabilities122,616 104,422 
Total liabilities650,472 683,104 
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares issued
— — 
Common stock, $0.001 par value; 400,000 shares authorized; issued and outstanding: 248,885 and 262,483 at June 30, 2026, and December 31, 2025, respectively
249 262 
Additional paid-in-capital2,108,059 2,234,411 
Accumulated other comprehensive income (loss)(2,013)3,476 
Accumulated deficit(262,533)(76,830)
Total stockholders’ equity1,843,762 2,161,319 
Total liabilities and stockholders’ equity$2,494,234 $2,844,423 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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EXELIXIS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues:
Net product revenues$573,025 $520,014 $1,128,002 $1,033,297 
Collaboration revenues55,665 48,247 111,500 90,411 
Total revenues628,690 568,261 1,239,502 1,123,708 
Operating expenses:
Cost of goods sold20,657 19,470 40,610 38,642 
Research and development211,987 200,356 411,903 412,589 
Selling, general and administrative147,632 134,859 287,234 272,042 

Total operating expenses380,276 354,685 739,747 723,273 
Income from operations248,414 213,576 499,755 400,435 
Interest income14,210 16,789 30,337 35,865 
Other income (expenses), net54 50 273 (195)
Income before income taxes262,678 230,415 530,365 436,105 
Provision for income taxes50,628 45,567 107,848 91,641 
Net income$212,050 $184,848 $422,517 $344,464 
Net income per share:
Basic$0.85 $0.68 $1.66 $1.25 
Diluted$0.82 $0.65 $1.60 $1.20 
Weighted-average common shares outstanding:
Basic250,808 272,583 254,568 275,693 
Diluted259,675 284,393 263,499 286,285 

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

EXELIXIS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income$212,050 $184,848 $422,517 $344,464 
Other comprehensive income (loss):
Net unrealized gains (losses) on available-for-sale debt securities, net of tax impact of $475, $197, $1,622 and $(786), respectively
(1,598)(661)(5,489)2,696 
Comprehensive income$210,452 $184,187 $417,028 $347,160 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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EXELIXIS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)

Three Months Ended June 30, 2026
Common StockAdditional
Paid-in CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Stockholders' Equity
SharesAmount
Balance at March 31, 2026
253,701 $254 $2,151,703 $(415)$(215,794)$1,935,748 
Net income— — — — 212,050 212,050 
Other comprehensive loss— — — (1,598)— (1,598)
Issuance of common stock under the equity incentive plan and stock purchase plan1,697 2 15,233 — — 15,235 
Stock transactions associated with taxes withheld on equity awards— — (36,344)— — (36,344)
Repurchases of common stock(6,513)(7)(55,232)— (258,789)(314,028)
Stock-based compensation— — 32,699 — — 32,699 
Balance at June 30, 2026
248,885 $249 $2,108,059 $(2,013)$(262,533)$1,843,762 

Three Months Ended June 30, 2025
Common StockAdditional
Paid-in CapitalAccumulated Other Comprehensive IncomeAccumulated DeficitTotal Stockholders' Equity
SharesAmount
Balance at March 31, 2025275,033 $275 $2,292,033 $2,010 $(163,294)$2,131,024 
Net income— — — — 184,848 184,848 
Other comprehensive loss— — — (661)— (661)
Issuance of common stock under the equity incentive plan and stock purchase plan2,626 3 26,284 — — 26,287 
Stock transactions associated with taxes withheld on equity awards— — (40,553)— — (40,553)
Repurchases of common stock(7,527)(8)(62,720)— (241,093)(303,821)
Stock-based compensation— — 36,412 — — 36,412 
Balance at June 30, 2025
270,132 $270 $2,251,456 $1,349 $(219,539)$2,033,536 

Continued on next page

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EXELIXIS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)

Six Months Ended June 30, 2026
Common StockAdditional
Paid-in CapitalAccumulated Other Comprehensive Income (loss)Accumulated Deficit Total Stockholders' Equity
SharesAmount
Balance at December 31, 2025 
262,483 $262 $2,234,411 $3,476 $(76,830)$2,161,319 
Net income— — — — 422,517 422,517 
Other comprehensive loss— — — (5,489)— (5,489)
Issuance of common stock under the equity incentive plan and stock purchase plan2,936 4 22,826 — — 22,830 
Stock transactions associated with taxes withheld on equity awards— — (70,552)— — (70,552)
Repurchases of common stock(16,534)(17)(140,529)— (608,220)(748,766)
Stock-based compensation— — 61,903 — — 61,903 
Balance at June 30, 2026 
248,885 $249 $2,108,059 $(2,013)$(262,533)$1,843,762 

