Exelixis, Inc.: Zanzalintinib Misses in Non-Liver Met CRC; No Change to Our CRC Thesis

Research evidence excerpt

Exelixis, Inc.: Zanzalintinib Misses in Non-Liver Met CRC; No Change to Our CRC Thesis

Equity Research

U.S. Small & Mid Cap Biotechnology

22 June 2026

Exelixis, Inc.

Zanzalintinib Misses in Non-Liver

Met CRC; No Change to Our CRC First Look

EXEL EQUAL WEIGHTThesis

U.S. Small & Mid Cap POSITIVE

Today's update does not meaningfully change our muted Biotechnology Price Target USD 45.00

expectations for zanzalintinib or the contribution for Price (18-Jun-26) USD 51.91

zanzalintinib from late-line CRC. Potential Upside/Downside -13.3% Source: Bloomberg, Barclays Research

EXEL announced via press release the updated data from the STELLAR-303 trial evaluating

zanzalintinib in combination with atezolizumab versus regorafenib in patients with non-MSI-H/ Etzer Darout, PhD, MBA

non-dMMR colorectal cancer (CRC), in the subgroup of patients without liver metastases (NLM). +1 212 526 6940

The trial failed to meet the dual primary endpoint of OS in NLM patients, with an OS of 15.9 etzer.darout@barclays.com

months versus 12.7 months delivering a non-statistically significant p-value of 0.1185 and BCI, US

hazard ratio of 0.83. The update does not reflect a change in the mOS values for either arm from Lukas Shumway, PhD

what was previously reported at an interim analysis in October where OS in NLM patients was +1 212 526 7293

not statistically significant. lukas.shumway@barclays.com

BCI, US

We await the December 3 PDUFA date assigned based on the data presented from the

Jordan Becker, PhD

intent to treat (ITT) population. +1 212 526 3960

Recall, the ITT population achieved an OS of 10.9 months versus 9.4 months for regorafenib, jordan.becker1@barclays.com

corresponding to a hazard ratio of 0.80, and while the data was statistically significant BCI, US