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<title>Prepared By R.R. Donnelley Financial -- Form 8-K</title>
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<b>UNITED STATES </b></font></div>

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<b>SECURITIES AND EXCHANGE COMMISSION </b></font></div>

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<b>Washington D.C., 20549 </b></font></div>

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<b>Form 8-K </b></font></div> <div><font Size="1">&nbsp;</font></div>

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<b>Current Report </b></font></div>

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<b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </b></font></div>

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<b>Date Of Report (Date Of Earliest Event Reported):&nbsp;&nbsp;June 24, 2005 </b></font></div>




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<b>EXELIXIS, INC. </b></font></div>

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<b>(Exact Name of Registrant as Specified in its Charter)</b></font></div>

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<b>Commission File Number:&nbsp;&nbsp;0-30235</b></font></div>

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<div Align="center"><font Face="times New Roman" Size="3" Color="#000000"><b>Delaware</b></font>
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<b>(State or Other Jurisdiction of</b></font>
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<div Align="center"><font Face="times New Roman" Size="2" Color="#000000"><b>(I.R.S. Employer</b></font>
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<b>Incorporation or Organization)</b></font>
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<b>Identification No.)</b></font>
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<b>170 Harbor Way</div><div Align="center">P.O. Box 511</div><div Align="center">South San Francisco, California 94083-0511</b></font></div>


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<b>(Address of Principal Executive Offices, Including Zip Code)</b></font>
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<b>(650) 837-7000 </b></font>
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<b>(Registrant&#146;s Telephone Number, Including Area Code) </b></font>
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<b> </b></font>
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<b>(Former name or former address, if changed since last report) </b></font>
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<b>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<BR><BR>
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<b>[&nbsp;&nbsp;]&nbsp;&nbsp;
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>

[&nbsp;&nbsp;]&nbsp;&nbsp;
Soliciting material pursuant to Rule 14a-12 under the Exchange Act(17CFR240.14a-12)<BR><BR>


[&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17CFR240.14d-2(b))<BR><BR>


[&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17CFR240.13e-4(c))
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Items to be Included in this Report</b>
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<b>Item 2.03.&nbsp;&nbsp;&nbsp;&nbsp;Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</b></font>
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On June 24, 2005, Exelixis, Inc. (the "Company") drew $6,617,775 (the "Equipment Advance") under its existing $20 million equipment loan facility ("Facility B") with Silicon Valley Bank ("SVB"), which was established on December 21, 2004 pursuant to a Loan Modification Agreement (the "Loan Agreement").  After giving effect to the Equipment Advance, total outstanding borrowing under Facility B is $11,467,070.<p>Under the Loan Agreement, the Company must make interest-only payments of accrued and unpaid interest through January 31, 2006 at an annual rate equal to 0.70% fixed on all outstanding equipment advances.  All equipment advances outstanding after January 1, 2006 are payable beginning on February 28, 2006 until January 31, 2010 in 48 equal, monthly installments of principal, plus accrued interest, at an annual rate of 0.70% fixed.  The loan facility is secured by the Company's obligation to maintain at all times on deposit, in a non-interest bearing certificate of deposit account with SVB, a balance equal to at least 100% of the outstanding principal balance of the financial obligations the Company owes to SVB, plus the amount of any requested credit extensions.</font>
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<b>Signature(s) </b></font>
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Pursuant to the Requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto
duly authorized. </font>
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	EXELIXIS, INC.</font>
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	Date: June 28, 2005.</font>
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	By:</font>
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	/s/&nbsp;&nbsp;&nbsp;&nbsp;Christoph Pereira</font>
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	Christoph Pereira</font>
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	<div><font Face="times New Roman" Size="2" Color="#000000">Vice President, Legal Affairs and Secretary</font>
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{"company-data": {"conformed-name": "EXELIXIS INC", "cik": "0000939767", "assigned-sic": "8731", "irs-number": "043257395", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-30235", "film-number": "05919885"}, "business-address": {"street1": "170 HARBOR WAY", "street2": "P O BOX 511", "city": "SOUTH SAN FRANCISCO", "state": "CA", "zip": "94083", "phone": "6508252200"}, "mail-address": {"street1": "170 HARBOR WAY", "street2": "P O BOX 511", "city": "SOUTH SAN FRANCISCO", "state": "CA", "zip": "94083"}, "former-company": {"former-conformed-name": "EXELIXIS PHARMACEUTICALS INC", "date-changed": "20000106"}}
Prepared By R.R. Donnelley Financial -- Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C., 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date Of Report (Date Of Earliest Event Reported):  June 24, 2005
EXELIXIS, INC.
(Exact Name of Registrant as Specified in its Charter)
Commission File Number:  0-30235
Delaware
04-3257395
(State or Other Jurisdiction of
(I.R.S. Employer
Incorporation or Organization)
Identification No.)
170 Harbor Way
P.O. Box 511
South San Francisco, California 94083-0511
(Address of Principal Executive Offices, Including Zip Code)
(650) 837-7000
(Registrant's Telephone Number, Including Area Code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]  
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  
Soliciting material pursuant to Rule 14a-12 under the Exchange Act(17CFR240.14a-12)
[  ]  
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17CFR240.14d-2(b))
[  ]  
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17CFR240.13e-4(c))
Items to be Included in this Report
Item 2.03.    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On June 24, 2005, Exelixis, Inc. (the "Company") drew $6,617,775 (the "Equipment Advance") under its existing $20 million equipment loan facility ("Facility B") with Silicon Valley Bank ("SVB"), which was established on December 21, 2004 pursuant to a Loan Modification Agreement (the "Loan Agreement").  After giving effect to the Equipment Advance, total outstanding borrowing under Facility B is $11,467,070.
Under the Loan Agreement, the Company must make interest-only payments of accrued and unpaid interest through January 31, 2006 at an annual rate equal to 0.70% fixed on all outstanding equipment advances.  All equipment advances outstanding after January 1, 2006 are payable beginning on February 28, 2006 until January 31, 2010 in 48 equal, monthly installments of principal, plus accrued interest, at an annual rate of 0.70% fixed.  The loan facility is secured by the Company's obligation to maintain at all times on deposit, in a non-interest bearing certificate of deposit account with SVB, a balance equal to at least 100% of the outstanding principal balance of the financial obligations the Company owes to SVB, plus the amount of any requested credit extensions.
Signature(s)
Pursuant to the Requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto
duly authorized.
EXELIXIS, INC.
Date: June 28, 2005.
By:
/s/    Christoph Pereira
Christoph Pereira
Vice President, Legal Affairs and Secretary