Six Months Ended June 30, 2025
Common StockAdditional
Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Stockholders' Equity
SharesAmount
Balance at December 31, 2024 
281,732 $282 $2,343,915 $(1,347)$(98,647)$2,244,203 
Net income— — — — 344,464 344,464 
Other comprehensive income— — — 2,696 — 2,696 
Issuance of common stock under the equity incentive plan and stock purchase plan
3,988 4 37,846 — — 37,850 
Stock transactions associated with taxes withheld on equity awards— — (63,059)— — (63,059)
Repurchases of common stock(15,588)(16)(129,775)— (465,356)(595,147)
Stock-based compensation— — 62,529 — — 62,529 
Balance at June 30, 2025 
270,132 $270 $2,251,456 $1,349 $(219,539)$2,033,536 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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EXELIXIS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(in thousands)
(unaudited)

Six Months Ended June 30,
20262025
Net income$422,517 $344,464 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization13,932 14,687 

Stock-based compensation61,613 62,001 
Non-cash lease expense11,921 12,166 
Acquired in-process research and development technology10,600 750 
Other, net(3,295)(10,617)
Changes in operating assets and liabilities:
Trade receivables, net(35,297)(26,837)
Inventory(3,433)2,568 
Prepaid expenses and other assets99,156 (84,386)
Accrued collaboration liabilities(5,262)641 
Accounts payable and other liabilities(12,866)(55,007)
Net cash provided by operating activities559,586 260,430 
Cash flows from investing activities:
Purchases of marketable securities(342,683)(288,186)
Proceeds from maturities and sales of marketable securities394,393 612,021 
Purchases of property, equipment and other, net(8,325)(5,790)
Acquired in-process research and development technology(3,025)(20,250)
Net cash provided by investing activities40,360 297,795 
Cash flows from financing activities:
Payments for repurchases of common stock(753,326)(585,858)
Proceeds from issuance of common stock under the equity incentive plan and stock purchase plan 22,912 37,710 
Taxes paid related to net share settlement of equity awards(70,572)(63,018)
Net cash used in financing activities(800,986)(611,166)
Net decrease in cash and cash equivalents
(201,040)(52,941)
Cash and cash equivalents at beginning of period482,488 217,374 
Cash and cash equivalents at end of period$281,448 $164,433 

