Exelixis disclosed Phase 3 results showing its oral TKI zanzalintinib, combined with Roche’s Tecentriq, reduced the risk of death by about 20% versus the standard comparator in previously treated metastatic colorectal cancer. The company presented detailed data at ESMO and signaled plans to file for FDA approval before year‑end. Investors reacted to the granular safety and efficacy data: shares fell after the market parsed the magnitude of benefit and the treatment’s tolerability profile. Exelixis said the survival benefit was consistent across subgroups, while analysts flagged the need for clearer differentiation against current third‑line options. Exelixis’ regulatory filing plans and the community’s appetite for a new TKI‑checkpoint inhibitor combination will determine commercial trajectory and potential label scope.