Exelixis reported detailed Phase 3 STELLAR‑303 data showing that zanzalintinib plus Roche’s Tecentriq reduced the risk of death by 20% versus standard therapy in previously treated, non‑MSI‑high metastatic colorectal cancer. Company executives said they plan an NDA submission later this year based on the overall survival result. The combination showed a median OS improvement (10.9 vs. 9.4 months) in the intent‑to‑treat population and consistent effects across subgroups. Investors reacted mixedly, reflecting debate on magnitude versus toxicity and existing third‑line options. An FDA filing could create a new oral‑TKI plus immunotherapy option in later‑line colorectal cancer; regulators will weigh survival gains, safety profile and comparator standards in deciding approval.