 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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EXELIXIS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
Exelixis, Inc. (Exelixis, we, our or us) is an oncology company innovating next-generation medicines and regimens at the forefront of cancer care. We have produced four marketed pharmaceutical products, two of which are formulations of our flagship molecule, cabozantinib, and we are steadily advancing and evolving our product pipeline portfolio, including our lead clinical asset, zanzalintinib, currently under review by the U.S. Food and Drug Administration (FDA) for the treatment of certain forms of colorectal cancer, as well as the focus of an extensive late-stage clinical development program in other indications. With a rational and disciplined approach to investment, we are leveraging our internal experience and expertise, and the strength of strategic partnerships, to identify and pursue opportunities across the landscape of scientific modalities, including small molecules and biotherapeutics, such as antibody-drug conjugates.
Sales related to cabozantinib account for the majority of our revenues. Cabozantinib is an inhibitor of multiple tyrosine kinases, including MET, AXL, VEGF receptors and RET and has been approved by the FDA, and in other countries for all or a combination of, the following: as CABOMETYX® (cabozantinib) tablets for advanced renal cell carcinoma (RCC) (both alone and in combination with Bristol-Myers Squibb Company’s nivolumab (OPDIVO®)), previously treated hepatocellular carcinoma, previously treated, radioactive iodine-refractory differentiated thyroid cancer, and previously treated, unresectable, locally advanced or metastatic, well-differentiated pancreatic neuroendocrine tumors and extra-pancreatic neuroendocrine tumors; and as COMETRIQ® (cabozantinib) capsules for progressive, metastatic medullary thyroid cancer. For physicians treating these types of cancer, cabozantinib has become or is becoming an important medicine in their selection of effective therapies.
The other two products resulting from our discovery efforts are: COTELLIC® (cobimetinib), an inhibitor of MEK, approved as part of multiple combination regimens to treat specific forms of advanced melanoma and marketed under a collaboration with Genentech, Inc. (a member of the Roche Group) (Genentech); and MINNEBRO® (esaxerenone), an oral, non-steroidal, selective blocker of the mineralocorticoid receptor, approved for the treatment of hypertension in Japan and licensed to Daiichi Sankyo Company, Limited.
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Exelixis and those of our wholly owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated.
We have adopted a 52- or 53-week fiscal year policy that generally ends on the Friday closest to December 31. Fiscal year 2026, which is a 52-week fiscal year, will end on January 1, 2027 and fiscal year 2025, which was a 52-week fiscal year, ended on January 2, 2026. For convenience, references in this report as of and for the fiscal periods ended July 3, 2026, July 4, 2025, April 3, 2026 and April 4, 2025, and as of and for the fiscal year ending January 1, 2027 and the fiscal years ended January 2, 2026 and January 3, 2025, are indicated as being as of and for the periods ended June 30, 2026, June 30, 2025, March 31, 2026 and March 31, 2025, and the year ending December 31, 2026, and the years ended December 31, 2025, and December 31, 2024, respectively.
The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial statements for the periods presented have been included. Operating results for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or for any future period. The accompanying Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with our Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2025, included in Part II, Item 8 of our Annual Report on Form 10-K, filed with the SEC on February 10, 2026 (Fiscal 2025 Form 10-K).
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Use of Estimates
The preparation of the accompanying Condensed Consolidated Financial Statements conforms to accounting principles generally accepted in the U.S., which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosures. On an ongoing basis, we evaluate our significant estimates. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Significant Accounting Policies
There have been no material changes to our significant accounting policies during the six months ended June 30, 2026, as compared to the significant accounting policies disclosed in “Note 1. Organization and Summary of Significant Accounting Policies” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2025 Form 10-K.
Recently Adopted Accounting Pronouncements
There were no new accounting pronouncements adopted by us since our filing of the Fiscal 2025 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which enhances the disclosures required for expense disaggregation in our annual and interim consolidated financial statements. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) – Clarifying the effective Date (ASU 2025-01), which clarifies the effective date of ASU 2024-03 for companies with a non-calendar year end. ASU 2024-03 is effective for us in our annual reporting for fiscal year 2027, and in our interim periods beginning in fiscal year 2028. Early adoption and retrospective application are permitted. We are currently evaluating the impact of ASU 2024-03 on our Consolidated Financial Statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) to clarify and modernize the accounting for costs related to internal-use software by removing all references to software development project stages and clarifying the threshold entities apply to begin capitalizing costs. ASU 2025-06 is effective for us in our annual reporting for fiscal year 2028. Early adoption and retrospective reporting are permitted. We do not expect the adoption of ASU 2025-06 to have a material impact on our Consolidated Financial Statements. 
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (ASU 2025-11), which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. ASU 2025-11 provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for us in our annual reporting for fiscal year 2028, and in our interim periods beginning in fiscal year 2028. Early adoption and retrospective application are permitted. We do not expect the adoption of ASU 2025-11 to have a material impact on our Consolidated Financial Statements.
In December 2025, the FASB issued ASU 2025-12, Codification Improvements (ASU 2025-12), which addresses thirty-three issues, representing amendments to Accounting Standards Codification (ASC) topics that clarify, correct errors or make minor improvements. ASU 2025-12 makes the ASC topics easier to understand and apply. ASU 2025-12 is effective for us in our annual reporting for fiscal year 2027, and in our interim periods beginning in fiscal year 2027. Early adoption and retrospective application are permitted on an issue-by-issue basis. We are currently evaluating the impact of ASU 2025-12 on our Consolidated Financial Statements. 
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NOTE 2. SEGMENT REPORTING
We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our President and Chief Executive Officer, as the chief operating decision-maker, manages and allocates resources to our operations on a total consolidated basis. Consistent with this decision-making process, our President and Chief Executive Officer uses net income to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources. 
Our significant segment expenses that are regularly provided to our President and Chief Executive Officer and included in the measure of segment net income consist of consolidated expenses for our operational departments: drug discovery, development, and selling, general and administrative and other segment items.
The segment and consolidated net income, including significant segment expenses were as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues$628,690 $568,261 $1,239,502 $1,123,708 
Less:
Cost of goods sold20,657 19,470 40,610 38,642 
Drug discovery18,252 21,357 37,728 39,610 
Development150,522 134,159 286,237 287,376 
Selling, general, and administrative127,413 112,931 250,283 233,706 
Other segment items(1)
63,378 66,718 124,616 124,134 
Interest income(14,210)(16,789)(30,337)(35,865)
Provision for income taxes50,628 45,567 107,848 91,641 
Segment and consolidated net income$212,050 $184,848 $422,517 $344,464 

