12:50 PM EDT, 10/20/2025 (MT Newswires) -- (Updates with stock price movement in the headline and first and additional detail in the third paragraph.)

Exelixis ( EXEL ) shares fell 13.4% in recent Monday trading after the company reported mixed results from a Phase 3 trial of zanzalintinib in combination with atezolizumab versus regorafenib in patients with previously treated, non-microsatellite instability-high metastatic colorectal cancer.

The median overall survival in the intention-to-treat population was 10.9 months with the combination, versus 9.4 months with regorafenib at a median follow-up of 18 months.

Exelixis ( EXEL ) noted that data for one of the dual primary endpoints were still immature, though the other primary endpoint had been met.

The company said it observed a trend for improvement in progression-free survival with the combination in the intention-to-treat population, "though statistical superiority cannot be claimed at this time due to the pre-specified hierarchical testing strategy."

Deaths considered pertaining to treatment by investigators were two for zanzalintinib, two for atezolizumab, one for the combination and one for regorafenib, the company said.

Price: 34.04, Change: -5.21, Percent Change: -13.27