Exelixis reported detailed STELLAR‑303 data showing its oral TKI zanzalintinib plus atezolizumab reduced risk of death vs. regorafenib in previously treated metastatic colorectal cancer, and the company said it intends to file an NDA before year‑end. The Lancet‑published results and ESMO presentation showed a modest median overall survival gain and consistent effects across subgroups, prompting the firm to pursue regulatory submissions. Investors reacted with volatility: shares fell as some analysts judged the survival benefit marginal relative to expectations and toxicity was a concern. Exelixis maintains the combination could become a new option in third‑line metastatic colorectal cancer if regulators accept the totality of the data. The company will prepare submission materials and engage regulatory agencies to define an approval pathway.