_________________
(1) Other segment items include stock-based compensation, other research and development expenses, including the allocation of general corporate costs to research and development services and development cost reimbursements in connection with certain of our collaboration arrangements, and other income (expenses), net.
All of our long-lived assets are located in the U.S. See “Note 3. Revenues” for enterprise-wide disclosures about product sales, revenues from major customers and revenues by geographic region.

NOTE 3. REVENUES
Revenues consisted of the following (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Product revenues:
Gross product revenues$812,782 $745,280 $1,608,136 $1,466,991 
Discounts and allowances(239,757)(225,266)(480,134)(433,694)
Net product revenues573,025 520,014 1,128,002 1,033,297 
Collaboration revenues:
License revenues59,810 49,301 116,758 91,781 
Collaboration services revenues(4,145)(1,054)(5,258)(1,370)
Collaboration revenues
55,665 48,247 111,500 90,411 
Total revenues$628,690 $568,261 $1,239,502 $1,123,708 

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

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Affiliates of McKesson Corporation21%18%20%18%
Affiliates of Cencora, Inc.
20%22%21%22%
Affiliates of CVS Health Corporation15%16%15%15%
Accredo Health Group, Inc.10%12%10%12%
Cardinal Health, Inc.10%***
Affiliates of Optum Specialty Pharmacy***10%

___________________
(*) Represents less than 10% of our total revenues in the applicable period.
The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:

June 30, 2026December 31, 2025
Affiliates of McKesson Corporation26%25%
Affiliates of Cencora, Inc.23%23%
Ipsen Pharma SAS17%19%
Affiliates of CVS Health Corporation13%13%
Cardinal Health, Inc.11%12%

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

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
U.S.$578,361 $524,768 $1,136,907 $1,041,952 
Europe46,007 37,033 85,575 69,739 
Japan4,322 6,460 17,020 12,017 
Total revenues$628,690 $568,261 $1,239,502 $1,123,708 

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

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
CABOMETYX$570,648 $517,890 $1,123,421 $1,028,762 
COMETRIQ 2,377 2,124 4,581 4,535 
Net product revenues$573,025 $520,014 $1,128,002 $1,033,297 

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

Chargebacks, Discounts for Prompt Payment and Other
Other Customer Credits/Fees and Co-pay Assistance
Rebates
Total

Balance at December 31, 2025
$34,223 $23,612 $36,284 $94,119 
Provision related to sales made in:
Current period316,366 37,604 126,249 480,219 
Prior periods502 (402)(185)(85)
Payments and customer credits issued(318,885)(39,750)(116,701)(475,336)
Balance at June 30, 2026
$32,206 $21,064 $45,647 $98,917 

The allowance for chargebacks, discounts for prompt payment and other are recorded as a reduction of trade receivables, net, and the remaining reserves are recorded as rebates and fees due to customers in the accompanying Condensed Consolidated Balance Sheets.
Contract Assets and Liabilities
We receive payments from our collaboration partners based on billing schedules established in each contract. Amounts are recorded as accounts receivable when our right to consideration is unconditional. We may also recognize revenue in advance of the contractual billing schedule and such amounts are recorded as a contract asset when recognized. We may be required to defer recognition of revenue for upfront and milestone payments until we perform our obligations under these arrangements, and such amounts are recorded as deferred revenue upon receipt or when due. For those contracts that have multiple performance obligations, contract assets and liabilities are reported on a net basis at the contract level. There were no contract assets as of June 30, 2026 and December 31, 2025. Contract liabilities are primarily related to deferred revenues from Ipsen Pharma SAS (Ipsen) and Takeda Pharmaceutical Company Limited (Takeda).
Contract liabilities were as follows (in thousands):

June 30, 2026December 31, 2025

Contract liabilities:
Current portion(1)
$1,032 $1,115 
Non-current portion(2)
4,667 6,112 
Total contract liabilities$5,699 $7,227 

____________________
(1) Presented in other current liabilities in the accompanying Condensed Consolidated Balance Sheets.
(2) Presented in other non-current liabilities in the accompanying Condensed Consolidated Balance